iTrade

Well-Known Member
Open Letter to Mr. Tejas Khoday, Co-Founder & CEO, FYERS


Hello Mr. Tejas Khoday,

There was an issue today in the morning with "Connection Errors".

I do understand that there will be technical glitches from time to time with a discount broker. However, Fyers should have been equipped to handle it in an efficient manner.

I have recently shifted my broker to Fyers.

I am increasing my trading capital slowly every month and I will be trading with around 25 lakhs capital within 2 years. But, I am now hesitant to increase my trading capital if the broker is so unreliable.

I trade only during 9:30-9:45 am and that’s when the majority of your technical glitches occur. It’s the second time the same problem has occurred within the last 30 days.

I only day trade 7 stocks among which are DHFL and RelCapital. You can clearly see the opportunities that I have lost today because of all your technical glitches. Both these stocks moved 10-13% today.

Here are some suggestions and I want these suggestions to reach the CEO, Mr. Tejas Khoday.

1. If there is an issue with the trading terminal, you should immediately send out an email to all your customers asking them not to trade until the issue is resolved. A lot of traders have accounts with multiple brokers. If Fyers has some technical issue, traders can trade with Zerodha or Upstox for the day. At least, they won't lose out on trading opportunities like today.

2. When the issues are resolved, you should email all your customers stating that the issue is now resolved and they can resume trading on Fyers. If you do not inform your customers, they will keep waiting and lose a lot of trading opportunities. I was hesitant to trade the whole day because there was absolutely no communication from your end that the issue has been resolved.

3. After I had placed a few orders, I was unable to cancel nor put a stop loss on my executed orders. The only option I was left with was to cancel all my orders to minimize my loss by calling your RMS team. But, the phone lines were not working and my support ticket was not answered. Your Customer care phone number was "busy" during the time of crisis. I tried continuously for 15-20 mins before I got the chance to speak to an executive. You can well imagine the loss that one can make in those 20 mins. I also created a "support ticket" asking your RMS team to close my trades but it wasn't answered immediately. Forget about an immediate response, it has still not been answered after 10 hours.

4. I kept checking the Notice Board on https://fyers.in/notice-board/ for some updates but there was absolutely no update about today’s technical glitch.

5. Your RMS team shouldn't charge your customers for "call and trade charges" if there's a problem from Fyers and we have no other option but to call and cancel our trades.

Mr. Tejas Khoday, please understand that I can not increase my trading capital nor rely on Fyers if my concerns are not addressed.

Regards,
A Day Trader
Beware!! Tejas does not people who whine about his platform. I have reported many issues and looks like it irked him from one his reply here > https://www.traderji.com/community/threads/fyers.105097/post-1351508 . Not the kind of reply you would expect from a business owner himself.

Anyways, I too had reported the issue no.3 but never got a reply Reported: https://www.traderji.com/community/threads/fyers.105097/post-1351050 - Unable to move stoploss and so was forced to exit the trade number of times.
https://www.traderji.com/community/threads/fyers.105097/post-1350370 - Intermittent issue even the market is not volatile.
For above issues, tejas asked to keep switching between fyers one and fyers charts rather than focussing on trading - https://www.traderji.com/community/threads/fyers.105097/post-1351318

So even I am not really trading on his platform since some days and waiting for better updates.
 
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Beware!! Tejas does not people who whine about his platform. I have reported many issues and looks like it irked him from one his reply here > https://www.traderji.com/community/threads/fyers.105097/post-1351508 . Not the kind of reply you would expect from a business owner himself.

Anyways, I too had reported the issue no.3 but never got a reply Reported: https://www.traderji.com/community/threads/fyers.105097/post-1351050 - Unable to move stoploss and so was forced to exit the trade number of times.
https://www.traderji.com/community/threads/fyers.105097/post-1350370 - Intermittent issue even the market is not volatile.
For above issues, tejas asked to keep switching between fyers one and fyers charts rather than focussing on trading - https://www.traderji.com/community/threads/fyers.105097/post-1351318

So even I am not really trading on his platform since some days and waiting for better updates.
I hope he understands that we offer our feedback so that Fyers can become the most reliable discount broker in India.
 

pannet1

Well-Known Member
I just thought FYERS is not a discount broker at all, because basically you are paying more than the normal discount broker. Tejas have clearly stated that they are more focused on better execution which is not the case with discount brokers.

When execution fails, usually its because of the exchange's nominated internet service provider.

What is possible for Fyers, they must do, without excuse.

just my few paise