M.stock vs Dhan vs Indmoney
In this article, we will review ‘M.stock vs Dhan vs Indmoney‘ on the basis of Brokerage charges, Account maintenance charges, Investment options, Customer service, User reviews, Research and analysis, broker’s track record & reputation.
Table of Contents
Are you at the point where you are prepared to enter the exciting world of Indian investment platforms? When you have options such as M.stock, Dhan, and Indmoney competing for your attention, it can feel like you are trying to find your way through a maze when you are trying to choose the right one. Fear not, however! My purpose in being here is to provide you with a detailed analysis, as well as my own personal experiences, as well as the insights of other investors, so that you can make right decision in choosing the best demat account between M.stock vs Dhan vs Indmoney.
Quick Tip: This in-depth guide is designed to be your one-stop shop, but don’t hesitate to bookmark it for later reference. Let’s get started!
Feature Showdown: M.stock vs. Dhan vs. Indmoney
| Feature | M.stock | Dhan | Indmoney |
|---|---|---|---|
| Investment Options | Stocks, Futures, Options, ETFs, IPOs, | Stocks, Futures, Options, ETFs, IPOs, | Stocks, Futures, Options, ETFs, IPOs, US Stocks, Fixed Deposits |
| User Interface | Clean, beginner-friendly | Customizable, pro-trader focus | Intuitive, wealth management emphasis |
| Brokerage Charges | ₹0 per order | ₹20 or 0.03% per executed order whichever is lowe | ₹20 or 0.05% whichever is lower |
| Unique Features | M.School (educational resources) | Options Strategy Builder, TradingView charts | Super Saver plan (zero commission mutual funds) |
| Customer Support | Email, phone, chat | Email, phone | Email, phone, in-app chat |
M.stock vs Dhan vs Indmoney: Account Opening and AMC
M.stock
- Account Opening Fee: ₹999 (Zero brokerage for life)
- Annual Maintenance Charges (AMC): ₹120 every quarter (Zero AMC by paying an additional ₹999)
Dhan
- Account Opening Fee: ₹0
- Annual Maintenance Charges (AMC): ₹0
Indmoney
- Account Opening Fee: ₹0
- Annual Maintenance Charges (AMC): ₹0
Note: While Dhan and Indmoney offer free account opening and AMC, M.stock charges a fee but provides a zero brokerage plan which can be cost-effective in the long run.
M.stock vs Dhan vs Indmoney: Brokerage Charges & Fees
M.stock Charges & Fees
- Equity Delivery: Zero
- Equity Intraday: Zero
- Equity Futures: Zero
- Equity Options: Zero
- Currency Futures & Options: Zero
Dhan Charges & Fees
- Equity Delivery: ₹0
- Equity Intraday: ₹20 or 0.03% per executed order
- Equity Futures: ₹20 or 0.03% per executed order
- Equity Options: ₹20 per executed order
- Commodity Futures & Options: ₹20 or 0.03% per executed order
Indmoney Charges & Fees
- Equity Delivery: ₹20 or 0.05% whichever is lower
- Equity Intraday: ₹20 or 0.05% whichever is lower
- Equity Futures: Flat ₹20 per executed order
- Equity Options: Flat ₹20 per executed order
Quick Tip: For frequent traders, M.stock’s zero brokerage can be highly beneficial. However, if you are looking for free account services, Dhan and Indmoney are more attractive.
M.stock vs Dhan vs Indmoney: Customer Service and Support
M.stock Service and Support
- Call Support: 1800 210 0818
- Email Support: [email protected]
- Website Support: No
Dhan Service and Support
- Call Support: +91 9987761000 (Market Trading days)
- Email Support: [email protected] (24×7)
- Website Support: Yes, 8 AM to 12 AM (Monday to Friday), 8 AM to 10 PM (Saturday & Sunday)
Indmoney Service and Support
- Call Support: 07314852049
- Email Support: [email protected]
- Website Support: Yes, Create ticket
Remember: Effective customer support can be a lifesaver during critical trading moments. Dhan and Indmoney offer extensive support hours.
