Dhan and INDmoney both charge 0.25% on US stocks through GIFT City routes, with 10,000+ names and SIPs. Dhan, live since June 2026, has no cap and shows its forex markup only in-app. INDmoney, running since 2019, caps brokerage at USD 25, publishes a 0.5% to 1.2% forex range and adds UCITS ETFs and free tax filing. Costs match until USD 10,000 an order, then INDmoney pulls ahead. On Indian delivery Dhan charges ₹0 and INDmoney up to ₹20.
How do Dhan and INDmoney compare for US stocks at a glance?
Here is how Dhan and INDmoney's US-stock services compare as of October 2026, from their published pricing and help pages.
| Feature | Dhan | INDmoney |
|---|---|---|
| GIFT City route | Raise IFSC, Dhan's GIFT City subsidiary | INDmoney Global (IFSC), an IFSCA Global Access Provider |
| US broker and custody | ViewTrade | Alpaca or DriveWealth, INDmoney is holder of record |
| Availability | All users since June 2026 | All users, since 2019 |
| Stocks and ETFs | 10,000+ | 10,000+, plus UCITS ETFs |
| Brokerage per order | 0.25%, minimum USD 0.01, no cap | 0.25%, capped at USD 25, plus GST |
| Forex markup on transfers | Shown in-app, size not published | 0.5% to 1.2%, charged by the bank |
| SIPs in US stocks | Daily, weekly or monthly | Yes |
| Tax reports | Form 1042-S, Schedule FA, TR and FSI, trade book | Tax centre, Schedule FA pre-filled, free ITR filing |
| Indian delivery brokerage | ₹0 | ₹20 or 0.1% per order, minimum ₹2 |
What is Dhan, and what is INDmoney?
Dhan is a Mumbai trading platform launched in November 2021, run by SEBI-registered Raise Securities Pvt Ltd, with 11.21 lakh NSE active clients in September 2026. Its US-stock service opened on 12 June 2026 through Raise IFSC, its GIFT City subsidiary and an India INX member, with ViewTrade as US broker and custodian.
INDmoney is a Gurugram investing app founded in 2019 by Ashish Kashyap. Indian stocks run through INDstocks Pvt Ltd, a SEBI-registered broker with about 7.19 lakh NSE active clients in September 2026. US stocks run through INDmoney Global (IFSC), an IFSCA-registered Global Access Provider at GIFT City, clearing through Alpaca or DriveWealth.
What does each charge on a US trade?
Dhan and INDmoney charge the same 0.25% until INDmoney's USD 25 cap kicks in at USD 10,000. Figures are in dollars before GST, as of October 2026.
| Charge | Dhan | INDmoney |
|---|---|---|
| Brokerage | 0.25% of trade value, minimum USD 0.01 | 0.25% of trade value |
| Cap per order | None | USD 25 |
| Other fees | USD 1 on transfers under USD 100 | Not shown on its pricing page |
| Order size | Dhan brokerage | INDmoney brokerage |
|---|---|---|
| USD 500 | USD 1.25 | USD 1.25 |
| USD 2,000 | USD 5.00 | USD 5.00 |
| USD 10,000 | USD 25.00 | USD 25.00, the cap |
| USD 25,000 | USD 62.50 | USD 25.00 |
A USD 50,000 order costs USD 125 on Dhan and USD 25 on INDmoney, so the cap matters for lump sums and not for SIPs.
What does it cost to send money and bring it back?
Currency conversion, not brokerage, is the main cost of buying US stocks on Dhan or INDmoney. Money goes out under the RBI's Liberalised Remittance Scheme, up to USD 250,000 a financial year, which Paasa's LRS guide explains. TCS is nil on the first ₹10 lakh remitted in a year and 20% above that, adjustable in your return, as Paasa's TCS guide covers.
Dhan takes transfers from five banks, from USD 50 at first and USD 100 after, and shows the bank's markup in the app before locking it, but publishes no range. INDmoney remits in-app through six partner banks at a bank forex charge of 0.5% to 1.2%, shown before you confirm.
| Amount sent | Dhan, at an assumed 1% markup | INDmoney, 0.5% to 1.2% |
|---|---|---|
| ₹5 lakh | About ₹5,000 | ₹2,500 to ₹6,000 |
| ₹10 lakh | About ₹10,000 | ₹5,000 to ₹12,000 |
| ₹25 lakh | About ₹25,000 | ₹12,500 to ₹30,000 |
Dhan's column is an illustration at 1%, since it publishes no range. Dhan charges USD 1 on transfers under USD 100, INDmoney lists no deposit fee, and both withdraw free.
Which US stocks and ETFs can I buy on each?
