Zerodha vs Dhan
Zerodha and Dhan are both flat-fee discount brokers, but Dhan represents a newer generation of platforms designed specifically for active derivatives traders. Zerodha was founded in 2010 and is the market share leader by active clients. Dhan (operated by Raise Financial Services Private Limited) was launched in 2021 with a focus on options and futures traders, offering advanced order types and a platform designed around F&O workflows.
Data reflects May 2026; verify current charges at zerodha.com/charges and dhan.co before transacting.
Background
Raise Financial Services Private Limited, operating the Dhan brand, was incorporated in 2021 and received its SEBI stockbroker registration in the same year. Dhan was co-founded by Pravin Jadhav (formerly Paytm Money CEO) and backed by venture capital investors. The firm grew quickly among active traders by offering a platform with features targeted at F&O traders: option chain analytics, margin calculators, multi-leg strategy tools, and an API that is free of charge. NSE active client data placed Dhan at approximately 0.5 to 1 million active clients in late 2024, a high growth rate for a three-year-old broker.
Brokerage charges
| Charge head | Zerodha | Dhan |
|---|---|---|
| Equity delivery | Zero | Zero |
| Equity intraday | Rs 20 or 0.03% | Rs 20 flat |
| Equity futures | Rs 20 or 0.03% | Rs 20 flat |
| Equity options | Rs 20 flat | Rs 20 flat |
| Currency futures | Rs 20 or 0.03% | Rs 20 flat |
| Commodity (MCX) | Rs 20 or 0.03% | Rs 20 flat |
| Account opening | Zero | Zero |
| Demat AMC | Rs 300/year | Rs 0 (as of 2024) |
| Call-and-trade | Rs 50/order | Not prominently offered |
Dhan waived its demat AMC as of 2024, making its total account cost lower than Zerodha’s for investors who do not generate significant brokerage revenue. Per-order brokerage is identical.
Platform: F&O focus
Dhan’s primary differentiation is its F&O-focused interface. The Dhan platform provides:
- Option chain with Greeks (delta, gamma, theta, vega) displayed natively
- Multi-leg options strategy builder (spreads, straddles, strangles, iron condors)
- Intraday basket orders and F&O baskets
- Margin calculator within the order placement flow
- A “Super Multiple” intraday leverage product on select stocks
Zerodha’s Kite offers a competent options workflow, but Dhan’s platform has been designed from the ground up with derivatives traders’ requirements in mind. Kite’s options capability (via the Options Trader module) is functional, but Dhan’s in-app Greeks and strategy builder are considered more seamlessly integrated by active F&O traders in community discussions.
API access
Dhan’s API (dhanhq.co/docs/v2) is available free of charge and supports order management, portfolio, market data, and historical candles. Zerodha’s Kite Connect API charges Rs 2,000 per month but has a larger community, more open-source libraries, and longer track record. For algo traders who want zero API cost, Dhan’s free API is a relevant factor.
Mutual funds and other segments
Both brokers cover equity cash, intraday, F&O, currency, and commodity segments. Dhan offers direct mutual fund investments at no additional charge. Zerodha’s Coin charges Rs 50 per month after year one.
Regulatory track record
Dhan is a recently licensed broker with a shorter regulatory track record than Zerodha’s fifteen years. SEBI SCORES data for Dhan reflects its smaller client base. Investors who weight track record and operational maturity may factor this into their assessment.
Summary comparison table
| Dimension | Zerodha | Dhan |
|---|---|---|
| Founded | 2010 | 2021 |
| Ownership | Private | VC-backed |
| NSE active clients (approx.) | ~7 million | ~0.5-1 million |
| Delivery brokerage | Zero | Zero |
| Intraday brokerage | Rs 20 or 0.03% | Rs 20 flat |
| Options brokerage | Rs 20 flat | Rs 20 flat |
| Demat AMC | Rs 300/year | Zero |
| F&O platform features | Good (Kite) | Advanced (F&O-first design) |
| Option Greeks in-app | Limited | Yes (native) |
| API | Kite Connect (Rs 2,000/mo) | DhanHQ API (free) |
| Mutual funds | Coin (Rs 50/mo after yr 1) | Free, direct |
See also
- Zerodha
- Zerodha vs Fyers
- Best broker for F&O in India
- Zerodha vs Upstox
- Discount brokers in India
- Indian retail brokers comparison
References
- Zerodha charge schedule. zerodha.com/charges (accessed May 2026).
- Dhan charge schedule. dhan.co (accessed May 2026).
- NSE active client data. nseindia.com (accessed May 2026).
- Dhan API documentation. dhanhq.co/docs (accessed May 2026).
- SEBI SCORES grievance data, Q3 FY 2025. sebi.gov.in.