Vested vs INDmoney vs IBKR vs Rovia vs Dhan vs Paasa vs Tickertape vs Borderless: all 8 US stock platforms for Indians compared (2026)
The only article that puts all eight platforms — Vested, INDmoney, IBKR, Rovia, Dhan, Paasa, Tickertape, and Borderless — in one place. Fees, FX, tax route, RSU support, and who each one is actually built for.
Arnav GroverCo-Founder & Chief Product Officer, RoviaThere are now eight serious routes for Indian residents to invest in US stocks. A year ago there were four. Dhan launched a GIFT City IFSC product in June 2026, Paasa built an India-friendly wrapper around Interactive Brokers, and Tickertape expanded from a research tool into a full investing platform.
This is the only article that puts all eight in one place. No affiliate links, no paid placements, no "platform of the month" picks. Just the facts that actually determine your investing outcome: fees, FX, tax route, RSU support, and who each platform is actually built for.
The two fundamentally different structures
Before comparing platforms, you need to understand the two architectures — because they determine your TCS exposure, LRS headroom, and potentially your capital gains tax.
LRS route (six of the eight platforms)
You remit INR from your Indian bank account via the Liberalised Remittance Scheme. The money leaves India as a foreign remittance, gets converted to USD, and lands in a US broker account. Your $250,000 annual LRS cap applies. TCS (Tax Collected at Source) of 20% is collected by your bank above ₹7 lakh per year (reclaimable when you file ITR, but it blocks capital in the interim). You must file Schedule FA in your ITR disclosing the foreign asset.
Platforms on LRS route: Vested, Rovia, Borderless, Paasa (IBKR account is US-based), and IBKR directly.
GIFT City IFSC route (Dhan, INDmoney, Tickertape as of July 2026)
You invest through an IFSCA-registered entity in GIFT City, India's domestic offshore financial hub. Legally, the investment is with an Indian entity operating under IFSCA regulation — not a foreign entity. This has three significant consequences:
- LRS cap likely does not apply — Transfers to a domestic IFSC entity are generally not counted as LRS remittances (verify with your CA; explicit RBI circulars are still limited)
- TCS likely does not apply — Transfers to domestic IFSC entities are generally not classified as LRS remittances, so TCS under Section 206C(1G) should not be triggered; banks and platforms operate on this basis
- Potential Section 10(4D) capital gains exemption — Gains from certain IFSC-listed securities may qualify for full tax exemption (complex and evolving; verify with a CA for your specific situation)
The trade-off: GIFT City as a structure is newer, with fewer established platforms and evolving regulatory guidance on edge cases like Schedule FA.
All 8 platforms at a glance
| Platform | Route | Brokerage | FX markup | Clears via | Best for |
|---|---|---|---|---|---|
| Vested | LRS | 0.25% | ~75–100p/$ | DriveWealth | Established Indian US-investing product |
| INDmoney | GIFT City IFSC (GAP, since Aug 2025) | 0.25% | ~50–75p/$ | DriveWealth & Alpaca | Indian + US in one app, ITR tax reports |
| IBKR | LRS (direct US) | $0.005/share (min $1, Fixed plan) | Near-interbank | Self (direct US broker) | Large deployments, global asset access |
| Rovia | LRS | 0.15% | ~75p/$ | Alpaca | RSU holders, tax-loss harvesting |
| Dhan | GIFT City IFSC | 0.25% | Built into conversion | ViewTrade (IFSC) | Avoiding TCS, GIFT City tax advantages |
| Paasa | LRS (via IBKR) | IBKR rate + markup (Access) / IBKR rate + AUM fee (Apex) | Preferential | IBKR | IBKR experience with India compliance layer |
| Tickertape | GIFT City IFSC (IFSCA route) | from 0.15% | Via GlomoPay | ViewTrade (IFSC) | Research + execution in one platform |
| Borderless | LRS | Not publicly listed | Not disclosed | DriveWealth | Thematic portfolios (Stacks), global reach |
Platform profiles
1. Vested
Vested is the most established India-focused US-investing product, having operated since 2019. It is registered in the US as a SEC-registered investment adviser and FINRA-member broker-dealer (VF Securities, Inc.) — not SEBI-registered. It clears through DriveWealth in the US. The platform holds the full NYSE and NASDAQ universe — every listed stock and ETF, fractional shares from $1, no minimum balance.
The value proposition is India-first UX: INR-format P&L statements, Schedule FA helper tool, a built-in LRS calculator, and India-business-hours customer support. Brokerage is 0.25% per trade, capped at $35 — so large lump-sum trades above $14,000 pay a flat ₹3,000 regardless of size.
