The comparison between Dhan, Upstox, and M.Stock highlights the major differences in their services and features, including overall ratings, brokerage charges, trading platforms, investment offerings, and customer service quality. Dhan is known for its user-friendly trading experience and reliability, while Upstox stands out for offering competitive brokerage rates and an advanced mobile trading platform. M Stock provides an excellent balance of technology, research tools, and responsive customer support. In terms of active clients, the brokers report approximately 982,814, 23.78 lakh, and 5,02,584 users respectively, reflecting their popularity among investors. Overall, this comparison of Dhan, Upstox, and M.Stock helps traders and investors choose the most suitable broker based on features, pricing, and platform performance.
Services / Features
The services/features comparison between Dhan, Upstox, and M.Stock reveals significant differences in their offerings. Dhan provides 4.4 for Overall Rating, while Upstox offers 4.5 and M.Stock features 4.5.
| Services / Features | Dhan | Upstox | M.Stock |
|---|---|---|---|
| Overall Rating | ★★★★★ | ★★★★★ | ★★★★★ |
| Brokerage Charges | ★★★★★ | ★★★★★ | ★★★★★ |
| Trading Platform | ★★★★★ | ★★★★★ | ★★★★★ |
| Investments Offering | ★★★★★ | ★★★★★ | ★★★★★ |
| Customer Service | ★★★★★ | ★★★★★ | ★★★★★ |
| Broker Type | Discount Broker | Discount Broker | Discount Broker |
| Exchanges Supported | NSE, BSE, MCX | NSE, BSE | NSE, BSE |
| Active Clients | 982,814 | 23.78 lakh | 5,02,584 |
| Broker Overview | Dhan Review | Upstox Review | m.Stock Review |
Account Opening Charges and AMC
The account opening charges and AMC comparison between Dhan, Upstox, and M.Stock reveal significant differences in their offerings. Dhan provides Free trading and demat account opening, while Upstox offers Free and M.Stock features Zero.
| Account Opening Charges and AMC | Dhan | Upstox | M.Stock |
|---|---|---|---|
| Trading Account Opening | Free | Free | Zero |
| Trading AMC | Zero | ₹300 | ₹880 |
| Demat Account Opening | Free | Free | Zero |
| Demat AMC | Zero | ₹300 | ₹880 |
| Provide DP Service | Yes | Yes | Yes |
Brokerage Plans
The brokerage plans comparison between Dhan, Upstox, and M.Stock reveals significant differences in their offerings. Dhan provides No plans, while Upstox offers - and M.Stock features No.
| Brokerage Plans | Dhan | Upstox | M.Stock |
|---|---|---|---|
| Multiple Plans | No | - | No |
| Monthly Plans | No | - | No |
| Yearly Plans | No | - | No |
Brokerage Charges
This comparison between Dhan, Upstox, and M.Stock reveals significant differences in their brokerage charges. Dhan charges Zero brokerage on equity delivery and intraday, ₹20 or 0.03% per executed order for futures, and ₹20 per executed order for options. Upstox charges ₹20 brokerage on equity delivery and intraday, ₹20 or 0.1% for futures, and ₹20 for options. M.Stock charges Zero brokerage on equity delivery and intraday, ₹5 per order for futures, and ₹5 per order for options.
| Brokerage Charges | Dhan | Upstox | M.Stock |
|---|---|---|---|
| Plan Name | - | - | |
| Equity Delivery | Zero | ₹20 | Zero |
| Equity Intraday | ₹20 or 0.03% per executed order | ₹20 or 0.1% | ₹5 per order |
| Equity Futures | ₹20 or 0.03% per executed order | ₹20 or 0.1% | ₹5 per order |
| Equity Options | ₹20 per executed order | ₹20 | ₹5 per order |
| Currency Futures | NA | ₹20 or 0.5% | - |
| Currency Options | NA | ₹20 | - |
| Commodity Futures | |||
| Commodity Options | |||
| Hidden Charges | Zero | No | No |
| Call & Trade Charges | ₹50 + GST | ₹75 + GST | Zero |
| Auto Square Off Charges | ₹20 + GST | ₹75 + GST | ₹40 per executed order + GST |
| Brokerage Calculator | Dhan Brokerage Calculator |
Transactions Charges
This comparison between Dhan, Upstox, and M.Stock reveals significant differences in their transactions. Dhan provides BSE: 0.00375% NSE: 0.00297% for Transaction Charges Equity Delivery, while Upstox offers NSE: 0.00297% per trade and M.Stock features NSE: 0.00297% BSE: 0.00375%.
