Fyers

Fyers is one of the recently launched discount brokers in India from its inception in 2015. The broker is based out of Bangalore and claims to offer the best online trading experience through its trading platforms. The team comprises of young entrepreneurs and that is why they have carefully chosen the brand name.

Fyers Review

Fyers stands for “Focus Your Energy & Reform the Self” and thus, reasonably better services can be expected from the broker, at least initially. The discount broker is a member of NSE and MCX.

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“Your Demat Account will be internally opened through IL&FS, a prominent depository services provider in India.”

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You can trade or invest in the following segments using its service:

• Equity
• Currency Trading
• Commodity Trading
• Mutual Funds
• Derivatives Trading
• IPO

 

 

 

 

 

 

 

Tejas Khoday (Founder & CEO) – Fyers

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Fyers Trading Platforms

The discount broker offers some unique and one-of-its-kind features in its three trading platforms. Here are the details:

Fyers One

It is a trading terminal software that can help technical traders as well as fundamental investors at the same time. Clients need to download and install this application on their desktop or computer. Some of the features the trading application provides are:

• Advanced charting functionality with up to 30 days of Intra-day and of up to 5 years of historical EOD data with more than 60 indicators. The platform also provides intra-day charts for indices (they claim to be the only one to do that).
• “Stock Screeners” functionality helps to track, filter and research stocks as per user’s preferences.
• Get a 360-degree view of the world market with minimal clicks.
• Real-time exchange updates and announcements of crucial board meetings and market happenings
• Advanced features such as “Heat Maps” can save a good amount of time that might get wasted in going over the numbers one by one at crucial moments.

Here are some of the screenshots of this application:

Fyers Markets

This mobile app comes with a proposition that it uses minimal internet data to provide maximum information and trading at a really quick speed. The mobile app is available in Android as well as iOS versions and comes with the following features:

• Data Analytics with maximum relevant information and less data cluttering that can be confusing
• The stock screener feature allows to analyze and find trading opportunities across different sectors and indices at the same time.

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“Fyers is known to provide some of the best trading platforms to its clients, especially in the desktop and mobile-based trading softwares.”

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• Get access to more than 43 different options strategies
• Funds transfers with more than 25 banks allowed using the mobile app
• Highly interactive charting available

Here are some of the screenshots of the mobile app:

Here are the stats of the mobile app from Google Play Store:

 

The broker can certainly work to quicken up its update frequency cycle, especially if you look at the competition and the kind of cutthroat mobile apps they provide to their clients.

Fyers Web Trader

Fyers Web Trader is a browser-based lightweight trading application that allows you to trade online. It is intentionally designed with minimal features to keep things easy and smooth for traders. Some of the basic features this application provides include:

• Portfolio tracking available with fund allocation
• An innovative equity SIP calculator
• Inbuilt option strategies that are auto-screened to make it easy to understand

Here are some of the screenshots of this web-based application:

There are a couple of concerns with this web application as follows:

• A limited number of features provide you with an around basic trading experience.
• If you are looking to perform your technical and fundamental analysis using this web app, then you are better off using the desktop-based trading solution rather than using this application.

Fyers Tools

Apart from the trading platforms mentioned above, the discount stock broker provides multiple tools as well for the usage by the clients and users:

Calculator for Option Strategies 

This tool is useful for beginners or small investors that are looking for some assistance in setting up strategies for their investments. With this tool, clients can find the most optimal strategies that may go well with their preferred industry and stock types. Clients have the option to choose from 44 possible options strategies including 2,3 as well as 4 legged option strategy.

By the look of this, it might be looking a lot of technical – which is true. But the way, a beginner can learn and understand these strategies is simply amazing.

Fyers Margin Calculator

These calculators take in minimal inputs from the users and assist with the calculation of margin across different segments. These exposure values can also be calculated at specific stock levels at a given price.

Then there are other tools such as:

• Brokerage calculator
• Fibonacci calculator
• Pivot point calculator
• Brokerage comparison calculator

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Fyers Customer Care

Fyers offers the following communication channels for customer service:

• Email
• Phone (9am to 8 pm)
• Web Chat (intermittent)
• Social Media
• Play Store

The overall turnaround time in case of Fyers is good and users can expect a quality resolution to the raised concern in quick time.

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Fyers offers themantic investing to clients, using which clients can just invest algorithmic-based stocks from different themes (or industries) offering consistent long-term returns. 

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Fyers Pricing:

The broker is pretty much transparent with its pricing. Here are charges around the opening and maintaining a trading and demat account:

 

Fyers Brokerage Charges:

Brokerage charges are flat across trading segments. Here are they listed:

 

The way it works is simple. The maximum brokerage you are going to shell out is ₹20 per executed order. However, there is no minimum brokerage limitation. We have seen users providing brokerage in few paise (less than a rupee) in their trades with this discount stockbroker.

