This fyers review going to cover each and every services offered by fyers to its clients. This post is not only about the giving review of fyers on margin, trading platform, brokerages or ton of other services offered, but it’s a journey of an entrepreneur.
Fyers company is living example of how a startup should work to become successful.
First of all, let me tell you on moneycontain every review you see is a honest review with facts not just the information, I have an account with them , I have experienced there trading platforms.
Therefore, I have tried to present the review with all that you can expect after opening an account with fyers. So rest assured whatever information has been provided is full proof.
Having said that, I have covered the most important points of Fyers review in 10 brief points incase you do not want to read the long detailed guide.
This overall review of Fyers with brief points will tell you all it has to offer to investors and traders.
So without further delay, let us start first with Fyers overall review in 10 brief points and later below you can check them in detailed guide if you want.
Just to let you know the post may be little long as it covers all aspects of the broker in detail, you can move through table of contents for the info you are looking.
Fyers Overall Review:
- As per the latest data on NSE available, Fyers have close to 2.9 lakh active clients and more than 4 lakh+ overall clients (users) in India.
- Fyers trading platform are of the best trading platform currently for all devices known as Fyers one/Fyers Web/Fyers Market for Mobile and Desktop. One can do fundamental as well as technical analysis quite easily.
- You can Invest and trade in all segments at Fyers i.e. Equity (Stocks), FNO, Commodity, Currency on both NSE, BSE & MCX.
- For a limited time period you can open a Free trading/demat account with Zero AMC charges at Fyers here, although they do charges one time account opening fee of Rs.300 and Rs.400 p.a. for AMC (Annual Maintenance Charge) at the year end.
- Fyers Brokerage charges are lowest in industry, they charge Rs.20 or 0.03% (whichever is lower) and also offers free equity (stocks) delivery trades as well.
- Fyers also offers brokerage or say commission free direct mutual funds investment (SIP’s) and also thematic investing which is pre build portfolios to make investments.
- If we talk about Margin at Fyers, after SEBI Rules on Intraday margin every stockbroker is giving same margin throughout India, hence this does not matter anymore.
- Call and Trade, Intraday Automatic Square Off charges are Rs.20 in case you use it.
- With Fyers you can also invest and trade in IPO’s, NFO’s, ETF, SGB, and many other financial products with so much ease.
- Fyers also provide API for programmers or developers who are interested in placing trades through other platform either built by them or any third party like Trading view, Amibroker, MT4 etc.
Overall, Fyers has everything to be one of the best stockbroker in India and one can invest and trade in stock market through Fyers without any doubt, hence rest assured and click here to open an free trading/demat account with 0 AMC charges at Fyers online within minutes.
Established in Aug, 2015 fyers is a discount broker co-founded by Tejas Khoday, who is also the CEO of the company. Tejas khoday, does have an interesting background before founding the fyers. He has worked with Zerodha, a leading discount broker in India in 2011.
Of-course he has worked with several other companies after that and also as an investment advisor, managing portfolios and advising clients on various investment.
That is why I have said in the beginning its an journey of an entrepreneur, today fyers have more than 100,000 + clients and more than Rs. 3000 Cr. Daily turnover across NSE, BSE & MCX within a span of 4 years of launch.
As per tejas khoday and I am quoting “After experiencing the complacency of traditional brokerages in India, Fyers was formed as a crusade to change the way stock investments are made in the country.
As a technology-focused brokerage, our goal is to transform the trading/investment landscape for everyone.”
Many say they will be going to give tough competition to zerodha in future looking at their growth and technological advancement in tools and resources.
After experiencing their services I have no doubt about the bright future of this company at all. So, without further waiting let us know about what fyers has to offer to its client and what make then different from other discount brokers in India.
Fyers is registered at SEBI by Fyers Securities Pvt Ltd, headquartered in Bangalore and member of all three major exchanges,NSE, BSE, MCX in India. Apart from this fyers also gets great coverage at the media houses for their view about market and economy have a look below:
Let us start evaluating fyers now in terms of margin brokerage and trading platform first.
