Our research team manually verifies these brokerage rates, rules, and details directly against official SEBI disclosures and the broker's active tariff sheets.
Dhan Review 2026
Built specifically for super-traders with deep TradingView integration.
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Analyst Recommendation
Dhan is an industry-leading tech-broker designed specifically for active traders and technical analysts, scoring an outstanding 9.6 out of 10. Launched in 2021 by Pravin Jadhav's Raise Financial Services, Dhan has quickly emerged as a major challenger to traditional discount brokers. Its core strength lies in its lightning-fast execution, zero-cost AMC, free APIs, and pioneering integration with TradingView that allows users to trade directly from charts.
Scorecard Metrics
Key Takeaways & Highlights
- ✓Zero account opening fees and zero annual maintenance charges (AMC) forever.
- ✓Completely free equity delivery trades (zero brokerage).
- ✓50% brokerage discount for women traders (₹10 instead of ₹20 on F&O and Intraday).
- ✓Trade directly from TradingView charts with custom webhook integrations.
- ✓DhanHQ APIs are provided completely free of charge for algorithmic developers.
- ✓Competitive Margin Trading Facility (MTF) with up to 4x funding on eligible stocks.
Corporate Profile & Regulatory History
| Established Year | 2021 |
|---|---|
| Founding Executives | Pravin Jadhav |
| Corporate HQ | Mumbai, Maharashtra |
| Active Clients (NSE) | 1.2 Million+ |
| SEBI Complaint Ratio | 0.03% (Well below industry averages) |
Dhan was launched in late 2021 by Raise Financial Services, founded by Pravin Jadhav (former CEO of Paytm Money). The platform was built from scratch with a heavy emphasis on technology, order execution speeds, and user feedback. Dhan targeted the niche segment of 'Super Traders' - individuals who require high-speed data feeds, advanced charting utilities, and API setups to manage active market portfolios.
By offering structural cost benefits such as zero AMC, zero onboarding fees, and zero delivery charges, Dhan positioned itself as a modern, consumer-centric alternative. It expanded rapidly by rolling out unique, industry-first features like instant margin pledge benefits, direct webhooks for TradingView, and special discounted pricing schedules for women traders. Today, Dhan serves over a million active users and stands as one of the fastest-growing investment platforms in the country.
Tariff Sheet & Transaction Fee Breakdown
Here is the verified fee schedule for Dhan across all trading segments:
| Fee Parameter | Pricing Rate / Charges |
|---|---|
| Account Opening (Online) | ₹0 (Free online onboarding) |
| Account Opening (Offline) | ₹0 (No charge for offline processing) |
| Demat Account AMC | ₹0 (Zero annual maintenance charges forever) |
| Equity Delivery Brokerage | ₹0 (Completely free for lifetime) |
| Equity Intraday Brokerage | Flat ₹20 or 0.03% per executed order (whichever is lower) |
| Equity Futures Brokerage | Flat ₹20 or 0.03% per executed order (whichever is lower) |
| Equity Options Brokerage | Flat ₹20 per executed order (₹10 for registered women accounts) |
| Commodity Trading | Flat ₹20 per executed order |
| Currency Trading | Flat ₹20 per executed order |
| DP Charges (per debit debit) | ₹12.50 + GST per scrip per day on debit (sell side) |
| Call & Trade Brokerage | ₹50 + GST per executed order |
| Funds Transfer Fee | ₹0 (Free UPI and Net Banking transfers) |
Dhan's charges are highly competitive, with the notable highlight of zero Demat AMC fees for lifetime. Unlike other discount brokers who charge annual fees ranging from ₹150 to ₹300, Dhan completely removes this friction. Equity delivery is completely free. DP charges are ₹12.50 + GST per scrip per day on the sell side, which is slightly lower than Zerodha (₹13.00) and Upstox (₹18.50).
For options and intraday traders, the brokerage is capped at ₹20. Most notably, registered female account holders receive a flat 50% discount on all intraday and F&O trades, bringing brokerage down to ₹10 per executed order. This is a progressive pricing model that remains unique in the Indian financial sector.
