About Dhan
Dhan is a SEBI-registered discount stockbroking platform operated by Raise Securities Private Limited (formerly Moneylicious Securities Private Limited), a company that is part of the Raise Financial Services group. Launched in 2021 by Pravin Jadhav, the former CEO of Paytm Money, Dhan was built with the explicit goal of serving active traders and long-term investors with a technology-first, no-frills brokerage experience. The platform is backed by well-known institutional investors, including Mirae Asset, Blume Ventures, and 3one4 Capital, which lends it credible financial backing in a crowded discount-broking market.
Trades placed through Dhan are routed and settled through India's principal stock exchanges under standard regulatory oversight.
The Dhan ecosystem today spans six core products: the Dhan App for mobile trading, Dhan Web for browser-based trading, a dedicated Options Trader App and Web platform built specifically for F&O traders, free TradingView chart access through tvdhan.co, and a direct TradingView broker integration that lets users place trades from tradingview.com itself. Beyond pure trading, Dhan supports stock and ETF investing, direct mutual funds at zero commission, IPO applications through UPI, commodity trading on MCX, margin trading facility (MTF), and newer additions like Gold Vault for buying and storing physical gold and silver, and the DEXT T3 professional trading terminal. The platform is trusted by more than 1 million users and carries a 4.7-star rating on the Google Play Store, reflecting strong day-to-day usability among India's trading community.
Why Choose Dhan?
Dhan has carved out a distinct position in India's discount broking space by focusing less on flashy gamification and more on the tools that serious traders actually use. The single biggest draw is its pricing structure: equity delivery, ETF, IPO and direct mutual fund investing carry zero brokerage, while intraday and F&O trades are charged a flat ₹20 per executed order (or 0.03% of trade value, whichever is lower for intraday and MTF segments). This pricing is identical to what India's largest discount brokers charge, so cost is rarely the deciding factor between Dhan and its peers - the real differentiator is the trading experience layered on top of that pricing.
For options and futures traders specifically, Dhan offers tools that are not commonly bundled together at other discount brokers: a built-in options strategy builder, live option Greeks, payoff graphs, a dedicated Options Trader app, Flash Trade for rapid options execution, and Super Orders that let a trader manage multiple exits, trailing stop-losses and target levels on a single open position. The platform's free, full-featured TradingView integration is also a meaningful advantage; most brokers either lack TradingView charting entirely or restrict it behind a paywall, whereas Dhan offers it without extra cost and even allows order placement directly from tradingview.com.
Long-term investors are not left out either. Dhan offers instant pledging of more than 1,500 stocks for margin, stock SIPs, ETF SIPs, access to over 1,600 direct mutual funds across all major AMCs at 0% commission, and a clean IPO application flow using UPI mandates. Zero account opening charges and zero AMC for individual and HUF accounts for life further reduce the cost of simply holding an account, even for someone who trades only occasionally.
Key Features of Dhan
- Zero brokerage on equity delivery, ETFs, IPOs and direct mutual funds.
- Flat ₹20 per executed order for intraday, futures and options (or 0.03% lower for intraday).
- Zero account opening charges and zero AMC for individual and HUF demat accounts for life.
- Free TradingView charting via tv.dhan.co and direct order placement from tradingview.com.
- Dedicated Options Trader App and Web platform with strategy builder, Greeks and payoff graphs.
- Margin Trading Facility (MTF) offering up to 4-5x leverage on 1,700+ stocks.
- Instant pledge and unpledge on 1,500+ stocks for margin against holdings.
- Advanced order types: Forever Order (GTT/GTC), Bracket Order, Cover Order, Iceberg, Basket Order.
- DhanHQ Trading APIs available free of charge for algo trading and connectivity.
- ScanX stock screener with 50+ ready-made screens and live market insights.
- Gold Vault for buying, storing and taking delivery of physical gold and silver at live MCX prices.
- 50% brokerage discount for women traders on intraday and F&O orders.
Basic Broker Details
| Parameter | Details |
|---|---|
| Broker Name | Dhan (Raise Securities Private Limited) |
| Category | Discount Broker |
| Founded | 2021, by Pravin Jadhav |
| Headquarters | Mumbai, Maharashtra |
| SEBI Registration No. | INZ000006031 |
| CDSL DP ID | IN-DP-289-2016 |
| Exchange Membership | NSE: 90133 | BSE: 6593 | MCX: 56320 |
| Number of Active Users | 1 Million+ |
| Google Play Store Rating | 4.7/5 |
| Customer Care Number | +91 9987761000 (9 AM-6 PM, Mon-Sat) |
Trading Platform Review
Mobile App Review
The Dhan App is the primary mobile platform and supports equity, F&O, commodity and currency trading, along with mutual funds, ETFs and IPO applications. It includes full market depth, multiple technical indicators, one-drag stop-loss and target placement directly on charts, a trade journal for tracking performance and taxes, and ready-to-deploy algo strategies. A separate Options Trader App strips away the noise of long-term investing features and is built purely around the options chain, strategy execution and Greeks for F&O-focused users.