Where Vested falls short: No ACATS inbound from US employer brokers (can't consolidate RSUs here). No options or futures. No OTC/pink-sheet stock access.
Brokerage: 0.25% per trade, capped at $35
FX: ~75–100 paise above interbank per USD
Asset universe: Full NYSE/NASDAQ; no options, no OTC
Tax docs: INR P&L, Schedule FA helper
Safety: FINRA/SIPC via DriveWealth (up to $500k)
2. INDmoney
INDmoney is SEBI-registered and since August 2025 also holds an IFSCA Global Access Provider (GAP) licence at GIFT City. It clears through both DriveWealth and Alpaca Securities, and charges 0.25% brokerage capped at $35 — similar economics to Vested but with three meaningful differences.
First, it bundles Indian assets (mutual funds, Indian stocks, fixed deposits) with US stocks in a single app. If you want one view of your entire wealth, INDmoney is currently the only platform that delivers that cleanly.
Second, it provides OTC (pink-sheet) stock access that Vested does not. Relevant only if you specifically want unlisted or OTC-traded US companies.
Third, its tax reporting is more granular — lot-level ITR-format statements with individual buy prices, dates, and gains broken out in the format your CA expects. This saves meaningful CA billing time at tax season.
Where INDmoney falls short: Same ACATS limitation as Vested. The US-investing product is one feature inside a larger Indian wealth app — some users find the UX sprawling.
Brokerage: 0.25% per trade, capped at $35
FX: ~50–75 paise above interbank per USD (slightly tighter than Vested)
Asset universe: Full NYSE/NASDAQ + OTC/pink-sheet stocks
Tax docs: Lot-level ITR-format statements
Safety: FINRA/SIPC via DriveWealth
3. Interactive Brokers (IBKR)
IBKR is a direct US broker — you open a US brokerage account in your name, governed by US broker-dealer regulations, with near-interbank FX on the inbound remittance. There is no Indian intermediary.
The economics work differently from Indian platforms. IBKR charges per-share rather than per-trade. The default Fixed plan is $0.005/share with a $1 minimum per order — so on a $100 trade, you pay $1 regardless of how many shares you buy. On a ₹10 lakh ($12,000) lump-sum buying 150 shares of an $80 stock, IBKR charges $0.75 — effectively 0.006% of the trade. At large trade sizes, IBKR is dramatically cheaper than any Indian platform. An optional Tiered plan ($0.0035/share, min $0.35) is available to active traders.
The asset universe is the widest available: US stocks and ETFs, options and futures, London, Tokyo, Hong Kong, Singapore, European exchanges, bonds, currencies, and more. If you need access beyond US markets, IBKR is your only serious option.
The trade-offs are real: no Indian tax document support, no Schedule FA tooling, 5–10 business day account opening, and no India-business-hours phone support. You manage your own compliance.
Where IBKR falls short: Per-order minimum makes small or frequent trades expensive. No Indian tax reporting. Long onboarding. UI built for sophisticated traders, not beginners.
Brokerage: $0.005/share, min $1/order (Fixed, default); Tiered plan ($0.0035/share, min $0.35) available for active traders
FX: Near-interbank (best in class)
Asset universe: 80+ global exchanges; options, futures, bonds
Tax docs: US 1099 format only; Schedule FA is manual
Safety: FINRA/SIPC directly (up to $500k)
4. Rovia
Rovia is the newest of the established four and was built specifically for a use case the others ignore: Indian residents holding RSUs at US employer brokers (Fidelity, E*TRADE, Morgan Stanley, Schwab). Every other platform on this list requires you to sell your RSUs before you can transfer proceeds — Rovia accepts inbound ACATS transfers of shares-in-kind from US employer brokers, without selling.
Beyond RSU consolidation, Rovia has the most sophisticated Indian tax tooling of any platform. It applies vest-date SBI TT rates to each lot automatically, supports specific-lot identification at sell time, and generates ITR-ready realized-loss schedules that let you identify which lots to sell to harvest losses most efficiently.
The 0.15% brokerage is also the lowest of any Indian-facing platform (tied with Tickertape). Rovia charges a flat $5 fee on outbound repatriation.
Disclosure: Vested.blog is the editorial publication of Rovia. We have aimed to keep this comparison factually neutral, and every fact above is independently verifiable.
Where Rovia falls short: Newer platform with a shorter track record. RSU tooling is over-engineered for investors without employer stock. Clears through Alpaca, a FINRA/SIPC-member US broker-dealer.