Dhan and INDmoney both list 10,000+ US stocks and ETFs with fractional buying from USD 1 and SIPs. INDmoney adds London-listed UCITS ETFs, Dhan adds Super Orders.
| What you can buy | Dhan | INDmoney |
|---|---|---|
| US stocks and ETFs | 10,000+ on NYSE and Nasdaq | 10,000+ on NYSE and Nasdaq |
| Fractional shares | Yes, from USD 1 | Yes, from USD 1 |
| SIPs in US stocks | Daily, weekly or monthly | Yes |
| UCITS ETFs | No | Yes, London-listed |
UCITS ETFs can cut dividend tax drag, which Paasa's UCITS guide explains.
How safe is my money on each?
US stocks bought through Dhan or INDmoney sit with a US broker, not in your Indian demat account. Both run under IFSCA rules at GIFT City, Dhan through Raise IFSC, an India INX member, and INDmoney under its own approval. Dhan's holdings sit with ViewTrade, under SEC and FINRA rules, and Dhan says it never holds your dollars itself. INDmoney's disclosures say INDmoney, not you, is the holder of record at Alpaca or DriveWealth, and you hold a beneficial interest on its books.
Neither states a per-customer SIPC position. Dhan's help pages do not mention SIPC, and INDmoney says it applies at the company level under its consolidated account, so ask both before you fund. Neither covers a fall in prices. Indian shares sit in your own CDSL demat account at both, with unresolved complaints going to SEBI SCORES.
What do I get at tax time from each?
Dhan and INDmoney both do more tax paperwork than most brokers. Dhan's Reports section gives Form 1042-S, pre-filled Schedule FA, TR and FSI, plus trade books and contract notes for capital gains. INDmoney's tax centre pre-fills Schedule FA, prepares Form 67 data and files your ITR free in the app, and INDmoney files your W-8BEN for you.
The rules are the same on both. Gains on US shares held over 24 months are taxed at 12.5%, shorter holdings at your slab rate. The US withholds 25% on dividends once your W-8BEN is on file, and you claim it back in India through Form 67. Paasa's Schedule FA guide and foreign stock tax guide walk through each step.
How does the Indian stock side compare?
Dhan is cheaper than INDmoney for Indian trading, and neither charges AMC. Both show US and Indian holdings in one app.
| Charge | Dhan | INDmoney |
|---|---|---|
| Equity delivery | ₹0 | ₹20 or 0.1% per order, minimum ₹2 |
| Intraday | ₹20 or 0.03% per order | ₹20 or 0.1% per order, minimum ₹2 |
| Futures and options | ₹20 per order | ₹20 per order |
| AMC | ₹0 for individuals | ₹0 |
| DP charge per sell | ₹12.50 plus GST per ISIN | ₹18.50 plus GST per ISIN per day |
| Platforms and API | Dhan app, TradingView charts, Options Trader, free DhanHQ API | INDmoney app and web, free ITR filing, no API |
When is Dhan the better choice for US stocks?
Dhan may suit you better than INDmoney if:
- Your US orders stay under USD 10,000 and you trade Indian stocks too.
- You want Super Orders, dollar-value limit orders and TradingView charts.
- You want ₹0 Indian delivery and the lower DP charge.
When is INDmoney the better choice for US stocks?
INDmoney may suit you better than Dhan if:
- You place lump sums above USD 10,000, where the USD 25 cap saves money.
- You want UCITS ETFs alongside US stocks.
- You want a published forex range, Schedule FA pre-filled and your ITR filed in the app.
Should I choose Dhan or INDmoney for US stocks?
Choose Dhan if you trade Indian markets actively and buy US stocks in smaller lots. Choose INDmoney for larger US orders, UCITS ETFs and the fullest tax filing.
| If you want… | Better fit |
|---|---|
| Smaller US orders plus active Indian trading | Dhan |
| Super Orders and TradingView charts | Dhan |
| ₹0 Indian delivery and lower DP charges | Dhan |
| Lump sums above USD 10,000 | INDmoney |
| UCITS ETFs alongside US stocks | INDmoney |
| A published forex range and free ITR filing | INDmoney |
Switching later is harder than with Indian shares. US holdings cannot move between Dhan and INDmoney by a CDSL off-market transfer. Selling to switch is a taxable event, so ask both about an in-kind transfer first, as Paasa's transfer guide explains. Many investors keep both and route new money by order size.
Disclosures
Fees are from Dhan's and INDmoney's published pricing as of October 2026 and may change. Dhan publishes no forex markup, so its conversion figures are an illustration. Advisory services under the Paasa brand are offered by Arc Spire Advisory Private Limited, a SEBI Registered Non-Individual Investment Adviser, INA000021058. This article is not investment advice. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
