BROKER COMPARISON · FY26
Dhan vs Upstox — which is cheaper + better for you?
We compared Dhan and Upstox 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.
Upstox
Discount broker backed by Ratan Tata — Tiger Global funded, aggressive pricing.
Brokerage rates (FY26)
| Segment | Dhan | Upstox |
|---|---|---|
| Equity delivery | Free | Free |
| Equity intraday | ₹20 or 0.03% (lower) | ₹20 or 0.05% (lower) |
| Futures | ₹20 or 0.03% (lower) | ₹20 or 0.05% (lower) |
| Options | ₹20/order | ₹20/order |
| AMC / year | Free | ₹150 |
| Account opening | Free | Free |
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
2012 · Mumbai
Upstox
Platforms
Upstox Pro mobile · Upstox Pro web
API
Upstox Developer API — free tier available, OAuth-based.
Mutual funds
direct
Highlights
- + ₹0 brokerage on equity delivery
- + Free account opening (₹0 AOC)
- + Lower AMC than most peers (₹150/yr)
- + Clean, fast mobile UX
Downsides
- − Smaller educational / content ecosystem than Zerodha
- − Occasional login friction with 2FA flow
Verdict — which one should you pick?
- Long-term delivery investor: Tie on this segment — both charge the same.
- Active F&O trader: Tie on this segment — both charge the same.
- Lowest ongoing cost (AMC): Dhan (₹0/yr)
- Wants an API: Both. Dhan — DhanHQ API — free, built-in backtesting.. Upstox — Upstox Developer API — free tier available, OAuth-based.
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.