Dhan and INDmoney are both app-first brokers that also sell US stocks, with 11.21 lakh and 7.19 lakh NSE active clients in September 2026. Dhan charges ₹0 on equity delivery and ₹20 or 0.03% on intraday. INDmoney charges ₹20 or 0.1% on both, with a ₹2 minimum. Both charge ₹20 per F&O order, no AMC, and 0.25% on US trades. Choose Dhan for Indian trading and free delivery. Choose INDmoney for UCITS ETFs and free tax filing.
How do Dhan and INDmoney compare at a glance?
The table compares Dhan and INDmoney as of October 2026. All fees are from each broker's published pricing.
| Feature | Dhan | INDmoney |
|---|---|---|
| Regulator and exchanges | SEBI broker INZ000006031. NSE, BSE, MCX | SEBI broker INZ000305337 (INDstocks). NSE, BSE, MCX |
| Depository | CDSL participant | CDSL participant |
| NSE active clients, September 2026 | 11.21 lakh, about 2.4% share | About 7.19 lakh, 1.6% share |
| Account opening and AMC | ₹0 opening, ₹0 AMC for individuals and HUFs | ₹0 opening, ₹0 AMC |
| Equity delivery brokerage | ₹0 | ₹20 or 0.1% per order, whichever is lower, minimum ₹2 |
| Intraday and F&O brokerage | ₹20 or 0.03% per intraday order, ₹20 per F&O order | ₹20 or 0.1% per intraday order, ₹20 per F&O order |
| DP charge per sell | ₹12.50 per ISIN, plus GST | ₹15 plus ₹3.50 depository fee, plus GST, per ISIN per day |
| Mutual funds | Direct plans at zero commission, 1,500+ schemes | Direct plans at zero commission, 1,600+ schemes |
| US stocks | Live since June 2026 via Raise IFSC at GIFT City, 0.25% per trade | Live via INDmoney Global (IFSC) at GIFT City. 10,000+ US stocks and ETFs plus UCITS ETFs, 0.25% per trade |
| Platforms and API | Dhan app and web, Options Trader, TradingView charts, DEXT T3. Trading API free, data API ₹499 a month | INDmoney app and web. No trading API |
What is Dhan, and what is INDmoney?
Dhan is a Mumbai trading platform run by Raise Securities Pvt Ltd, formerly Moneylicious Securities, a SEBI-registered broker and CDSL depository participant. Raise Financial Services launched Dhan in November 2021 with a focus on active traders. Dhan had 11.21 lakh NSE active clients in September 2026, among India's ten largest brokers.
INDmoney is a Gurugram investing app founded in 2019 by Ashish Kashyap. Indian stocks run through INDstocks Pvt Ltd, a SEBI-registered broker and CDSL depository participant, and US stocks through INDmoney Global (IFSC) at GIFT City. INDmoney had about 7.19 lakh NSE active clients in September 2026.
What does each charge?
Dhan is cheaper for Indian stocks, and the two match on F&O and on US trades. Figures are as of October 2026, from each broker's published pricing.
| Charge | Dhan | INDmoney |
|---|---|---|
| Account opening | ₹0 | ₹0 |
| Annual maintenance | ₹0 for individuals and HUFs | ₹0 |
| Equity delivery | ₹0 | ₹20 or 0.1% per order, whichever is lower, minimum ₹2 |
| Equity intraday | ₹20 or 0.03% per order, whichever is lower | ₹20 or 0.1% per order, whichever is lower, minimum ₹2 |
| Futures and options | ₹20 per order | ₹20 per order |
| DP charge on each sell | ₹12.50 per ISIN, plus GST | ₹15 plus ₹3.50 depository fee, plus GST, per ISIN per day |
| Pledge | ₹15 plus GST per ISIN | ₹0 for margin pledge, ₹20 plus GST per ISIN for MTF pledge |
| Call and trade | ₹50 plus GST per order | ₹500 per order |
| Trading API | Free. Market data API ₹499 plus taxes a month | Not offered |
| US stocks brokerage | 0.25% per trade, minimum USD 0.01 | 0.25% per trade |
Securities transaction tax, exchange transaction charges, SEBI turnover fees, stamp duty and GST are set by regulators and are identical at Dhan and INDmoney. On a ₹1 lakh delivery buy, Dhan's brokerage is ₹0 and INDmoney's is ₹20. On a USD 1,000 US stock buy, both charge USD 2.50 before forex costs.
Which products can I invest in on each?
