Dhan vs Upstox
How Dhan and Upstox compare on brokerage, demat AMC and DP charges — verified as of Jun 2026.
By NexMaxo Editorial Team · Charges verified Jun 2026
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Quick take
Dhan gives free equity delivery (₹0) while Upstox charges ₹20 per order, so Dhan is cheaper for delivery-based investing.
Dhan — active f&o and intraday traders who want flat ₹20 pricing, free delivery, and free trading apis.
Upstox — active intraday/f&o traders who want a fast modern app and api, and don't mind ₹20 flat on delivery.
Charges side by side
| DhanOpen | UpstoxOpen | |
|---|---|---|
| Equity delivery | ₹0 brokerage | ₹20 per order |
| Intraday | ₹20 or 0.03%, lower | ₹20 or 0.1%, lower |
| DP sell / scrip | ₹14.75 | ₹23.6 |
| Account opening | ₹0 | ₹0 |
| Demat AMC | ₹0 lifetime (individuals/HUFs) | ₹0 first year, then ₹300 + GST (₹354)/yr |
| Type | Discount | Discount |
Standard published equity plans, verified Jun 2026. Statutory STT, exchange, SEBI, stamp duty & GST are identical across brokers.
Dhan
- Free equity delivery brokerage, ₹0 account opening, and ₹0 lifetime AMC for individuals/HUFs
- Flat ₹20 (or 0.03%, lower) intraday and ₹20 per order F&O — among the cheapest for active traders
- Free DhanHQ trading APIs and TradingView integration at no extra charge, plus advanced options tools
- DP/demat debit charge of ₹14.75 per scrip on every delivery sell
- Call-and-trade (₹50/order + GST) and auto square-off (₹20/order + GST) carry extra fees
Upstox
- Flat, predictable pricing: ₹20 per order on delivery, ₹20-or-0.1%-lower intraday, ₹20 flat on options
- Fast, modern Upstox Pro platform with TradingView charts plus a well-documented trading/developer API
- Free account opening and zero AMC in the first year; large, established Tiger Global-backed broker
- Equity delivery is NOT free — ₹20 per executed order, unlike Zerodha/Dhan-style zero-delivery brokers
- Demat AMC of ₹300/yr + GST from the second year (non-BSDA)
Dhan vs Upstox — FAQs
Dhan gives free equity delivery (₹0) while Upstox charges ₹20 per order, so Dhan is cheaper for delivery-based investing. On intraday, Dhan charges ₹20 or 0.03%, lower and Upstox ₹20 or 0.1%, lower. The DP sell charge is ₹14.75 (Dhan) vs ₹23.6 (Upstox). Statutory charges are identical across brokers.
Dhan is a discount broker — active f&o and intraday traders who want flat ₹20 pricing, free delivery, and free trading apis. Upstox is a discount broker — active intraday/f&o traders who want a fast modern app and api, and don't mind ₹20 flat on delivery.
Either works to start. Look at the demat AMC (Dhan: ₹0 lifetime (individuals/HUFs); Upstox: ₹0 first year, then ₹300 + GST (₹354)/yr), whether delivery is free, and which app you find simpler. Both hold your shares safely with CDSL/NSDL. This is information, not advice.
This is an informational comparison of published charges, not investment advice. Brokers change pricing and run promotions — confirm current rates on each broker's official charges page before opening. Investing carries market risk.