M.stock vs Dhan vs Indmoney: User Reviews
M.stock User Reviews
Personal experience shows that M.stock’s zero brokerage plan attracts many traders. However, some users have noted the quarterly AMC charges can add up.
Dhan User Reviews
Dhan’s free account opening and AMC are well-received. Users appreciate the transparent fee structure but have mentioned occasional app glitches.
Indmoney User Reviews
Indmoney is favored for its comprehensive financial advisory services, though some users feel the platform’s trading charges are higher compared to others.
M.stock vs Dhan vs Indmoney: Pros and Cons
M.stock
Pros:
- Zero brokerage on all trades
- Lifetime free AMC plan available
Cons:
- Quarterly AMC charges if not on the lifetime free plan
Dhan
Pros:
- Free account opening and AMC
- Transparent fee structure
Cons:
- App performance issues reported by users
Indmoney
Pros:
- Comprehensive financial services including foreign stocks
- Extensive support hours
Cons:
- Higher trading charges compared to M.stock and Dhan
Who Should Choose Which?
M.stock
Ideal for traders who prefer zero brokerage on all transactions and are willing to pay a one-time fee for lifetime benefits.
Dhan
Best for investors seeking a cost-effective entry with free account maintenance and straightforward fees.
Indmoney
Suitable for those looking for a holistic financial platform that includes stock trading and other investment services.
Conclusion
It is important to consider your trading preferences and habits when selecting the right trading platform. Active traders can take advantage of M.stock’s unbeatable zero broking, Dhan offers a cost-effective entry, and Indmoney caters to those who are looking for comprehensive financial services.
Post Disclaimer
For informational purposes only:
The information presented on this website is for informational purposes only and should not be construed as financial, legal, or professional advice. While we strive to provide accurate and up-to-date information, we cannot guarantee its completeness or accuracy. Any opinions expressed herein are solely those of the author or individual contributor and do not necessarily reflect the views of any company, organization, or other entity.
Do your own research:
Readers are encouraged to conduct their due diligence and consult with a qualified professional before making any decisions based on the information presented on this website. Trading, investing, and other financial activities involve inherent risks, and you could lose all or a portion of your capital. Past performance is not indicative of future results.
| Product Name |
M.stock chargesDhan app review & chargesIndmoney review with Charges |
| Product Image |
|
| Price | |
| Our Rating | |
| Brand | m stock Dhan Indmoney |
| Category | Stock brokers Stock brokers Stock brokers |
Company Overview
   |
|
| Company name | Mirae Asset Capital Markets (India) Pvt Ltd Dhan Indmoney- Finzoom Investment Advisors Private Limited |
| Headquarters | Mumbai Mumbai Gurugram, Haryana |
| Founder | Hyeon Joo Park Mr Pravin Jadhav Ashish Kashyap |
| Establishment Year | June 1997 2021 2019 |
Account opening & AMC
|
|
| Account Opening Fee The account opening fee, also known as account setup charges, refers to the one-time charge levied by a brokerage firm when you open a new Demat and trading account to invest in securities like stocks, bonds, or ETFs. These fees can vary depending on the type of account, the brokerage firm, and any current promotions or offers. | ₹999 (Zero brokerage for life) + ₹999 (Free AMC) ₹0 ₹0 |
