BROKER COMPARISON · FY26
Dhan vs ICICI Direct — which is cheaper + better for you?
We compared Dhan and ICICI Direct across the 9 dimensions that actually matter to Indian retail traders: brokerage (equity delivery, intraday, futures, options), AMC, account opening, platform UX, API, research depth, and mutual-fund flow. Rates verified against FY26 official pricing pages.
TL;DR
Dhan
F&O-focused discount broker with TradingView-native charts and fastest-in-class execution.
ICICI Direct
Full-service broker from ICICI Bank — deep bank integration, premium pricing.
Brokerage rates (FY26)
| Segment | Dhan | ICICI Direct |
|---|---|---|
| Equity delivery | Free | 0.29% |
| Equity intraday | ₹20 or 0.03% (lower) | 0.029% |
| Futures | ₹20 or 0.03% (lower) | 0.029% |
| Options | ₹20/order | ₹45/order |
| AMC / year | Free | ₹700 |
| Account opening | Free | ₹975 |
On top of brokerage add exchange transaction charges, STT, GST (18% on brokerage + exchange), SEBI turnover fee, and stamp duty. Use our F&O cost calculator for real break-even math.
2021 · Mumbai
Dhan
Platforms
Dhan web (TradingView) · Dhan mobile
API
DhanHQ API — free, built-in backtesting.
Mutual funds
direct
Highlights
- + TradingView charts native (Premium features included)
- + ₹0 AMC permanent
- + Superfast order execution (sub-10ms on most days)
- + Built-in option chain with Greeks
Downsides
- − Smaller than peers (client base ~2M)
- − Mutual fund UX still catching up
2000 · Mumbai
ICICI Direct
Platforms
ICICI Direct web · ICICI Direct mobile
API
Breeze API — free for existing customers.
Mutual funds
regular
Highlights
- + 3-in-1 account (savings + demat + trading)
- + Widest research catalog among full-service peers
- + Bank-grade KYC + custody
Downsides
- − Brokerage among the highest on this list
- − Only regular MFs by default (direct via separate flow)
- − AMC ₹700/yr is punishing for small portfolios
Verdict — which one should you pick?
- Long-term delivery investor: Dhan is cheaper. You save approximately ₹58 per executed order at typical turnover.
- Active F&O trader: Dhan is cheaper. You save approximately ₹25 per executed order at typical turnover.
- Lowest ongoing cost (AMC): Dhan (₹0/yr)
- Wants an API: Both. Dhan — DhanHQ API — free, built-in backtesting.. ICICI Direct — Breeze API — free for existing customers.
Neither beats a research team. Whichever broker you pick, Axel Markets is the AI research layer on top — NSE/BSE filings, FII/DII flows, deep-research briefs, tax estimator, all India-native. Start free — no card.