Dhan vs Upstox - Brokerage, MTF Rates & Features Compared (2026)

Side-by-side comparison of Dhan and Upstox across every charge and feature that matters to Indian retail traders. Data verified April 2026. Use the live MTF comparison for real-time rate checks.

Dhan

dhan

Options-trader-focused broker with powerful features

Best for: Options traders, MTF users, advanced retail

Upstox

upstox

Flat-fee discount broker backed by Ratan Tata

Best for: Active traders wanting speed + good API access

Charges compared

Fee / ChargeDhanUpstox
Equity delivery₹0 (free)₹20/order or 2.5% (whichever is lower)
Intraday₹20/trade or 0.03% (lower)₹20/trade or 0.05% (lower)
F&O (flat)₹20/trade₹20/trade
MTF interest (p.a.)~12.49% p.a.~18.25% p.a.
AMC (annual)₹0 (free)₹150/year

Dhan - pros & cons

Pros
  • Lowest MTF rate in the segment (~12.49%)
  • Zero AMC
  • TradingView charts built-in
  • Options chain, strategy builder, backtesting - trader-first features
Cons
  • Smaller user base than Zerodha/Upstox
  • Fewer educational resources
  • App still maturing - occasional UX rough edges

Upstox - pros & cons

Pros
  • Flat ₹20 pricing across all segments
  • Fast Upstox Pro Web + Mobile app
  • Public Upstox V3 API - best among discount brokers
  • Backed by Ratan Tata, Tiger Global
Cons
  • Delivery is ₹20/order (free only for pre-Aug-2021 accounts)
  • ₹150 AMC (vs free on some)
  • No call-and-trade included

Which broker should you pick?

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