Brokerage: 0.15% per trade
FX: ~75 paise above interbank per USD
Asset universe: Full NYSE/NASDAQ; no options, no OTC
Tax docs: Lot-level INR statements with SBI TT vest-date rates; loss-harvesting schedules
ACATS in: Yes — from Fidelity, E*TRADE, Morgan Stanley, Schwab
Safety: FINRA/SIPC via Alpaca
5. Dhan (GIFT City route)
Dhan launched US stock investing in June 2026 through Raise IFSC Private Limited, its wholly-owned GIFT City subsidiary. It partners with ViewTrade as its US-side clearing broker and GlomoPay for INR-to-USD conversion. Dhan is the only platform on this list routing through the GIFT City IFSC structure rather than standard LRS.
The practical differences are significant:
TCS likely does not apply. Transfers to a domestic IFSC entity (Raise IFSC Pvt. Ltd.) are generally not classified as LRS remittances under FEMA, so TCS under Section 206C(1G) should not be triggered. Banks and Dhan operate on this basis. For an investor sending ₹20 lakh/year to US stocks, that could mean ₹2.6 lakh of capital that stays invested rather than being blocked until ITR filing — but verify with your bank and CA, as explicit regulatory circulars are limited.
LRS cap likely does not apply. Your $250,000 annual overseas remittance cap should be unaffected since the transfer goes to a domestic IFSC entity, not abroad. Verify with your CA before committing large sums on this basis.
Possible Section 10(4D) capital gains exemption. Gains from securities listed on IFSC exchanges through an IFSCA-registered entity may qualify for tax exemption under Section 10(4D) of the Income Tax Act. This is a genuinely significant potential advantage — but the rules are complex, the regulatory guidance is still evolving, and edge cases exist. Verify your specific situation with a CA before assuming zero tax on gains.
What Dhan offers beyond the structure: NYSE and NASDAQ stocks and ETFs, fractional shares, US stock SIPs (systematic investment), and seamless access within the existing Dhan app (which most users already use for Indian stocks). Brokerage is 0.25% — same as Vested and INDmoney.
Where Dhan falls short: Launched June 2026 — very new, short track record. No RSU/ACATS support. No options or OTC. The GIFT City tax position is advantageous but still has unanswered edge cases (Schedule FA treatment, repatriation rules). For investors comfortable with the established LRS framework, the GIFT City structure introduces new uncertainty even as it removes old costs.
Brokerage: 0.25% per trade, capped at $35
Route: GIFT City IFSC (not LRS)
Tax: TCS likely not applicable (verify with CA); potential Section 10(4D) capital gains exemption
Asset universe: NYSE/NASDAQ stocks and ETFs; fractional shares
Safety: IFSCA-regulated IFSC entity + ViewTrade as US clearing broker
6. Paasa
Paasa is the most architecturally interesting of the newer entrants: it puts an India-compliance layer on top of Interactive Brokers' global infrastructure. Your brokerage account is literally at IBKR, in your name, under your PAN, with IBKR's SIPC protection. Paasa adds the India-facing wrapper you would otherwise have to build yourself.
Access plan: Paasa adds a small brokerage markup on US trades above IBKR's published tiered rates. No monthly platform fee, no minimum balance, no inactivity fee. Includes pre-filled Indian tax documents with the exact values needed for your ITR, FEMA and LRS compliance support, and preferential FX rates.
Apex plan: IBKR's published rates pass through directly — no Paasa markup. In place of a per-trade markup, Apex charges an AUM fee on your invested balance, billed monthly, tiering down as your portfolio grows. Includes a dedicated relationship manager who handles tax and FEMA queries and provides investment advice.
The proposition: get the full IBKR asset universe (options, futures, 80+ global exchanges), near-interbank FX, and the widest possible investing scope — without giving up India-compliant tax documentation and FEMA support.
Where Paasa falls short: Paasa costs more than opening IBKR directly. The markup or AUM fee is the price of the compliance layer. For a sophisticated investor who is comfortable managing their own FEMA filings and converting 1099 to Schedule FA format, direct IBKR is cheaper. Paasa's value is real only if that compliance overhead is a genuine friction for you.
Brokerage: IBKR rate + markup (Access) or IBKR rate + AUM fee (Apex)
FX: Preferential rate (better than standard LRS conversion)
Asset universe: Full IBKR — 80+ exchanges, options, futures, bonds
Tax docs: Indian tax documents pre-filled for ITR; FEMA/LRS support included
Safety: FINRA/SIPC via IBKR directly (up to $500k)
7. Tickertape
Tickertape built one of the best stock research experiences in India — screeners, backtesting, portfolio analytics, and fundamental data — and has now extended into execution. US stock investing was added as an end-to-end product: open an account, fund it via LRS, and buy directly within Tickertape.
