Dhan Broker Review
In-depth Analysis of Dhan’s Tech-First Trading Platform & Services.
Open Free Account with Dhan1. Broker Overview
Full Name: Moneylicious Securities Private Limited
Brand Name: Dhan
Year of Establishment: 2021
Type: Discount Broker
Headquarters: Mumbai, Maharashtra
SEBI Stock Broker Reg. No: INZ000006031
Depository Participant (CDSL) ID: IN-DP-289-2016
Exchange Memberships:
- NSE: 90133
- BSE: 6593
- MCX: 56320
Website: dhan.co
2. Investment Products Offered
Core Investment Products:
- Equity (Stocks – Delivery, Intraday on NSE & BSE)
- Equity Derivatives (Futures & Options)
- Currency Derivatives (Futures & Options)
- Commodity Derivatives (Futures & Options – MCX)
- Mutual Funds (Over 1,500 direct schemes, 0% commission, SIPs)
- Initial Public Offerings (IPOs) & New Fund Offers (NFOs)
- Exchange-Traded Funds (ETFs, SIPs in ETFs)
- Smallcases (Thematic Investment Portfolios)
- SGBs (Sovereign Gold Bonds – when available)
International Investing (via Mutual Funds):
Currently, Dhan does not offer direct investment in U.S. stocks. However, investors can gain exposure to international markets through:
- U.S. Mutual Funds: Invest in mutual fund schemes focusing on U.S. markets (e.g., Navi US Total Stock Market Fund of Fund, investing in Vanguard Total Stock Market ETF – VTI).
This allows diversification through mutual fund investments.
Portfolio Management Services (PMS via Dhanvesttor):
Dhan offers PMS through its Dhanvesttor platform for high-net-worth individuals:
- Customized investment portfolios based on individual risk profiles and financial goals.
- Professional management by dedicated portfolio managers.
- Diversification across equities, fixed income, and structured products.
Suitable for investors seeking a hands-off approach with professional oversight.
3. Overall Ratings & Breakdown
4. Demat & Trading Account Charges
Account Opening Charges:Free (₹0)
Annual Maintenance Charges (AMC):
- Individual Accounts: ₹0 (Zero AMC)
- Non-Individual Accounts: ₹800 + GST per annum
Platform Charges:₹0 (Zero Platform Charges)
Account Opening Process:Completely Online & Paperless.
Required Documents:PAN Card, Aadhaar Card (mobile linked), Bank Proof, Signature, Income Proof (for F&O).
5. Brokerage Charges
| Segment | Brokerage Charge |
|---|---|
| Equity Delivery, ETFs, IPOs, Mutual Funds | ₹0 (Zero Brokerage) |
| Equity Intraday & Futures (All Segments) | ₹20 or 0.03% per executed order, whichever is lower |
| Options (Equity, Commodity, Currency) | ₹20 per executed order |
Note on Women Investors: Dhan often has special offers like zero brokerage for women investors across all segments. Verify current T&Cs. Statutory charges apply to all trades.
6. Other Charges & Taxes
Demat Transaction Charges
| Service | Charge |
|---|---|
| DP Transaction Charges (Sell from Demat) | ₹12.50 per instruction per ISIN + GST |
| Pledge/Unpledge/Invocation Charges | ₹15 per transaction per ISIN + GST |
Regulatory & Government Charges
Securities Transaction Tax (STT)
| Segment | STT Rate |
|---|---|
| Equity Delivery | 0.1% on buy & sell |
| Equity Intraday | 0.025% on the sell side |
SEBI Turnover Fees
0.0001% of turnover (₹10 per crore) for all segments.
Stamp Duty (Gujarat Specific Rates – Varies by State)
| Segment | Stamp Duty Rate (Buy Side) |
|---|---|
| Equity Delivery | 0.015% or ₹1500 per crore |
| Equity Intraday | 0.003% or ₹300 per crore |
Note: Stamp duty rates vary by state. The above are indicative for Gujarat.
Goods and Services Tax (GST)
18% on brokerage, transaction charges, SEBI fees, and other applicable charges.
Additional Charges
| Service | Charge |
|---|---|
| Auto Square-Off Charges | ₹20 per order + GST (for intraday positions squared off by the system) |
| Call & Trade Charges | ₹50 per order + GST |
| Payment Gateway Charges (UPI & Net Banking) | ₹0 (Free) |
| Interest on Delayed Payment (Non-MTF Debit) | 0.0438% per day |
Disclaimer on Charges: All charges mentioned are exclusive of GST and other applicable statutory levies. These charges are indicative. For a detailed breakdown and the most up-to-date information, please refer to Dhan’s official pricing page: Dhan Charges.
7. Margin & Leverage
Intraday (Equity):Up to 5x (Stock & SEBI specific)
F&O (All Segments):As per Exchange (SPAN + Exposure)
Delivery (Equity – MTF):Margin Trading Facility (MTF) available at competitive interest rates.
Against Pledged Shares:Yes, available post haircut.
8. Trading Platforms
Web:Dhan Web (web.dhan.co), Dhan TradingView (tv.dhan.co), Dhan Options Trader Web
Mobile:Dhan App (Android & iOS), Dhan Options Trader App
Desktop:Dhan Connect Desktop App (TradingView based). Also direct access via TradingView Desktop app.
Notable Features:
- Direct trading from TradingView charts (tv.dhan.co)
- Advanced Option Chain with Payoff Graphs, Strategy Builder
- Trader Controls (Kill Switch, Position Limits)
- Iceberg Orders, Basket Orders, Forever Orders (GTT), Trailing SL
- Clean UI/UX designed for traders, frequent updates.
