m.Stock and Dhan are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. m.Stock is listed as a Private Discount Broker , established in 1997 and headquartered in Mumbai, while Dhan is listed as a Private Discount Broker , established in 2018 and headquartered in Mumbai.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether m.Stock or Dhan is a better fit for your investment style, platform preference, and budget.
m.Stock is listed as a Private Discount Broker established in 1997 with headquarters in Mumbai and founded by Park Hyeon-Joo. The broker highlights access to equity delivery, equity intraday, equity futures, equity options, currency futures, currency options and mutual funds through mobile app access and web trading and promotes features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, stock tips and interactive charts. It follows a Zero Delivery Plan brokerage structure.
Dhan is listed as a Private Discount Broker established in 2018 with headquarters in Mumbai and founded by Pravin Jadhav. It offers equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures using mobile app access and web trading and supports traders with features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking. Its brokerage model is structured as Standard Plan.
Both brokers use technology-driven platforms to attract active traders and investors, but the better option depends on the combination of pricing, products, services, and support that matters most to you.
m.Stock vs Dhan — A Comprehensive Company Overview
| Company Overview | m.Stock | Dhan |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Discount Broker | Discount Broker |
| Headquarters | Mumbai | Mumbai |
| Founder | Park Hyeon-Joo | Pravin Jadhav |
| Establishment Year | 1997 | 2018 |
| Brokerage Plan | Zero Delivery Plan | Standard Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for m.Stock and Dhan.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. m.Stock charges Free while Dhan charges Free.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. m.Stock charges Rs. 5 per Trade while Dhan charges Rs.20 per Trade or 0.03% (Whichever is Low).
Equity futures: This charge applies to futures contracts on stocks and indices. m.Stock charges Rs. 5 per Trade while Dhan charges Rs.20 per Trade or 0.03% (Whichever is Low).
Equity options: This charge applies to equity option contracts. m.Stock charges Rs. 5 per Trade while Dhan charges Rs.20 per Trade.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. m.Stock charges N/A ; Dhan charges Rs.20 per Trade or 0.03% (Whichever is Low).
Commodity options: This charge applies to option contracts on commodity instruments. m.Stock charges N/A ; Dhan charges Rs.20 per Trade.
Currency futures: This charge allows participation in forex price movements on the exchange. m.Stock charges Rs. 5 per Trade while Dhan charges Rs.20 per Trade or 0.03% (Whichever is Low).
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. m.Stock charges Rs. 5 per Trade while Dhan charges Rs.20 per Trade.
m.Stock vs Dhan — Detailed Brokerage Comparison
| Brokerage | m.Stock | Dhan |
|---|---|---|
| Brokerage Plan | Zero Delivery Plan | Standard Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Free | Free |
| Equity Intraday | Rs. 5 per Trade | Rs.20 per Trade or 0.03% (Whichever is Low) |
| Equity Future | Rs. 5 per Trade | Rs.20 per Trade or 0.03% (Whichever is Low) |
| Equity Option | Rs. 5 per Trade | Rs.20 per Trade |
| Commodity Future | NA | Rs.20 per Trade or 0.03% (Whichever is Low) |
| Commodity Option | NA | Rs.20 per Trade |
| Currency Future | Rs. 5 per Trade | Rs.20 per Trade or 0.03% (Whichever is Low) |
| Currency Option | Rs. 5 per Trade | Rs.20 per Trade |
m.Stock provides mobile app access and web trading for order placement, portfolio tracking, and market monitoring. Dhan provides mobile app access and web trading for its users.
Android app: m.Stock and Dhan both list an Android trading app.
iOS app: m.Stock and Dhan both list an iOS trading app.
Web trading platform: m.Stock and Dhan both list a web trading platform.
Desktop trading terminal: Neither broker currently highlights a desktop trading terminal.
Algo trading: Neither broker currently highlights algo trading support.
Basket trading: Dhan lists basket trading, while m.Stock does not currently mention it.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: m.Stock and Dhan both list a mutual fund investment platform.
Digital gold platform: Neither broker currently highlights digital gold investing.
