Upstox vs Dhan
A side-by-side comparison of charges, brokerage, segments and ratings — with a free calculator to see which broker is cheaper on a trade of your size.
Bottom line
Dhan offers free equity delivery while Upstox charges ₹20 or 2.5% (lower), and both charge ₹20 / order (flat) on F&O. Dhan has zero AMC (Upstox: ₹150 / quarter (1st year free)). Choose Upstox for active traders who want a polished app at flat per-order pricing. Choose 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. 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.
Upstox vs Dhan — Charges & Features
| Parameter | | |
|---|---|---|
| Rating | 3.6/ 5 | 4.0/ 5 |
| Account opening | ₹0 (free) | ₹0 (free) |
| Maintenance (AMC) | ₹150 / quarter (1st year free) | ₹0 (free) |
| Equity delivery | ₹20 or 2.5% (lower) | ₹0 (free) |
| Equity intraday | ₹20 or 0.05% (lower) | ₹20 or 0.03% (lower) |
| Futures | ₹20 / order (flat) | ₹20 or 0.03% (lower) |
| Options | ₹20 / order (flat) | ₹20 / order (flat) |
| DP charges | ₹18.5 + GST per scrip (sell) | ₹12.5 + GST per scrip (sell) |
| Margin (intraday) | Up to 5× intraday (MIS) | Up to 5× intraday (MIS) |
| Active clients | ~26 lakh | ~10 lakh |
| Founded | 2009 | 2021 |
| Headquarters | Mumbai | Mumbai |
| Segments | Equity, F&O, Currency, Commodity, Mutual Funds, IPO | Equity, F&O, Currency, Commodity, Mutual Funds, IPO |
| Platforms | Upstox Pro, Upstox Web | Dhan App, Dhan Web, TradingView |
Charges are indicative, compiled from each broker's published rate card (reviewed June 2026), and exclude statutory taxes. Verify current rates on the broker's website.
Brokerage Cost Calculator
- Brokerage
- ₹40.00
- STT
- ₹201.00
- Exchange txn
- ₹5.97
- GST
- ₹11.64
- SEBI
- ₹0.20
- Stamp duty
- ₹15.00
- DP charges
- ₹18.50
Lower cost- Brokerage
- ₹0.00
- STT
- ₹201.00
- Exchange txn
- ₹5.97
- GST
- ₹3.36
- SEBI
- ₹0.20
- Stamp duty
- ₹15.00
- DP charges
- ₹12.50
On this delivery trade, Dhan is cheaper by ₹54.28 in total charges.
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 account opening
- Fast, modern trading app
- Flat ₹20 per order on F&O
- Strong institutional backing
- AMC of ₹150/quarter after the first year
- Delivery not free for larger trades
- 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
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.
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