Upstox vs Dhan: The Ultimate Broker Comparison for Indian Traders in 2026

This Upstox vs Dhan page is organized around decision-critical differences rather than marketing claims. Use these numbers as an editorial snapshot and confirm latest tariffs and policies on official broker pages before trading.

Charges at a glance

Key charge differences

• Annual Maintenance Charges (AMC): Upstox — ₹0 first year; then ₹300 + GST/year for non-BSDA users; Dhan — ₹0 (Free for lifetime).
• Brokerage Plan: Upstox — Regular Upstox pay-per-use plan; Dhan — Regular flat-fee online plan.
• Equity Delivery Charges: Upstox — ₹20 per executed order; Dhan — ₹0.
• Equity Intraday Charges: Upstox — Lower of ₹20 or 0.05% per executed order; Dhan — Lower of ₹20 or 0.03%.
• Equity Futures charges: Upstox — Lower of ₹20 or 0.05%; Dhan — ₹20 per executed order.

Brokerage Charges: Where Your Money Actually Goes

Let’s cut through the marketing fluff and see what you’ll actually pay:

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The Real Cost Analysis

From my calculations after trading with both platforms, here’s what the numbers actually mean:

For a ₹1,00,000 equity delivery trade:

• Dhan: ₹0 brokerage (Yes, absolutely free!)
• Upstox: ₹20 brokerage

For a ₹1,00,000 intraday trade:

• Dhan: ₹20 (since 0.03% = ₹30, but capped at ₹20)
• Upstox: ₹20 (since 0.1% = ₹100, but capped at ₹20)

The Hidden Winner: Dhan’s lower percentage rates (0.03% vs 0.05%/0.1%) become significant for smaller trades where the percentage kicks in before the ₹20 cap.

Platform Experience: My Hands-On Testing Results

Dhan strengths often cited by active traders

Common reasons traders shortlist Dhan include:

Execution speed
Some active traders report faster fills on Dhan during high-volume sessions; execution can still vary by symbol, liquidity, and routing—forward-test with small size if this matters to you.

Options workflow
Dhan offers a dedicated options app separate from its main stack, which some F&O users prefer for chain speed and layout. Compare both brokers’ current options terminals on demo/login before deciding.

Margin visibility
Faster margin refresh can matter for hedged books; latency still varies by session and product—verify margin behavior in each broker’s live terminal.

Upstox strengths often cited

Onboarding-oriented features
Upstox markets modules such as Advisor's Pick for curated ideas; treat any third-party or broker research as informational, not a trade signal.

🏢 Established Infrastructure
With over 10 million users, Upstox rarely faces server issues during market hours. Their infrastructure can handle peak trading volumes better.

💼 Comprehensive Financial Services
If you want everything under one roof – insurance, loans, mutual funds – Upstox provides a more holistic financial ecosystem.

Feature Comparison: Beyond the Marketing Claims

TradingView Integration: The Make-or-Break Factor

Dhan’s Approach: Native integration plus a dedicated tv.dhan.co platform where you can trade directly from TradingView charts.

Upstox’s Approach: Connect feature that links your Upstox account to TradingView, but order placement still requires switching interfaces.

My Take: If you’re serious about technical analysis, Dhan’s implementation feels more seamless. You can literally place orders without leaving the chart.

Options Trading: Where Dhan Clearly Wins

From my options trading experience:

Dhan Advantages:

• ✅ GTT orders work in options (Upstox has limitations)
• ✅ Instant margin benefit preview for complex strategies
• ✅ Dedicated Options Trader app with advanced option chain
• ✅ Real-time P&L tracking for multi-leg strategies

Upstox Advantages:

• ✅ Strategy builder with up to 8 legs (recently launched)
• ✅ Better research integration for options strategies
• ✅ More educational content for options beginners

Mobile App Performance: Daily Usage Reality

Dhan Mobile Experience:

• App rating: 4.2+ stars on Play Store
• Faster loading times, especially for options data
• Cleaner UI with better navigation for advanced features
• Some users report occasional bugs in new feature rollouts

Upstox Mobile Experience:

• App rating: 4.0+ stars on Play Store
• More stable overall (fewer bugs due to mature platform)
• Better integration of research and advisory features
• Sometimes feels cluttered with too many features in one interface

Recent Updates That Matter (August 2026)

Upstox’s Latest Moves

July 2026 Updates:

• Chart 360 now available on web (finally!)
• Trade volatility directly from India VIX chart
• Turbo Speed for Plus users (2X faster market data)
• Import watchlists via Excel

August 2026 Features:

• Common wallet for commodities and stocks
• Enhanced physical settlement process
• Market Price Protection for volatile trades

Dhan’s Continuous Innovation

While Dhan doesn’t announce monthly feature lists like Upstox, their incremental improvements are more focused:

• Consistent TradingView integration enhancements
• Regular options trading tool improvements
• Better margin calculation algorithms
• Enhanced API capabilities for algo traders

Cost Analysis: Real Examples from My Trading

Let me share some actual scenarios from my trading to show you the real cost differences:

Scenario 1: Long-term Investor (₹2 lakh monthly investment)

• Dhan: ₹0 brokerage on equity delivery = ₹0/month
• Upstox: ₹20 per order × 10 orders = ₹200/month
• Annual Savings with Dhan: ₹2,400

Scenario 2: Intraday Trader (₹50,000 daily turnover)

• Dhan: ₹20 × 22 trading days = ₹440/month
• Upstox: ₹20 × 22 trading days = ₹440/month
• Difference: Negligible for this trade size

Scenario 3: Options Trader (10 trades/month)

• Both platforms: ₹20 × 10 = ₹200/month
• Real difference: Dhan’s faster execution and better tools justify the same cost

Customer Support: My Personal Experiences

Dhan Support:

• Response time: Usually within 2-4 hours for technical issues
• Quality: Good technical knowledge, especially for trading platform issues
• Complaint resolution: 99% resolution rate (impressive!)
• Limitation: Smaller support team means longer waits during peak times

Upstox Support:

• Response time: 4-8 hours for general queries
• Quality: Better trained for beginner questions and account-related issues
• Volume handling: Better equipped for high query volumes
• Limitation: Sometimes generic responses that don’t solve specific technical issues

Based on SEBI data, Dhan had only 10 complaints vs Upstox’s 289 complaints in 2026, with Dhan resolving 99% vs Upstox’s 86.3%.

Who’s Winning the Innovation Race?

Dhan’s Focus Areas:

• Advanced trading tools for serious traders
• Speed and execution improvements
• Options trading enhancement
• API and algo trading support

Upstox’s Focus Areas:

• Comprehensive financial services
• Research and advisory features
• User acquisition and retention
• Plus plan premium features

How to choose Upstox or Dhan

Use the charge table and feature checklist above, then validate on official broker pages:

Choose Dhan if:

• You’re primarily focused on trading (especially options)
• Speed and execution matter more than hand-holding
• You want to minimize costs on equity delivery
• TradingView integration is important to your trading style
• You value innovative features over established reputation

Choose Upstox if:

• You’re new to trading and want guidance
• You prefer an all-in-one financial platform
• Brand reputation and user base size matter to you
• You want comprehensive research and advisory services
• You’re willing to pay slightly more for additional services