Zerodha vs Upstox vs Dhan
A side-by-side comparison of charges, brokerage, segments and ratings across all three brokers — with a free calculator to see which is cheapest on a trade of your size.
Bottom line
Zerodha and Dhan offer free equity delivery, while Upstox charges for it, and all three charge ₹20 / order (flat) on F&O. Dhan carries zero AMC. In short — choose Zerodha for long-term investors & serious traders who want a dependable platform. Upstox for active traders who want a polished app at flat per-order pricing. Dhan for active f&o and options traders who want speed and charting.
Charges are compiled from each broker's official published rate card and the prevailing NSE / SEBI statutory rates. Figures are indicative and reviewed periodically — always confirm current charges on the broker's own website before opening an account.
Est. 2010 · BengaluruIndia's largest broker by volume — free delivery, rock-solid Kite platform.
Est. 2009 · MumbaiBacked by Ratan Tata & Tiger Global — slick app, flat per-order pricing.
Est. 2021 · MumbaiBuilt for active options traders — speed, TradingView charts, free delivery.
Zerodha vs Upstox vs Dhan — Charges & Features
| Parameter | | | |
|---|---|---|---|
| Rating | 3.9/ 5 | 3.6/ 5 | 4.0/ 5 |
| Account opening | ₹0 (free) | ₹0 (free) | ₹0 (free) |
| Maintenance (AMC) | ₹0 (1st year), then ₹300 / year | ₹0 (1st year), then ₹300 / year | ₹0 (free) |
| Equity delivery | ₹0 (free) | ₹20 / order (flat) | ₹0 (free) |
| Equity intraday | ₹20 or 0.03% (lower) | ₹20 or 0.1% (lower) | ₹20 or 0.03% (lower) |
| Futures | ₹20 or 0.03% (lower) | ₹20 or 0.05% (lower) | ₹20 / order (flat) |
| Options | ₹20 / order (flat) | ₹20 / order (flat) | ₹20 / order (flat) |
| DP charges | ₹13 + GST per scrip (sell) | ₹20 + GST per scrip (sell) | ₹12.5 + GST per scrip (sell) |
| Margin (intraday) | Up to 5× intraday (MIS) | Up to 5× intraday (MIS) | Up to 5× intraday (MIS) |
| Active clients | ~80 lakh | ~26 lakh | ~10 lakh |
| Founded | 2010 | 2009 | 2021 |
| Headquarters | Bengaluru | Mumbai | Mumbai |
| Segments | Equity, F&O, Currency, Commodity, Mutual Funds, IPO | Equity, F&O, Currency, Commodity, Mutual Funds, IPO | Equity, F&O, Currency, Commodity, Mutual Funds, IPO |
| Platforms | Kite, Console, Coin | Upstox Pro, Upstox Web | Dhan App, Dhan Web, TradingView |
Charges are indicative, compiled from each broker's published rate card (reviewed July 2026), and exclude statutory taxes. Verify current rates on the broker's website.
Brokerage Cost Calculator
- Brokerage
- ₹0.00
- STT
- ₹201.00
- Exchange txn
- ₹6.17
- GST
- ₹3.49
- SEBI
- ₹0.20
- Stamp duty
- ₹15.00
- DP charges
- ₹13.00
- Brokerage
- ₹40.00
- STT
- ₹201.00
- Exchange txn
- ₹6.17
- GST
- ₹11.95
- SEBI
- ₹0.20
- Stamp duty
- ₹15.00
- DP charges
- ₹20.00
Lowest cost- Brokerage
- ₹0.00
- STT
- ₹201.00
- Exchange txn
- ₹6.17
- GST
- ₹3.40
- SEBI
- ₹0.20
- Stamp duty
- ₹15.00
- DP charges
- ₹12.50
On this delivery trade, Dhan is cheapest — by ₹0.59 versus the next broker.
Estimate based on NSE statutory rates (STT, exchange, SEBI, stamp duty & 18% GST) plus each broker's published brokerage. DP charges apply on delivery sells. Actual contract-note charges may vary slightly.
Pros & Cons
- Free equity delivery investing
- Reliable, fast Kite web & mobile platform
- Largest broker — deep liquidity & trust
- Free education via Varsity
- AMC of ₹300/year from the second year
- Occasional load during peak volatility
- Support is largely ticket/email based
- Free account opening
- Fast, modern trading app
- Flat ₹20 per order on F&O
- Strong institutional backing
- AMC of ₹300/year after the first year
- Delivery is charged at ₹20 per order (not free)
- Past app stability complaints during peaks
- Free equity delivery & zero AMC
- Purpose-built for fast options trading
- Native TradingView charts
- Free APIs & advanced order types
- Newer broker, smaller track record
- Smaller community & content base
- Premium tools behind some plans
FAQs
Zerodha vs Upstox vs Dhan — FAQs
For information only — not investment advice or a recommendation of any broker. OptionX is broker-neutral. Charges are indicative; confirm current rates with the broker before opening an account.
Broker-neutral · Free terminal
Whichever Broker You Choose, Trade Smarter on OptionX
Keep your existing broker — OptionX plugs into Zerodha, Upstox, Dhan, Angel One and 20+ others, adding a live options chain with OI heatmaps, single-click execution and ₹5 Cr of paper-trading funds. All free.