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 thew 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, to write a review i have to tell you each and every important services offered by fyers, hence the post will be long, however you can go to any section from table of contents below.
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 30,000 + clients and more than Rs. 2000 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:
Before we know what fyers (Margin also known as leverages, exposure or limits) offers in terms of margin you should be aware of what margin exactly are?
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. Let us understand this with a simple example:
Suppose you want to buy shares of tata motors currently trading at Rs.80. You have 1000 rupees in your trading account, how many shares you can buy with this money?
80*12=960, so approx you can buy 12 shares, although with this low quantity, the profit you will earn if the shares prices move 1 rupee up and down is only 12.
This does not look attractive at all. That is why the brokers would provide you margin to trade with larger quantity. So they will give you 5 to 20 times margin (may be more), now multiply your initial investment 1000*10 or 20, you will have much more money to buy the stock and with more quantity. Now the profit per share will be more as the quantity got increased.
Sounds attractive now, as your 1000 becomes 20,000 and with that you can buy at least 240 shares in case of tata motors, and per 1 rupees movement will give you 240 bucks. Take it as an extra power given to you, now its up to you to decide whether you want to use it or not.
Now that you know what margin are let us discuss about fyers margin in each and every segment.
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 has been postponed till 1,dec, 2020.
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.
However, this will get implemented in a phased manner from Dec,1,2020 till Aug 2021, so no need to worry as of now. You can read more about it here.
Therefore, the margin or leverages offered will be equal irrespective of the stock brokers in India going forward.
In simple term margin will be:
Maximum of 20 times until Feb 2021
Maximum of 10x from Mar to May 2021
Maximum of 7x from Jun to Aug 2021
Maximum of 5x from Sep 2021 onwards
Above are rough estimates only, it may be more or less similar. check the complete VAR+ELM list here. With 10x leverage, if you have 10k in your account your purchasing power becomes 100k, with 5x leverage it comes down to 50k, so you will have to adjust accordingly.
Margins will increase for Option writing as well, margin requirements will be as below:
- 25%(4X) of the SPAN + Exposure margins until Feb 2021
- 50%(2X) of the SPAN + Exposure margins until from Mar to May 2021
- 75%(1.33X) of the SPAN + Exposure margins until Jun to Aug 2021
- Full SPAN + Exposure margins from Sep 2021
From 1st Dec 2020, intraday FnO positions needs a margin requirement of 25% of 1L, which is 25,000 for intraday FnO position. This requirement goes-up to 100% of FULL span + exposure margin or full 1L from Sep 2021.
Keep in mind this also applies to Currency and commodity derivatives as well. I am still showing you the margin comparison for past reference:
Fyers Margin In Equity (Cash) Segment
In equity cash segment if you are placing intraday trades without cover order(co) or bracket order (bo), you get up to 18X Time the margin in fyers. Where as with cover orders and bracket orders where you place buy/sell orders with a compulsory stop loss order in case of CO and plus target in case of BO, you get up to 25X times margin.
Let me show you how, below are few stocks with normal intraday margin in fyers
I have tried to include stocks from different sectors, as you can see the range in normal orders in intraday without CO,BO is up to 18x times, Let us know see the same stocks and check, how much margin fyers gives in cover order and bracket order in equity segment?
As you can see for AuroPharma we were getting 9X time in normal orders, where as in BO it almost 12X times.
For BataIndia, in intraday normal orders it was 16X times, whereas for BO,CO its almost 22X times.
In case of BioCon it was 18X times which in BO order type reached to 25X times. Therefore, it reflects fyers gives its client enough margin in equity cash segment. For delivery based trades you required full margin at fyers. Let us now check other segments.
Fyers Margin In Futures and Options (selling):
If you are trader who trades in futures and options, than you should be aware of fyers margin in FNO trading. In futures and options fyers offer different leverage depending upon the stock, however, its up to 18X time for stock and for index like nifty its 33X times and bank-nifty its 20x times check out the image below I have calculated it from their margin calculator.
As you can see in above image SPAN + Exposure margins for 1 lot of Nifty futures or option, currently trading at 9987 is ₹1,41000(approx.). A leverage (margin) of 6.5 times means that you will be able to take a position with just ₹22470 (22,470*6.3= 1,41,561). Similarly for bank-nifty and stocks.
Fyers Margin In Options Buying:
SPAN + Exposure margins are not applicable for option buyers. To initiate a trade, you will have to pay the entire premium for 1 lot. However, do provide some leverage for near-month Nifty contracts. Normally, to buy Nifty 10800CE you’ll have to pay the entire premium of ₹5250. (70 Price* 75 Lot Size).
However, if you use cover orders to buy, you will get some margins/leverage and you can buy it for a lesser amount. With a leverage of 1.3x, you will be able to buy 1 lot with just ₹4040 (5250/1.3).
Fyers Margin Commodity(MCX)
Fyers provide margin in commodity futures as well, below are some calculation for most traded commodities in market like gold, silver and crude-oil. As you can see, in gold its 4X times of total overnight position for bo/co order. In Intraday normal orders lots is almost 2.5X times.
Similarly for silver margin is almost 3.8X and crude its 7x times.
Fyers Margin In Currency Segment:
People who loves trading in Forex or currency, fyers offer different margin for different pairs of currency like for USD/INR in intraday you need to pay Rs.672/per lot, for taking the overnight position you required to pay Rs.2038, whereas in BO/CO depending upon you stop-loss and target, you pay around Rs.355.
check the image below:
Please note, that all intraday positions will be squared off by fyers risk management team(RMS) before the closing hours of the market, if they are left open by you. If you intend to carry your position overnight, ensure to change the product type from INTRADAY to MARGIN.
Fyers Review On Brokerage:
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 Trading and Demat Account Charges Review:
Update: There are no Account opening charges at Fyers after 24 November 2020.
However AMC (annual maintenance charges) of ₹ 300 + GST will be levied per annum.
This amount will be debited from your Trading Account Ledger on a quarterly basis. Each quarter, an amount of ₹75 + GST (₹88.5) will be debited from your FYERS account.
Update: Recently, Fyers is not charging even for AMC for First Quarter
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:
Fyers Account Opening Process Review:
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 Review On Trading Platform:
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 Desktop Based Trading Platform 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. Creat 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.
Bracket order, Cover order, Normal Order Review 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 Based Trading Platform 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 Market Mobile Trading Platform 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
– Lots More
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.
What Is FYERS API Bridge?
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.
What Is Fyers Thematic Investing?
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 4 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 Top 5 stock broker position very soon.
If I have to rate the Fyers in comparison with other brokers, I will give 8.1 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.
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