| Transactions Charges | Dhan | Upstox | M.Stock |
|---|---|---|---|
| Equity Delivery | BSE: 0.00375% NSE: 0.00297% | NSE: 0.00297% per trade | NSE: 0.00297% BSE: 0.00375% |
| Equity Intraday | BSE: 0.00375% NSE: 0.00297% | NSE: 0.00297% per trade | NSE: 0.00297% BSE: 0.00375% |
| Equity Futures | NSE: 0.00173% BSE: 0 (Zero) | NSE: 0.00188% | NSE: 0.00173% BSE: 0 |
| Equity Options | NSE: 0.03503% (on premium) BSE (Index): 0.0325% (on premium) | NSE: 0.0495% (on premium) | NSE: 0.03503% (on premium) BSE: 0.0325% (on premium) |
| Currency Futures | NA | NSE: 0.00035% BSE: 0.00045% | - |
| Currency Options | NA | NSE: 0.0311% BSE: 0.001% | - |
| Commodity | NSE: 0.0001% MCX: 0.0021% | 0.05% | - |
Account Features
These are the notable distinctions in the account features of Dhan, Upstox, and M.Stock when compared.
| Account Features | Dhan | Upstox | M.Stock |
|---|---|---|---|
| 3-in-1 Account | No | No | No |
| Charting | Yes | Yes | Yes |
| Algo Trading | Yes | Yes | Yes |
| SMS Alerts | Yes | Yes | Yes |
| Online Demo | Yes | Yes | Yes |
| Online Portfolio | Yes | Yes | Yes |
| Margin Trading Funding Available | Yes | Yes | Yes |
| Combined Ledger for Equity and Commodity | Yes | Yes | Yes |
| Intraday Square-off Time | 3:20 PM | 3:20 PM | 3:20 PM |
| NRI Trading | No | No | No |
Trading Platforms
The trading platforms comparison between Dhan, Upstox, and M.Stock reveals significant differences in their offerings. Dhan, Upstox and M.Stock provide web trading platforms and mobile trading platforms.
| Trading Platforms | Dhan | Upstox | M.Stock |
|---|---|---|---|
| Web Trading Platform | Yes | Yes | Yes |
| Web Trading Detail | Dhan | Upstox | m.Stock |
| Mobile Trading | Yes | Yes | Yes |
| Mobile Trading App | Yes | Yes | Yes |
| Android Mobile App | Yes | Yes | Yes |
| Android App Download | Yes | Yes | Yes |
| iPhone Mobile App (iOS) | Yes | Yes | Yes |
| iOS App Download | Download | Download | Download |
| Android Tablet App | Yes | Yes | Yes |
| iPad App (iOS) | Yes | Yes | Yes |
| Trading Software Charges | Zero | Free | Zero |
Broker Ratings
The broker ratings comparison between Dhan, Upstox, and M.Stock reveals significant differences in their offerings. Dhan provides 4.5 for Fees Ratings, while Upstox offers 4.3 and M.Stock features 4.5.
| Broker Ratings | Dhan | Upstox | M.Stock |
|---|---|---|---|
| Fees Ratings | 4.5 | 4.3 | 4.5 |
| Trading Brokerage Rating | 4.6 | 4.4 | 4.5 |
| Trading Platform Usability | 4.4 | 4.4 | 4.5 |
| Customer Service Ratings | 4.3 | 4.2 | 4.4 |
| Overall Ratings | 4.4 | 4.3 | 4.5 |
Investment Offerings
This comparison between Dhan, Upstox, and M.Stock reveals significant differences in their investment offerings. Dhan provides investment offerings in Yes, mutual funds and does not offer trades in currency and commodities, while Upstox provides investment offerings in Yes, mutual funds and offers trades in currency and commodities and M.Stock provides investment offerings in Yes, mutual funds and does not offer trades in currency and commodities.