Fyers Review On Margin:
Margin in stock market refers to buying/selling of securities (shares) by borrowing money from your broker. This is very much similar to taking loan for short period of time. This helps traders in buying or selling more with less money in intraday trading.
If you are an active trader or a beginner who knows what exactly going on with recent changes brought by SEBI, Higher Margin won’t be a factor anymore, now the competition among the broking industry is in terms of better trading platforms and lower brokerages plans.
The upfront margin collection in cash segment has been kept at flat 20%, which means now the leverage for all stocks would be 5x also the penalty provision for short-collection/ non-collection of upfront margin in cash segment.
This means regardless of any broker you won’t get more than 5X times margin in equity cash segment and in FNO you need to have the full margin span+exposure to take any position.
Therefore, the margin or leverages offered will be equal irrespective of the stock brokers in India going forward. Keep in mind this also applies to Currency and commodity derivatives as well.
For example: if there is a 20% margin requirement on a particular stock, then you will have to pay only Rs.20 to buy a stock of Rs.100. Another way to look at it is that if you have Rs.100, you will be able to buy five stocks instead of one.
Hence, the margin requirement will be same for all brokers including Fyers for intraday trading in equites and derivatives.
One need to understand taking more margin means more risk and chances of your money getting wiped out is even more, so it is always advisable to use it in limited way.
So going forward please choose stock broker not in terms of margin or leverage as it is same for all brokers through out India.
Fyers Brokerage Charges:
Fyers charge no brokerage for equity delivery based trades as well as zero charges for any investment in pre-build portfolios which is called as thematic investing at fyers. We will later discuss about the thematic investing.
Whereas for intraday trades across equity, currency futures, commodity futures, it is Rs.20 or 0.03%(whichever is lower).
What they mean is, suppose you bought stock xyz priced at Rs.100, quantity 100 on intraday basis,
so the total turnover would be bought 100, sold 100(100*200)= 20,000 on this amount they will charge either whichever amount is lower as 0.03% of 20000, is Rs.6 so they will charge that instead of flat Rs.20.
For options in equity, currency and commodity it is flat Rs.20 per order.
Fyers Account Opening Charges:
For a limited time period there are no Account opening + no AMC charges at Fyers, although they do charge a one time fee for opening account, which is Rs.400 and Rs.300 AMC per annum.
Let us see some other charges at fyers:
Fyers call and trade charges is Rs. 20 per executed order
Fyers auto-square-off charges is Rs. 20 per executed order
Fyers Physical Contract Note Charges is Rs. 20 per physical contract note + courier charges
Below are the charges for any other services you want in extra:
How To Open Fyers Account Online?
To open an account online, you can sign up using your mobile number through this link. You will receive an OTP to your number and you can get started with the process.
You will be required to enter your PAN, bank account details and personal details to continue with the sign-up.
Once you sign up you need to upload certain documents listed below.
Documents Required To Open An Online Account with Fyers:
Proof of Identity (PAN Card)
Address Proof (Passport / Voter ID / Ration Card / Driving License / Lease Agreement / Driving License / Flat Maintenance bill / Insurance Copy / Latest Utility bills not more than 3 months old / Bank account statement / Passbook not more than 3 months old etc).
To trade in derivatives, you will need any one of the following documents (Copy of ITR acknowledgement / Salary Slip, Copy of Form 16 / Bank account statement for the last 6 months / Copy of demat account holding statement / Networth certificate / Relevant documents substantiating ownership of assets / self declaration with relevant supporting documents).
To link your existing Demat account, provide the CMR copy (Client Master Report).
Photo / Scanned copy of cancelled cheque leaf / passbook / bank statement with details of IFSC / MICR code.
Fyers Trading Platform Review:
Fyers have one of the best trading platforms for traders and investors in India, in this section we will discuss all the trading platforms by looking inside them and seeing how they function. Fyers have three major trading platform
FYERS ONE – It is a desktop based trading platform, which means you can download the software and can install it on you PC or laptop. You can use it by logging in through client id and password given after account opening.
FYERS WEB – It is a is a web or say browser based trading platform, which can be opened on any web browser you use. Just like a website but with all the tools and resources needed.
