Is Dhan cheaper than Upstox?

Dhan charges ₹0 (free) on equity delivery, ₹20/trade or 0.03% (lower) on intraday, and ₹20/trade on F&O. Upstox charges ₹0 (free), ₹20/trade or 0.05% (lower), and ₹20/trade. MTF interest: Dhan at ~9.99% p.a. vs Upstox at ~11.95% p.a..

Which broker is better for MTF — Dhan or Upstox?

Dhan's MTF rate is ~9.99% p.a.. Upstox's MTF rate is ~11.95% p.a.. On a ₹5 lakh position held 6 months, the cheaper broker saves thousands in interest. See the live MTF rate comparison at /mtf.

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: Traders wanting free delivery + good API access

Charges compared

Fee / Charge	Dhan	Upstox
Equity delivery	₹0 (free)	₹0 (free)
Intraday	₹20/trade or 0.03% (lower)	₹20/trade or 0.05% (lower)
F&O (flat)	₹20/trade	₹20/trade
MTF interest (p.a.)	~9.99% p.a.	~11.95% p.a.
AMC (annual)	₹0 (free)	₹150/year

Dhan — pros & cons

Pros

Lowest MTF rate in the segment (~9.99%)
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

Zero brokerage on equity delivery
Fast Upstox Pro Web + Mobile app
Public Upstox V3 API — best among discount brokers
Backed by Ratan Tata, Tiger Global

Cons

₹150 AMC (vs free on some)
No call-and-trade included

Which broker should you pick?

Pick Dhan if you fit this profile: options traders, mtf users, advanced retail.
Pick Upstox if you fit this profile: traders wanting free delivery + good api access.
Use the live MTF comparison to check the cheaper broker for the specific stock you want to margin-trade — rates vary per stock.
Run your expected monthly trading volume through the brokerage calculator to see actual all-in cost (brokerage + STT + exchange fees + GST).

Other broker comparisons

Dhan vs Groww Dhan vs Zerodha Groww vs Upstox Groww vs Zerodha Upstox vs Zerodha

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