Fyers is a new name in the stock market industry but within its incorporation from the year 2015, it has gain popularity due to its unparallel stockbroking services. It is a company based in Bangalore which deals in Equities, Futures, Options, currency derivatives on NSE platform. The motto or the focus of this brokerage company is to derive success through focusing on the energies one have and thereby reforming oneself when they require for the benefit of self and others. The word or the company’s name FYERS stands only for the phrase as “Focus Your Energy & Reform the Self”. These words are not only an acronym of the name of the company but these are values which the entity follows.
FYERS brokering services are one of the lowest cost brokering services you will find in India at the present time as well as one of the most transparent one. The brains behind establishing this company are young and motivated entrepreneurs who have a high interest in the stock market and they have to encash their knowledge and the experience and interest in the market by making all general traders trade easily on their platform.
They have used the online platform which is now the most important platform for trading shares more popular to the retail traders as well. FYERS online discount share broker is becoming popular with the traders because of its simplified trading platforms and the brokerage plans. One of the cheapest share broker or stockbroker that you can find is FYERS as they charge on a nominal fee of INR 20 on every order which is executed and there is no threshold on the size of the order. There are various types of platforms of FYERS on which you can trade if you open FYERS Demat account and FYERS trading account.
Demat Account Opening Procedure with Fyers
- Documents: The documents you would require to open FYERS Demat account are as follows:
- PAN card with a self-attestation that is with your own signatures on the photocopy of the document has to be submitted.
- For address proof, you can submit any one of the following –
- Bills of Telephones of electricity
- AADHAR Card
- Driving License
- Bank account statement or photocopy of the Passbook of your Bank.
- Photographs are mandatory and it should be of passport size and you need to submit 2 copies of photos along with the documents.
- A canceled cheque leaf for the verification of the bank account and also to add the bank account to the trading and Demat
- If you are going to trade in an F&O segment or in the commodities segment, then you need to submit income proofs as well. The valid income proofs according to the SEBI are –
- Acknowledgement copy of the ITR which you submitted to the IT department.
- Certified copy of Net Worth certificate by a qualified CA.
- Latest salary clips or the copy of Form 16.
- 6 months Bank accounts details in Bank statement.
- Statement for Demat Account holding.
- Procedure: The steps to open FYERS Demat account is pretty simple –
- You need to send the executives of the company the documents mentioned above via mail or post.
- You will receive a form for account opening from our end once the company’s executives get the documents from you.
- The form will be filled in your behalf and you just need to cross check and sign the form.
- Send the form back to the company and they will verify the details in the documents.
- You will then get the credentials to log in to your Demat and Trading account.
Fees of Demat Account and Trading account at Fyers
For a trading account, there are no charges but for a Demat account, as the company has tied up with IL&FS, there is an upfront fee of INR 400+taxes for the clients of FYERS.
Fyers Trading Platforms
- Thematic Investments: This is not exactly a platform rather a process of making a holistic investment in the Indian stock market, where you don’t think about a single share or stock of a company but on an idea. There are portfolios build on the ideas which are specific to certain industry or market as a whole. This thematic investment aims for higher returns and the allocation of your investment capital can be done very smoothly with the lesser hassle. There are tailor-made themes or portfolios which are based on new high return generating ideas and give you the opportunity to look towards the future. The risk gets reduced due to proper diversification and the returns are enhanced. You don’t need to pay any subscription charges, hidden fees or even commitment charges for availing this facility. The rebalancing of the portfolio can be done from time to time to keep the investment growth at pace.
- The process of Thematic trading:
- The broker that is the executives in Fyers provides his client with certain themes. For example, if the client wants to invest in a particular industry or company or in a state etc.
- Now after the client chooses a theme, the job of the broker is to identifying and shortlisting the companies which match theme chosen by the client. Each of the themes will have certain numbers of stocks.
- The next step is to finalize the theme with the stocks and then invest the money of the client in the particular theme.
- The stocks are in a ratio within the theme, the money is invested by the broker into that particular ratio as proposed and agreed by the client according to the theme.
- Fyers Web Trader: This is the web-based trading platform of Fyers which is completely smoothly functioning and flexible to the core. This is a step towards the next generation of web-based There are charts of advanced analysis and the indicators are really worth using for predicting market tops and lows. There are other features like live or real-time data feeding into the system, multi-leg orders, a tracker for the portfolio’s performance etc.
- Fyers One Trading Terminal: This is really one of the most advanced trading terminals which lots of features. From advanced charts to the stock screeners, marketplace, Technical and the fundamental analysis tools and what not. You can enjoy trading and make full of it using this platform. It is at present of the best trading platform in India.
- Fyers Market Mobile Trading App: If you are comfortable in mobile trading and you want to trade even on the go then this is the app for you. It has all the required features which are hardly there on any other mobile trading platform. There is data analytics for information; you can build different watchlist to keep an eye on the market movers, stock screener, strategies which are inbuilt, technical and fundamental analysis options with charts etc. The platform can be used for direct fund transfer for the stocks as well and the security of the process and the platform is up to the mark so your funds and shares are safe on this platform.