Dhan and INDmoney overlap on most products, including US stocks. Both offer NSE and BSE stocks, equity F&O, MCX commodities, ETFs, IPOs, direct mutual funds and US stocks. Dhan adds currency F&O, smallcases, stock lending and a digital gold vault. INDmoney adds London-listed UCITS ETFs.
Dhan launched US stocks and ETFs in June 2026 through Raise IFSC, its GIFT City subsidiary, with fractional buying from USD 1. INDmoney's longer-standing service runs through INDmoney Global (IFSC), cleared by Alpaca Securities or DriveWealth, with 10,000+ US stocks and ETFs plus UCITS ETFs. Money sent to either counts against the USD 250,000 LRS limit each financial year, with TCS above ₹10 lakh, which Paasa's LRS guide explains.
How safe are my shares and money on each?
Indian shares bought through Dhan or INDmoney sit in your own demat account at CDSL, not with the broker. Both are SEBI-registered brokers that must settle unused client funds back to your bank under SEBI's running-account rules.
If a broker defaults, the NSE Investor Protection Fund pays up to ₹35 lakh per investor for claims after August 2024. Complaints against Dhan or INDmoney that the broker does not resolve go to SEBI SCORES. US stocks bought through either broker's GIFT City route are held under IFSCA rules, outside SEBI's framework. INDmoney's disclosures say it, not you, is the account holder of record at its US clearing broker. Neither broker, and no protection fund, covers a fall in the value of what you buy.
What is day-to-day use like on Dhan and INDmoney?
Dhan is built for active trading and INDmoney for one view of everything you own. Dhan offers TradingView charts in its app and web, a separate Options Trader app and the DEXT T3 desktop terminal. Its Super Order sets entry, target and stop-loss together. The DhanHQ trading API is free, and the market data API costs ₹499 plus taxes a month. Dhan's chat support runs 9 am to 10 pm every day, with phone support 9 am to 6 pm on trading days.
INDmoney's app and web put Indian stocks, mutual funds, US stocks and UCITS ETFs under one login. It moves money abroad under LRS inside the app through partner banks and tracks LRS usage and TCS. INDmoney has no trading API, and call and trade costs ₹500 per order. Support runs through in-app chat and email, with a service desk open weekdays 9 am to 6 pm.
What reports do I get at tax time from Dhan and INDmoney?
Both give you the reports an Indian return needs. Dhan's Tax Report, an Excel download from Journal by Dhan, splits intraday income, capital gains and F&O results for the financial year. INDmoney's tax centre produces capital-gains reports and feeds them into free ITR filing inside the app, with Schedule FA pre-filled.
US stocks on Dhan or INDmoney add one step. Foreign holdings go into Schedule FA of the Indian return every year, with peak and closing values, which Paasa's Schedule FA guide explains. INDmoney pre-fills that entry, while Dhan users complete it from their statements.
When is Dhan the better choice?
Dhan may suit you better than INDmoney if:
- You buy and hold Indian shares, since equity delivery costs ₹0 brokerage.
- You trade options or intraday and want TradingView charts, Options Trader and Super Orders.
- You run your own trading code, since Dhan's trading API is free.
When is INDmoney the better choice?
INDmoney may suit you better than Dhan if:
- You want UCITS ETFs alongside US stocks, with LRS transfers handled in-app.
- You want your capital gains pulled into free ITR filing, with Schedule FA pre-filled.
- You want one login for Indian stocks, mutual funds and global investments.
Should I choose Dhan or INDmoney?
Choose Dhan if Indian stocks and trading come first. Choose INDmoney if global investing and tax filing come first. On US stocks the two cost the same.
| If you want… | Better fit |
|---|---|
| ₹0 brokerage on Indian delivery | Dhan |
| TradingView charts, Options Trader and Super Orders | Dhan |
| A free trading API | Dhan |
| UCITS ETFs alongside US stocks | INDmoney |
| Free ITR filing with Schedule FA pre-filled | INDmoney |
| US stocks at 0.25% per trade | Both |
The choice is not permanent. Shares move between Dhan and INDmoney demat accounts, both at CDSL, by an off-market transfer, online through CDSL Easiest or with a delivery instruction slip. They keep their original purchase date and price. Many investors keep a Dhan account for Indian trading and an INDmoney account for global investing.
Disclosures
Fees and client numbers are from Dhan's and INDmoney's published pricing and NSE data as of October 2026 and may change. Advisory services under the Paasa brand are offered by Arc Spire Advisory Private Limited, a SEBI Registered Non-Individual Investment Adviser, INA000021058. This article is not investment advice. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
