As you know, ordinary folks like us can’t trade directly in the stock market. Stockbroking firms play a key role to enable you to trade in the stock market. But they don’t work free of cost! You need to pay commissions and charges to them.
Although there are numerous stockbroking firms present in our country. But the brokerage charges vary from one stockbroking firm to another. Four discounting brokerage firms that are thriving in the Indian market are Zerodha, Upstox, Groww and Dhan. We have already explained Upstox’s Business Model as well as Zerodha’s Business Model. In this article, you will get a thorough comparison of Zerodha vs Upstox vs Groww vs Dhan.
We will go through a comparative analysis to provide you with a clear picture by comparing them side by side. We have distinguished them in terms of their overview, account opening charges, brokerage charges, and transaction charges.
Let’s begin!
A Brief Overview
All four discount brokers i.e. Zerodha, Upstox, Groww, and Dhan are discount brokers that provide the trading platforms at flat brokerage charges. You won’t get any tips or recommendations in it. Therefore, your trade will be free of RM’s (Relation Manager) interruption.
Zerodha
Zerodha is the platform that changed how India trades by making investing low-cost and accessible. It offers a clean, no-nonsense interface through Kite, which works reliably even during heavy market hours. It’s widely trusted by users who prefer simplicity and transparency over flashy features.
Upstox
Upstox focuses on speed and a smooth trading experience. The platform feels modern and is designed for people who actively trade and need quick execution. It keeps evolving with practical features that actually add value instead of clutter.
Groww
Groww stands out for its simplicity and ease of use. From signing up to making your first investment, everything feels straightforward. It’s especially popular among beginners who want a stress-free way to start investing.
Dhan
Dhan is a new age stock trading platform that provides lightning-fast execution with flat brokerage charges. What sets it apart is its user-first philosophy and continuous innovation with the latest technology.
Profile Comparison
The first comparison parameter of this article is the profile comparison of the companies. Let’s have a look!
| Particulars | Zerodha | Upstox | Groww | Dhan |
| Founders | Nithin Kamath & Nikhil Kamath | Ravi Kumar, Kavitha Subramanian, & Shrini Viswanath | Lalit Keshre | Pravin Jadhav |
| Founded in | 2010 | 2011 | 2016 | 2021 |
| Head office | Bengaluru | Mumbai | Bengaluru | Mumbai |
| Number of branches | 120+ branches & partner offices | Clear information N/A | Zero branches | Zero branches (100% Digital) |
| Exchanges supported | NSE, BSE, MCX & MCX-SX | NSE, BSE, MCX | NSE, BSE | NSE, BSE, & MCX |
| Desktop and mobile trading platform | Kite | Upstox New | Groww app | Dhan App, Dhan Web, Options Trader App, Options Trader Web |
| Official Website | Zerodha.com | Upstox.com | Groww. in | Dhan.co |
Charges Comparison
The highly sought section by the folks is the comparison of charges. So, here we have compared various charges associated with the trade in Zerodha, Upstox, and Groww.
Account Opening Charges
Here, you may feel Zerodha is a bit expensive as compared to the other two. Kindly check with the salesperson of the respective firms during opening an account. However, a commodity account is optional meaning you can open it later too!
| Account Opening Charges | Zerodha | Upstox | Groww | Dhan |
| Trading Account Opening Charges (One Time) | Rs.200 | Rs.150 | Rs.00 | Rs.0.00 |
| Trading Account Annual Maintenance Charges | Rs.00 | Rs.00 | Rs.00 | Rs.0.00 |
| Demat Account Opening Charges (One Time) | Rs.100 | Rs.00 | Rs.00 | Rs.0.00 |
| Demat Account Annual Maintenance Charges | Rs.300 | Rs.150 | Rs.00 | Rs.0.00 |
| Commodity Account Opening Charges (One Time) | Rs.200 | Rs.150 | Rs.00 | Rs.0.00 |
Brokerage Charges Comparison
Here, you can see that there is not much difference between the three. Because all segments have a maximum fee of Rs.20 per trade. In all three, you can trade for free in mutual funds and IPO.
| Brokerage Charges | Details (Per executed order) | Zerodha | Upstox | Groww | Dhan |
| Mutual Funds | SOA or Demat | INR 0.00 | INR 0.00 | INR 0.00 | Rs.0.00 |
| Equity | Equity Delivery | INR 0.00 | 2.5% or Rs.20 | 0.05% or Rs.20 | Rs.0.00 |
| Equity Intraday | 0.03% or Rs.20 | 0.05% or Rs.20 | 0.05% or Rs.20 | 0.03% or Rs.20 | |
| F&O Futures | 0.03% or Rs.20 | 0.05% or Rs.20 | Rs.20 | Rs.20 | |
| F&O Options | Rs.20 (flat) | Rs.20 (flat) | Rs.20 (flat) | Rs.20 | |
| Currency | Currency Futures | 0.03% or Rs.20 | 0.05% or Rs.20 | Not available | Not available |
| Currency Options | Rs.20 (per executed order) | Rs.20 (flat) | |||
| Commodity | Commodity Futures | 0.03% or Rs.20 | 0.05% or Rs.20 | Not available | Rs.20 |
| Commodity Options | Rs.20 (flat) | Rs.20 (flat) | |||
| Call and Trade Charges | Executable Order | Rs.50 | Rs.50 | Rs.50 | – |
| Auto Square Off Charges | Executable Order | Rs.50 | Rs.50 | Rs.50 | – |
| Brokerage Calculator | – | Zerodha | Upstox | Groww | Dhan |
Transaction Charges Comparison
Every broker needs to pay the charges to stock exchanges for each successful transaction. Therefore, the stock brokers, including Dhan passes these standard exchange charges on you. However, this charge may go a little extra. You may overlook the transaction charges, but its is important to factor them into your overall costs.
