Dhan vs Upstox – Best Broker for Options Trading in 2026

India’s online stock trading landscape has transformed dramatically over the past decade. With smartphones becoming ubiquitous and internet penetration reaching even Tier-2 and Tier-3 cities, retail investor participation in the Indian stock market has surged to historic levels. The National Stock Exchange (NSE) alone crosses millions of active client accounts, and a significant chunk of this growth is attributed to the rise of technology-first discount brokers.

Discount brokers have democratised investing in India. Unlike traditional full-service brokers that charged high commissions and required physical branch visits, discount brokers offer flat-fee or zero-brokerage models accessible entirely via smartphones and web platforms. This shift has brought an entire new generation of traders and investors into equity markets.

Among the most talked-about names in this space are Dhan and Upstox. Both platforms have carved out strong reputations and loyal user bases, yet they serve different niches and offer distinct experiences. Dhan, launched in 2021, quickly gained attention for its professional-grade tools, seamless TradingView integration, and trader-first philosophy. Upstox, one of India’s oldest discount brokers, backed by marquee investors and boasting millions of users, is renowned for its clean UI and accessibility.

So which one is right for you? In this comprehensive guide, we compare Dhan and Upstox across every dimension that matters — brokerage charges, platform experience, features, investment options, customer support, and more — so you can make a fully informed decision in 2026.

Dhan vs Upstox: Quick Comparison Table

Here is a side-by-side snapshot of both platforms across key parameters:

About Dhan

Company Background

Dhan is a product of Raise Financial Services, founded in 2021 by Pravin Jadhav — a fintech veteran who previously served as the Chief Business Officer at Paytm Money. The platform was built with a singular focus: to serve active traders who demand professional-grade tools without paying institutional-level fees.

Dhan entered a relatively crowded market but differentiated itself instantly through its TradingView integration — a first among Indian brokers at the time of launch. TradingView is the world’s most popular charting platform used by professional traders globally, and bringing it natively into a zero-brokerage platform was a game-changer for Indian retail traders.

Target Audience

Dhan is primarily built for active traders — those who engage in intraday trading, swing trading, options strategies, and algorithmic trading. That said, its zero delivery brokerage and direct mutual fund options also make it suitable for long-term investors. Its superpower, however, clearly lies in catering to trading-focused users who need speed, depth of data, and sophisticated analytical tools.

Key Highlights

• Native TradingView integration for advanced charting
• DhanHQ API for algorithmic and automated trading
• Options chain with live Greeks and Open Interest data
• Super Order types for multi-leg strategy execution
• Co-location and high-speed infrastructure for low-latency trading
• Clean, modern user interface on both web and mobile

About Upstox

Company Background

Upstox traces its origins to RKSV Securities, founded in 2010 by Ravi Kumar and Shrinivas Viswanath, along with Kavitha Subramanian. The platform was rebranded as Upstox in 2016 and has since grown into one of India’s largest discount brokers by active client count.

Backing & Investor Confidence

What truly elevated Upstox’s brand was a high-profile investment from Ratan Tata in 2019. The endorsement from India’s most respected industrialist brought enormous credibility to the platform. Upstox has also received funding from Tiger Global Management, one of the world’s most prominent technology-focused investment firms. This institutional backing has fuelled rapid product development, infrastructure upgrades, and aggressive user acquisition.

Growth and User Base

As of 2025-26, Upstox serves over 13 million registered users, making it one of the top three discount brokers in India by user count. The platform has particularly resonated with millennials and first-time investors drawn in by its simple onboarding experience and intuitive design.

Key Highlights

• One of India’s oldest and most trusted discount brokers
• Backed by Ratan Tata and Tiger Global
• Strong, beginner-friendly mobile application
• Integrated learning section for new investors
• Upstox Pro Web and Pro Mobile for advanced users
• Robust API access for developers and algo traders

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Dhan vs Upstox: Factors To Compare

Account opening and AMC charges

Both platforms do not charge any fees for opening a demat and trading account. Dhan offers zero AMC without any annual demat maintenance charge for both the trading and the demat account. For the active options trader who maintains a lean account and handles frequent transactions, the absence of any recurring fixed cost amounts is a significant advantage, as it adds up meaningfully over the years.

