Upstox vs Dhan
Charges and features for options traders, side by side. Published rates checked Mon, 2 Nov, 2026.
| Feature | Upstox | Dhan |
|---|---|---|
| Options brokerage | ₹20 per order | ₹20 per order (also on expired, exercised or assigned contracts) |
| Equity delivery | ₹20 per order | ₹0 |
| Account opening | ₹0 | ₹0 |
| Demat AMC | Free in year 1; then ₹300 + GST a year | ₹0 |
| Platforms | Upstox app and Upstox Pro | Dhan app and web |
| Options tools | Option chain | Option chain and trader-focused tools |
| NSE active clients | 18.5 lakh (NSE, Sep 2026) | 11.2 lakh (NSE, Sep 2026) |
Upstox
Discount broker with a clean app and a pro trading terminal.
- Simple flat pricing
- Pro terminal for active traders
- Delivery trades cost ₹20 each
- AMC after the first year
Dhan
Built around active F&O traders, with trading tools in the app.
- No AMC and free delivery
- Tools aimed at F&O traders
- ₹20 also charged on expiry, exercise or assignment
Want to see what your own trading would cost at each broker? Use the brokerage calculator.
Frequently asked questions
Is Upstox or Dhan cheaper for options trading?
Both charge ₹20 per order per options order, and statutory charges such as STT are the same at both. Differences are in delivery charges, AMC and tools.
Are Upstox and Dhan regulated?
Both are SEBI-registered stock brokers and members of NSE and BSE. Client money and securities are covered by the exchanges' rules on segregation.
Can I have accounts with both Upstox and Dhan?
Yes. You can hold demat and trading accounts with more than one broker; each charges its own AMC.
Does the broker change STT or exchange charges?
No. STT (0.15% of premium on the sell side), exchange charges, the SEBI fee and stamp duty are the same at every broker. Only brokerage and account charges differ.