Web Platform Review
Dhan Web mirrors the mobile app's functionality on a larger screen and is well suited to traders who prefer multiple-monitor setups. The Options Trader Web variant offers the same F&O-specific layout as its mobile counterpart, while the DEXT T3 terminal targets professional and high-frequency traders who need footprint charts, volume profiles, order-flow data and a fully customizable workspace.
Speed Analysis
User feedback consistently describes the app as lightweight and stable even during high-volatility sessions such as expiry days. Order execution and price updates are generally reported as fast.
Charting Features
Beyond the native engine, Dhan layers in advanced features like drawing tools, multiple chart types, and order placement directly from the chart using stop-loss/target drag handles.
Through tv.dhan.co, users get full TradingView charting absolutely free, and orders for stocks, futures and commodities can be placed directly from tradingview.com using a native execution layer.
Brokerage & Charges Details (Equity Delivery, Intraday, MTF)
| Charge Head | Equity Delivery | Equity Intraday | Equity MTF |
|---|---|---|---|
| Brokerage | ₹0 (Zero Brokerage) | ₹20 or 0.03% of trade value per order, whichever is lower | ₹20 or 0.03% of trade value per order, whichever is lower |
| Transaction Charges | NSE: 0.0030699% BSE: 0.00375% |
NSE: 0.0030699% BSE: 0.00375% |
NSE: 0.0030699% BSE: 0.00375% |
| STT/CTT | 0.1% on buy & sell | 0.025% on sell only | 0.1% on buy & sell |
| SEBI Turnover Fee | 0.0001% of turnover | 0.0001% of turnover | 0.0001% of turnover |
| Stamp Duty | 0.015% on buy turnover | 0.003% on buy turnover | 0.015% on buy turnover |
| GST | 18% on brokerage + transaction + SEBI + IPFT charges | ||
Segmented Fee Insights
Delivery Charges: Equity delivery, ETF and IPO trades attract zero brokerage on Dhan. The only costs an investor pays are statutory: STT at 0.1% on both the buy and sell leg, exchange transaction charges, SEBI turnover fees, stamp duty on the buy leg, and GST on the brokerage-related component (which is nil here since brokerage itself is zero).
Intraday Charges: Charged at ₹20 per executed order or 0.03% of trade value, whichever works out lower. Women traders receive a 50% discount, bringing this down to roughly ₹10 per order on equity and F&O intraday trades.
F&O Charges: Futures and options carry a flat ₹20 per executed order, irrespective of lot size or contract value. This flat structure benefits traders running multi-leg options strategies. A separate ₹20 brokerage also applies to options contracts that expire in-the-money, are exercised, or are assigned. Derivative contracts that result in physical delivery attract a brokerage fee of 0.10% of the contract value, in addition to applicable exchange charges.
Currency & Commodity Charges: Currency derivatives follow the same flat-fee logic. Commodity trading on MCX (covering instruments like gold, silver, crude oil and natural gas) mirrors the equity F&O structure exactly: ₹20 per executed order or 0.03% of trade value (whichever is lower) for commodity futures, and a flat ₹20 per executed order for commodity options.
DP & Other Transaction Charges
| Charge Head | Applicable Fee Structure |
|---|---|
| DP Transaction Charges | ₹12.50 per instruction per ISIN + GST |
| Pledge Charges | ₹15 per transaction per ISIN + GST (covers pledge, unpledge & invocation) |
| Unpledge Charges | ₹15 per transaction per ISIN + GST |
| Demat AMC (Individuals & HUF) | ₹0 (Free for life) |
| Demat AMC (NRI / Corporate / LLP / Partnership / Trust) | ₹800 + GST per year |
| Mutual Fund Redemption Charges | ₹12.50 per ISIN + GST per redemption request |
| Auto Square-Off Charges | ₹20 per order + GST |
| Call & Trade Charges | ₹50 per order + GST |
| CUSPA Transfer Charges | ₹15 per instruction per ISIN + GST |
| Bounced Contract Note | ₹5 + GST (digital re-attempt) | ₹100 + GST (physical delivery) |
| Interest on Debit Balance | 0.0438% per day on non-MTF outstanding debit / non-maintenance of 50:50 margin |
| Payment Gateway Charges | ₹0 on UPI and net banking |
Fee Mechanics & Fine Print
Based on disclosures, Dhan does not levy unannounced costs, but multiple components are worth highlighting beyond headline rates:
- DP Fees: Debited at ₹12.50 + GST per ISIN every single time shares leave Demat storage via a sales leg.