Upstox charges Rs. 0 for AMC (Annual Maintenance Charges) in the first year. From the second year onwards, non-BSDA (Basic Services Demat Account) users are charged Rs. 300+GST per year. BSDA users with holdings up to Rs. 4 lakh are not charged, while those with higher holdings than Rs. 4 lakh pay Rs. 100–Rs. 300+ GST annually, depending on the amount of their holdings. While small, it is an ongoing cost, but Dhan does not have any AMC charges, which gives it an edge over Upstox. 

Options brokerage charges

On the surface, the brokerage charges for options trading on both platforms are the same, but the complete picture is different.

The brokerage charges for options trading are the same on both platforms, fixed at Rs. 20 per executed order. But the additional advantage comes from zero AMC on Dhan.

Options platform and features

This is where the two platforms differ significantly. Upstox offers a well-developed interface for options trading in its Upstox Pro app and web platform. It offers a customisable Option Chain with PCR, India VIX, Max Pain and full Greeks in real time. Basket orders support up to 20 simultaneous positions. It offers pre-curated Nifty and bank Nifty strategies with defined risk profiles with TradingView chart integration. The Upstox Developer Console API offers systematic options strategies.

Dhan has built a stand-alone Options Trader App and Options Trader web platform, which are designed exclusively for options trading, comprising its own interface, workflows, and toolset. The most unique feature is Quant Mode, which allows traders to specify strategy logic per leg using different parameters, such as ATM, etc., and the platform instantly identifies matching strikes.

The Custom Strategy Builder displays max profit/loss, breakevens, risk-reward ratio, live Greeks, margin requirement, and a real-time payoff graph all before an order is placed. Traders can also change spot price, implied volatility, and days to expiry in order to simulate an outcome before risking capital.

Brokerage Charges Comparison

Brokerage charges are often the first — and most decisive — factor when choosing a trading platform. Both Dhan and Upstox follow the discount broker model, but there are meaningful differences in their fee structures.

Equity Delivery

Verdict: Both platforms offer zero-brokerage equity delivery, so the actual cost comes down to statutory charges, which are identical as they are regulated.

Intraday Trading

Verdict: Dhan has a slight edge here. Its 0.03% rate versus Upstox’s 0.05% translates to meaningful savings for high-frequency intraday traders dealing in large volumes.

Futures & Options

Verdict: Both are tied at Rs. 20 flat for F&O, which is the standard discount broker pricing. The differentiator here is platform quality for executing complex options strategies — which we discuss in the Features section.

Other Charges

Hidden Charges Alert: Both brokers charge STT on options exercise, exchange transaction charges, SEBI fees, and stamp duty — these are mandatory and not under broker control. However, Dhan’s lower DP transaction charge (Rs. 13.5 vs Upstox’s Rs. 18.5) can add up to significant savings for active equity delivery traders who sell frequently.

Account Opening & Maintenance

The account opening process is one of the first touchpoints for any new user, and both Dhan and Upstox have invested heavily in making it frictionless.

Both platforms offer a fully digital account opening process. You will need your PAN card, Aadhaar number (for e-KYC or Video KYC), bank account details, and a selfie/video for verification. Accounts are typically activated within hours during business days.

Annual cost note: Upstox technically has a free demat AMC but charges Rs. 249/year for the trading account. Dhan charges Rs. 299/year for the demat account after the first free year. On a net basis, the annual maintenance cost is comparable — approximately Rs. 249-299 per year on either platform.

Trading Platforms & User Experience

Dhan Platform Review

Dhan’s platform is where it truly shines. The web platform is modern, fast, and designed with the active trader in mind. The standout feature is the native TradingView integration — you get access to TradingView’s full suite of over 100 indicators, drawing tools, Pine Script for custom indicators, multi-timeframe analysis, and professional-grade chart types, all without leaving the Dhan interface.

The options chain on Dhan is among the best available among Indian retail brokers, displaying live Greeks (Delta, Gamma, Theta, Vega), Open Interest, IV data, and PCR — tools that were previously accessible only on institutional platforms.

The mobile app mirrors the web experience closely, offering full order management, chart analysis, and portfolio tracking. Dhan also offers basket orders for multi-leg strategy execution and a dedicated derivatives trading interface.