Well, that’s how they make money!
| Transaction Charges | Details (Per executed order) | Zerodha | Upstox | Groww | Dhan |
| Equity | Equity Delivery | NSE: Rs.345 per croreBSE: Rs.375 per crore | NSE: Rs.345 per croreBSE: Charges vary based on the scrip group | NSE: Rs.345 per croreBSE: Rs.345 per crore | NSE: 0.0030699% BSE: 0.00375% |
| Equity Intraday | NSE: Rs.345 per croreBSE: Rs.375 per crore | NSE: Rs.345 per croreBSE: Charges vary based on the scrip group | NSE: Rs.345 per croreBSE: Rs.345 per crore | NSE: 0.0030699% BSE: 0.00375% | |
| F&O Futures | NSE: 0.002% | 0.0020% | NSE: 0.002% | NSE: 0.0018299%BSE: 0.00 | |
| F&O Options | NSE: 0.053% | 0.053% | NSE: 0.053% | NSE: 0.0355299% (On Premium) BSE (Index): 0.0325% (on Premium) BSE (Stock): 0.005% (on Premium) | |
| Currency | Currency Futures | NSE: 0.0009%BSE: 0.00022% | NSE: 0.0009%BSE: 0.00022% | Not available | Not available |
| Currency Options | NSE: 0.035%BSE: 0.001% | NSE: 0.035%BSE: 0.001% | Not available | Not available | |
| Commodity | Commodity Futures | 0.0026% | 0.05% or Rs.20 | Not available | NSE: 0.0001%MCX: 0.0021% |
| Commodity Options | 0.05% | Rs.20 (flat) | Not available | NSE: 0.001%MCX: 0.0418% |
Comparison in terms of Business
| Business Particulars (2025) | Zerodha | Upstox | Groww | Dhan |
| Userbase | 16 million | 10 million | 16 million | Over 1.02 Million (Rapid growth in just 4 years) |
| Valuation | $3.6 billion | $3.5 billion | $8.6 billion | $1.2 billion |
| Revenue Earned FY 2025 | Rs.8,847 crore | Rs.945 crore | Rs. 3,901.72 crore | Rs.877 crore |
| Current profit/loss FY 2025 | Rs.4,236 Crore Profit (23% decrease from FY24) | Rs.215 Crore Profit | Rs.1,825 Crore Profits | Profitable company with a net profit of Rs.408 crore in FY25 |
In terms of business, we can see that Zerodha is the clear winner with massive revenue and profits. Its enormous user base indicates that people are more inclined towards this platform. In spite of being the most expensive among the three, it won the trust of users with its exclusive services.
Upstox and Grow have been performing well, too. For Dhan, it’s a massive success because it was launched just four years ago, yet it became a profitable company with a massive user base.
Which is better for mutual funds?
Mutual funds are the funds formed by the pooled contribution of small retail individuals like us. But for this, you need to open and maintain a demat account. In terms of pricing, you may find Zerodha a bit more expensive than the other two for opening and maintaining your account. But in Groww and Dhan, you can open and maintain your account for free.
At the same time, Upstox and Dhan both offer transparency of information as well as affordable prices for opening and maintenance of accounts.
Moreover, Dhan enables you to invest in Direct Mutual Funds with Zero Commission and track your portfolio easily. Not to forget, Dhan has industry-first features such as Basket and Instant Top-Up for Mutual Funds. Therefore, Dhan appears to be better for investing in Mutual funds.
So based on your priority, like transparency and account opening/maintenance cost you can select any one of them.
Conclusion for Dhan vs Zerodha vs Upstox vs Groww
Transparent information, affordable prices, and a user-friendly interface are the most sought-after features of stockbroking platforms. Why? You may ask! The reason is simple. None of us wants overpricing or paying hidden charges while placing the order. Therefore, you should be well aware of all the charges and taxes of a stockbroking firm.
Dhan vs Zerodha vs Upstox vs Groww seems to be in a cutthroat competition with each other. Because the number of users is actively increasing in all four. The differences lie in their price, information provided, and advanced trading features.
If your priority is transparent information, zero account maintenance cost, and a robust user experience and technology built for active trading, then Dhan is a compelling choice.
While Groww is suitable for simple mutual fund investments, Upstox offers in-depth info on the market, and Zerodha has a massive user base… Dhan steps in to fill the gap for users who seek advanced charting (like TradingView) and options trading features without having to pay a premium.
The differences and similarities vary from one app to another. It depends on the personal choices, too.
Hope this article will guide you to make wise decisions for trading in the stock market! By the way, which stock broking app do you use? Feel free to share your experiences in the comment section below!
I like the efforts you have put in this, regards for all the great content.