Dhan Review – Is It India’s Best Stockbroker?
With the rapid rise of retail investing in India, choosing the right stockbroker has never been more important. The right platform can determine how easily you access the stock market, how much you save on brokerage, and how secure your investments are. In a market filled with established players like Zerodha, Upstox, and Groww, one new-age broker has been making waves — Dhan.
Launched in 2021, Dhan has positioned itself as a tech-driven, transparent, and low-cost stockbroker. From seamless UPI deposits and instant withdrawals to advanced integrations with TradingView, Dhan promises to deliver the best of both worlds: beginner-friendly simplicity and pro-level trading tools. But the big question remains — is Dhan really India’s best stockbroker?
In this Dhan Review, we will dive deep into the platform’s features, strengths, weaknesses, brokerage charges, tools, and real user feedback to give you a complete picture.
What Is Dhan? Origin, Mission & Growth
Founding and Background
Dhan was founded in 2021, based in Mumbai, with the goal of building a modern stockbroker for India’s burgeoning retail investor base. The founders saw gaps in existing platforms: confusing fees, weak tools, delayed onboarding, and features more suited for experts than newcomers. They designed Dhan to be digital-first, with transparency and ease baked in.
Vision & Strategy
Their core mission is: “make investing/trading accessible, low-cost, and powerful”. They target both ends: those who want to just buy blue-chip stocks and hold, and those who are active in derivatives, want algo trading, or want data & charts at the fingertips.
User Growth & Trust
In just a few years, Dhan has amassed hundreds of thousands of users (lakhs), drawn by its app’s popularity, positive reviews, and word of mouth. High rankings in app stores, frequent mentions in finance media, and social communities have helped build trust.
Why Dhan Looks Better Than Many Traditional Brokers
Traditional brokers (older firms, full-services) often come with certain drawbacks: complex fee structures, slower tech updates, less focus on mobile UX, and sometimes less transparency. Dhan’s strengths relative to them include:
Fully paperless onboarding – modern brokers may still require more paperwork or branch visits; Dhan allows most things via digital KYC.
Transparent brokerage model – you see what you pay up front, fewer hidden charges.
Modern tools – charting, depth, analytics built in. Many legacy brokers make extra charges or make you use third-party tools.
Lower costs for long-term holds – because delivery trades are free, which benefits investors rather than frequent traders only.
Referrals & incentives – more customer-friendly models.
User Interface & Experience
This is where first impressions matter a lot.
For Beginners
Clean design: Minimal clutter; clear menus.
Guided journey: The onboarding flows typically guide you step-by-step (enter PAN, Aadhaar, bank info) with tooltips.
Portfolio & watchlists: Easy to follow; simple graphs; clear labels.
Order placement: Straightforward “Buy/Sell”, showing order type options (market, limit), showing brokerage, showing expected total cost or proceeds.
For Pro / Active Traders
Real-time data & depth: Multiple levels of price depth; live order book; bid/ask spread clearly shown.
Charting tools (TradingView, ChartIQ): with indicators, overlays, drawing tools; ability to zoom timeframes, etc.
Options & derivatives tools: Strategy builders, calculators, ability to see Greeks, implied volatility, etc.
Speed: Fast execution is critical for intraday & F&O; Dhan aims for minimal lag.
Trading Features & Investment Options
Here’s what Dhan offers, with more detail, plus what’s good for which kind of investor.
| Asset Class | What Dhan Offers | Best For… |
|---|---|---|
| Equities | 5,000+ stocks on NSE, BSE, some on MCX, with both delivery & intraday options. | Long-term investors, swing traders. |
| ETFs | Index ETFs, gold ETFs, sectoral ETFs. | Low-fee diversification, passive investors. |
| Futures & Options (F&O) | Equity, index, commodity derivatives; strategy builders, real-time chain. | Active traders, hedgers. |
| Commodities | Gold, silver, crude etc.; trading & exposure. | Portfolio hedging or speculative exposure to commodity cycles. |
| Currencies | Major currency pairs, especially INR-based. | Diversification, those who follow global macro. |
| Mutual Funds & Smallcases | Direct mutual funds (zero commission), curated portfolios (“smallcases”) give theme/sector exposure. | Long-term wealth building, passive portfolios. |
This diversity means you don’t need separate platforms for different asset classes.