💡 Important Operational & Square-off Fees
- Auto-Squareoff Charge: ₹50 + GST per order if intraday positions are closed by the system after 3:20 PM.
- Demat Pledge/Unpledge: ₹12.50 + GST per ISIN transaction.
- Demat Debit transaction fee: ₹12.50 + GST (DP debit fee).
Account Opening & Verification Guidelines
Opening a demat and trading account with Dhan is fully paperless. Here is the documentation required and steps to register:
Required Documents Checklist:
- PAN Card copy.
- Aadhaar Card linked to a mobile number for OTP signing.
- Bank Statement or Canceled Cheque showing IFSC/MICR.
- Income Proof (For F&O segment activation): Latest 6 months bank statement or salary slip.
- White paper signature copy.
- Webcam IPV confirmation.
Trading Platforms & Infrastructure
Dhan provides a modern suite of trading software for browsers, mobile devices, and automated developers. Here is our hands-on review:
🖥️ Dhan Web & tv.dhan.co (TradingView Portal)
Dhan provides a standard web dashboard and a specialized TradingView layout at tv.dhan.co. For chart technical analysts, tv.dhan.co is a game-changer. It provides all of TradingView's premium features (indicators, custom layouts, drawing tools) completely free, and allows you to place, modify, or cancel orders directly from the candles.
The interface is highly responsive and loads quickly. It includes built-in option strategy templates, direct hedge margin calculations, and real-time market depth logs, making it one of the most complete trading workstations on the web.
Key Web Features:
- Direct integration with TradingView (tv.dhan.co) allowing order execution from charts.
- Instant option chain analytics with drag-and-drop orders.
- Live scanners, market depth, and heatmaps integrated natively.
- Multi-screen layout support with synchronized watchlists.
📱 Dhan Mobile App (Android & iOS)
Dhan's mobile app is packed with features. It is built specifically to address trader complaints about other retail apps. It displays real-time tick feeds, advanced charts, and complete order booklets.
While it can feel a bit complex and text-heavy for absolute beginners, active traders will appreciate the access to instant option strategies, collateral pledges, and tax reports directly on their mobile screens.
Key Mobile Features:
- Biometric login and quick transaction sweeps.
- Advanced charts, custom alerts, and watchlists.
- Dedicated options chain and strategy builder inside the mobile app.
- Instant pledge margin benefits with zero transfer delays.
App Interface & Charts Gallery
A live workspace capture showing chart grids, indicators, order templates, and portfolio trackers available inside the Dhan ecosystem:
Developer & Algorithmic API Offerings
Dhan is a pioneer in offering free trading APIs. Under their 'DhanHQ' API program, retail algo traders can build and backtest their programs without paying any monthly subscription fees. This stands in sharp contrast to Zerodha, which charges ₹2,000/month.
The API documentation is clean, and the server latency is highly optimized for active retail algorithmic trading.
API Capabilities:
- DhanHQ APIs provide free execution, historical data, and portfolio tracking.
- Supports REST APIs and high-speed websocket streaming.
- SDK libraries available in Python, Java, Node.js, and C#.
- Direct integrations with third-party software like Amibroker and TradingView webhooks.
Research Capabilities & Educational Ecosystem
Dhan follows a self-directed discount brokerage philosophy, meaning it does not tell you which stocks to buy. Instead, it provides built-in fundamental and technical scanners to help you find trading setups on your own. For community support, Dhan maintains an active online forum where users can suggest features and share strategies.
📊 Research Offerings:
- Provides daily market summaries, pre-market analysis, and trend insights.
- No direct stock recommendations or premium advisory tips.
- Built-in scanners and technical indicators to help traders research on their own.
🎓 Educational Programs:
- Dhan community forum for direct interaction and trading discussions.
- Dedicated YouTube tutorials, webinars, and educational blog posts.
Margin Trading Facility (MTF) & Security Pledging
For swing traders and long-term equity holders, utilizing margin collateral and leverage can significantly enhance trading efficiency. Here is how Dhan supports margin products:
🛡️ Security Pledging (Collateral Margin)
✓ EnabledAllows you to pledge your long-term stocks or mutual funds in exchange for trading margins, subject to exchange-mandated hair-cut rates. Ideal for options writers who want to generate additional yields on passive holdings.