They partner with ViewTrade International IFSC (IFSCA-registered) for brokerage services and GlomoPay for INR-to-USD conversion. Brokerage starts at 0.15% — tied with Rovia for the lowest on the list — with no account opening, maintenance, or withdrawal fees.
The differentiated angle is the research layer. If you are doing your own stock analysis before buying, Tickertape gives you screeners, valuation tools, peer comparisons, and portfolio analytics that no other platform on this list matches natively. The research and execution happen in the same product.
Where Tickertape falls short: Primarily known as a research tool — the investing feature is relatively new. No RSU/ACATS support. Tax reporting depth is not as detailed as INDmoney's lot-level ITR format or Rovia's loss-harvesting schedules. No options or OTC.
Brokerage: From 0.15%
Route: LRS
Asset universe: NYSE/NASDAQ stocks and ETFs
Tax docs: Standard statements (less granular than INDmoney or Rovia)
Standout feature: Integrated research — screeners, backtesting, analytics
Safety: FINRA/SIPC via ViewTrade
8. Borderless (formerly Stockal)
Borderless (rebranded from Stockal in 2024–25) is one of the original US stock platforms for Indians, and is expanding into a broader global investing and multicurrency banking product. The underlying clearing is through DriveWealth — the same infrastructure as Vested and INDmoney.
The platform offers 8,500+ US-listed stocks and ETFs, fractional shares from $0.01, and a distinctive product called Stacks: pre-configured baskets of stocks and ETFs themed around an investment idea (AI infrastructure, clean energy, etc.). Stacks are the platform's clearest differentiator from competitors.
Borderless also positions for global reach beyond just India — they serve Middle Eastern investors and are building remittance and multicurrency banking features alongside the investing product.
Where Borderless falls short: In the pure US-stock-investing-for-Indians competition, Borderless is not clearly ahead of Vested or INDmoney on fees, FX, or tax documentation. Its advantage is the Stacks product and the global/multicurrency ambitions. Brokerage fee structure is not prominently disclosed — verify directly before opening.
Brokerage: Not prominently disclosed (verify on borderless.world)
Route: LRS
Asset universe: 8,500+ US stocks and ETFs; fractional shares
Standout feature: Stacks (thematic pre-configured portfolios)
Safety: FINRA/SIPC via DriveWealth
Key dimensions compared
Brokerage fees: who wins at what trade size
For small/frequent trades (₹10,000–₹1.5L per trade), percentage-based brokerage wins. At this size, IBKR's default $1 minimum per order (Fixed plan) dominates — on a ₹5,000 (~$60) trade, that's over 1.6% effective cost. Paasa on its Access plan passes through the same IBKR pricing, so the same applies. Rovia and Tickertape (0.15%) are cheapest; Vested, INDmoney, Dhan, and Borderless (0.25%) are next. IBKR and Paasa (Access) cost 3–8× more per trade at this range.
For large lump sums (₹10L+ per trade), the calculation flips. IBKR and Paasa Apex pass through near-interbank FX, saving ₹5,000–₹15,000 per ₹10L remittance compared to Indian platforms. At ₹25L+ per year deployed, the FX savings outweigh the per-trade convenience of Indian platforms.
For RSU holders, Rovia is the only platform with inbound ACATS — all others require selling your employer shares before transferring proceeds.
Tax route: LRS vs GIFT City
| LRS platforms | Dhan (GIFT City) | |
|---|---|---|
| TCS above ₹7L/year | 20% (reclaimable, blocks capital) | None |
| LRS cap impact | Counts against $250k | Does not count |
| Schedule FA required | Yes | Evolving — consult CA |
| Capital gains tax | Full slab/LTCG rates | Potential 10(4D) exemption |
| Regulatory track record | 5+ years established | Launched June 2026 |
Indian tax documentation quality
| Platform | Format | Lot-level? | Schedule FA help? | Loss harvesting? |
|---|---|---|---|---|
| Vested | INR P&L | No | Helper tool | No |
| INDmoney | ITR-format lot-level | Yes | Helper tool | No |
| IBKR | US 1099 | Yes (US format) | Manual | Manual |
| Rovia | INR lot-level, SBI TT rates | Yes | Automated | Yes |
| Dhan | Evolving (IFSC) | TBD | GIFT City framework | No |
| Paasa | Pre-filled ITR values | Yes | FEMA/LRS support | Apex plan only |
| Tickertape | Standard | Partial | Basic | No |
| Borderless | Standard | Partial | Basic | No |
Safety and regulation
All eight platforms route through regulated entities. For LRS-based platforms, the ultimate safety layer is the US broker-dealer's SIPC membership (up to $500,000 in securities, including $250,000 cash). For Dhan's GIFT City route, the safety framework is IFSCA regulation — newer but modelled on international IFSC standards.