| Annual Maintenance Charges (AMC) This is a yearly fee levied by the depository participant (DP) to maintain your Demat account, where your shares are held electronically. | ₹120 every quarter (Zero AMC by paying an additional ₹999, else ₹120 every quarter as AMC) ₹0 ₹0 |
Pledge Charges
|
|
| Pledge Creation Charges | ₹25 per PSN (Pledge Sequence Number) per day (+GST) for 'Lifetime free AMC' plan ₹ 12.5 / transaction / ISIN + GST Does not provide |
| Pledge Invocation Charges | ₹25 per PSN (Pledge Sequence Number) per day (+GST) for 'Lifetime free AMC' plan ₹ 12.5 / transaction / ISIN + GST Does not provide |
| Interest on Margin Trading | Up to ₹25 Lakhs: 9.99%, Above ₹25 Lakhs to ₹5 Crore: 8.99%, Above ₹5 Crore: 6.99% 0.0438% per day on outstanding MTF and non MTF debit and non maintenance of 50:50 margin Does not provide |
| Margin Re-Pledge | ₹25 per PSN ₹ 12.5 / transaction / ISIN + GST Does not provide |
Brokerage charges & Fees
|
|
| Brokerage Plan | Lifetime free AMC' plan Standard Standard |
| Equity Delivery Charges | Zero ₹0 ₹20 or 0.05% whichever is lower |
| Equity Intraday Charges | Zero ₹20 or 0.03% per executed order whichever is lower ₹20 or 0.05% whichever is lower |
| Equity Futures charges | Zero ₹20 or 0.03% per executed order whichever is lower Flat ₹20 per executed order |
| Equity Options charges | Zero ₹20 per executed order Flat ₹20 per executed order |
| Currency Futures charges | Zero ₹20 or 0.03% per executed order whichever is lower Does not offer |
| Currency Options charges | Zero ₹20 per executed order Does not offer |
| Commodity Futures charges | Do not offer Commodity trading ₹20 or 0.03% per executed order whichever is lower Does not offer |
| Commodity Options charges | Do not offer Commodity trading ₹20 per executed order Does not offer |
Customer services offered
|
|
| Demat Services |
 Yes
Yes
Yes
|
| Trading Services |
Yes
Yes
Yes
|
| Intraday Services |
Yes
Yes
Yes
|
| F&O Services |
Yes
Yes
Yes
|
| IPO Services |
Yes
Yes
Yes
|
| Share Pledging |
Yes
Yes
 No
|
| NRI Services |
Yes
No
|
| Referral Program |
Yes
Yes
Yes
|
Customer Support
|
|
| Call Support | 1800 210 0818 +91 9987761000 (9:00 am to 6:00 pm on Market Trading days) 07314852049 |
| Email Support | help@mstock.com help@dhan.co (24x7) instockssupport@indmoney.com |
| Whatsapp Support |
No
No
|
| Website Support |
Yes, 8 AM to 12 AM (Monday to Friday), 8 AM to 10 PM (Saturday & Sunday)
Yes, Create ticket
|
Leverage (Margin) Offered
|
|
| Equity Delivery Margin Leverage | No leverage available; you need the full purchase value in your account. Upto 1.39x depending on the stock (lower leverage for volatile stocks) No leverage available; you need the full purchase value in your account. |
| Equity Intraday Margin Leverage | Leverage ranges from 3x to 4x depending on the stock (lower leverage for volatile stocks) Upto 4x depending on the stock (lower leverage for volatile stocks) No leverage available; you need the full purchase value in your account. |
| Equity F&O Intraday Margin Leverage | No leverage available; you need the full purchase value in your account. No leverage available; requires full margin upfront No leverage available; you need the full purchase value in your account. |
| Equity F&O Carry Forward Margin Leverage | No leverage available; you need the full purchase value in your account. No leverage available; requires full margin upfront No leverage available; you need the full purchase value in your account. |
| Currency F&O Margin Leverage | 4x to 10x depending on the currency pair and contract type. No leverage available; requires full margin upfront Does not offer |
| Commodity F&O Intraday Margin Leverage | Does not offer trading in Commodity No leverage available; requires full margin upfront Does not offer |
| Commodity F&O Carry Forward Margin Leverage | Does not offer trading in Commodity No leverage available; requires full margin upfront Does not offer |
Unique Offerings
|
|
| Free Account Opening |
No
Yes
Yes
|
| Free Brokerage |
Yes
Yes, On Equity Delivery, ETFs, IPO & Mutual Funds only
Yes, IPOs & Mutual Funds only
|
| Free AMC |
Yes, on 'Lifetime free AMC' plan only
Yes
Yes
|
| Free Equity Delivery |
Yes
Yes
No
|
| Free F&O Trading |
Yes
No
No
|
| Free Intraday Trading |
Yes
No
No
|
| Free Trading calls |
Yes
No
No
|
| Happy Trading Hours |
No
No
No
|
| Flexible Brokerage Plans |
Yes
Yes
Yes
|
| Referral Offers |
Yes
Yes
Yes
|
| Margin Funding (MTF)/ Pledging |
Yes
Yes
No
|
| Brokerage Cashback |
No
No
No
|
| Zero Brokerage for Loss Making Trades |
No
No
No
|
| Relationship Manager |
No
No
No
|
Services Provided
|
|
| Equity Delivery |
Yes
Yes
Yes
|
| Equity Intraday |
Yes
Yes
Yes
|
| Equity Futures |
Yes
Yes
Yes
|
| Equity Options |
Yes
Yes
Yes
|
| Currency Futures |
Yes
Yes
No
|
| Currency Options |
Yes
Yes
No
|
| Commodity Futures |
No
Yes
No
|
| Commodity Options |
No
Yes
No
|
| Foreign Stocks |
No
No
Yes
|
| Mutual Funds |
Yes
Yes
Yes
|
| Banking |
No
No
No
|
| Insurance |
No
No
No
|
| Corporate Bonds |
No
No
No
|
| Govt. Bonds |
No
No
No
|
| Digital Gold |
No
No
No
|
Order Types
|
|
| Market Order |
Yes
Yes
Yes
|
| Limit Order |
Yes
Yes
Yes
|
| Bracket Order |
Yes
Yes
Yes
|
| Cover Order |
Yes
Yes
Yes
|
| After Market Order (AMO) |
Yes
Yes
Yes
|
| Good Till Cancelled (GTC) |
Yes
Yes
Yes
|
| Buy Today Sell Tomorrow (BTST) |
No
Yes
No
|
| Sell Today Buy Tomorrow (STBT) |
No
No
No
|
Research & Reports
|
|
| Annual Reports |
No
Yes
Yes
|
| Company Reports |
No
Yes
Yes
|
| Research Reports |
No
No
No
|
| Fundamental Reports |
Yes, Basic only
No
Yes
|
| IPO Reports |
Yes
Yes
Yes
|
| Technical Reports |
Yes, Basic only
Yes
Yes
|
| Stock tips |
No
No
No
|
| Daily Market Review |
No
No
Yes
|
| Monthly Review |
No
Yes
Yes
|
| Weekly Review |
No
No
Yes
|
| Robo Advisory |
No
No
No
|
STT & CTT Charges
|
|
| Equity Delivery STT & CTT | 0.1% on buy & sell 0.1% on buy & sell 0.1% on buy & sell |
| Equity Intraday STT & CTT | 0.025% on the sell side 0.025% on sell transactions 0.025% on sell transactions |
| Equity Futures STT & CTT | 0.0125% on sell side 0.0125% on sell side 0.0125% on sell side |
| Equity Options STT & CTT | 0.0625% on sell side (on premium) and/or 0.125% of the intrinsic value on options that are bought and exercised 0.0625% on sell side (on premium), 0.125% on exercised options (on intrinsic value) 0.0625% on sell side (on premium) |
| Currency Futures STT & CTT |
No STT
No STT
Does not offer
|
| Currency Options STT & CTT |
No STT
No STT
Does not offer
|
| Commodity Futures STT & CTT |
Does not offer Commodity trading
0.01% on sell side
Does not offer
|
| Commodity Options STT & CTT |
Does not offer Commodity trading
0.05% on sell side
Does not offer
|
Trading Features
|
|
| Watchlist |
Yes
Yes
Yes
|
| Real Time Updates |
Yes
Yes
Yes
|
| Portfolio Details |