📈 Margin Trading Facility (MTF) Funding
✓ AvailableEnables you to purchase delivery stocks by paying only a fraction of the cost, with the broker funding the remaining balance. Positions can be held for up to 365 days, provided margins are maintained.
Dhan provides a robust Margin Trading Facility (MTF) to support swing trading. Traders can get up to 4x funding on eligible stocks with holding periods extending up to a year. Interest is calculated daily. Furthermore, Dhan offers instant margin pledge benefits, allowing users to pledge holdings and get trading limits in under 15 minutes.
Customer Support Desk & Channels
Dhan focuses on customer-centric digital support. In addition to standard email and telephone support, they run an active customer desk on social channels. Because they are a newer, tech-focused broker, their response times are highly optimized, often answering tickets in under an hour.
✅ Dhan Strengths (Pros)
- ✓Zero account opening and zero annual AMC fees forever.
- ✓Outstanding TradingView chart integration (tv.dhan.co) completely free.
- ✓50% discount on brokerage for women traders.
- ✓Free trading APIs (DhanHQ) for algorithmic developers.
- ✓Instant pledge margin setup to utilize long-term holdings.
- ✓Clutter-free and highly functional options trading analytics.
❌ Dhan Limitations (Cons)
- ✗Relatively new platform launched in 2021 (less operational track record than Zerodha).
- ✗Interface can be detailed and overwhelming for absolute beginners.
- ✗No offline presence or local branch support.
🎯 Who Should Choose Dhan?
- Active F&O and intraday traders who use technical charts to execute orders.
- Retail algorithmic developers seeking high-quality, free trading APIs.
- Investors looking to avoid annual Demat AMC fees.
- Women investors who want to benefit from discounted brokerage rates.
⚠️ Who Should Avoid Dhan?
- Absolute beginners looking for a basic, minimal UI for mutual funds.
- Traditional investors who need face-to-face assistance or local branch offices.
Comparison With Major Competitors
See how Dhan stacks up against other top-rated discount brokers in India on core features, pricing, and ratings:
| Feature / Param |  Dhan (Active) |  Zerodha |  Groww |
|---|---|---|---|
| Overall Score | ⭐ 9.6 / 10 | ⭐ 9.8 / 10 | ⭐ 9.5 / 10 |
| Account Setup | Free | Free | Free |
| Annual AMC | Free | Rs 300 / year | Free (Rs 0) |
| Delivery Brokerage | Rs 0 | Rs 0 | Rs 20 or 0.05% |
| Intraday Brokerage | Rs 20 or 0.03% | Rs 20 or 0.03% | Rs 20 or 0.05% |
| Options (F&O) | Rs 20 per order / Rs 10 for women | Rs 20 per order | Rs 20 per order |
| Margin Funding (MTF) | ✓ Available | ✓ Available | ✗ Not Offered |
| Developer APIs | ✓ Provided | ✓ Provided | ✗ Unavailable |
The Final Verdict
Dhan is a powerhouse for active stock and options traders in India. By integrating directly with TradingView and offering free APIs, it has redefined what a discount broker can offer. Combined with a zero-AMC policy and 50% off for women, Dhan stands as a premier alternative to Zerodha for retail trading enthusiasts.
Frequently Asked Questions (FAQ)
Q: Are there any AMC charges at Dhan?
No, Dhan charges ₹0 for account opening and ₹0 for Demat Annual Maintenance Charges (AMC) for lifetime. There are no annual fees or hidden holding maintenance charges.
Q: How does the brokerage discount for women work?
Dhan offers a flat 50% discount on brokerage for registered female traders. Instead of the standard ₹20 per executed order, women traders are charged ₹10 per executed order on Intraday and F&O segments.
Q: Can I trade directly from TradingView on Dhan?
Yes, Dhan provides direct chart trading integration through tv.dhan.co. You can view TradingView charts, apply indicators, and execute buy/sell trades directly from the chart layout.