| Platform | Indian entity | US custody | SIPC? |
|---|---|---|---|
| Vested | SEC/FINRA-registered (US) | DriveWealth (FINRA/SIPC) | Yes |
| INDmoney | SEBI-registered + IFSCA GAP | DriveWealth & Alpaca (FINRA/SIPC) | Yes |
| IBKR | SEBI-registered (IBKR India entity) | IBKR LLC (FINRA/SIPC) | Yes |
| Rovia | FINRA-registered via Alpaca | Alpaca (FINRA/SIPC) | Yes |
| Dhan | IFSCA (Raise IFSC Pvt. Ltd.) | ViewTrade | Yes (via ViewTrade) |
| Paasa | Indian entity (IBKR wrapper) | IBKR LLC (FINRA/SIPC) | Yes |
| Tickertape | Indian entity | ViewTrade (IFSC) | Yes (via ViewTrade) |
| Borderless | Indian entity | DriveWealth (FINRA/SIPC) | Yes |
Decision guide
You hold RSUs at Fidelity, E*TRADE, Schwab, or Morgan Stanley → Rovia. Only platform with inbound ACATS from US employer brokers, lot-level vest-date tax tracking, and loss-harvesting schedules.
You want to avoid TCS and want GIFT City's potential tax advantages → Dhan. The only GIFT City IFSC route currently. Very new — accept the early-adopter risk.
You invest ₹25L+ per year in larger lump sums and want the best FX → IBKR (direct) or Paasa Apex (IBKR with India compliance). FX savings at this scale more than offset any per-trade friction.
You want IBKR's global access with India tax documents handled for you → Paasa. Access plan for active traders; Apex plan for larger portfolios wanting a relationship manager.
You invest small amounts regularly (SIP-style, ₹10K–₹1.5L/trade) → Rovia or Tickertape (0.15% brokerage). IBKR's default $1 minimum (Fixed plan) makes frequent small trades 4–8× more expensive at this size.
You want Indian + US assets in one app with ITR-format lot-level tax reports → INDmoney. Most complete single-app wealth experience for Indian residents.
You do serious stock research before buying and want execution in the same product → Tickertape. Best integrated research + execution experience.
You want thematic portfolios (baskets of stocks) without picking individual names → Borderless. Stacks are the most developed thematic-portfolio product in this list.
You want an established, focused US-investing product with good India support → Vested. Most track record, India-first UX, Schedule FA helper, clean product.
What the landscape looks like in July 2026
Three years ago, the credible options were IBKR (for sophisticated investors) and Vested/INDmoney (for everyone else). The field is now genuinely competitive:
- 0.15% brokerage is now table stakes from two platforms (Rovia, Tickertape)
- GIFT City IFSC is live for the first time via Dhan — potentially eliminating TCS for retail investors
- IBKR wrappers (Paasa) make the global-access route accessible without DIY compliance
- Research + execution integration (Tickertape) closes the gap between analysis and action
The platforms that have the least differentiated position today are Borderless and Vested — both solid, both DriveWealth-clearing, both 0.25% (Borderless TBD), but neither is clearly best-in-class on any single dimension. Vested's moat is brand trust and schedule FA tooling; Borderless's is Stacks and global ambition.
The platform to watch is Dhan — if the Section 10(4D) capital gains exemption holds up in practice and the regulatory guidance solidifies, GIFT City routing becomes a structural advantage that none of the LRS platforms can match.
Last reviewed: July 2026. Pricing, fees, and regulatory guidance change — verify any decision-critical detail directly with the platform before opening an account. Vested.blog is the editorial publication of Rovia; we have disclosed this relationship throughout and have aimed to keep this comparison factually neutral.
Sources for this article: Dhan US stocks launch · Paasa pricing · Tickertape US stocks · Borderless World
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About the author
Co-Founder & Chief Product Officer, Rovia
IIT Bombay + IIM Calcutta. Founding PM at Aspora (largest NRI fintech). 6+ years covering Indian-resident US investing, LRS compliance, Schedule FA, and ITR-2 filing for AY 2026-27.
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