- Call Desk Interaction: Sells executed via telephone dealing staff scale to ₹50 + GST per event instance.
- Collateral Maintenance: Moving items in or out of dynamic structural margins benchmarks a constant ledger row rate of ₹15 per operational instruction.
Margin Trading Facility (MTF) Interest Rate Slabs
| Funded Amount Slab | MTF Interest Rate (p.a.) |
|---|---|
| Up to ₹5,00,000 | 12.49% |
| ₹5,00,000.01 to ₹10,00,000 | 13.49% |
| ₹10,00,000.01 to ₹25,00,000 | 14.49% |
| ₹25,00,000.01 to ₹5,00,00,000 | 15.49% |
Services Offered by Dhan
| Service Track | Availability & Capability Metrics |
|---|---|
| Customer Support | Phone, email and in-app chat (9 AM to 6 PM, Monday to Saturday) |
| 3-in-1 Account | Not available (Dhan is a standalone broker, not bank-linked) |
| Mutual Funds | 1,600+ Direct Mutual Funds across major AMCs at 0% commission |
| Insurance | Not available |
| Bonds and Debt | Not disclosed by broker on the public pricing page |
| IPO Platform | Available UPI mandate-based application for mainboard and SME IPOs |
| ETF (Exchange Traded Funds) | Available, including SIP and Forever Order on ETFs |
| MTF (Margin Trading Facility) | Available, up to 4-5x leverage on 1,700+ stocks |
| NRI Services | Not currently offered |
Order Types Supported on Dhan
| Order Type | Available | Notes |
|---|---|---|
| Market Order | Yes | Standard immediate execution at best available price |
| Limit Order | Yes | Execute only at specified price or better |
| Stop-Loss (SL-Limit) | Yes | Trigger price plus limit price |
| Stop-Loss Market (SL-M) | Yes | Trigger price with market execution |
| Trailing Stop-Loss | Yes | Dynamically adjusts with favourable price movement |
| OCO (One-Cancels-Other) | Yes | Available for managing simultaneous target/SL legs |
| GTT (Good Till Triggered) | Yes | Branded as Forever Order, valid up to 365 days |
| GTC (Good-Till-Cancelled) | Yes | Functions through the Forever Order feature |
| Iceberg Orders | Yes | Splits large orders into smaller disclosed chunks |
| Basket Orders | Yes | Multiple scrips/strategies placed together, with auto-trigger |
| Cover Order (CO) | Yes | Available within SEBI-prescribed stop-loss range |
| Bracket Order (BO) | Yes | Stop-loss leg permitted between 0.25% and 80% from entry |
| After Market Order (AMO) | Yes | Place orders outside market hours |
| Disclosed Quantity | Yes | Available on eligible order types |
Government Charges (Fixed Across Brokers)
| Charge Category | Rate Structure |
|---|---|
| Investor's Protection Fund Trust (IPFT) - NSE | 0.0000001% of turnover |
| STT/CTT | 0.1% on buy & sell (Delivery/MTF) | 0.025% on sell side (Intraday) |
| Transaction Charges | NSE: 0.0030699% | BSE: 0.00375% |
| SEBI Charges | 0.0001% of turnover |
| Stamp Duty Charges | 0.015% on buy turnover (Delivery/MTF) | 0.003% on buy turnover (Intraday) |
| 18% GST | On brokerage + transaction charges + SEBI turnover fee + IPFT/other tax |
Is Dhan Safe?
Safety with any stockbroker comes down to regulatory standing, exchange membership, and how client funds and securities are held - not marketing claims. On all three counts, Dhan operates within India's standard regulatory framework.
SEBI & Exchange Framework
Dhan holds SEBI Stock Broker Registration No. INZ000006031 and SEBI Research Analyst registration INH000023357. It is a clearing member of NSE, BSE, and MCX.
Depository Safe-keeping
Operates as a Depository Participant with CDSL (DP ID IN-DP-289-2016). Shares stay inside safe centralized depository architectures completely isolated from broker balance-sheet changes.
Pros and Cons of Dhan
Pros
- ✓ Zero brokerage on equity delivery, ETFs, IPOs and direct mutual funds.
- ✓ Flat ₹20 per order on intraday and F&O regardless of volume size.
- ✓ Zero account opening fees and lifetime-free Demat AMC.
- ✓ Free integrated native TradingView layout dashboards.
- ✓ Dedicated Options Trader App providing core Greeks tracking and payoff graphs.
- ✓ Algorithmic access endpoints via free DhanHQ APIs.
- ✓ 50% brokerage discount window specifically for women traders.
Cons
- ✗ No NRI account configurations supported.
- ✗ No traditional integrated 3-in-1 banking ledger link.
- ✗ No physical brick-and-mortar office distribution or dedicated relationship managers.
