FYERS

[MetatraderUser]

"1. Have you started own demat facilities? If not, when is it expected?
2. Still no trading in Prop Account? This is a plus point for your brokerage if you don't and if you decided not to in future too."

Mr Khoday,
Did I ask anything inconvenient? We at traderji.com always appreciate your straightforwardness.

 

[Tejas Khoday]

Is Fyers a discount broker, how many times leverage you provided.

Hi, Please check our Margin Calculator for those details.

 

[Tejas Khoday]

"1. Have you started own demat facilities? If not, when is it expected?
2. Still no trading in Prop Account? This is a plus point for your brokerage if you don't and if you decided not to in future too."

Mr Khoday,
Did I ask anything inconvenient? We at traderji.com always appreciate your straightforwardness.

Hi @MetatraderUser,

1. We have already applied for a depository participant license. We are in waiting mode. We have no idea how much longer it is going to take.

2. Yes, we don't have a prop desk or even the prop license. We intentionally avoided getting into trading so that there are no conflict of interests with our clients.

No, your questions are relevant. Any serious trader would be concerned about point No. 2.

 

[MetatraderUser]

Thanks for reply.
Is it possible to open demat account with any entity other than IL&FS till you obtain own DP licence?

 

[Tejas Khoday]

Thanks for reply.
Is it possible to open demat account with any entity other than IL&FS till you obtain own DP licence?

You can link your existing demat account with any other DP. However, you will only be allowed to do Intraday trading in equities. We don't give access to take delivery of stocks using a linked DP due to it's complications for us and confusion for traders if they sell the holdings through their other brokers.

 

[MetatraderUser]

Thanks again.
Is it okay for delivery based trading if somebody opens a new demat account with, say SBI, which will be used for trading with Fyers only? Just to avoid IL&FS.

 

[gregferns]

The message essentially means that your Target & SL orders should be in the INR (Points as is popularly referred to by many). For example, Let's say you bought a scrip at 100 and you want to place your stop loss at 98 and target at 105, your order entry inputs should be as mentioned below:

1. Stop Loss - 2
2. Target - 5

Hope this clarifies.

Hi @Tejas Khoday

Tried your explanation above on a BO for YESBANK 200CE
I wanted to buy @ 9.2 with SL as 7 and profit taking at 19 levels... Hence i put SL as 2 and Target as 10.
Pls see the screenshots below and advise if i am doing anything wrong.

 

[gregferns]

Fur

Hi @Tejas Khoday

Tried your explanation above on a BO for YESBANK 200CE
I wanted to buy @ 9.2 with SL as 7 and profit taking at 19 levels... Hence i put SL as 2 and Target as 10.
Pls see the screenshots below and advise if i am doing anything wrong.

View attachment 32932

View attachment 32933

Hi,

Further to the above i input actual values also as SL = 7 and Target = 19 but not happening. SAME ERROR.

regards
Greg

 

[Tejas Khoday]

Thanks again.
Is it okay for delivery based trading if somebody opens a new demat account with, say SBI, which will be used for trading with Fyers only? Just to avoid IL&FS.

Hi @MetatraderUser, Nope! Like I said, we don't allow taking delivery of stocks in other demat accounts except IL&FS. It can create unnecessary complications for operations and cause confusion to everyone involved. We used to allow it but then realized that it is not efficient.

 

[Tejas Khoday]

Hi @Tejas Khoday

Tried your explanation above on a BO for YESBANK 200CE
I wanted to buy @ 9.2 with SL as 7 and profit taking at 19 levels... Hence i put SL as 2 and Target as 10.
Pls see the screenshots below and advise if i am doing anything wrong.

View attachment 32932

View attachment 32933

Hey @gregferns, We don't allow buying stock options using Bracket Orders (BO) as we don't provide any leverage for options buyers except in near-month Nifty options. Hence, please select "MARGIN" product type instead of BO.

Possibly your next question - But that should this order is not allowed right?
The Answer - We have an RMS check which prevents stop loss below a certain %. In your case, you have placed SL as 7 which means that your stop loss is INR 2.2 (More than 50%). In such cases, you get the pop-up notification as you have shown in the screenshot.

Hope this clarifies.