FYERS MARKETS – It is a mobile based app, you can use and place your trades in mobile itself instead on logging to your desktop or laptop.
Let us see each trading platform offered by fyers and their functionalities.
FYERS ONE Review:
First of let me tell you this image in taken directly from trading terminal. Leaving aside that, i was amazed with great tools and resources this desktop based platform has.
The user interface is so clean and up to the mark, you can easily know which icon will do what, as the moment you will hover to any it will tell you the functionality of it.
As you can see all the major indices are already mentioned in the top, so you no need to create a separate watch-list for them. Create a new watch-list or use pre- made watch-list easily.
Using fyers advanced “Heat Map, Market Dynamics, and Index Meter.” During the rush hours, this can be your savior and reduce the time taken to track market movements to virtually zero.
It can elevate your trading experience to a whole new level.
With a click know top gainers and looser in any segment or indices.
This a very unique tool given by fyers, as you can in the image below its called flash data, you can know the latest bulk/block deal happening.
Moreover check how the recent IPO performing in the market, latest board meeting of any company .
If you are option and futures trader fyers one desktop platform have all the option calculator or option chain with open interest.
You can also know the option gainers and loser list just by a click. Select any segment NSE, MCX.
What is most important for a trader or investor is the technical analysis tools and resources in any trading platform.
You can directly transfer or add funds to your trading account from platform. There are many more tools and service inbuilt with fyers one, which I cannot explain otherwise the post would be so long.
So all in all fyers one trading platform have every trading tools required by any trader or investor.
Different Types Of Orders At Fyers:
In Bracket order you can place buy/sell price, at limit or market rate, with a a stop-loss and a target fixed. The benefits of multiple orders placed through bracket order is, it allows you to fully automate your trade.
As you have already given all the information to exchange about your order, you risk get reduced and the margin offered to you by broker gets exponentially high. It is only useful if you are placing intraday trades.
In cover order (CO) you can buy (or sell) shares with keeping it as market price or limit price and can also put a stop-loss.
Let us take an example to understand it better:
Suppose you want to buy a share however you want to buy it a limit price of your choice. Currently stock is trading at Rs.80 you can place a cover order by keeping the buying price at Rs.75 and stop loss as Rs.70 .
The moment stock comes to Rs.75 or lower than that your limit order will get executed & stop-loss order will be placed. In case if stock fall to Rs.70 this stop-loss order will also get executed. You can see your profit/loss in admin position.
One of the major benefit of cover order is, it reduces your risk or exposure in market. By using cover order, you are lowering your risk and ensuring that your losses are limited.
Moreover you will get additional leverage or margin if you use CO order. You can place cover order only for intraday trades not for delivery based.
In normal order window the margins are lower in comparison to BO,CO. You can put price at which you want the order to get executed, also you can change your intraday position to delivery using this order in case you want to hold the stock.
However there is no place to put stop-loss or target, you have to square off your position by your own. Just to let you know the white mark you see is my client id which I have removed.
FYERS Web Review:
As mentioned above fyers web is a web or say browser based trading platform, which can be opened on any web browser you use. Just like a website but with all the tools and resources needed.
Let us know more about it.
As, you can see in the image above fyers web design is clean and compact, they have tried to keep everything simple and on a click. On right you see watch-list, which you can create or use predefined list as given below:
There are lot of thing you can do just by a click look at the image below if you right click on chart of any stock or index it gives you lot of options.
I have checked the fundamentals of a HDFC Bank, so if you are doing investing for a long term no need to go to any other website all the major information will be available within the trading platform.
This is for technical analysis, for intraday and short term traders, you can see probability of a stock to move in which direction and than can make a concrete decision for placing your trades.
As the different charting tools and indicators in fyers one similarly all the major, minor indicators are present, Moreover you can popup the chart and do your analysis on a different tab.
Want to draw trend-lines or mark any important area, draw with the resources given on the left of the chart and apply them.
Order window in Fyers web:
We have already understood above about the various types of orders at fyers, so I don’t think need to explain, you can easily guess by looking at the image below:
You can add or withdraw funds directly as well as place any alerts, there are lot more functions which you can use in powerful web application provided by fyers. You have all what you saw in desktop based platform plus much more.