Types of Trading on Dhan
Let’s break down each style of trading it supports, with examples of when you’d use them:
Delivery Trading: Buy and hold — e.g. buying blue-chip IT or FMCG stocks for several years. Because brokerage is zero here, long holds are cost-efficient.
Intraday Trading: Buy & sell within the same day. Useful if you want profits from intra-day moves. Dhan charges flat per order; transparency helps.
Futures & Options: For speculation or hedging. E.g. if you expect volatility in Nifty, or want to hedge a stock position. The tools to build option spreads, see margin requirements etc are valuable.
Commodity / Currency: If you want exposure to gold, crude etc, or trade foreign exchange numbers, e.g. USD/INR, perhaps as macro hedge.
Mutual Funds & Smallcases: If you prefer passive investments — less active monitoring, more long-term returns, simpler risk.
Pricing & Brokerage Charges
So let’s go deep.
| Trading Segment | Brokerage Charge | Other Costs / Notes |
|---|---|---|
| Equity Delivery | ₹0 | No brokerage; still pay statutory charges (SEBI, stamp duty etc). |
| Equity Intraday | ₹20/order or 0.03% (whichever is lower) | Might depend on order size, stock. |
| Futures (Equity / Commodity / Currency) | Flat ₹20/order | Also pay margins, other fees (exchanges, clearing). |
| Options | Flat ₹20/executed order | Premium + statutory fees apply. |
| ETFs | ₹0 for delivery trade | Same statutory charges. |
| Direct Mutual Funds | Zero commission / zero-brokerage | Doesn’t apply for regular (non-direct) funds. |
Other Fees & Hidden Costs to Watch Out For
Deposits & Withdrawals: UPI deposits – free & instant. Withdrawals to bank – free (but bank’s own processing time may apply).
Regulatory Charges: Transaction charges, STT (Securities Transaction Tax), GST etc are not part of brokerage; these apply everywhere.
Margin / Leverage Costs: If doing intraday, F&O, there are margin requirements; potential interest or funding costs in some cases.
Miscellaneous: If you want premium data feeds, or special reports, or third-party tools; sometimes those cost extra.
Security & Regulatory Compliance
Security is non-negotiable, especially with money involved.
What Dhan Does Right
SEBI Registration: It operates under the legal framework in India; registered with the necessary regulatory bodies (NSE, BSE, MCX).
Data Encryption: All data transmissions are encrypted (HTTPS, secure servers).
2-Factor Authentication (2FA): Extra layer of login security.
Session & Device Management: Users can see what devices are logged in; log out remotely.
Audits & Monitoring: Internal & external checks for vulnerabilities.
Areas to Watch / Potential Risks
Server stability: During very volatile market periods, any broker can choke. Some users report occasional lag.
Customer Support Speed: For urgent problems (e.g. order execution issues), response time matters.
Referral Program & Incentives
Referral programs are a major pull. Dhan offers a competitive program:
Referral Code: ASAR14. Use this on signup for extra rewards.
Rewards For Referrer & Referee: Both parties stand to gain, often with brokerage discounts or credits.
Lifetime vs One-Time Reward: Unlike some brokers that only reward once, Dhan’s model gives recurring/referral benefits (for certain transactions).
How to Use It: During signup or before first order, enter the code to link the benefits.
This is good especially if you plan to use the platform actively or refer friends.
