Angel One vs Dhan vs Upstox - Charges, MTF & Features Compared (2026)
A neutral, side-by-side comparison of Angel One, Dhan and Upstox across every charge that matters. For live per-stock MTF rates use the MTF comparison.
| Fee / Feature | Angel One | Dhan | Upstox |
|---|---|---|---|
| Equity delivery | ₹20/trade or 0.1% (lower, min ₹5) | ₹0 (free) | ₹20/order or 2.5% (whichever is lower) |
| Intraday | ₹20/trade or 0.1% (lower, min ₹5) | ₹20/trade or 0.03% (lower) | ₹20/trade or 0.05% (lower) |
| F&O | ₹20/trade | ₹20/trade | ₹20/trade |
| MTF interest (p.a.) | ~14.99% p.a. | ~12.49% p.a. | ~18.25% p.a. |
| AMC | ₹0 first year, then ₹240/year | ₹0 (free) | ₹150/year |
| Best for | Investors who want research and advisory bundled with low-cost trading | Options traders, MTF users, advanced retail | Active traders wanting speed + good API access |
Angel One
Top-3 broker by clients - research + advisory alongside flat fees
Pros
- One of India's largest brokers (~7M+ clients)
- Free research, ARQ Prime advisory and stock ideas
- SmartAPI for algo trading
Cons
- Delivery is ₹20/0.1%, not free like Zerodha/Dhan
- ₹240/year AMC from the second year
Dhan
Options-trader-focused broker with powerful features
Pros
- Lowest MTF rate in the segment (~12.49%)
- Zero AMC
- TradingView charts built-in
Cons
- Smaller user base than Zerodha/Upstox
- Fewer educational resources
Upstox
Flat-fee discount broker backed by Ratan Tata
Pros
- Flat ₹20 pricing across all segments
- Fast Upstox Pro Web + Mobile app
- Public Upstox V3 API - best among discount brokers
Cons
- Delivery is ₹20/order (free only for pre-Aug-2021 accounts)
- ₹150 AMC (vs free on some)