Zerodha and Dhan are both trader-focused discount brokers, with 67.92 lakh and 11.21 lakh NSE active clients in September 2026. Both charge ₹0 on equity delivery, ₹20 or 0.03% on intraday and ₹20 per options order. Dhan charges no AMC and offers US stocks. Zerodha charges AMC after year one under SEBI's BSDA slabs. Choose Zerodha for Kite, Console, Varsity and a 16-year track record. Choose Dhan for lower running costs, TradingView charts and US stocks.
How do Zerodha and Dhan compare at a glance?
The table compares Zerodha and Dhan as of October 2026. All fees are from each broker's published pricing.
| Feature | Zerodha | Dhan |
|---|---|---|
| Regulator and exchanges | SEBI broker INZ000031633. NSE, BSE, MCX | SEBI broker INZ000006031. NSE, BSE, MCX |
| Depository | CDSL participant | CDSL participant |
| NSE active clients, September 2026 | 67.92 lakh, 14.7% share | 11.21 lakh, about 2.4% share |
| Account opening and AMC | ₹0 opening. AMC free in year one, then SEBI BSDA slabs up to ₹300 plus GST a year | ₹0 opening, ₹0 AMC for individuals and HUFs |
| Equity delivery brokerage | ₹0 | ₹0 |
| Intraday and F&O brokerage | ₹20 or 0.03% per intraday or futures order, ₹20 per options order | ₹20 or 0.03% per intraday order, ₹20 per F&O order |
| DP charge per sell | ₹15.34 per scrip, GST included | ₹12.50 per ISIN, plus GST |
| Mutual funds | Direct plans on Coin at zero commission. Own AMC, Zerodha Fund House | Direct plans at zero commission, 1,500+ schemes. No own AMC |
| US stocks | Not offered | Live since June 2026 via GIFT City, 0.25% brokerage |
| Platforms and API | Kite, Console, Coin, Varsity. Kite Connect free for orders, ₹500 a month with market data | Dhan app and web, Options Trader, TradingView charts, DEXT T3. Trading API free, data API ₹499 a month |
What is Zerodha, and what is Dhan?
Zerodha is a Bengaluru discount broker run by Zerodha Broking Ltd, a SEBI-registered broker and CDSL depository participant founded in 2010. Zerodha built the Kite trading platform, the Coin mutual fund app and the Varsity education site. It had 67.92 lakh NSE active clients in September 2026, the second largest base in India.
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.
What does each charge?
Zerodha and Dhan charge the same brokerage on almost every trade, and Dhan is cheaper on the charges around the trade. Figures are as of October 2026, from each broker's published pricing.
| Charge | Zerodha | Dhan |
|---|---|---|
| Account opening | ₹0 for resident individuals | ₹0 |
| Annual maintenance | Year one free. Then ₹0 up to ₹4 lakh holdings, ₹100 plus GST up to ₹10 lakh, ₹300 plus GST above that | ₹0 for individuals and HUFs |
| Equity delivery | ₹0 | ₹0 |
| Equity intraday | ₹20 or 0.03% per order, whichever is lower | ₹20 or 0.03% per order, whichever is lower |
| Futures | ₹20 or 0.03% per order, whichever is lower | ₹20 per order |
| Options | ₹20 per order | ₹20 per order |
| DP charge on each sell | ₹15.34 per scrip, GST included | ₹12.50 per ISIN, plus GST |
| Pledge | ₹30 plus GST per ISIN | ₹15 plus GST per ISIN |
| Auto square-off | ₹50 per order | ₹20 plus GST per order |
| Trading API | Free without market data, ₹500 a month with it | Free. Market data API ₹499 plus taxes a month |
Securities transaction tax, exchange transaction charges, SEBI turnover fees, stamp duty and GST are set by regulators and are identical at Zerodha and Dhan. On a ₹1 lakh delivery buy, brokerage is ₹0 at both and the statutory charges of roughly ₹120 are the same. Zerodha's AMC slabs follow the SEBI Basic Services Demat Account circular of June 2024.
Which products can I invest in on each?
Zerodha and Dhan cover the same Indian markets, and Dhan adds US stocks. Both offer NSE and BSE stocks, equity F&O, currency F&O, MCX commodities, ETFs, IPOs and direct mutual funds. Zerodha also lists bonds and government securities and runs its own fund house, Zerodha Fund House. Dhan adds smallcases, stock lending and a digital gold vault.
Dhan launched US stocks and ETFs in June 2026 through Raise IFSC, its GIFT City subsidiary, with fractional buying from USD 1 at 0.25% brokerage per trade. Zerodha offers no US or international stocks. Money sent to Dhan's US service 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?
Shares bought through Zerodha or Dhan 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 Zerodha or Dhan that the broker does not resolve go to SEBI SCORES. US stocks bought through Dhan's GIFT City route are held under IFSCA rules, outside SEBI's framework. Neither broker, and no protection fund, covers a fall in the value of what you buy.
What is day-to-day use like on Zerodha and Dhan?
Both are built for traders, with different toolkits. Zerodha's Kite offers advanced charting, GTT orders, basket orders and option-chain tools, with Console for reports and Coin for funds. Kite Connect is free for orders and ₹500 a month per key with market data. Zerodha support runs through a ticket portal every day, with phone lines in weekday office hours.
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, and Forever Orders stay live until triggered. 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.
What reports do I get at tax time from Zerodha and Dhan?
Both give you the reports an Indian return needs. Zerodha's Console produces a tax P&L with short-term and long-term capital gains, speculative intraday income, F&O turnover and dividend income. Dhan's Tax Report, an Excel download from Journal by Dhan, splits intraday income, capital gains and F&O results for the financial year.
Dhan users who buy US stocks have one extra 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. Zerodha clients hold only Indian securities, so Schedule FA does not arise from a Zerodha account.
When is Zerodha the better choice?
Zerodha may suit you better than Dhan if:
- You want the Kite, Console and Coin ecosystem, with Varsity's free courses.
- You want index funds and ETFs from the broker's own fund house.
- You value the larger and older broker, with 68 lakh active clients.
When is Dhan the better choice?
Dhan may suit you better than Zerodha if:
- You want no AMC and lower DP, pledge and auto square-off charges.
- You trade options on TradingView charts or want Options Trader and Super Orders.
- You want US stocks alongside Indian investments in one account.
Should I choose Zerodha or Dhan?
Choose Zerodha if you want the Kite ecosystem and a 16-year track record and do not mind an AMC after year one. Choose Dhan if you want the same brokerage with lower running costs, TradingView charts and US stocks.
| If you want… | Better fit |
|---|---|
| The Kite, Console and Varsity ecosystem | Zerodha |
| Index funds and ETFs from the broker's own fund house | Zerodha |
| The larger and older broker | Zerodha |
| No AMC and lower DP and pledge charges | Dhan |
| TradingView charts and Options Trader | Dhan |
| US stocks alongside Indian investments | Dhan |
The choice is not permanent. Both are CDSL participants, so shares move between Zerodha and Dhan demat accounts by an off-market transfer, online through CDSL Easiest or with a delivery instruction slip. They keep their original purchase date and price. Many traders keep a Zerodha account for holdings and a Dhan account for options.
Disclosures
Fees and client numbers are from Zerodha's and Dhan'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.