9. Tools, Features & Advisory
Charting:TradingView charts deeply integrated across all platforms.
Option Chain:Advanced, with Strategy Builder, Greeks, Payoff visualization.
Strategy Builder:Yes, integrated for options on Dhan Options Trader platforms.
API Access:Yes, DhanHQ API (Free for users, well-documented).
Order Types:Market, Limit, SL, GTT (Forever Orders), Basket, Iceberg, Trailing SL, AMO.
Investing/Trading Tips & Advisory:
Dhan focuses on empowering traders with tools and education rather than direct advisory:
- Extensive educational content, webinars, and market insights.
- Active community forum (community.dhan.co) for discussions.
- No direct stock tips or personalized financial advisory.
10. Extra Features & Value Adds
Trading Directly on TradingView Charts:Seamless experience via tv.dhan.co and integrated TradingView libraries.
DhanHQ API:Free and powerful Superfast APIs for building custom trading strategies and applications.
Options Trader App & Web:Dedicated platform for options traders with specialized tools like pre-built strategies, screeners, payoff graphs.
Trader Controls & Risk Management:Features like Kill Switch, Max Order Value, Position Limits to manage risk effectively.
Community & Education:Active online community (community.dhan.co) and regular educational initiatives, webinars, blog posts.
Transparent & Simple Pricing:Focus on straightforward brokerage and no hidden fees for core services.
Foreign Portfolio Investment (FPI) Gateway: Facilitates FPI investments in India. [Verify specific details if targeting FPI clients].
Draft Orders & Advanced Alerts: Save orders as drafts, set sophisticated price alerts on multiple platforms.
11. Pledge Facility
Pledging Allowed?Yes
Pledge/Unpledge Charges:₹15 per transaction per ISIN + GST. Refer to Section 6 for details.
Margin Availability Time:Usually same day or T+1 day for margin availability.
12. Fund Transfer & Withdrawal
Supported Fund Transfer Methods:UPI (Free), Net Banking (Free, via multiple banks), Smart Transfer (NEFT/RTGS/IMPS).
Withdrawal Process & Time:
Online process. Usually processed same day or next working day if requested before cut-off.
Fund Transfer/Withdrawal Charges:Free for UPI and Net Banking. [Verify if any specific method like IMPS withdrawal incurs charges].
13. Customer Support
Support Channels:
- Email: help@dhan.co
- Phone Support: [+91-22-48906273, +91-22-42025000 – Verify active numbers]
- Live Chat on Platform/Website
- In-app Support Chat (Dhan App)
- Community Forum: community.dhan.co
- Comprehensive FAQs and Help Section on website and app.
- Twitter Support: @DhanHQ / @DhanCares
Support Timings:Generally extended hours on trading days; community support is 24/7. [Verify exact timings for phone/chat].
Turnaround Time (TAT):Known for being responsive, especially via chat and community. Email tickets may take a few hours to a day.
14. DHAN BROKER COMPLAINT DATA (FY 2024–25)
NSE (National Stock Exchange)
Active Clients: 971,760
Total Complaints: 377
Complaint Percentage: 0.04%
BSE (Bombay Stock Exchange)
Active Clients: 415,462
Total Complaints: 49
Complaint Percentage: 0.01%
Source: Chittorgarh – Dhan Review 2025.
Complaint data is dynamic. A low complaint percentage relative to active clients is generally a positive sign. Always consider the context and nature of complaints.
Complaint data is dynamic. A low complaint percentage relative to active clients is generally a positive sign. Always consider the context and nature of complaints.
15. Why Choose Dhan? (And Why It Might Not Be For You)
Reasons to Use Dhan (Pros)
- Zero Brokerage on Equity Delivery, ETFs, IPOs, and Direct Mutual Funds.
- Low flat brokerage (max ₹20/order) for Intraday and F&O.
- Free Demat Account Opening & Zero AMC for Individual accounts.
- Excellent TradingView integration (tv.dhan.co) for direct trading from charts.
- Dedicated Options Trader App & Web with advanced tools and pre-built strategies.
- Free and powerful DhanHQ APIs for algo traders and building custom tools.
- Focus on trader-centric features (Trader Controls, Iceberg Orders, Trailing SL, Advanced Alerts).
- Responsive customer support and an active, helpful online community.
- Clean, modern, and fast trading platforms across devices with continuous feature additions.
- Offers direct mutual fund investments with 0% commission.
Reasons to Reconsider Dhan (Cons)
- Relatively newer broker compared to long-established players (though backed by an experienced team and growing rapidly).
- No direct investment in U.S. stocks (only via U.S.-focused Mutual Funds).
- No physical branch network for in-person support.
- No direct stock tips or personalized financial advisory (focus is on empowering DIY investors/traders).
- While feature-rich, the sheer number of tools might have a slight learning curve for absolute beginners.
- Non-Individual accounts have an AMC.
16. Current Offers & Referral Program
Account Opening Offers:Standard offer includes free account opening and zero AMC for individual accounts. May run specific promotions for women investors (e.g., brokerage cashback). [Check Dhan’s official website for current offers].
Refer & Earn:Yes, Dhan has an active referral program. Benefits often include a percentage of brokerage generated by referred clients for a specified period.
Promo Code:Not typically required for standard account opening; referrals are usually managed via unique links.
Important: Offers and promotions are dynamic and subject to change. Always verify the latest details on Dhan’s official website before making any decisions.