More or less, it can be said that brokerage in case of Fyers is at a similar level as other competitive discount brokers in India such as Upstox, Zerodha or 5Paisa.

Use this Fyers Brokerage Calculator for complete charges and your profit

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“Call and Trade facility at Fyers is free of cost, so users don’t need to pay brokerage for the orders executed over the phone”

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There are few more charges that are outside brokerage or account opening charges such as:

• Turnover charges
• Securities transaction charges
• The government levied applicable taxes
• The state levied applicable stamp duty
• SEBI Turnover fees

Fyers Transaction Charges:

Here is a glimpse of turnover and other charges:

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Fyers Disadvantages:

Here are some of the major concerns of using the services of this discount stockbroker:

• Relevantly new in the market, so less trust gained
• No commodity trading possible
• Investment in bonds or Insurance possible
• No toll-free customer service available

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“Funds Transfers using trading platforms will cost you INR 10 per transfer while NEFT transfers are free of charge. The payout can be requested through any of the trading platforms of Fyers or by using the back-office.”

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Fyers Advantages:

At the same time, you get the following advantages while trading through Fyers:

Some of the most certain advantages are:

• Transparent and reasonable pricing
• Advanced trading tools across devices
• Allows automated trading
• Mobile app on Android as well as iOS platforms available

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Conclusion

Fyers is one of those stockbrokers that has evolved pretty well in quick time. Most of its growth’s credit goes to its focus on trading platforms across devices to go along with quick customer service.

At the same time, they must be making sure to cover as many financial trading products as possible for their clients. Further, they can also introduce some monthly fixed brokerage plans for their clients.

Overall it certainly is one of the reasonable performing and well-growing stock brokers in India right now and certainly is a potential choice for beginners and small traders.

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How to Open a Demat and Trading Account?

Enter Your details here to get a callback!

 

Next Steps:

Post this call You need to provide few documents to start your account opening process. The documents required are as follows:

1. ID Proof
2. An address proof
3. Bank statement for the last 6 months
4. Passport-sized photograph
5. AMC fees (if applicable)
6. Trading Account cheque

Once you are done with this, your account gets opened within 2-3 business days.

For more information, you can check this detailed review on documents required for demat account.

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Fyers FAQs

Here are a few frequently asked questions about Fyers Securities you must be aware of:

Is Fyers good broker for new traders or beginners?

First of all, we need to understand what exactly are beginners looking for?

• Low brokerage
• Assistance in investing
• Quick customer service
• Relevant information
• Analysis tools

Fyers is one of the very few stockbrokers that is able to provide all of this. With themantic investing, users actually do not need to perform any analysis on their own as the method is meant to guide users directly into specific investment pools.

Then, the broker is able to provide decent customer service, high-performance analysis tools (such as Scanners, heatmaps, calculators etc) at a pretty much low brokerage. All of this points to the fact that yes, this broker is one of the suitable ones in India.

How safe is Fyers? Is Fyers a reliable stockbroker?

Although Fyers is a new addition to the cohort of discount stock brokers in India the firm and its management seem to have a clear understanding of where it is leading to. It provides clear propositions to its clients and cuts away any high-cost frills that help them to avoid levying high brokerage charges on its clients.

The web application is one grey area in its overall value system that certainly needs to be fixed but on a general note, Fyers is certainly one of the reliable stock brokers that you can look out for.

How can I transfer my shares from Upstox to Fyers?

You can transfer your shares from any stockbroker to Fyers very easily. You can opt for the offline way where you need to fill in the slip, submit it to your current broker with the mention of DP Id of Fyers. There is an online way to perform this process as well.

You can check out this detailed step by step guide on How to Transfer shares from one demat account to another for further reference.

How are the trading platforms provided by Fyers?

The discount broker is known for its decent performing trading platforms across devices (minus the web version, which needs some improvement in a few aspects). The broker offers Fyers One, a terminal-based software that is quite exhaustive in its features to go along with Fyers Markets, a decent designed, developed and maintained the mobile trading app.

Both of these trading softwares are easy to use, provide multiple features, are good for technical as well as fundamental analysis of stocks.

What are the extra features available on fyers trading platform?

Although the web-based application of Fyers is minimalistic in nature, the other trading platforms of the broker do provide some unique features, especially for analysis. Some of those features include:

• More than 65 technical indicators
• Sector, index, stock, industry level heatmaps
• Buy and Sell signals
• Stock Screeners that takes away all the clutter and irrelevant information
• Workspace customization and personalization

It really depends on your trading style and behaviour and based on that, you can choose to use specific features listed above.

How do I open an account with Fyers?

Opening a trading account with the discount stock broker is pretty easy. All you need is few documents (listed above), account opening fee is nil but you will be required to pay the AMC amount upfront.

Also, check out detailed comparisons of Fyers Vs Other Stock Brokers:

 

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More on Fyers:

If you want to learn more about this discount broker, here are a few reference links for you: