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Last updated: July 2026 · Charges and offers verified against official broker pages where noted.
Dhan and Upstox are both Mumbai-based discount brokers, but they target different traders. Dhan pitches itself at active F&O and TradingView users with ₹0 delivery brokerage, ₹0 lifetime AMC, and tv.dhan.co integration. Upstox charges ₹20 per delivery order and ₹300/year AMC after year one, but offers a wider product mix (mutual funds, IPO, gold) and a longer operating track record (founded 2009 vs Dhan’s 2021). This page compares charges, platforms, and best-fit use cases — not a single winner.
Last verified: July 2026 · Charges sourced from broker official pages — re-confirm on Upstox and Dhan before opening an account.
Quick verdict
For pure trading — delivery investing, intraday, F&O — Dhan is cheaper on every axis that matters: zero delivery brokerage, zero lifetime AMC, and a slightly lower DP charge (₹12.50 vs ₹20 per ISIN). For users who want a single app that also handles mutual funds, IPO, and digital gold, Upstox is the more complete product. Neither broker is “best for everyone” — the right choice depends on what you actually do inside the app.
| Use case | Recommended | Why |
|---|---|---|
| Equity delivery investing (buy & hold) | Dhan | ₹0 delivery brokerage vs Upstox’s ₹20/order — meaningful over many trades |
| Active F&O / options trading | Dhan | ₹20/order flat both sides; tv.dhan.co + Dhan Trading Panel |
| TradingView-native workflow | Dhan | tv.dhan.co is TradingView-powered; Upstox uses in-house charts |
| Beginner who wants MF + IPO + gold in one app | Upstox | Broader product mix; longer track record |
| Long-term investor sensitive to AMC | Dhan | ₹0 lifetime AMC vs ₹300/year from year 2 on Upstox |
| Established brand preference | Upstox | Founded 2009; larger user base |
Charges at a glance (July 2026)
Sourced from the LTW broker master sheet (NSE-verified tariffs). Verify live rates on Upstox pricing and Dhan pricing before opening an account.
| Parameter | Upstox | Dhan |
|---|---|---|
| Account Opening Fee | ₹0 | ₹0 |
| Annual Maintenance Charges (AMC) | ₹0 first year; then ₹300 + GST/year for non-BSDA users | ₹0 (free for lifetime) |
| Equity Delivery Brokerage | ₹20 per executed order | ₹0 |
| Equity Intraday Brokerage | Lower of ₹20 or 0.05% per executed order | Lower of ₹20 or 0.03% |
| Equity Futures Brokerage | Lower of ₹20 or 0.05% | ₹20 per executed order |
| Equity Options Brokerage | ₹20 per executed order | ₹20 per executed order |
| Currency Futures Brokerage | ₹20 per executed order | ₹20 per executed order |
| Currency Options Brokerage | ₹20 per executed order | ₹20 per executed order |
| Commodity Futures Brokerage | ₹20 per executed order | ₹20 per executed order |
| Commodity Options Brokerage | ₹20 per executed order | ₹20 per executed order |
| DP Charges (per ISIN on sell) | ₹20 + GST | ₹12.50 + GST |
| Call & Trade Charges | ₹75 + GST | ₹50 + GST |
| Pledge Charges | ₹20 + GST per scrip | ₹15 + GST per ISIN |
Where Dhan wins
- Equity delivery is genuinely free. No brokerage on cash-and-carry equity buys/sells. Upstox charges ₹20 per order — material if you invest frequently.
- Lifetime ₹0 AMC. Upstox starts charging ₹300/year from year two. Over 5 years that’s ₹1,500 + GST saved, independent of trade volume.
- TradingView-native workflow. tv.dhan.co runs TradingView charts natively; you can also connect Dhan on the TradingView.com Trading Panel. Upstox uses its own chart engine.
- Lower DP and call-and-trade charges. ₹12.50 vs ₹20 per ISIN on sell; ₹50 vs ₹75 per phone-placed order.
- Active-trader focus. Dhan’s product roadmap (option chain, API, charts) is oriented to F&O traders; Upstox is broader but less chart-specialised.
Where Upstox wins
- Broader product mix. Mutual funds, IPO application, digital gold, and stocks under one app. Dhan is primarily a trading platform.
- Longer operating history. Founded 2009 (vs Dhan’s 2021). Larger retail user base — important if you weight brand stability.
- Wider education and research content. Upstox publishes more in-app market commentary and learning material.
- Better suited for casual / first-time investors who want everything in one app rather than a separate broker + MF platform.
Platform and segments
| Item | Upstox | Dhan |
|---|---|---|
| Equity, F&O, Currency, Commodity | All segments | All segments |
| Mobile app | Upstox Pro (iOS + Android) | Dhan (iOS + Android) |
| Web terminal | Upstox Pro Web | web.dhan.co + tv.dhan.co |
| Charting engine | Proprietary (Upstox) | TradingView (tv.dhan.co) |
| TradingView.com integration | Not available | Yes — Trading Panel broker link |
| Mutual funds / IPO / Gold | Yes | Limited (Dhan is trade-first) |
| API access | Yes | Yes (Dhan HQ + trading APIs) |
Worked example: 100 NIFTY options trades per month
For pure options trading, both brokers charge ₹20 per executed order — so the per-trade brokerage is identical. Where they diverge is the surrounding cost:
| Cost component (monthly, 100 options trades) | Upstox | Dhan |
|---|---|---|
| Brokerage (₹20 × 100) | ₹2,000 | ₹2,000 |
| AMC (₹300/yr ÷ 12) | ₹25 + GST | ₹0 |
| DP charges (only on delivery sells; F&O is intraday) | ₹0 | ₹0 |
| Net monthly cost difference | — | ~₹25 cheaper (AMC only) |
For active equity delivery investors, the gap is wider — every buy-and-sell cycle saves ₹20 brokerage on Dhan plus the ₹7.50 DP-charge differential per ISIN.
Choose Dhan if
- You trade equity delivery regularly and want ₹0 brokerage on those trades.
- You want TradingView charts native to your broker (tv.dhan.co).
- You prefer a flat ₹0 lifetime AMC over ₹300/year from year two.
- You’re an options or F&O trader who values a chart-first workflow.
Choose Upstox if
- You want one app for stocks, mutual funds, IPO, and gold.
- You’re new to markets and prefer a larger, older broker with wider education content.
- You don’t trade equity delivery often, so the ₹20/order fee is not material to you.
- You value a longer brand track record (founded 2009).
Open an Upstox account on the official Upstox page.
FAQs
Is Dhan safer than Upstox?
Both are SEBI-regulated discount brokers and hold your demat holdings with the same depositories (CDSL/NSDL). Neither is “safer” in a regulatory sense. Upstox has a longer operating history (2009 vs Dhan’s 2021); Dhan’s parent (Moneylicious Securities) is also SEBI-registered. Safety is comparable; your holdings are not held by the broker itself.
Why is Dhan delivery brokerage zero?
Dhan prices equity delivery at ₹0 as part of its flat-fee online plan, cross-subsidised by F&O and intraday volumes. Upstox continues to charge ₹20 per delivery order. Verify the current plan on each broker’s official pricing page before opening an account.
Does Dhan offer mutual funds like Upstox?
Dhan’s product is primarily trading-focused. Upstox offers a broader retail stack including mutual funds, IPO application, and digital gold. If MF and IPO access in one app matters to you, Upstox is the more complete option.
Can I use TradingView with Upstox?
Upstox is not listed on the TradingView.com Trading Panel broker list for Indian users. Dhan is. If TradingView-native charting matters to your workflow, Dhan’s tv.dhan.co integration is the more direct route.
Which is better for F&O — Upstox or Dhan?
Both charge ₹20 per executed order on F&O, so per-trade cost is identical. Dhan’s edge is the chart workflow (tv.dhan.co) and slightly lower DP / call-and-trade charges. If you place heavy F&O volume and trade from charts, Dhan’s setup is built for it.
What is the AMC difference over 5 years?
Upstox charges ₹0 in year 1 and ₹300 + GST per year from year 2 — roughly ₹1,500 + GST over years 2–5. Dhan charges ₹0 lifetime AMC. The difference is independent of how much you trade.
Sources checked
- Upstox official brokerage charges page
- Dhan official pricing page
- LTW 18-broker master sheet (NSE-verified tariffs, July 2026 snapshot)
- SEBI investor education — broker regulations and DP charge structure
Risk warning: Investing and trading involve market risk. Brokerage charges, AMC, and platform features change over time. This article is informational and based on published tariffs as of July 2026 — verify details on each broker’s official website before opening an account.
See our review methodology · affiliate disclosure. For the full Dhan breakdown, see the Dhan demat review; for Upstox, the official Upstox page.
