Dhan vs Upstox vs Zerodha — Charges, MTF & Features Compared (2026)
A neutral, side-by-side comparison of Dhan, Upstox and Zerodha across every charge that matters. For live per-stock MTF rates use the MTF comparison.
| Fee / Feature | Dhan | Upstox | Zerodha |
|---|---|---|---|
| Equity delivery | ₹0 (free) | ₹0 (free) | ₹0 (free) |
| Intraday | ₹20/trade or 0.03% (lower) | ₹20/trade or 0.05% (lower) | ₹20/trade or 0.03% (lower) |
| F&O | ₹20/trade | ₹20/trade | ₹20/trade |
| MTF interest (p.a.) | ~12.49% p.a. | ~18.25% p.a. | ~14.6% p.a. |
| AMC | ₹0 (free) | ₹150/year | ₹300/year |
| Best for | Options traders, MTF users, advanced retail | Traders wanting free delivery + good API access | Serious long-term investors, F&O traders, Kite power users |
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
- Zero brokerage on equity delivery
- Fast Upstox Pro Web + Mobile app
- Public Upstox V3 API — best among discount brokers
Cons
- ₹150 AMC (vs free on some)
- No call-and-trade included
Zerodha
India's largest discount broker by active clients
Pros
- Largest user base — most liquid community
- Kite 3 is a benchmark trading platform
- Excellent educational content (Varsity)
Cons
- ₹300 AMC (higher than peers)
- No free call-and-trade