TIER 1 · SEBI · NSE · BSE · MCX#4 of 10 local brokers (IN)

Dhan review: the verdict.

Verdict score

6.6 / 10

Launch formula: 60% hard data, 40% outside ratings. Verified reviews from our traders replace outside ratings as they come in.

Regulation10.0

Best licence: Tier 1

Trading cost5.0

No published spread

Accessibility10.0

Min deposit $0

Platforms & payments1.3

1 platforms · 0 payment methods

Outside ratings5.0

Trustpilot 3.2 from 1

Dhan doesn't publish a EUR/USD spread we could verify, so we can't calculate its yearly cost yet.

Regulation

Who licenses Dhan.

Licences as Dhan lists them. A tick means we found the entity on the regulator's own register.

Regulator	Tier	Entity	Licence no.	On register
SEBI	TIER 1	Raise Securities Private Limited	INZ000006031	Not yet checked
NSE	TIER 1	Raise Securities Private Limited	90133	Not yet checked
BSE	TIER 1	Raise Securities Private Limited	6593	Not yet checked
MCX	TIER 1	Raise Securities Private Limited	56320	Not yet checked

Accounts

Published brokerage.

Account	Spread	Commission	Cost / lot
Currency F&O Futures: ₹20 (or 0.03%) per trade; Options: ₹20 per trade	—	—	—
Commodity (MCX) ₹20 per executed order (0.10% on contracts resulting in physical delivery)	—	—	—
Equity F&O ₹20 per executed order	—	—	—

Cost per standard lot = spread in pips × $10 + round-turn commission. Brokers publish “typical”, “average” or “from” spreads; “from” figures flatter the broker.

Key facts

The fine print.

Website

dhan.co

Segments

Currency F&O, Commodity (MCX), Equity F&O

Founded

Not published

Headquarters

India

Minimum deposit

Max leverage

Not published

EU/UK leverage cap

—

Platforms

own app

Deposits & withdrawals

Not published

Islamic (swap-free) account

Not published

Copy trading

Not published

Withdrawal fees

ACCOUNT OPENING FEE: ₹0 for individuals & HUFs.

Inactivity fee

AMC: ₹0 for individuals & HUFs; ₹800 + GST for NRIs, corporates, LLPs, partnerships, trusts.

Restricted countries

Not published

RBI Alert List (India)

Not applicable (SEBI-registered Indian broker)

Verified reviews

Traded with Dhan? Prove it.

Verified reviews open soon. Reviews backed by a statement, a read-only MT4/MT5 login or a withdrawal receipt count up to 3× more, and every verified review enters the weekly 100 USDT draw.

Outside rating used for now: Trustpilot 3.2 from 1 reviews.

Compare Dhan

Visit Dhan

Sources · data as of 2026-10-24

accounts: dhan.co/pricing/
segments: dhan.co/currency/
regulators: dhan.co/pricing/
trustpilot: www.trustpilot.com/review/dhan.co
min deposit usd: dhan.co/pricing/
inactivity fee note: dhan.co/pricing/
withdrawal fee note: dhan.co/pricing/

Research notes: max_leverage null: exchange-traded derivatives; SEBI/exchange SPAN+exposure margins apply, no broker-set leverage. Not CFDs; currency F&O limited to INR pairs + exchange cross pairs. Currency brokerage from dhan.co/currency FAQ ('₹20 (or 0.03%)' - whichever-lower not explicit). Offers 4 INR pairs + 3 cross pairs (EURUSD, GBPUSD, USDJPY). CDSL IN-DP-289-2016. Trustpilot only 1 review - not meaningful. Payment methods unconfirmed.

Spotted something wrong? Brokers and traders can request a correction through our submissions form; we check every change against the source.