| Investment Offerings | Dhan | Upstox | M.Stock |
|---|---|---|---|
| Equity Cash and F&O | Yes | Yes | Yes |
| Currency Derivatives | No | Yes | No |
| Commodity | Yes | Yes | No |
| Online IPO Application | Yes | Yes | Yes |
| Mutual Funds | Yes | Yes | Yes |
| Bond / NCD | Yes | Yes | Yes |
| ETF | Yes | Yes | Yes |
| Banking | No | No | No |
| Insurance | No | No | No |
| Forex | No | Yes | No |
| MF SIP Investment | Yes | Yes | Yes |
| Equity SIP Investment | Yes | Yes | Yes |
| PMS Service | No | Yes | No |
| Other Investment Options | Yes | Yes | No |
Customer Support
The comparison between Dhan, Upstox, and M.Stock reveals significant differences in their Customer Support. Dhan provides Yes, while Upstox offers No and M.Stock features No.
| Customer Support | Dhan | Upstox | M.Stock |
|---|---|---|---|
| 24/7 Customer Service | Yes | No | No |
| Email Support | Yes | Yes | Yes |
| Online Live Chat | Yes | Yes | Yes |
| Phone Support | Yes | Yes | PMS Service |
| Toll Free Number | Yes | No | 1800 2100 818 |
| Through Branches | Yes | Yes | — |
| Customer Care Number | (+91) 9987761000 | 022-41792999 | 1800 2100 818 |
| Account Opening Process | Online/Paperless | Online/Paperless | Online/Paperless |
| Customer Support Email | [email protected] | [email protected] | [email protected] |
| Knowledge Center / Education | https://dhan.co/blog/ | https://upstox.com/uplearn/ | https://www.mstock.com/mlearn |
| Head Office Address |
Unit No. 2201, 22nd Floor, Gold Medal Avenue, S.V. Road, Beside Patel Petrol Pump, Piramal Nagar, Goregaon West, Mumbai – 400104 |
30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013 |
1st Floor, Tower 4, Equinox Business Park, |
| Website | https://dhan.co/ | https://upstox.com/ | https://www.mstock.com/ |
Research and Reports
The research and reports comparison between Dhan, Upstox, and M.Stock reveals significant differences in their offerings.
| Research and Reports | Dhan | Upstox | M.Stock |
|---|---|---|---|
| Research Mutual Funds | Yes | Yes | Yes |
| Research Equity Reports | Yes | Yes | Yes |
| Research ETF | Yes | Yes | Yes |
| Daily Market Report | Yes | Yes | Yes |
| Free Tips | No | No | No |
| Quarterly Result Analysis | Yes | Yes | Yes |
| News Alerts | Yes | Yes | Yes |
Demat Account Charges
This comparison between Dhan, Upstox, and M.Stock reveals significant differences in their demat account charges. Dhan provides CDSL for DP Source, while Upstox offers CDSL and M.Stock features CDSL.
| Demat Account Charges | Dhan | Upstox | M.Stock |
|---|---|---|---|
| DP Source | CDSL | CDSL | CDSL |
| DP ID | 289-2016 | 81800 | 12092900 |
| Demat Account Annual Maintenance Charges (AMC) | Zero | Rs 300 | ₹1,299 + GST for Lifetime |
| Advance Deposit | Zero | No | No |
| Transaction Charges on Debit (Per ISIN) | — | — | — |
| Demat | ₹12.50 per instruction + GST | — | Zero |
| Remat | ₹12.50 per instruction + GST | — | Zero |
| Pledge Creation | ₹15 per instruction + GST | ₹20 + GST per scrip | Zero |
| Pledge Creation Confirmation | Yes | Yes | Yes |
| Pledge Closure | ₹15 per instruction + GST | ₹20 + GST per scrip | ₹32 per day (+GST) |
| Pledge Closure Confirmation | Yes | Yes | Yes |
| Pledge Invocation | ₹15 per instruction + GST | ₹20 + GST per scrip | ₹32 per day (+GST) |
| Failed Instruction Charges | ₹100 + GST | ₹50 per transaction | Zero |
| Other Charges | Zero | No | Zero |
Advantages and Disadvantages
| Broker | Pros | Cons |
|---|---|---|
| Dhan |
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| Upstox |
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| M.Stock |
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User Experience: Buying Stocks
Dhan – User Trading Experience
Account Opening Experience: Account opening is fully online with digital KYC, typically activated within 1–3 working days.
