How is icici direct for option Trading?

Brokers
1

Im looking for alternate trading platform who dont have ban on strike price. as a option writer i find it increased risk for writing short range strikes as zerodha quickly capping its open interest, so market breaks the breakeven point pretty quick writing a narrow range options.

I found icici direct has same brokerage fee so i have few question before creating account.

  1. Is their trading platform stable without downtimes
  2. Does their open interest also reach maximum? anyone experienced ban on strike price?
  3. does sinsibul works without problem
  4. Any other issues?

also please let me know any other good discount broker with stable platform and no strike ban.

2

ICICI direct forces you to either pay brokerage per lot or pay interest on pledged margin. So they are not at all good for active traders.

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3

their neo plan says 20rs per order, is it error? https://www.icicidirect.com/services/brokerage/neo

and i dont pledge stocks for margin, i only trade with my own money.

4

Neo plan charges interest on margin got by pledging shares (even liquidbees).

If you use pure cash only, this shouldn’t affect you.

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5

yep i use my own margin. i just want to know if their open interest stay below max without any strike ban like zerodha. and i hope its 20rs per order not per lot.

6

They don’t have anywhere near the volume. So no oi limits and Neo plan brokerage is Rs.20 per order.

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7

Great, Ty Nair. im going to try it and see how their service.

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8

Yeah, please let us know later.

9

I am not very sure about this, but i think if you are option writer the strike ban doest affect you.

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10

It matters for hedge and margin planning/utilisation because you will have to sell first for NRML orders.

11

i cant use strategy like iron condor in zerodha as hedge is always in banned strike range.

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12

By ‘own margin’ I am assuming you mean cash. In that case, aren’t you better off migrating to Orbis?

13

i think i read about it before that my fund will be in another parties account not zerodha. so idk if its safe. also as the fund is not in zerodha acc, it may not work with sensibul.

anyway i just opened acc online in icicidirect, took only 15min and received email as i can trade from tomorrow. after closing this month position in kite i will test icici end of month.

14

When I was starting out in 2021 I used ICICI direct for some time. Their Neo plan is 20 rupees per order, but you must pay 299 per year. The charges and p and l can be clearly seen. They did have downtime a couple of times, but as often as any other broker. Their interface is not at all good. But if you have an icici bank account money moves between your account and trading very quickly. And if you buy and sell shares the money (up to a certain amount) is credited to your account within 30 minutes.
Sensibull works, but back then they didn’t have the same sensibull discounts with ICICI as they did with other brokerages. Not sure now.
I switched to SAS Online because my capital is small and I overtrade. But if I had large capital I would definitely use Icici direct as one of 2-3 brokers.

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15

yea 299rs/yr is no issue, last week alone my brokerage was 3k.
icici also have prime plan of 4999/yr but its 10rs/lot, not sure if its mistake or real for a high priced plan.
1st time hearing about SAS, i will check it out.

16

They try to get their pound of flesh either by interest or by brokerage. Nothing is by accident.

1 Like
17

I am using ICICI DIRECT and faces issue sometimes with sensibull but no issue with OTM options.