FYERS

[art345]

Oops, I will arrange a call-back in a few moments from now. I hope you don't mind receiving calls at this time of the night. Faith should not be so fragile. I am here to resolve your problems and have already revised brokerage keeping in mind the problems faced by a section of clients such as yourself.

Got the call. Thank you dear @Tejas Khoday and fyers team for removing Rs.7 brokerage.
TRADERJI rocks.

 

[soft_trader]

Latest Notice - Intraday Equity brokerage revised (Minimum brokerage of ₹7 is removed)

In line with the valuable feedback received from the trading community at FYERS and @Traderji, we have removed the minimum brokerage of ₹7/- in the Intraday Equity segment for your benefit. We thank you for reaching out to us & we look forward to your continued patronage. If you think we have acted in your favor and you have faith in us, do feel free to refer your trader friends to us.

Thank you.

The way you are listening to the needs of trading community is really commendable. Keep up the good work and wish you and your team the best of success.

 

[soft_trader]

@Tejas Khoday sir I have a request to you. Can you please write an article on bond market and how it works and how can retailers like us participate?

It will help a lot in understanding it.

 

[kaly422000]

now i have a problem. i have third party demat linked with trading account. had planed to open fyers demat before lockdown but could not ,and now have to scan 11 pages demat form(for existing clients). there is no page nos but i think can manage but POA ,IS IT ACCEPTABLE WITH SCANNED POA FORM?
and documents pan and aadhar scan copy and six month bank statement. is it ok? as i had produce documents during trading account then sud i again to send scan copy of pan and aadhar ?

 

[Tejas Khoday]

I think you have done exceptionally well and you have done that with minimal downsides which is commendable. Your platform is stable and the charts are on point( I know there have been errors but comparatively I can say that these issues are on the lower side). The support leaves a lot to be desired simply because it doesn't match up to everything else that Fyers stands for in terms of efficiency and execution. I mean you can have your queries answered here by you or the Fyers team handle or the many helpful users before support actually comes in with some out-of-the-manual reply. And that is my only gripe as such. I think part of the reason why you have done well is because like you said in your answer, you chose to focus on the micro aspects of your platform and the requirements of the traders. I remember that in most of your earlier answers you stressed that having a fault-free execution was your priority and I think that worked, the fact that you chose to give traders what they required instead of what you wanted to give them or what you would look flashy etc. Keep in mind what you and the traders wanted, could be the same but too often one can see products and solutions come out that look good and are functionally the equivalent of a gimmick. I remember a video or maybe an article where you talked about horizontal scaling( I am not sure if i remember correctly) and its advantages of being able to scale while maintaining a low platform failure rate. Having said all of that, I am sure there is still a lot that you wish to do. So my question back to you is, are you able to effect those changes or rather the improvements you wish in your platform and other aspects without VC funding? And do you have enough funds to make an exponential jump technologically if required?

Hey @tryszu, Thanks a lot for appreciating our efforts & achievements so far. W.r.t support staff, we have been hiring new staff whenever available. The awareness about our products and services among the new staff is generally less and it takes a few weeks to pick up. I think you must have encountered some of them during that phase. However, we have taken this seriously and have started doing dedicated training sessions as and when possible so that the time taken to become proficient is reduced. During the lockdown, we hired many people in support & sales to help deal with the incoming traffic. Your feedback is well taken though.

I have always maintained that our first priority is providing a reliable & robust trading platform that has features that will help in trading better. On purpose, we did not launch any fancy features just to get your attention and focused on the main objective of making the platform more reliable relative to our peers. There are a lot of things I wish to do and many of them are already in the pipeline. We believe in taking things step by step rather than all at once. For me personally, quality is more important than quantity. I would much rather prefer to have 1 lac seasoned active traders as clients than 1 million semi-active newbies that don't know what is trading and need handholding. This business that we're in has wafer-thin margins and many times the cost of sending a contract note is higher than the brokerage itself. Regardless of all that, we have ensured that quality is upheld. I don't think majority of the traders realize that our business has immense costs and is highly regulated which just makes it really cumbersome. The recent minimum brokerage was merely introduced to help cover technology costs to some extent. But I guess, it's a burden to bear for micro traders so we removed it in one week.

While all other notable discount brokerages are funded either by angel investor/s, VCs, or parent companies, FYERS is the only one that is self-funded. At the time many VCs didn't think discount broking had any potential and often doubted every bit of information. Others had different views of what needs to be done. Can we achieve the exponential scale-up without funding? Well, to be honest, it was hard to imagine providing all this at this stage with 40,000 clients without funding too but we got here without raising any venture capital. We'll just keep doing what the trading community needs and see where it leads us. We have run the business in a self-sustainable way so far and hope to continue in the same manner. Just FYI, we don't have any debts to pay and thus, no pressure to perform under gunpoint.

 

[Tejas Khoday]

The way you are listening to the needs of trading community is really commendable. Keep up the good work and wish you and your team the best of success.

Hey @soft_trader, Thanks! If your faith in us is increased or retained, do consider referring your friends who actively trade in the market. We want to cater to more serious traders.

 

[Tejas Khoday]

@Tejas Khoday sir I have a request to you. Can you please write an article on bond market and how it works and how can retailers like us participate?

It will help a lot in understanding it.

I will do it in the future. Thanks for the suggestion.

 

[Tejas Khoday]

now i have a problem. i have third party demat linked with trading account. had planed to open fyers demat before lockdown but could not ,and now have to scan 11 pages demat form(for existing clients). there is no page nos but i think can manage but POA ,IS IT ACCEPTABLE WITH SCANNED POA FORM?
and documents pan and aadhar scan copy and six month bank statement. is it ok? as i had produce documents during trading account then sud i again to send scan copy of pan and aadhar ?

Yes, but you will have to sign a request letter and send that too along with the scanned copies of your docs. For more information, please contact sales team.

 

[ajish_asok]

Hi,

I recently noticed that the Charts are not getting updated daily after market hours. Even though in daily its showing the details. Please look into the matter and rectify. Thanks

 

[Ronith12]

Latest Notice - Intraday Equity brokerage revised (Minimum brokerage of ₹7 is removed)

In line with the valuable feedback received from the trading community at FYERS and @Traderji, we have removed the minimum brokerage of ₹7/- in the Intraday Equity segment for your benefit. We thank you for reaching out to us & we look forward to your continued patronage. If you think we have acted in your favor and you have faith in us, do feel free to refer your trader friends to us.

Thank you.

You said that minimum brokerage of ₹7 has been removed. But still I was charged ₹91 as Taxable Value of Supply in yesterday's trades. Can you explain why?

And I also have another complaint. If you were planning to charge a minimum of ₹7 in brokerage, you should have notified your clients through e-mail or messages. Do you expect me to check the Traderji community everyday to keep myself updated with your schemes and plans? I lost ₹91 yesterday and ₹70 the day before yesterday in Taxable Value of Supply just because I wasn't aware of your new scheme. I was under the assumption that for every trade I make, I am paying a nominal amount of money as brokerage. Had I been aware, I wouldn't have made a single trade. I have a small account (₹2000) and hence these brokerage charges affect me a lot. Seriously disappointed with Fyers.