Platform & Order Execution: The platform rating is 4.4/5. Mobile trading app ensures real-time order execution and portfolio tracking.
Brokerage Transparency: Intraday brokerage is ₹20 or 0.03% per executed order, and charges are shown before order confirmation.
Advanced Features: Supports algorithmic trading for strategy-based investors. Margin trading facility increases buying power.
Research & IPO: Provides equity research reports. Supports online IPO applications.
Customer Support: Customer service rating is 4.3/5.
Market Presence: Around 982,814 active clients use this broker.
Upstox – User Trading Experience
Account Opening Experience: Account opening is fully online with digital KYC, typically activated within 1–3 working days.
Platform & Order Execution: The platform rating is 4.5/5. Mobile trading app ensures real-time order execution and portfolio tracking.
Brokerage Transparency: Intraday brokerage is ₹20 or 0.1%, and charges are shown before order confirmation.
Advanced Features: Supports algorithmic trading for strategy-based investors. Margin trading facility increases buying power.
Research & IPO: Provides equity research reports. Supports online IPO applications.
Customer Support: Customer service rating is 4.2/5.
Market Presence: Around 23.78 lakh active clients use this broker.
M.Stock – User Trading Experience
Account Opening Experience: Account opening is fully online with digital KYC, typically activated within 1–3 working days.
Platform & Order Execution: The platform rating is 4.5/5. Mobile trading app ensures real-time order execution and portfolio tracking.
Brokerage Transparency: Intraday brokerage is ₹5 per order, and charges are shown before order confirmation.
Advanced Features: Supports algorithmic trading for strategy-based investors. Margin trading facility increases buying power.
Research & IPO: Provides equity research reports. Supports online IPO applications.
Customer Support: Customer service rating is 4.4/5.
Market Presence: Around 5,02,584 active clients use this broker.
Frequently Asked Questions
The account opening charges vary significantly: Dhan charges Free, Upstox charges Free, and M.Stock charges Zero. When considering AMC, investors should evaluate the overall cost structure along with the features and services provided by each broker.
Brokerage charges differ across platforms: Dhan offers ₹20 or 0.03% per executed order for equity intraday, Upstox provides ₹20 or 0.1%, and M.Stock charges ₹5 per order. The actual costs may vary based on trading volume, account type, and specific plans offered by each broker.
All three brokers provide diverse investment opportunities: Dhan offers 4.6, Upstox provides 4.5, and M.Stock features 4.4. The platforms support equity trading, derivatives, mutual funds, and other financial instruments suitable for different investor profiles.
Customer support quality varies: Dhan has 4.3 support, Upstox offers 4.4, and M.Stock provides 4.4. Support channels typically include phone, email, live chat, and branch services, with response times and availability differing between brokers.
Platform usability ratings show: Dhan with 4.4, Upstox with 4.4, and M.Stock with 4.5. The best interface depends on individual preferences - some users prefer simplicity while others need advanced features and customization options.
Yes, mutual fund and stock investing is available across all platforms: Dhan (Yes), Upstox (Yes), and M.Stock (Yes). All three brokers provide comprehensive access to equity markets and mutual fund investments through their respective platforms.
For beginners, the choice depends on specific needs: Dhan offers user-friendly platforms with educational resources, Upstox provides competitive pricing with intuitive interfaces, and M.Stock combines ease of use with comprehensive investment options. Beginners should consider factors like ease of account opening, customer support quality, educational content, and platform simplicity when making their decision.
All three brokers offer robust mobile trading apps with different strengths: Dhan focuses on intuitive design and quick execution, Upstox emphasizes advanced charting and analysis tools, while M.Stock balances simplicity with comprehensive features. The mobile apps are available for both iOS and Android devices with regular updates and feature enhancements.