Bonds platform: Neither broker currently highlights a bonds investment platform.
m.Stock vs Dhan — Complete Comparison of Trading Platforms
| Trading Platform | m.Stock | Dhan |
|---|---|---|
| Android App | m.Stock Android App Link | Dhan Android App Link |
| iOS App | m.Stock iOS App Link | Dhan iOS App Link |
| Web Trading Platform | m.Stock Web Trading Link | Dhan Web Trading Link |
| Trading Terminal | NA | NA |
| Algo Trading Platform | NA | NA |
| Foreign Stocks Platform | NA | NA |
| Basket Trading Platform | NA | Available |
| Mutual Fund Platform | Available | Available |
| Digital Gold Platform | NA | NA |
| Bonds Platform | NA | NA |
m.Stock highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, stock tips and interactive charts, while Dhan promotes watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking. The table below shows the full feature set for both brokers side by side.
Wishlist: Monitor specific stocks or assets by adding them to a watchlist for close tracking. Both m.Stock and Dhan offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both m.Stock and Dhan offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both m.Stock and Dhan offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Both m.Stock and Dhan offer this feature.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. m.Stock offers this; Dhan does not currently highlight it.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both m.Stock and Dhan offer this feature.
Live market: Live updates on market movements and trends. Both m.Stock and Dhan offer this feature.
Secure platform: A secure trading environment with next-generation security controls. Both m.Stock and Dhan offer this feature.
m.Stock vs Dhan — Comprehensive Comparison of Trading Features
| Trading Feature | m.Stock | Dhan |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | Yes |
| Research Reports | No | No |
| Global Indices | No | No |
| Customised Recommendations | No | No |
| Stock Tips | Yes | No |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | No | No |
| Robust & Secure Platform | Yes | Yes |
Stockbrokers use promotional offers to attract and retain clients. Below is a side-by-side comparison of the offers currently listed by m.Stock and Dhan.
Free account opening: Dhan lists free account opening, while m.Stock does not currently mention it.
Free AMC: Dhan lists free Demat AMC, while m.Stock does not currently mention it.
Free brokerage: m.Stock and Dhan both list free brokerage.
Flat brokerage: m.Stock and Dhan both list flat brokerage pricing.
Flexible brokerage plans: m.Stock lists flexible brokerage plans, while Dhan does not currently mention it.
Happy trading hours: Neither broker currently highlights happy trading hours.
Free delivery trading: m.Stock and Dhan both list free delivery trading.
Free intraday trading: m.Stock lists free intraday trading, while Dhan does not currently mention it.
Free F&O trading: m.Stock lists free F&O trading, while Dhan does not currently mention it.
Free research reports: m.Stock lists free research reports, while Dhan does not currently mention it.
Free trading calls: m.Stock lists free trading calls, while Dhan does not currently mention it.
Zero brokerage for loss trades: Neither broker currently highlights zero brokerage for loss-making trades.
Referral offers: m.Stock offers Upto Rs.500 per Client while Dhan offers 20% of Revenue for referrals.
m.Stock vs Dhan — Comparison of Latest Offers
| Offer | m.Stock | Dhan |
|---|---|---|
| Free Account Opening | No | Yes |
| Free AMC | No | Yes |
| Free Brokerage | Yes, Limited | Yes, Limited |
| Flat Brokerage | Yes | Yes |
| Flexible Brokerage Plans | Yes | No |
| Happy Trading Hours | No | No |
| Free Delivery Trading | Yes | Yes |
| Free Intraday Trading | Yes, Limited | No |
| Free F&O Trading | Yes, Limited | No |
| Free Research Reports | Yes | No |
| Free Trading Calls | Yes | No |
| Referral Offers | Upto Rs.500 per Client | 20% of Revenue |
| Margin Funding / Pledging | Yes | Yes |
| Brokerage Cashback | No | No |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. m.Stock highlights equity delivery, equity intraday, equity futures, equity options, currency futures, currency options and mutual funds, while Dhan highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures.
The table below compares the full product lineup side by side across equity delivery, equity intraday, equity futures, equity options, currency futures, currency options, mutual funds, commodity futures and commodity options.
m.Stock vs Dhan — Complete Comparison of Products
| Product | m.Stock | Dhan |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | No | Yes |
| Commodity Future | No | Yes |
| Currency Option | Yes | Yes |
| Currency Future | Yes | Yes |
| Foreign Stocks | No | No |
| Mutual Funds | Yes | Yes |
| Banking | No | No |
| Insurance | No | No |
| Corporate Bonds | No | No |
| Government Bonds | No | No |
| Digital Gold | No | No |
Demat services: m.Stock and Dhan both list Demat services.
Trading services: m.Stock and Dhan both list trading services.
Intraday services: m.Stock and Dhan both list intraday trading services.
F&O services: m.Stock and Dhan both list F&O services.
