Fyers Review

Category: Reviews | Author: Trading Brokers | Date: October 16, 2023

Located in the vibrant city of Bengaluru, Karnataka, India, Fyers emerged on the financial scene in 2016, offering a diverse range of trading and investment services. Their portfolio spans equity, currency, derivatives, mutual funds, and IPOs. Fyers places emphasis on cutting-edge trading platforms equipped with advanced features, automation options, and thematic investment opportunities. Furthermore, they pride themselves on a straightforward and competitive fee structure, featuring zero brokerage for equity delivery and a flat fee of Rs 20 per trade for other segments. In this article, we will critically assess Fyers across various key aspects, including regulation, platforms and tools, education, markets, accounts, and funding options.

Pros & Cons

  • Free trading and demat account with zero AMC
  • Innovative thematic investing and API bridge features
  • Zero brokerage for equity delivery and direct mutual funds Flat Rs 20 per trade for other segments
  • Advanced and user-friendly trading platforms and tools
  • No customer support on Sundays
  • Limited to NSE, BSE, and MCX segments
  • No bank integration or 3-in-1 account facility
  • No physical branches or offline services
  • No research, advisory or tips provided

Summary

Fyers Review

Fyers Review

Hailing from Bengaluru, Karnataka, India, Fyers is an online discount stock broker, founded in 2016. The core ethos behind its inception was to create a transparent and cost-efficient platform catering to both traders and investors. Fyers endeavors to provide trading platforms replete with advanced features, automated trading options, and thematic investment opportunities. Their pricing structure stands out for its simplicity and competitiveness, offering zero brokerage for equity delivery and a flat fee of Rs 20 per trade for other segments.

However, it’s crucial to exercise due diligence when considering any financial services provider, including Fyers. While they are regulated by the Securities and Exchange Board of India (SEBI) with SEBI Registration No. INZ000008524 and adhere to SEBI’s stipulated terms and conditions, it’s essential for investors to thoroughly assess their individual needs and preferences before engaging with the platform. Financial decisions should always be made with care and prudence.

AvaTrade Logo

Our #1 Broker 2023

AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

Fyers operates under a well-regulated framework, holding membership with NSE and MCX while maintaining adherence to the regulatory oversight of the Securities and Exchange Board of India (SEBI) under Registration No. INZ000008524. In compliance with SEBI guidelines and exchange requirements, Fyers delivers online trading services via its website, diligently following the prescribed terms and conditions. Moreover, Fyers upholds its commitment to transparency by conscientiously abiding by statutory and regulatory charges, which encompass STT, CTT, GST, SEBI charges, exchange transaction fees, clearing charges, and stamp duty. Clients are furnished with secure login credentials for access to Fyers’ online trading system and confidential back-office reports, ensuring the utmost security and privacy of their data. For additional alternatives, consider exploring a list of regulated brokers.

Platforms & Tools

FYERS Platforms

FYERS Platforms

Fyers presents a diverse array of platforms and tools, empowering its clients with options to navigate the complexities of the stock market. These offerings include:

  • FYERS App:  A swift, feature-packed, and user-friendly trading and investment app, compatible with both iOS and Android devices. It equips users with the ability to place orders, track positions, access charts, view market data, and more.
  • FYERS Web:  A web-based platform built on advanced TradingView technology, boasting distinctive features like drag-and-drop trading, multiple chart types, a rich set of indicators, drawing tools, watchlists, screeners, and more.
  • FYERS One:  A desktop-based platform cherished by traditional traders for its live data feeds, advanced charting capabilities, heat maps, market scanners, portfolio tracking, option chain analysis, and more.
  • FYERS Direct: A web-based platform facilitating direct mutual fund investments without intermediaries or commissions. It empowers users to create customized thematic portfolios aligned with their preferences and financial goals.
  • FYERS API Bridge: This platform establishes connections between Fyers and third-party trading platforms such as Amibroker, TradingView, Excel, Python, and more. It enables users to execute orders seamlessly via Fyers, supporting automated trading and algorithmic strategies.
  • Indicators: Fyers offers an assortment of technical indicators including RSI, MACD, Bollinger Bands, Moving Averages, among others, to aid traders and investors in analyzing market trends and patterns.

Education

Fyers is dedicated to providing comprehensive education and awareness to its clients, as well as prospective traders and investors. They have introduced an invaluable resource, the School of Stocks, which offers a wealth of knowledge through a structured online learning portal. Here’s a detailed breakdown of what the School of Stocks offers:

  • Diverse Topics: The School of Stocks covers a wide array of subjects, including introductory content on stock markets, technical analysis, fundamental analysis, commodities, currencies, options, options strategies, futures, intermarket analysis, sector rotation, risk and money management, and trading psychology.
  • Interactive Learning: Users of the School of Stocks app can engage in an interactive learning experience. They have the opportunity to learn directly from market experts, take part in stimulating quizzes to test their knowledge, and even earn shareable certificates upon completion.
  • Community Engagement: The learning experience extends beyond the lessons, as the platform encourages community engagement through discussion boards that are tied to specific lessons. This fosters a supportive and collaborative learning environment.
  • Additional Resources: Fyers doesn’t stop at the School of Stocks. They supplement this learning platform with webinars, podcasts, and blogs hosted on their website. These resources provide ongoing insights and updates related to the stock market.