• Web Platform: Advanced, TradingView-powered, responsive
• Mobile App: Feature-rich, slightly complex for beginners
• Desktop App: Available on Windows
• Charting: TradingView with 100+ indicators
• Order Types: Limit, Market, SL, SL-M, GTD, Cover, Bracket, Basket
• Speed: Fast execution, low-latency infrastructure

Upstox Platform Review

Upstox’s platform philosophy is the opposite of Dhan’s — simplicity over complexity. The Upstox Pro Web interface is clean, well-organised, and easy to navigate. For beginners, this is a significant advantage: the clutter-free design reduces the cognitive load of trading decisions.

The Upstox mobile app has been widely praised for its speed and responsiveness. It loads quickly, executes orders without lag, and presents portfolio and P&L information in a highly readable format. Upstox has also integrated a learning section with videos and articles to help new investors build market knowledge.

Upstox’s charting capabilities, while not as advanced as Dhan’s TradingView integration, are adequate for most retail traders. The platform supports multiple chart types, technical indicators, and basic drawing tools. However, professional chartists accustomed to Pine Script or extensive custom indicator libraries will find it limiting.

• Web Platform: Clean, beginner-friendly, well-designed
• Mobile App: Fast, lightweight, highly rated on app stores
• Charting: Good for most users, not as deep as TradingView
• Order Types: Limit, Market, SL, SL-M, Cover, Bracket
• Learning Resources: Integrated educational content
• Speed: Excellent order execution speed

Which Platform is Better for Beginners?

For beginners, Upstox is the more accessible platform. Its minimalist design and integrated learning resources create a gentle onboarding experience. The interface does not overwhelm new investors with data, and the app store ratings (consistently 4+ on both iOS and Android) reflect high user satisfaction.

That said, Dhan is not difficult to use either. If a new investor is keen to learn technical analysis and charting from the outset, starting on Dhan gives them direct access to professional tools. The learning curve is steeper initially but pays dividends for those who commit to serious market participation.

Features & Tools Comparison

Feature Verdict: Dhan leads significantly on tools and features. The TradingView integration alone is a compelling reason for active traders to choose Dhan. The 20-level market depth, live Greeks, advanced screener, and Pine Script support make it a platform built for serious market participants. Upstox is more than adequate for casual investors and beginners but does fall short for power users.

Investment Options Available

Both platforms cover the full spectrum of Indian exchange-traded instruments. Dhan has a slight advantage in fixed-income products, with better access to corporate bonds and NCDs. Neither currently offers direct US stock investing, though this space is evolving rapidly in India. For comprehensive Indian market participation, both are well-equipped.

Margin & Leverage Comparison

SEBI’s regulations have significantly standardised margin requirements across all brokers in India. However, there are still differences in how brokers implement their leverage policies.

Since SEBI standardised peak margin requirements in 2021, most brokers including Dhan and Upstox offer very similar leverage profiles. The real differentiator is how transparently margin requirements are communicated to the user before order placement — Dhan’s options chain view provides clearer margin estimates for complex strategies.

Customer Support Comparison

Customer Support Verdict: Upstox has a slight edge by offering a direct phone helpline, which many users prefer for urgent trading-related issues like stuck orders or fund transfer problems. Dhan’s in-app chat is responsive and well-regarded by its user community, but the lack of a direct phone line can be frustrating during market hours when issues arise.

User Feedback Note: Both platforms have faced criticism for support response times during market events or system updates. Reading recent user reviews on platforms like Trustpilot, Google Play, and the App Store before making your decision is advisable.

Safety, Regulation & Trust

Both Dhan and Upstox are fully regulated by SEBI, registered with CDSL as Depository Participants, and members of NSE, BSE, and MCX. Client funds are held in separate bank accounts as mandated by SEBI, providing a strong layer of protection.

Both platforms use industry-standard SSL encryption, support two-factor authentication, and comply with SEBI’s peak margin and investor protection regulations. Neither has faced major regulatory action or fraud allegations. For practical safety purposes, both are equivalent and trustworthy platforms.

Pros and Cons

Dhan vs Upstox: Who Should Choose What?

