Zerodha and Dhan both route US stocks through GIFT City with the same US broker, ViewTrade, and the same five funding banks. Zerodha charges 0.1% capped at USD 10 per order, in beta on Kite since October 2026. Dhan charges 0.25% with no cap, open to all since June 2026, with SIPs and 10,000+ names. Zerodha is cheaper on every order size, Dhan has the broader, more mature service. On Indian stocks both charge ₹0 on delivery.
How do Zerodha and Dhan compare for US stocks at a glance?
Here is how Zerodha and Dhan's US-stock services compare as of October 2026, from their published pricing and help pages.
| Feature | Zerodha | Dhan |
|---|---|---|
| GIFT City route | India INX Global Access, BSE's GIFT City platform | Raise IFSC, Dhan's GIFT City subsidiary |
| US broker and custody | ViewTrade | ViewTrade |
| Availability | Beta on Kite web, October 2026 | All users since June 2026 |
| Stocks and ETFs | Up to 2,000 companies and about 1,000 ETFs | 10,000+ |
| Brokerage per order | 0.1%, capped at USD 10, plus 18% GST | 0.25%, no cap |
| Forex markup on transfers | 0.4% to 1.4% over the RBI rate, set by the bank | Shown in-app, size not published |
| SIPs in US stocks | Listed as upcoming | Daily, weekly or monthly |
| Tax reports | Capital gains statement, holding statement, Form 1042-S | Form 1042-S, Schedule FA, TR and FSI, trade book |
| Indian delivery brokerage | ₹0 | ₹0 |
What is Zerodha, and what is Dhan?
Zerodha is a Bengaluru broker founded in 2010, run by SEBI-registered Zerodha Broking Ltd, with 67.92 lakh NSE active clients in September 2026. Its US-stock service runs inside Kite through India INX Global Access at GIFT City, with ViewTrade as the US broker. It was in beta in October 2026.
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.
What does each charge on a US trade?
Zerodha charges less than Dhan on every US order, and the gap widens with size. Figures are in dollars before GST, as of October 2026.
| Charge | Zerodha | Dhan |
|---|---|---|
| Brokerage | 0.1% of trade value, minimum USD 0.01 | 0.25% of trade value, minimum USD 0.01 |
| Cap per order | USD 10 | None |
| Other fees | IFSCA turnover fee 0.005%, SEC fee 0.00206% on sells | USD 1 on transfers under USD 100 |
| Order size | Zerodha brokerage | Dhan brokerage |
|---|---|---|
| USD 500 | USD 0.50 | USD 1.25 |
| USD 2,000 | USD 2.00 | USD 5.00 |
| USD 10,000 | USD 10.00, the cap | USD 25.00 |
| USD 25,000 | USD 10.00 | USD 62.50 |
Ten USD 2,000 buys a year cost USD 20 on Zerodha and USD 50 on Dhan.
What does it cost to send money and bring it back?
Currency conversion, not brokerage, is the main cost of buying US stocks on Zerodha or Dhan. 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.
Zerodha and Dhan both take net banking transfers from HDFC, ICICI, IDFC FIRST, Axis and Kotak, from USD 50 at first and USD 100 after. Zerodha's banks add 0.4% to 1.4% over the RBI reference rate, plus a slab-based conversion fee of up to 0.18%. Dhan shows the bank's markup over the interbank rate in the app and locks the rate when you confirm, but publishes no range.
| Amount sent | Zerodha, 0.4% to 1.4% | Dhan, at an assumed 1% markup |
|---|---|---|
| ₹5 lakh | ₹2,000 to ₹7,000 | About ₹5,000 |
| ₹10 lakh | ₹4,000 to ₹14,000 | About ₹10,000 |
| ₹25 lakh | ₹10,000 to ₹35,000 | About ₹25,000 |
Dhan's column is an illustration at 1%, since it publishes no range. Dhan charges USD 1 on transfers under USD 100 and nothing on withdrawals. Zerodha lists no fee either way.
Which US stocks and ETFs can I buy on each?
Dhan lists more than three times as many US names as Zerodha and adds SIPs. Zerodha allows delivery orders only, with no intraday, margin or US IPOs.
| What you can buy | Zerodha | Dhan |
|---|---|---|
| US stocks | Up to 2,000 largest companies by market value | 10,000+ stocks and ETFs on NYSE and Nasdaq |
| US ETFs | About 1,000, no Bitcoin or leveraged ETFs | Included |
| Fractional shares | Yes, by dollar amount | Yes, from USD 1 |
| SIPs in US stocks | Listed as upcoming | Daily, weekly or monthly |
| Order types | Market and limit | Limit by dollar value, Super Orders |
How safe is my money on each?
US stocks bought through Zerodha or Dhan sit with ViewTrade, a US broker under SEC and FINRA rules, not in your Indian demat account. Both services run under IFSCA rules at GIFT City, Zerodha through India INX Global Access and Dhan through Raise IFSC. Dhan says it never holds your dollars, which go straight to ViewTrade's ledger.
Zerodha's guide says SIPC protection covers up to USD 500,000 per customer, including USD 250,000 in cash, if the US broker fails. Dhan's help pages do not mention SIPC, so ask 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?
Both hand you the US statements an Indian return needs. Zerodha's Console issues a capital gains statement, an annual holding statement with 31 December values for Schedule FA, and Form 1042-S for US dividend tax. Dhan's Reports section gives Form 1042-S, pre-filled Schedule FA, TR and FSI, plus trade books and contract notes for capital gains.
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?
Zerodha and Dhan both charge ₹0 on Indian delivery, and Dhan is cheaper to keep open. Both show US and Indian holdings in one app.
| Charge | Zerodha | Dhan |
|---|---|---|
| Equity delivery | ₹0 | ₹0 |
| Intraday and futures | ₹20 or 0.03% per order | ₹20 or 0.03% per order |
| Options | ₹20 per order | ₹20 per order |
| AMC | Free in year one, then SEBI BSDA slabs up to ₹300 plus GST | ₹0 for individuals |
| DP charge per sell | ₹15.34 per scrip | ₹12.50 plus GST per ISIN |
| Platforms and API | Kite, Console, Coin, Kite Connect API | Dhan app, TradingView charts, Options Trader, free DhanHQ API |
When is Zerodha the better choice for US stocks?
Zerodha may suit you better than Dhan if:
- You want lower brokerage, USD 10 at most per order.
- You want a published forex range and a stated SIPC position.
- You already use Kite and Console and can wait for beta access.
When is Dhan the better choice for US stocks?
Dhan may suit you better than Zerodha if:
- You want US access today, with 10,000+ names and SIPs.
- You want Super Orders and dollar-value limit orders on US stocks.
- You want no AMC and lower DP charges on the Indian side too.
Should I choose Zerodha or Dhan for US stocks?
Choose Zerodha for cost once the beta reaches you. Choose Dhan for a US service that is live, broad and built for systematic buying.
| If you want… | Better fit |
|---|---|
| Lower brokerage per US order | Zerodha |
| A published forex range and SIPC statement | Zerodha |
| A capital gains statement in one download | Zerodha |
| A US account open to new users today | Dhan |
| SIPs and Super Orders on US stocks | Dhan |
| The widest US stock and ETF choice | Dhan |
Switching later is harder than with Indian shares. US holdings cannot move between Zerodha and Dhan 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 Zerodha's and Dhan's published pricing as of October 2026 and may change. Zerodha's US service was in beta at the time of writing, and Dhan publishes no forex markup. 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.