Markets

Fyers opens the door to a range of diverse markets and segments for its clients to engage in trading and investment activities. In the equity segment, Fyers offers trading in both equity cash and equity derivatives on NSE and BSE. Notably, they implement a zero brokerage fee for equity delivery and a flat rate of Rs 20 per trade for equity intraday and equity futures, accompanied by a margin trading facility (MTF) for the equity cash segment, encompassing a portfolio of over 1600 stocks.

Within the currency domain, Fyers facilitates trading in currency futures and options on NSE and BSE, offering a consistent flat fee of Rs 20 per trade for currency derivatives, encompassing a portfolio of more than 40 currency pairs. In the commodity market, Fyers streamlines trading in commodity futures and options on MCX, adhering to a flat fee structure of Rs 20 per trade for commodity derivatives, with a wide selection of over 100 commodities available for trading.

For those venturing into the mutual fund sphere, Fyers extends the convenience of direct mutual fund investment through their web-based platform, FYERS Direct. Remarkably, Fyers refrains from levying any commissions or fees for mutual fund investment, presenting access to a diverse range of over 4000 mutual fund schemes.

Lastly, Fyers supports online IPO applications through their app and web platforms, devoid of any application fees. They grant access to a comprehensive listing of both upcoming and ongoing IPOs, ensuring a seamless experience in the IPO segment. However, as with any investment, it’s vital for individuals to exercise caution, conduct thorough research, and assess their own financial objectives.

Accounts

Fyers extends two distinct account types to its clientele: the Trading Account and the Demat Account, each serving a unique purpose in the realm of stock market operations.

  • Trading Account: This account is instrumental in placing orders and executing trades within the stock market. Fyers simplifies the process by offering a complimentary trading account, completely devoid of account opening charges and annual maintenance fees (AMC).
  • Demat Account: Designed to hold securities in electronic form, the demat account plays a crucial role in modern investing. Fyers takes the client-friendly approach of providing a free demat account with a lifetime exemption from AMC, provided the client initiates the account through Fyers. This demat service is facilitated in partnership with IL&FS Securities Services Limited (ISSL) as the depository participant (DP). Fyers charges Rs 20 per debit transaction as DP charges for the demat account.

Fyers allows its clients to open their accounts online in under 5 minutes by following a few simple steps. Fyers also provides a user-friendly dashboard called My Account where clients can view their positions, holdings, reports, ledgers, contract notes, and other details of their accounts. Fyers also enables its clients to add and withdraw funds from their accounts using various methods such as UPI, instant payment gateway, or online banking.

Funding

Fyers facilitates a hassle-free process for clients to fund their trading and demat accounts, offering multiple convenient methods such as UPI, instant payment gateways, and online banking. Notably, Fyers maintains a customer-centric approach by refraining from imposing fees on fund transfers, except for a modest Rs 10 fee per withdrawal request. It’s worth noting that Fyers does not entertain cash deposits or third-party transfers. Furthermore, Fyers prioritizes efficiency in processing fund transfer requests. If initiated before 7:30 PM on weekdays or before 11:30 AM on Saturdays, the requests are typically processed on the same day.

For clients seeking to utilize their holdings as collateral, Fyers extends a Margin Against Shares (MAS) facility. Importantly, they don’t levy any fees for the pledging or unpledging of securities. This feature offers clients enhanced flexibility with margin levels, including up to 80% for equity delivery, up to 33 times for equity intraday, up to 6 times for equity futures, up to 3 times for equity options selling, up to 2.5 times for currency futures, up to 2 times for currency options selling, and up to 3 times for commodity futures and options. Clients should exercise due diligence and fully understand the implications of leveraging their holdings before proceeding with margin trading, as it carries inherent risks.

Conclusion

In conclusion, Fyers presents a compelling package for traders and investors, with a focus on transparency, cost-efficiency, and comprehensive educational resources. Their array of platforms, account offerings, and margin facilities cater to a diverse range of needs. However, it’s worth noting that while Fyers offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. It’s crucial for individuals to conduct thorough research and align their specific requirements with the offerings of the brokerage that best suit their financial goals and preferences. For additional choices, we encourage you to explore our trading broker reviews.

Fyers Logo

$1

Fyers is an online discount stock broker based in Bengaluru, Karnataka, India, that offers zero brokerage for equity delivery and direct mutual funds, and flat Rs 20 per trade for other segments.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


About the Author

trading brokers logo

Trading Brokers
Trading Brokers is dedicated to bringing you unbiased broker reviews, the latest broker news and trading guides to help you along your trading journey. We have over 20 years of experience when it comes to trading online so we know what to look for.


Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.