Brokers · Upstox vs Dhan
Upstox vs Dhan: which demat account is better in 2026
Zero AMC certainty versus established track record. Cost-first, disclosed, and informational, not a recommendation to open any specific account.
The verdict
Upstox and Dhan both charge zero delivery brokerage and a flat 20 rupees per executed order on F&O, so the deciding factor is holding cost and tooling depth: Dhan wins on a guaranteed zero AMC versus Upstox's low AMC that may not always be waived, while Upstox edges ahead on track record and a wider investor community.
BazaarBaaziSource & method
Which suits whomUpstox 77 · Dhan 80
The fast read on who each account fits. The cost-fit score is a BazaarBaazi 0 to 100 number for the lens of this matchup (zero amc certainty versus established track record); the factor breakdown below shows exactly how it is built.
Best for
Upstox
Active traders and investors who want fast execution and an established, well-backed platform.
Cost-fit score
77 / 100
Strengths
- Fast, responsive mobile and web order flow that holds up in volatile sessions.
- Low annual maintenance with promotional first-year waivers common through the year.
- Solid charting for an app-first trader, plus options tooling.
Trade-offs
- Ecosystem and learning resources are narrower than the market leader's.
- Promotional pricing means the headline AMC can change, so verify the current rate card.
Best for
Dhan
Active options and intraday traders who want a permanent zero-AMC, derivatives-first platform.
Cost-fit score
80 / 100
Strengths
- Zero AMC and a derivatives-first interface built for active options traders.
- Fast order placement, options chain analytics, and TradingView charting.
- No clutter or heavy cross-sell, a lean platform aimed at serious traders.
Trade-offs
- Newer and smaller than the incumbents, with a shorter public track record.
- Best suited to traders; a pure long-term investor gains less from the trader tooling.
The comparison, side by sideIndicative 2026
Charges are the published flat-fee structures of Upstox and Dhan as of 2026. Statutory charges (STT, exchange transaction, GST, SEBI and stamp) are the same across brokers and sit on top of the brokerage below.
| Upstox | Dhan | |
|---|---|---|
| Account opening | Free | Free |
| Annual maintenance (AMC)The recurring cost of simply holding the demat account. | Low AMC (often waived first year) | Zero AMC |
| Equity deliveryBrokerage on buy-and-hold equity. Statutory charges still apply. | Zero brokerage | Zero brokerage |
| Equity intraday | 20 per order or 0.05 percent, whichever is lower | 20 per order or 0.03 percent, whichever is lower |
| Futures and optionsPer executed order. Statutory charges (STT, exchange, GST) are the same across brokers. | 20 per executed order | 20 per executed order |
Verify the live rate card on each broker site before opening an account. How BazaarBaazi sources this.
How the cost-fit score is builtBase 50, clamped 0 to 100
The score is deterministic: base 50, adjusted by the factors below and clamped to 0 to 100. It is a transparent cost-and-fit signal for this matchup, not a SEBI-registered rating.
Upstox · 77 / 100
Dhan · 80 / 100
Both accounts charge zero delivery brokerage and a flat 20 rupees per executed order on F&O, so the score turns on holding cost, tooling and fit rather than on trade brokerage.
Prefer Dhan?
If the Dhan side of this matchup fits you better, here is the disclosed sign-up. The cost-first comparison above does not change either way.
FAQ3 reader questions · AEO-eligible
The Upstox versus Dhan call, distilled and schema-marked for AI Overview, Perplexity, and reader search.
Is Upstox or Dhan cheaper to hold?
Dhan charges zero AMC as a permanent policy, so the ongoing holding cost is definitively zero. Upstox charges a low AMC that is often waived in the first year but may apply thereafter; verify the current Upstox rate card. On trades both charge zero delivery brokerage and a flat 20 rupees per executed order on intraday and F&O.
Which is better for options trading, Upstox or Dhan?
Both charge a flat 20 rupees per executed order on F&O, so the brokerage is identical. Dhan is built derivatives-first with an options chain and TradingView charting built in, which many active options traders prefer. Upstox also has solid charting but covers a broader audience beyond pure derivatives traders.
Which is safer, Upstox or Dhan?
Both are SEBI-registered brokers and depository participants, so client securities are held with CDSL or NSDL on either platform. Upstox has a longer track record and a larger disclosed investor base. Both are legitimate; weigh the longer history against Dhan's zero-AMC trader tooling.
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