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
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 account.
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 re balancing of the portfolio can be done from time to time to keep the investment growth at pace.
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 trading. 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.
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.
Brokerages charges :
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.
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.