- ✗ Elevated Call & Trade execution costs scaling up to ₹50 per order item.
- ✗ DP fees of ₹12.50 + GST apply even on zero-brokerage delivery trades.
- ✗ Marginal interest tracks step up steeply to 15.49% p.a. on higher loan levels.
- ✗ Support helpdesk windows shut down during nightly windows (9 AM to 6 PM access).
Dhan vs Competitors: Detailed Comparison
Dhan vs Zerodha
| Parameter | Dhan | Zerodha |
|---|---|---|
| Account Opening | Free | Free |
| Demat AMC | ₹0 (Lifetime Free) | ₹300 + GST per year (Free 1st year) |
| Equity Delivery Brokerage | ₹0 | ₹0 |
| Intraday / F&O Brokerage | ₹20 or 0.03% whichever lower | ₹20 or 0.03% whichever lower |
| TradingView Integration | Free, native | Not natively offered |
| NRI Accounts | Not available | Available |
| DP Charges (per ISIN) | ₹12.50 + GST | ₹15.34 (incl. GST) |
Dhan vs Angel One
| Parameter | Dhan | Angel One |
|---|---|---|
| Broker Type | Discount Broker | Full-service / hybrid broker |
| Demat AMC | ₹0 | ₹240 per year |
| Equity Delivery Brokerage | ₹0 | ₹0 |
| Research & Advisory | Not a focus area | ARQ AI-based advisory reports |
| Branch Network | Digital-only | Pan-India physical presence |
Dhan vs Groww
| Parameter | Dhan | Groww |
|---|---|---|
| Equity Delivery Brokerage | ₹0 | ₹20 per order or 0.1% whichever lower |
| F&O / Advanced Orders | Bracket, Cover, GTT, Iceberg, Basket | Largely basic order types |
| Commodity Trading | Available (MCX) | Not available |
| Target User | Active traders & F&O investors | Beginners & mutual-fund-first users |
Dhan vs ICICI Direct
| Parameter | Dhan | ICICI Direct |
|---|---|---|
| Demat AMC | ₹0 | ₹300-700 per year depending on active plan |
| Equity Delivery Brokerage | ₹0 | Percentage-based on default plan |
| 3-in-1 Account | Not available | Available (Bank + Trading + Demat) |
Note: ICICI Direct's default MoneySaver plan is percentage-based, while add-on plans reduce F&O/intraday brokerage closer to the flat-fee model.
Dhan vs Motilal Oswal
| Parameter | Dhan | Motilal Oswal |
|---|---|---|
| Broker Type | Discount Broker | Full-service broker |
| Equity Delivery Brokerage | ₹0 | Percentage/flat-fee variations based on plan choice |
| Platform Depth | Multi-app ecosystem (App, Web, Options Trader, DEXT T3) | MO Investor, MO Trader App/Web/EXE |
Who Should Use Dhan?
- Active intraday & F&O traders looking for flat-fee pricing optimization.
- Options execution specialists seeking native strategy builder chains.
- Chart-driven layout technicians leveraging complete free TradingView systems.
- Long-term equity & zero-commission Direct Mutual Fund allocators.
- Automated programmers executing through free algorithmic DhanHQ APIs.
Who Should Avoid Dhan?
- Non-Resident Indians requiring designated regulatory NRI accounts.
- Investors seeking hard-tethered bank 3-in-1 clearing infrastructures.
- Novice users requiring branch guidance or dedicated portfolio relationship desks.
- Sectors requiring in-house stock suggestions, tip letters or manual advisory reports.
Dhan Ratings Breakdown
Zero delivery brokerage, flat ₹20 F&O, fully disclosed tariff sheet.
Multi-app ecosystem, free TradingView, options strategy builder, DEXT T3.
Forever Order, Bracket, Cover, Iceberg, Basket orders all supported.
Responsive but limited to 9 AM-6 PM, Mon-Sat; no 24x7 support line.
SEBI registered, active exchange clearing memberships, CDSL custody tracks.
Aggregated Google Play Store standing derived from historical user votes.
Expert Verdict on Dhan
Dhan has matured from a 2021 challenger brand into one of the more credible discount brokers in India's crowded fintech-broking space, and the reason is fairly straightforward: it has stayed focused on the trading experience rather than chasing every adjacent financial product. Cost alone is unlikely to be the reason an investor picks or avoids Dhan since baseline variables perfectly shadow historical competitor layers.
Where Dhan earns its reputation is in the depth of its trading tools. For someone whose trading style leans toward F&O, charts, or some degree of automation, this toolset can be a genuine point of difference rather than a marketing gimmick. Taken as a whole, Dhan is best understood as a trader-first platform - strong on pricing, strong on F&O and charting tools, and a reasonable fit for long-term investors chasing zero-cost delivery and mutual fund investing.
