Fyers the Next Investing zone Read full Fyers Review
Focus Your Energy and Reform Yourself, abbreviated as FYERS was incorporated in 2015 by two brothers Yashas Khoday and Tejas Khoday, after having worked with several brokerage firms.
The Khoday brothers realised the need to bridge the gap between what traders want and what was being offered by the brokers, and that’s how FYERS was born to empower Indian traders and bring in much needed change in the capital markets.
Fyers Review in Details
As of May 2020, with 50,000+ customers trading seamlessly on their platform is the sign of their growing popularity among traders’ community.
Based out of Bangalore, this low brokerage stock broking firm is a registered member of NSE, BSE, and MCX; and had introduced ‘School of stocks’ in April 2019 in order to educate newbies with free online modules on stock market, commodities, currencies, Options along with technical and fundamental analysis.
Since its inception, almost every year has been eventful for the FYERS. Earlier they used to offer demat account in partnership with IL&FS Services until October 2019, when they became depository participant with CSDL and launched their own FYERS demat account.
FYERS offer a strong web trading platform, installable desktop trading terminal and mobile trading application which are all developed by in-house team and are all freely available to its customers.
In order to incentives the active trading community in India, they offer a “30 Day Challenge” product, available on NSE, BSE and MCX, through which FYERS promises to refund the full brokerage amount if one trades profitable for a period of 30 days.
A certificate of recognition is also emailed to the winner. FYERS also has a referral program which can earn anybody 20% of the brokerage generated by the clients referred by you.
Thematic Investment from FYERS has been its USP which has made stock investment much easier and exciting. Pitched as “investment in ideas”, thematic investment is all about investing in a group of stocks that can reduce risk yet be profitable.
With this one can invest in a simple and effective manner without requiring to do in-depth research on stocks. Readymade portfolios are available in form of various themes which one can invest into and
gain accordingly.
How does Thematic Investment functions?
A set of themes are provided by FYERS which in turn represents ideas. For example, you may choose to invest in TATA Group of companies only.
FYERS platform identifies a list of firms that matches the stated theme. This particular theme will have a set number of stocks which the investors will put their money in.
FYERS offers 100+ themes on its platform, each theme consisting of less than 20 stocks. Overall around 1500 stocks are covered. There’s no extra charge being levied to the customer.
They pay the regular brokerage only. Themes can be modified from time to time.
Various Charges of FYERS
FYERS is known to be the cheapest online stock broking firm having a simplistic pricing model for its customers. It offers trading across segments for a flat fee of maximum Rs 20/- per executed order.
No matter how big the order is, a maximum of Rs 20/- per executed order is charged.
However, for equity delivery and thematic investments they charge no brokerage fee.
Charges for opening account with FYERS – Rs 400
Annual Maintenance Charges for demat account – Rs 300
Modification in KRA – Rs 50
Modification in CML (Client Master List) – Rs 50
Various Charges of Fyers
| Charges | Equity Delivery | Equity Intraday | Futures | Options |
| Brokerage | Zero | Rs 20 per executed order or 0.01% (whichever is lower) |
Rs 20 per executed order or 0.01% (whichever is lower) |
Flat Rs 20 per executed order. |
| STT / CTT | 0.1% on both Buy and Sell |
0.025% on the Sell Side |
0.1% (on Sell Side) | 0.05% (on Sell Side) |
| Transaction Charges | Rs 325/crore | Rs 325/crore | Rs 210/cror | Rs 5300/crore |
| SEBI Charges | Rs 5 / crore | Rs 5 / crore | Rs 5 / crore | Rs 5 / crore |
Apart from the above charges, stamp duty is charged based on the state where the customer resides. GST is charged at 18% on brokerage and transaction charges.
There are host of other hidden charges as follows:
Cheque bounce charge – Rs 350
Payment gateway charges – Rs 10
Pledge / Unpledge request – Rs 50 + Rs 12 per request (CDSL Charges)
Pledge invocation – Rs 50
Charges for Conversion of MF Units / De-statementisation – Rs 100 per certificate
Reconversion of MF units in to SOA or Redemption/Re-statmentisation per SOA – Rs100 per certificate + CDSL charges
Various trading platform of FYERS
FYERS’s trading software can be accessed across various platforms depending on the customers’ ease of accessibility and need.
Both of its front end and back end platform is quite robust is developed by internal team.
The best part is that to address various issues and fix the bugs, updates are done almost every month with new features and few enhancement over earlier versions.
It is an advanced trading platform that helps its clients make informed trading decisions.
Loaded with various unique features like heat-maps, stock-screeners, intraday scanners, support & resistance filters, real-time market analytics and FII / DII data, RBI rates, global markets performance etc, FYERS One definitely is a helpful platform.
For F&O traders, there’s features like live options chain, and stock specific open interest analysis. These powerful functionalities definitely provides a competitive edge to the technical traders and fundamental investors out there.
This particular platform is for those traders / investors who are comfortable on web based trading portals. FYERS Web is very strong and helpful with its multi-chart setup that simultaneously allows to view up to 8 charts for better decision making.
Unique features like price ladder trading and trading directly from charts is being incorporated for the first time. Historical data of almost 2 decades on EOD, intraday and all F&O prices help clients to act accordingly.
This mobile trading app from FYERS is for those who would love to trade on the go, either on their iOS or Android device.
This robust trading app is efficiently designed to execute orders fast and quick. Performances of major equity indices can be tracked in real-time, as many as 25 scrips can be added as a watchlist and 5 such different watchlists can be created.
Certain useful screeners such as resistance and support, trend screeners etc can help make trading decisions better.
Pros and Cons of FYERS
Everything comes with its own list of merits and demerits, and the same is with FYERS platform too which is listed below. One should vet it out before opening an account.
1:- It offers free equity delivery trading and do not charge any brokerage for cash and carry trades.
2:- The software developed by FYERS for trading works really fast and provides regular updates to fix the bugs
2:- Good number of technical analysis tools are available that can help traders to gain insights before trading
4:- Under “30 day challenge” one stands a good chance to get 100% refund on the brokerage
5:- Referral program also helps you to earn a decent amount
6:- Thematic investment helps traders with systematic investment that too at zero brokerage
7:- Pricing structure across all platform is reasonable and competitive
8:- FYERS have a relatively less consumer complaints registered with the exchanges
1:- FYERS doesn’t have NRI trading facilities
2:- MF investment option isn’t available
3:- Through FYERS platform one cannot invest in bonds and insurance
4:- The customer care numbers aren’t toll free and the calls are chargeable
5:- Commodity segment doesn’t provide any kind of support to traders
How to open a FYERS account?
Opening account with FYERS is fairly simple and can be done both online as well as offline.
The following documents are mandatory for opening an account.
1:- PAN card
2:- Aadhaar Card
3:- Passport sized photo
4:- Cancelled cheque
5:- Income proof
Opening an account with FYERS isn’t 100% paperless. Application form can be requested online by visiting their webpage and leaving your name, email id, and phone number.
Representative from FYERS would then call you and explain the process. Alternatively you can visit their office to fill up the form.
Another way is to download the form from their webpage, fill it up and courier it across to their office along with valid documents. Online account can also be opened by following 3 simple steps – enter required KYC details, upload scanned copies of documents and then sign digitally using Aadhaar OTP.