User Reviews & Market Reputation

What Traders Are Saying

User sentiment across social media platforms, Reddit (r/IndiaInvestments), and broker review sites reveals distinct patterns for each platform:

Dhan — Common Positive Themes

• TradingView integration is frequently cited as the single biggest reason for switching to Dhan
• Options traders love the live Greeks and comprehensive derivatives data
• The DhanHQ API is praised by developer-traders for being modern and well-documented
• Users appreciate the lower intraday brokerage rate
• Smooth order execution even during high-volatility market events

Dhan — Common Complaints

• Some users report the mobile app can feel data-heavy / slow on older devices
• Customer support can be slow during peak hours
• The demat AMC after the first free year surprises some users

Upstox — Common Positive Themes

• Consistently praised for its simple, intuitive interface
• The mobile app receives strong ratings across iOS and Android
• Ratan Tata’s backing repeatedly cited as a trust-building factor
• Educational content praised by new investors
• Phone support is appreciated for resolving critical issues

Upstox — Common Complaints

• Platform outages during high-volume trading days reported by some users
• Options traders feel the lack of live Greeks is a significant limitation
• Charting tools considered basic by experienced traders
• Some users report delayed customer support responses via chat

Final Verdict

Overall Winner: Situational — Both Are Excellent, But Different

There is no single absolute winner between Dhan and Upstox — the better platform depends entirely on who you are as an investor or trader.

Dhan wins for active traders, options specialists, technical analysts, and algorithmic traders. Its TradingView integration, live Greeks, deep market data, lower intraday brokerage, and modern API make it arguably the best-equipped trading platform in the Indian discount broker space in 2026. If you spend serious time studying charts, executing options strategies, or building automated trading systems, Dhan is the clear choice.

Upstox wins for beginners, casual long-term investors, and users who prioritise simplicity, brand trust, and phone-based support. Its 13+ million user base, Ratan Tata’s backing, clean mobile app, and strong customer recognition make it a reliable, comfortable choice for those new to the markets or those who primarily invest rather than trade actively.

For the majority of Indian retail investors — those who primarily buy equity for the long term and dabble in mutual funds — either platform will serve them well. Account opening is free on both, delivery brokerage is zero on both, and both are fully SEBI-regulated. In that scenario, trying both (you can have multiple demat accounts) and settling on the one whose interface you prefer is a perfectly valid strategy.

Frequently Asked Questions (FAQs)

Q1. Is Dhan better than Upstox?

Dhan is better for active traders and options participants due to its TradingView integration, live Greeks, lower intraday brokerage, and more advanced toolset. Upstox is better for beginners and casual long-term investors due to its simpler interface, stronger brand recognition, and phone support.

Q2. Which broker is cheaper — Dhan or Upstox?

For equity delivery, both are free (zero brokerage). For intraday trading, Dhan is slightly cheaper at 0.03% versus Upstox’s 0.05%. For F&O, both charge a flat Rs. 20 per order. Annual charges are comparable — around Rs. 249-299/year on either platform.

Q3. Is Upstox safe for investing?

Yes, Upstox is fully SEBI-registered (INZ000208032), a member of NSE, BSE, and MCX, and a CDSL-registered depository participant. Client funds are held in segregated accounts. Upstox is a safe and trustworthy platform backed by institutional investors.

Q4. Can I switch brokers easily? Can I transfer my existing holdings?

Yes, you can transfer your holdings from one demat account to another using the DIS (Delivery Instruction Slip) process or the CDSL Easiest facility online. The process typically takes 2-5 business days. You will need to check for exit loads if you have mutual fund holdings. There is no charge for switching brokers, though DP charges may apply during transfer.

Q5. Which app is best for intraday trading in India in 2026?

Dhan’s mobile app is generally considered better for intraday trading due to TradingView charts, faster advanced order types including GTD orders, a superior options chain, and lower intraday brokerage at 0.03%. For beginners doing their first few intraday trades, Upstox’s simpler interface may feel less intimidating, but serious intraday traders will benefit more from Dhan’s depth of features.

Q6. Does Dhan have TradingView?

Yes, Dhan has a full native TradingView integration — this is one of its most significant advantages. You get access to TradingView’s complete charting suite, including 100+ indicators, drawing tools, Pine Script for custom indicators, multi-timeframe analysis, and professional chart types, all within the Dhan platform.

Q7. Which is better for options trading — Dhan or Upstox?

Dhan is significantly better for options trading. It provides live Greeks (Delta, Gamma, Theta, Vega), real-time Open Interest data, IV analysis, and multi-leg strategy execution. Upstox offers a basic options chain but lacks the depth of analytics that serious options traders require. For any trader who regularly uses F&O instruments, Dhan is the clear choice.

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