IPO services: m.Stock and Dhan both list IPO services.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: m.Stock lists stock research, while Dhan does not currently mention it.
Stock recommendations: m.Stock lists stock recommendations, while Dhan does not currently mention it.
Trading education: Neither broker currently highlights trading education.
Share pledging: m.Stock lists share pledging, while Dhan does not currently mention it.
PMS or PCG: Neither broker currently highlights PMS or PCG support.
NRI services: Neither broker currently highlights NRI services.
m.Stock provides Demat services, trading services, intraday trading, F&O trading, IPO access and stock research, while Dhan offers Demat services, trading services, intraday trading, F&O trading and IPO access.
m.Stock vs Dhan — In-Depth Comparison of Services
| Service | m.Stock | Dhan |
|---|---|---|
| Demat Services | Yes | Yes |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | Yes | Yes |
| 3-in-1 Account | No | No |
| Stock Research | Yes | No |
| Stock Recommendations | Yes | No |
| Trading Education | No | No |
| Share Pledging | Yes | No |
| PMS or PCG | No | No |
| NRI Services | No | No |
Stock advisory helps investors choose appropriate stocks through research reports, tips, and market reviews. The table below shows which advisory products are available from m.Stock and Dhan.
m.Stock and Dhan — Detailed Comparison of Advisory Services
| Advisory | m.Stock | Dhan |
|---|---|---|
| Fundamental Reports | No | No |
| Research Reports | No | No |
| Company Reports | No | No |
| Annual Reports | No | No |
| IPO Reports | No | No |
| Technical Reports | No | No |
| Stock Tips | Yes | Yes, chargeable |
| Daily Top Stock Picks | Yes | No |
| Daily Market Review | Yes | No |
| Monthly Review | Yes | No |
| Weekly Review | Yes | No |
| Relationship Manager | No | Yes, chargeable |
| Robo Advisory | No | No |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from m.Stock and Dhan across different segments.
m.Stock and Dhan — Comprehensive Comparison of Trading Exposure
| Exposure | m.Stock | Dhan |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Upto 5x (Depends on Stocks) | Upto 5x (Depends on Stocks) |
| Equity F&O Carry Forward | 1x | 1x |
| Equity F&O Intraday | 1.3x | 1.3x |
| Commodity F&O Carry Forward | 1x | 1x |
| Commodity F&O Intraday | 1.3x | 1.3x |
| Currency F&O | 1x | 1x |
m.Stock and Dhan both list a sub-broker program. m.Stock and Dhan both list a partner program. m.Stock and Dhan both list a referral program.
m.Stock vs Dhan — Comparative Analysis of Programs
| Program | m.Stock | Dhan |
|---|---|---|
| Sub-Broker Program | Yes, Limited | Yes, Limited |
| Partner Program | Yes, Limited | Yes |
| Referral Program | Yes | Yes |
m.Stock provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Dhan provides support through trading desk support, dedicated dealer assistance, call support, email support and website support.
m.Stock and Dhan — Comprehensive Comparison of Customer Support
| Support Channel | m.Stock | Dhan |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Chargeable |
| Dedicated Dealer | Available, Chargeable | Available, Chargeable |
| Call Support | 1800-2100-818 | 022-48906273 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | NA |
| Website Support | Website Link | Website Link |
| Facebook Support | Facebook Support Link | Facebook Support Link |
| Twitter / X Support | Twitter Support Link | Twitter Support Link |
| Telegram Support | — | Telegram Support Link |
| Branches / Offices | NA | NA |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. m.Stock carries an overall rating of 7.28/10, while Dhan carries an overall rating of 7.26 / 10.
m.Stock vs Dhan — Ratings Comparison
| Rating Parameter | m.Stock | Dhan |
|---|---|---|
| Overall Rating | 7.28/10 | 7.26 / 10 |
| Customer Support | 7.25/10 | 7.23 / 10 |
| Technology | 7.37/10 | 7.35 / 10 |
| Charges | 7.31/10 | 7.29 / 10 |
| Products & Services | 7.24/10 | 7.22 / 10 |
| Experience | 7.22/10 | 7.20 / 10 |
SEBI, BSE, and NSE regularly publish broker complaint data as part of investor protection oversight. The table below shows the complaint records for both brokers.