Dhan for Beginners vs Pro Traders – Who Wins What
Depending on your trading style, Dhan’s strengths differ.
| Feature | Advantage for Beginners | Advantage for Pro / Active Traders |
|---|---|---|
| Cost | Free delivery trades, low cost intraday → lowers risk. | Predictable per-order cost helps with volume trading. |
| Ease of Use | Simple dashboard, easy orders, little jargon. | Advanced tools, multiple charting options, depth, option strategies. |
| Support & Learning | Tutorials, friendly UX, fewer confusing options. | More control, more indicators, ability to customize strategies. |
| Diversification | ETFs, mutual funds & smallcases help spread risk. | F&O, commodities, APIs for algo help sophisticated moves. |
Advanced Tools & Analytics
This is where Dhan tries to differentiate itself from many brokers.
TradingView / ChartIQ Integration: Ability to use advanced chart studies, indicators, trend lines inside the app. For technical analysis, that’s gold.
Options Strategy Builders: Build, test multi-leg strategies (spreads, straddles etc) before placing trades.
Algo / API Access: For more advanced users wanting to automate strategies. Backtesting potential depends on data availability.
Margin / Exposure Calculators: Know what margin you need, what risk you are taking.
Order Types: Limit, Market, Stop-loss etc. The more options (and transparency in cost), the better.
Dhan vs Major Competitors
| Broker | Key Strengths vs Dhan | Key Weaknesses vs Dhan |
|---|---|---|
| Zerodha | Very mature, large user base; many third-party tools already built around it; reputation. | Less strong in built-in advanced charts (unless using paid tools), referral benefits less powerful, may have some older UI/UX parts. |
| Upstox | Also low cost, decent tools; good mobile apps. | Charting & depth may lag Dhan in some areas; maybe not as many APIs; referral & incentives may be shorter term. |
| Groww | Strong in mutual funds; good for beginners; simple. | Less strong for advanced traders in derivatives; fewer options in pro tools; brokerage visibility sometimes less detailed. |
Overall, where Dhan stands out is its combination: free delivery trades + strong pro tools + transparency + referral incentives — not many brokers check all those boxes equally.
Real User Feedback & Trustworthiness
No review is complete without what actual users are saying.
What Users Love
Low / zero brokerage: Many say they saved significantly compared to older brokers.
UX / Design: Users often praise how clean the interface is, especially for first-time investors.
Feature richness: Particularly for options traders or those wanting advanced charting.
Support: Most report support is responsive, though experiences vary.
What Users Complain About
Performance under load: Some mention slowness or app lag during peak market hours.
Missing features: Requests for international equities, more in-depth data or research tools.
Learning curve for advanced features: Strategy builder, API access are powerful but sometimes need a steeper learning curve.
Benefits & Drawbacks (Pros & Cons)
Putting everything together:
Pros
Zero brokerage on equity delivery trades.
Clear & flat brokerage on intraday, F&O, commodities.
Powerful charting & analytics tools built in.
API & algo support.
Fast UPI deposits & withdrawals.
Lifetime-referral code (ASAR14) giving recurring benefits.
SEBI-compliance, secure infrastructure.
Cons
Does not yet offer international stock trading (for many users).
Occasional app or server delays during extreme market volatility.
Advanced features may overwhelm beginners somewhat.
Less offline / in-person service support (mostly digital).
Some advanced features/data may come at extra cost or require learning.
Final Verdict: Is Dhan Worth It in 2025?
After reviewing all features, pricing, security, user feedback, and comparing with major rivals:
If you are a long-term investor, Dhan offers excellent value: free delivery trades, clean interface, low fees.
If you are a pro trader (day trading, F&O, derivatives), you will appreciate the advanced charts, strategy tools, API access. Some missing features might be a challenge, but overall it is competitive.
For someone who wants both: flexibility + modern tools + low cost, Dhan is among the best brokers available in India in 2025.
Dhan is worth serious consideration. It may not yet be perfect for every niche (e.g., international stocks), but for its target audience — domestic retail investors who expect modern tools + low cost + regulatory safety — it comes very close to being India’s best stockbroker this year.