- The process of Thematic trading:
Whether it is a broker or an investor, everyone needs to get new ideas, knowledge on the financial market, since the level of financial literacy in India is very less and the knowledge is also poor, the financial especially the stock market sector is very backward even after people having ample money to invest. Fyers Brainstorm is a platform where there are rich resources of finance, the stock market, investment, shares and many other financial instruments. There are various blogs in which there are different ideas and knowledgeable things discussed to help the investors in the process of investing. Then the different platforms of Fyers are discussed in the broad measure in these blogs. There are various tutorials blogs as well under this section where the newbie in the stock market can get ample knowledge about the market. The pro traders can get new ideas about the technologies as Fyers update their blogs as soon as any new technology/ process and ideas are used in the market for making a profit. So, by following this blog section of Fyers one can stay updated about the stock market and can make profitable investments as well if they can properly incorporate the knowledge from these blogs and ideas.
Fyers 30 Days Challenge
Since in India, there are only a few sections of people who talk about share market in general. There are most of the people who invest but don’t want to talk about their investment, skills, and ideas. There are also people who don’t want to share their experiences. But Fyers believe in communication and thus they have built a platform where the traders and the investors can communicate with the executives and the trading fraternity of the company to get reviews on their investment. And this is not the end, the platform can be profitable for the winners who can trade and make a profit for a continuous 30 days trading. This is a challenge as well as a self-development activity, you can say. Since money and rewards excite everyone, so Fyers has come up with this innovative challenge where if the investors and the traders can profitably trade for 30 days, they will get all their brokerage refunded and also the trading fraternity will review their investment strategies and skills and give comments on the same. This is a great platform for the new learners as well as they can interact with the experienced traders and learn lots of new things and obviously make profits.
- The period of 30 days will be calculated according to the number of trading days in the period.
- The payment for the refund of the brokerage will be done on every 5th of the month or the next working day after 5th if there is any holiday.
- There is upper or lower limit on the refund of the brokerage.
- The dividends on the stocks are not considered as profits.
- For calculating the profit, all segments are counted.
The best part is that the winner of the challenge will get a certificate of recognition from the company.
- Brokerages: Fyers charge a very simple and nominal brokerage of INR 20 for every executed order or 0.1% of the total order-value whichever is lower in the case of every particular transaction.
- This is same for Equity Delivery, Equity Intraday as well as Futures trading.
- For the options trading, it is INR 20 for every order which gets executed.
- The Thematic investment is free of any charges as mentioned above as well.
- For the call & trader facility, the company charges INR 20 for every executed order.
- For the squaring off by the Admin, the charges are INR 20 for each executed order.
- For the NRIs, all charges are fixed at INR 100 for each executed orders in any of the segments.
- Hidden Charges: The other or the hidden charges are the Statutory charges like turnover charges, STT, taxes which are levied by the government of India, stamp duty charges according to the government, SEBI charges for the turnover fees etc. There are a Demat Debit Transaction charges imposed by IL&FS or ISSL which is INR 20 plus the charges for the depository actual.
The advantages or the upper hand you will have by trading with Fyers are as follow:
- The brokerage is not only low it is one of the cheapest brokerage house you would find in the country. So, the profit percentage by trading on this platform obviously will increase as you need to pay less charge.
- The trading platforms are their own and thus there are lots of new features which help in trading and to make the returns higher. The flexibility in the trading platforms offers the hassle-free trading opportunities to the traders and the investors. There are new features which are added on regular basis to better the experience.
- One of the most important benefits is the Thematic trading which allows you to invest on well researched and custom-made portfolios without spending a single penny for the ideas and the research.
- The charge or the brokerage plan is utterly simple and there is no ambiguity.
- The software for the trading is also available free of cost.
- There are various tools which can be used by the investors and the traders for their ease and benefit in trading. There are various strategies for options trading as well. The calculators for margin calculation, brokerage calculators, comparison calculator for brokerage, even there is Fibonacci calculator which s very useful in trading and there are lots of other tools.
- This brokerage house can also assist its clients and customers about the mutual fund in India. As there are so many mutual funds, and policies, it is confusing for a nontrader or nonfinance background person to understand which would be the best one to invest. So, there are advisors for the same and also they can evaluate which stocks will be best one to pick for your mutual funds. Since the past or the historical data of the mutual funds cannot guarantee its future avenues, you need expert’s advice for buying the mutual funds as well. The best person to refer are the people who daily trades in the stock market and that is what Fyers has done, it has cumulated the advising for mutual funds as well within its brokerage house to cater to the need of the people who are not accustomed or looking for making investments in the mutual funds to make indirect investments in the share market and not direct investments for whatsoever reasons.
Cons of Fyers
There are few drawbacks as well which you must know and understand before choosing this company –
- There is no paperless way of opening an account with Fyers.
- There is no owned depository service. They offer the Demat accounts to their customers through IL&FS. So, the Demat charges are also higher.
- There are no Bracket or Cover orders in their trading platform.
- Investors who are looking for commodity trading, Fyers is not their place as this company doesn’t offer commodity trading on their platforms like – MCX or NCDEX.
- The Exchange Transaction charges are comparatively more than the other discount brokers in India.
As a Discount broker in India, Fyers has various new as well as tradition things to offer to its investors. From the advanced trading platforms to the cheaper brokerage, the broking house has it all to be one of the cheapest discount brokers in India. The most important thing about this company is their innovative ways to make trading in India popular. The mix of traditional trading with technology is what they believe in and thus their trading platforms, features etc. minute for the same.