FYERS
- Thread starter Tejas Khoday
- Start date
- Tags broker in india brokerage demat account discount brokerage fyers trading account trading platform
Funds can be transferred directly from and to the linked bank account. No need to transfer funds to broker before taking a trade.
But how does this really make a difference considering instant payments are available and the funds transferred immediately from 26+ banks and the amount transferred is stored in your FYERS account?
Convenience.
How is it convenient exactly considering instant payments are available? At the end of the day, the client has to be redirected to another URL to trade, right? Same thing.
Some banks like IDFC Bank offers 6 percent interest on savings account balance upto Rs. 1 lac calculated on daily basis.
Point. But Assume you want to risk 1 lac in trading, that capital will be deployed to trade anyways which won't earn interest. Also, the amount earned after accounting for the number of days the money has been blocked for trading is not significant IMO. Moreover, if the funds are not utilized brokers do Quarterly Settlement as per the clients' preferences which will redirect funds back to clients' bank accounts where they will earn the interest.
Till now only the banking brokerages provided 3-in-1 account, and charged higher brokerage for this convenience.
I believe all the customers of banking brokerages are simply unaware that a broker performs all the same functions and in fact provides far superior platforms and investment services in comparison. A bank is akin to an elephant! Their banking business is way too large for them to prioritize trading and investments of all things. Only a few have done well at this.
Now so-called discount brokerages started collaborating with banks to provide 3-in-1 accounts to clients.
Yeah, we're aware of it but really question if we should chase the number of accounts or hardcore traders. Currently, we choose the latter.
Will Fyers lag behind?
It's debatable. At the moment, we're not focused on any tie-ups. If the number of clients is the only measure of success, then we have much fewer clients and I will acknowledge it. But we look at differently! I would any day prefer to have an active customer base who know what trading is all about rather than have 4 million folks who have no idea what shares are. You know what I mean?
But how does this really make a difference considering instant payments are available and the funds transferred immediately from 26+ banks and the amount transferred is stored in your FYERS account?
Convenience.
How is it convenient exactly considering instant payments are available? At the end of the day, the client has to be redirected to another URL to trade, right? Same thing.
Some banks like IDFC Bank offers 6 percent interest on savings account balance upto Rs. 1 lac calculated on daily basis.
Point. But Assume you want to risk 1 lac in trading, that capital will be deployed to trade anyways which won't earn interest. Also, the amount earned after accounting for the number of days the money has been blocked for trading is not significant IMO. Moreover, if the funds are not utilized brokers do Quarterly Settlement as per the clients' preferences which will redirect funds back to clients' bank accounts where they will earn the interest.
Till now only the banking brokerages provided 3-in-1 account, and charged higher brokerage for this convenience.
I believe all the customers of banking brokerages are simply unaware that a broker performs all the same functions and in fact provides far superior platforms and investment services in comparison. A bank is akin to an elephant! Their banking business is way too large for them to prioritize trading and investments of all things. Only a few have done well at this.
Now so-called discount brokerages started collaborating with banks to provide 3-in-1 accounts to clients.
Yeah, we're aware of it but really question if we should chase the number of accounts or hardcore traders. Currently, we choose the latter.
Will Fyers lag behind?
It's debatable. At the moment, we're not focused on any tie-ups. If the number of clients is the only measure of success, then we have much fewer clients and I will acknowledge it. But we look at differently! I would any day prefer to have an active customer base who know what trading is all about rather than have 4 million folks who have no idea what shares are. You know what I mean?
Last edited:
Our contact details are mentioned on our website - https://fyers.in/contact-us/
Hey @Tejas Khoday good to know that Fyers has finally started with the online account opening process. I got to know from one of your executives about that. Now I can refer a few of my friends who were actually waiting for this since making them send hardcopies through courier was a big task for me 
Hey @Tejas Khoday good to know that Fyers has finally started with the online account opening process. I got to know from one of your executives about that. Now I can refer a few of my friends who were actually waiting for this since making them send hardcopies through courier was a big task for me
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