Dhan vs Upstox Comparison (2026)
Side-by-side comparison of Dhan and Upstox: brokerage fees, account maintenance charges (AMC), IPO application speed, and trading app features.
Charges & Feature Comparison Table
| Parameter | Dhan | Upstox |
|---|---|---|
| Account Opening Fee | ₹0 (Free) | ₹0 (Free) |
| Annual Maintenance (AMC) | ₹0 (Zero AMC for life) | ₹0 (Zero AMC) |
| Equity Delivery Brokerage | ₹0 (Free) | ₹20 or 2.5% |
| Equity Intraday Brokerage | Flat ₹20 or 0.03% | Flat ₹20 or 0.05% |
| Futures & Options (F&O) | Flat ₹20 per order | Flat ₹20 per order |
| IPO Application Flow | Fast UPI mandate submission with live allotment status notifications | Pre-apply up to 3 days early with detailed company financials |
| Pre-Apply IPO Feature | Yes | Yes (up to 3 days in advance) |
| HNI / Shareholder Bidding | Yes | Yes |
| Active NSE Clients | 1M+ active clients | 2.5M+ active clients |
Dhan — Pros & Cons
The ultimate platform for active F&O traders with free TradingView Premium tools.
Pros:
- Free access to TradingView charts directly at tv.dhan.co
- ₹0 delivery brokerage and ₹0 lifetime AMC
- Lightning-fast order execution built for modern active traders
Cons:
- Feature-rich interface can be overwhelming for total beginners
- Relatively newer brand compared to legacy brokers
Upstox — Pros & Cons
Tech-first trading platform backed by Ratan Tata, featuring advanced TradingView integration.
Pros:
- Integrated Pro TradingView charts with direct order placement
- Lifetime zero AMC and zero account opening fee
- Early pre-apply IPO window gives you a head start
Cons:
- Equity delivery is not free (₹20 per executed order)
- Customer support can be slow during market spikes
Final Verdict: Which Broker Should You Choose?
For Long-Term Investors & Listing Gain Sellers: If your priority is selling allotted IPO shares at zero brokerage, or building a long-term portfolio without trade commissions, Dhan is advantageous because equity delivery is 100% free.
For Casual IPO Applicants & Beginners: If you only open a demat account to apply for IPOs occasionally and do not want fixed annual charges eating into your account, Dhan offers lifetime zero AMC and a frictionless mobile bidding experience.
Explore Other Broker Matchups
All Broker Comparisons
Browse the complete head-to-head comparison hub.
Best Brokers Guide
Detailed review of the top 5 discount brokers in India.
Brokerage Calculator
Calculate exact STT, GST, SEBI fee, and net profit.