This is probably not the right place for this , but since it is an important part of investing and affects returns, I am starting this post here - soliciting opinions on the best online broker to go with. This might also lead us to buy that stock as well ! I think it’s time to look at brokerage stocks - their cycle is turning and some of them have already moved. Retail participation is at an all time low so I’d guess one cant get them any cheaper.
I have an account with icici direct. I think they are the priciest in the market , maybe the oldest and the largest as well but am not sure if they are the best as well or it’s just a case of people avoiding the shift. They seem to have two plans and you’re stuck with 0.55% brokerage unless you’re a heavy trader . What they dont tell you and people might be interested to know is that they also have prepaid brokerage plans which reduce your brokerage to 0.35% or even lower if you pay them upfront brokerage. This is offered if you complain!
They have a nice feature of calculating your annual returns so during your self appraisal, you get a clear picture of how you’re doing ! It’s not for F&O though.
Otherwise, I think they have everything you need for your investing which makes them a convenient one stop shop. But if others also offer all the options and charge you much less, why not make the shift. And I do not think ICICI advisory services are anything to speak of.
I asked an icici guy why should I continue with him when others such as kotak charge lesser brokerage and their s/b interest is also higher. He tried to tell me that others have hidden charges which show up only when you trade. ICICI’s 0.55% brokerage adds up to 0.70% if you add all the charges. Not sure how the others stack up.