Broker Comparison

Upstox vs Dhan

Compare brokerage charges, account fees, trading platforms, products, MTF, advantages and limitations before choosing a broker.

Data verified: 2026-07-31

Upstox

Discount Broker

Account openingFree

AMC₹0 first year

Intraday₹20 or 0.1% per executed order, whichever is lower

View Upstox Review

Dhan

Discount Broker

Account opening₹0

AMC₹0

Intraday₹20 or 0.03% per executed order, whichever is lower

View Dhan Review

Upstox vs Dhan: Quick comparison

Key charges and account features side by side.

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Feature	Upstox	Dhan
Broker type	Discount Broker	Discount Broker
Account opening	Free	₹0
Annual maintenance	₹0 first year	₹0
Equity delivery	₹20 per executed order	₹0 brokerage
Equity intraday	₹20 or 0.1% per executed order, whichever is lower	₹20 or 0.03% per executed order, whichever is lower
Futures	₹20 or 0.05% per executed order, whichever is lower	₹20 per executed order
Options	₹20 per executed order	₹20 per executed order
Commodity	₹20 per executed order or 0.05% (whichever is lower)	₹20 per executed order
Currency	₹20 per executed order or 0.05% (whichever is lower)	₹20 or 0.03% per executed order, whichever is lower
DP charges	₹20.0 + GST	₹12.50 per ISIN + GST
Auto Square Off	₹50 + GST	₹20 per order plus GST
Call & trade	₹75 + GST	₹50 per executed order plus 18% GST
Customer support	Official app/web help centre, ticket, email and/or phone support.	Official app/web help centre, ticket, email and/or phone support.
Active Users	Approximately 2.5 million active clients.	Check official tariff

About Upstox

Upstox is a technology-driven discount broker in India that offers online investing and trading services at competitive charges. Users can trade in equities, commodities, currencies, futures, and options through its mobile and web-based platforms.

The company is backed by prominent investors, including Ratan Tata and Kalaari Capital. Upstox focuses on providing a simple, fast, and accessible trading experience for both beginners and active traders.

Its trading platforms offer advanced charts, technical indicators, watchlists, order management tools, and portfolio tracking features. Users can access equity delivery, intraday trading, futures and options, commodities, and currency derivatives through a single Upstox account.

About Dhan

Founded in 2021, Dhan is a Mumbai-based, technology-driven stockbroking platform serving investors and traders across India. It is registered with SEBI as a stockbroker and is also associated with CDSL, NSE, BSE and MCX.

Dhan allows users to invest and trade in stocks, ETFs, futures, options and commodities. Its platform suite includes the Dhan App, Dhan Web, Options Trader App, TradingView integration and tv.dhan.co for advanced chart-based trading.

Dhan offers competitive brokerage, including zero brokerage on equity delivery and ₹20 or 0.03%, whichever is lower, on intraday trades. With zero account-opening and maintenance charges, user-friendly platforms and a 50% brokerage discount for women, Dhan is suitable for both beginners and active traders.

Trading Platforms & Tools

Upstox offers web and mobile trading platforms designed for investors and active traders. Its tools include advanced charts, technical indicators, multiple order types, customizable watchlists, price alerts, option chain analysis, portfolio tracking, and real-time market data. Users can trade in equities, futures and options, commodities, and currencies, as well as invest in mutual funds, IPOs, ETFs, and other financial products through a single account

Products Offered

Upstox offers a wide range of investment and trading products, including equity delivery, intraday trading, futures and options, commodities, currencies, mutual funds, IPOs, ETFs, bonds, and government securities. Users can access and manage these products through a single Demat and trading account.

Trading Platforms & Tools

Dhan offers multiple trading platforms for different types of investors and traders. Its key platforms include the Dhan App, Dhan Web, Options Trader App, tv.dhan.co and direct trading through TradingView. These platforms provide advanced charts, option-chain analysis, trading indicators, watchlists and fast order execution.

Products Offered

Dhan offers a wide range of investment and trading products, including equity stocks, ETFs, IPOs, mutual funds, futures, options, commodities and currency derivatives. These products are available through its mobile and web-based trading platforms for both investors and active traders.

Upstox pros and cons

Pros

Advanced trading tools and charts
Wide range of investment products
Low and transparent brokerage

Cons

Does not offer a 3-in-1 account.
Does not offer unlimited monthly trading plans.

Dhan pros and cons

Pros

Zero brokerage on equity delivery trades.
Advanced platforms for options and active traders.
Zero account-opening and annual maintenance charges.

Cons

No offline branch network for in-person support.
Advanced tools may feel complex for beginners.

Which broker should you choose?

Choose based on the segment you trade, total account cost, platform requirements, research needs and support preference. Verify the latest tariff and product availability on the brokers’ official websites before opening an account.

Read complete broker reviews

Upstox Review Dhan Review

Frequently asked questions

Is Upstox a SEBI-registered stock broker?

Upstox operates through a regulated broking entity. Check the current SEBI registration and exchange membership shown on the broker’s official regulatory or disclosure page before opening an account.

What are the brokerage charges at Upstox?

Upstox brokerage can vary by segment, plan and promotional period. Use the official tariff or pricing page linked in this record and confirm the selected plan during account opening.

Does Upstox charge Demat AMC?

Demat maintenance charges may depend on the account type, BSDA eligibility, plan or introductory offer. Confirm the current AMC from the official tariff before applying.

Which products are available on Upstox?

The products field on this page lists the major investment and trading segments available through Upstox. Availability and activation requirements may vary by user and segment.

Who should consider Upstox?

Upstox may suit users whose required products, platform features, support model and total charges match their needs. Compare the verified tariff and platform features with at least one alternative broker.

Is Dhan a SEBI-registered stockbroker?

Yes. Dhan operates under Raise Securities Private Limited, which is registered with SEBI as a stockbroker. It is also a member of NSE, BSE and MCX and a depository participant with CDSL.

Is opening a Dhan Demat account free?

Yes. Dhan currently charges ₹0 for account opening and does not charge an annual maintenance or platform fee.

What are Dhan’s brokerage charges?

Dhan charges zero brokerage on equity delivery, ETFs, IPOs and mutual funds. Equity intraday and ETF intraday trades are charged at ₹20 or 0.03% per executed order, whichever is lower.

How much does Dhan charge for futures and options?

Dhan charges ₹20 per executed order for equity and commodity futures and options. Statutory taxes, exchange charges and other applicable fees are charged separately.

Which investment products are available on Dhan?

Dhan offers stocks, ETFs, futures, options, commodities, IPOs, mutual funds and the Securities Lending and Borrowing Mechanism, or SLBM.

Does Dhan provide a separate platform for options trading?

Yes. Options Trader by Dhan is a dedicated platform for F&O traders, offering real-time options data, strategy-building features and analytical tools.

Can I trade directly from TradingView with Dhan?

Yes. Dhan allows users to connect their account with TradingView and trade eligible stocks, futures and commodities directly through TradingView charts.

Is the Dhan Options Trader platform free?

Yes. Dhan states that all features available on its Options Trader platform are free for Dhan users.

What documents are required to open a Dhan account?

Users generally need PAN, Aadhaar-linked mobile details and bank information. Income proof may also be required to activate futures, options or commodity trading.

Is Dhan suitable for beginners?

Dhan can be used by beginners for stocks, ETFs, IPOs and mutual funds. However, some of its advanced charting, API and options-trading tools may require additional learning before use.