Fyers Mobile App Review:
Fyers markets is the name of the mobile trading app by fyers, it has inbuilt all the major tools, indicator and resources what we have seen in fyers web based platform.
In brief below are the points.
- Real-time Market Data
- 20+ Years of Historical EOD Charts
- 9+ Months of Historical Intraday Charts
- Advanced Technical Indicators
- Indicator templates for user convenience
- Multiple watchlists
- Stock Screeners & Heat Maps
- Trade in equity, futures & options
- Corporate Action of companies
- Bulk & Block deals
- Options Calculator
- Transfer Money in seconds
On every trading platform given by fyers there is a link inbuilt, which takes you to back-office login where you can see your ledger, contract notes, profit loss statement, your portfolio and holdings.
Overall, every trading platform offered by fyers have everything a trader or investor need, there is nothing to complaint about and with time in future you may see some more extraordinary features.
FYERS API Bridge Review:
API stands for application program interface. A programmer writing an application program can make a request to the Operating System using API (using graphical user interface or command interface).
It is a set of routines, protocols and tools for building software and applications.
Fyers also provide API for programmers or developers who are interested in placing trades through other platform either built by them or any third party like Trading view, Amibroker, MT4 etc.
It is also called as ALGO trading, you will be able to deploy your trading strategies on the most preferred platforms like Trading view, Amibroker, MT4 Ninja Trader, Python, C#, Excel VBA etc. with zero knowledge about programming and fire orders as per the trading signals directly to your account with FYERS and manage your positions efficiently on the API Bridge.
A great analogy is to think of an API Bridge as an interface. You need to interact with it to feed information (transmitting trade alerts from the platform) and in return place/confirm a specific order or access orderbook and Tradebook etc.
Basically, the API bridge acts as a connection between the front-end charting/Algo platform or an alert generating platforms such as Amibroker, Trading View, MT4 and the order matching engine. The interface connection is extended using a trading API.
Benefits of Fyers API based trading:
- Reduces the need for manual intervention.
- Automates decisions and execution, reducing time to act and avoiding human emotions from coming into play while trading.
- Helps scale up strategies to a wider range of stocks, than manually feasible .
Charges for using the FYERS API bridge is very nominal ₹500 per month / ₹6,000 per year, However you should have an account with them in order to use the API bridge.
Fyers Thematic Investing Review:
Fyers along with the trading services gives its clients a platform to build portfolios which are pre designed and chosen by fyers. One who are looking for investment rather than trading can easily invest through thematic investing platform.
Thematic investing allows you to invest in different themes or portfolios without getting into the stock specifics. So, instead of spending your precious time doing fundamental analysis and trying to build your portfolios, you can simply choose various themes offered by fyers.
A theme is a portfolio of stocks which revolve around a particular idea or sector. Themes are intelligently designed to help investors build a good portfolio rather than individual stocks.
It is a less risky way of investing in the Indian stock market as compared to directly investing in individual stocks as it offers more diversification.
For those who are keen on investing but don’t know how to start, this is your go-to platform for building an optimal portfolio.
Choosing this route, gives you a hassle-free experience as themes are rebalanced periodically to help you stay tuned with current developments in the stock market with the help of fyers research team.
As I have already told you above there are No or say zero brokerage to pay for using thematic investment in fyers.
My Opinion on Fyers:
A company which is just 5.11 years old, have made itself a brand within this period. There are more than 300 stockbrokers in India which are working from so long, but Fyers has created its own place.
This a significant example of how a startup should work, As I have already experienced the various services offered by fyers, I must say there are ahead in the race and will be in best 5 stock broker position very soon.
If I have to rate the Fyers in comparison with other brokers, I will give 9.4 out of 10. So don’t wait, go ahead and open an account now.
If you are a beginner in trading and investing, please read this amazing guide on how share market works in India?
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Note: Please do your own research and make investment. Moneycontain will not be responsible for any of your losses at all. The point made is for educational purpose only and intended to give information. All investments are subject to risks, which should be considered prior to making any investments.