m.Stock & Dhan — Comparison of Customer Complaints
| Complaint Metric | m.Stock | Dhan |
|---|---|---|
| Total Complaints Lodged | 113 | 6 |
| Total Complaints Resolved | 101 | 6 |
| % of Resolved Complaints | 89.38% | 100.00% |
| Non-Actionable Complaints | 6 | 0 |
| % of Non-Actionable Complaints | 5.31% | 0.00% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for m.Stock and Dhan.
m.Stock vs Dhan — Detailed Comparison of Transaction Charges
| Transaction Charges | m.Stock | Dhan |
|---|---|---|
| Equity Delivery | 0.00325% (NSE) & 0.00375% (BSE) | 0.00325% (NSE) & 0.00375% (BSE) |
| Equity Intraday | 0.00325% (NSE) & 0.00375% (BSE) | 0.00325% (NSE) & 0.00375% (BSE) |
| Equity Future | 0.0019% (NSE & BSE) | 0.0019% (NSE & BSE) |
| Equity Option | 0.05% (on premium) | 0.05% (on premium) |
| Commodity Future | NA | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) |
| Commodity Option | NA | 0.05% (Non Agri) |
| Currency Future | 0.0009% (NSE) | 0.0009% (NSE) & 0.00022% (BSE) |
| Currency Option | 0.035% (NSE) | 0.035% (NSE) & 0.001% (BSE) |
Pledge creation charges apply when traders borrow against their held securities. Pledge invocation charges apply if the pledged shares are sold due to a shortfall. Margin trading interest is the rate charged on borrowed funds.
m.Stock & Dhan — Comprehensive Comparison of Pledge Charges
| Pledge Charge | m.Stock | Dhan |
|---|---|---|
| Pledge Creation Charges | Rs.32 per Request | Rs.12.5 per Request |
| Pledge Invocation Charges | Rs.32 per Request | Rs.12.5 per Request |
| Margin Trading Interest | 0.05% per day | 0.045% per day |
Beyond brokerage, several statutory and operational charges apply. These include SEBI turnover fees, DP charges, GST, account closure, reactivation, dematerialisation, and call & trade charges.
m.Stock and Dhan — Detailed Comparison of Hidden / Other Charges
| Charge | m.Stock | Dhan |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | Rs.10/ Crore (All Segment) |
| DP Charges | Rs.12 per Scrip on Sell | Rs.12.5 per Scrip on Sell |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | 18% on (Brokerage + SEBI + Transaction charges) |
| Account Closure Charges | Nil | Nil |
| Reactivation Charges | Nil | Nil |
| Dematerialisation Charges | Rs.150 per Certificate | Rs.20 per Certificate |
| Call & Trade Charges | Free | Rs.20 per Trade |
m.Stock lists account opening charges of Rs.149 and Demat AMC of Rs.999. Dhan lists account opening charges of Free and Demat AMC of Free.
m.Stock vs Dhan — Detailed Comparison of Demat Charges
| Demat Charges | m.Stock | Dhan |
|---|---|---|
| Account Opening Charges | Rs.149 | Free |
| Annual Maintenance Charges (AMC) | Rs.999 | Free |
Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT) are government levies — the same for all brokers in India. These are shown below for reference.
m.Stock vs Dhan — Comparative Analysis of STT and CTT Charges
| STT & CTT | m.Stock | Dhan |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | 0.1% on buy & sell |
| Equity Intraday | 0.025% on sell | 0.025% on sell |
| Equity Future | 0.0125% on sell | 0.0125% on sell |
| Equity Option | 0.0625% on sell (on premium) | 0.0625% on sell (on premium) |
| Commodity Future | 0.01% on sell (Non-Agri) | 0.01% on sell (Non-Agri) |
| Commodity Option | 0.05% on sell | 0.05% on sell |
| Currency Future | Nil | Nil |
| Currency Option | Nil | Nil |
Stamp duty is a government tax charged when the broker issues, sells, or transfers a security. It is collected at the end of each trading day.
m.Stock and Dhan — Comparison of Stamp Duty Charges
| Stamp Duty | m.Stock | Dhan |
|---|---|---|
| Equity Delivery | 0.015% on buy | 0.015% on buy |
| Equity Intraday | 0.003% on buy | 0.003% on buy |
| Equity Future | 0.002% on buy | 0.002% on buy |
| Equity Option | 0.003% on buy | 0.003% on buy |
| Commodity Future | 0.002% on buy | 0.002% on buy |
| Commodity Option | 0.003% on buy | 0.003% on buy |
| Currency Future | 0.0001% on buy | 0.0001% on buy |
| Currency Option | 0.0001% on buy | 0.0001% on buy |