Yes
Yes
Yes
|
| Price Alert |
Yes
Yes
Yes
|
| Online Mutual Fund Buy |
Yes
Yes
Yes
|
| Global indices |
No
No
Yes
|
| Customized Recommendations |
No
No
No
|
| Advanced charting |
Yes
Yes
No
|
| Live market |
Yes
Yes
Yes
|
| Multiple Profile Management |
No
No
No
|
| Secure Platform |
Yes
Yes
Yes
|
Trading Platforms
|
|
| Android App |
Yes
Yes
Yes
|
| iOS App |
Yes
Yes
Yes
|
| Web Trading Platform |
Yes
Yes
Yes
|
| Trading Terminal |
No
Yes
No
|
| Algo Trading Platform |
No
Yes
No
|
| Foreign Stocks Trading Platform |
No
No
Yes
|
| Basket Trading Platform |
Yes
Yes
No
|
| Mutual Fund Investment Platform |
Yes
Yes
Yes
|
| Digital Gold Investment Platform |
No
No
No
|
| Bonds Investment Platform |
No
No
No
|
Transaction Charges
|
|
| Equity Delivery Transaction Charges | NSE: 0.00325%, BSE: 0.00375% BSE: 0.00375%, NSE: 0.00325% BSE: 0.00375%, NSE: 0.00325% |
| Equity Intraday Transaction Charges | NSE: 0.00325%, BSE: 0.00375% BSE: 0.00375%, NSE: 0.00325% BSE: 0.00375%, NSE: 0.00325% |
| Equity Futures Transaction Charges | NSE: 0.0019% NSE: 0.0019%, BSE: 0 (Zero) NSE: 0.0019%, BSE: 0 (Zero) |
| Equity Options Transaction Charges | NSE: 0.050% (on premium) NSE: 0.05% (on premium), BSE: 0.005% (on premium) NSE: 0.05% (on premium), BSE: 0.005% (on premium) |
| Currency Futures Transaction Charges | NSE: Exchange txn charge: 0.0009% NSE: 0.0009%, BSE: 0.0009%, Interest Rate Derivatives: 0.00015% Does not offer |
| Currency Options Transaction Charges | NSE: Exchange txn charge: 0.035% NSE: 0.035%, BSE: 0.001% Does not offer |
| Commodity Futures Transaction Charges | Does not offer Group A, B : 0.0026% Does not offer |
| Commodity Options Transaction Charges | Does not offer 0.05% Does not offer |
Stamp Duty charges
|
|
| Equity Delivery Stamp Duty | 0.015% or ₹1500 / crore on buy side 0.015% on turnover of buy orders 0.015% Buy |
| Equity Intraday Stamp Duty | 0.003% or ₹300 / crore on buy side 0.003% on turnover of buy orders 0.003% Buy |
| Equity Futures Stamp Duty | 0.002% or ₹200 / crore on buy side 0.0125% on sell side 0.002% or ₹200 / crore on buy side |
| Equity Options Stamp Duty | 0.003% or ₹300 / crore on buy side 0.0625% on sell side (on premium), 0.125% on exercised options (on intrinsic value) 0.003% or ₹300 / crore on buy side |
| Currency Futures Stamp Duty |
0.0001% or ₹10 / crore on buy side
0.0001% on turnover of buy orders
Does not offer
|
| Currency Options Stamp Duty |
0.0001% or ₹10 / crore on buy side
0.0001% on turnover of buy orders
Does not offer
|
| Commodity Futures Stamp Duty |
Does not offer
0.002% on turnover of buy orders
Does not offer
|
| Commodity Options Stamp Duty |
Does not offer
0.003% on turnover of buy orders
Does not offer
|
Other Charges
|
|
| SEBI Turnover Charges | ₹10/crore (For all segments) ₹10/Crore (For all segments) ₹10/Crore (For all segments) |
| DP Charges | ₹12 + GST per ISIN per transaction per day ₹ 12.50 / instruction / ISIN + GST. ₹13.5/scrip |
| GST charges | 18% of (brokerage + transaction charges + Demat) 18% of (brokerage + transaction charges + Demat) 18% of (brokerage + transaction charges + Demat) |
| Account Closure Charges | Free Free Free |
| Reactivation Charges | Free Free Free |
| Dematerialization Charges | ₹150 per certificate + ₹100 courier charges ₹150 per certificate + ₹100 courier charges ₹250 per certificate |
| Call and Trade charges | ₹0 ₹ 50 / order + GST ₹ 500 per order |
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