Fyers Review 2024: Know everything about it in detail

Fyers is an online stockbroker who has significantly impacted the world of trading and investing in India. Established in 2015, Fyers stands for "Focus Your Energy & Reform Self" and has become a popular choice among traders and investors. It is committed to empowering individuals with the necessary tools and knowledge to succeed in the financial markets. As a customer-centric and technology-driven brokerage firm, Fyers offers a wide range of trading and investment solutions, including equity trading, commodity trading, derivatives trading, and more.

What sets Fyers apart is its focus on providing cutting-edge technology and a user-friendly platform to help both novice and experienced traders make informed decisions. With competitive pricing, advanced charting tools, educational resources, and a simplified approach to complex financial concepts, Fyers has become a go-to choice for those looking to venture into the world of stock trading and investing.

In this article, we will explore Fyers' various features and offerings, delving deeper into how it has earned its reputation as an innovative and customer-centric stockbroker in the Indian market.

Overview of Fyers

Fyers is a stock broking company that allows you to trade and invest in various segments of the Indian stock market, such as equity cash, equity delivery, futures and options, and currency derivatives. It is a member of NSE, BSE, MCX, and CDSL and is regulated by SEBI. Fyers claims to offer the lowest brokerage charges in India, with a flat fee of ₹20 per executed order across all segments. It also offers free equity delivery trading and direct mutual fund investments.

One of the unique features of Fyers is its thematic investing platform, which lets you invest in predefined portfolios of stocks based on certain themes or ideas. For example, you can invest in a theme called "Hamara Bajaj’ which comprises companies from the Bajaj Group. You can also create your own themes or follow the ones created by other investors. Thematic investing is a way of diversifying your portfolio and aligning it with your interests and goals.

Fyers also provides various trading platforms for its customers, such as a web-based platform and a mobile app. All these platforms are designed to be fast, user-friendly, and feature-rich. On these platforms, you can access real-time market data, advanced charting tools, technical indicators, scanners, screeners, alerts, and more. You can also integrate your trading account with third-party platforms like TradingView and Quantiply for more analysis and automation.

What are the benefits of Fyers?

Fyers have many benefits for traders and investors who are looking for a low-cost broker with thematic investing. Some of the benefits are:

• Low brokerage charges: It charges only ₹20 per executed order across all segments, irrespective of the order size or value. This makes it one of the cheapest brokers in India. Trading with Fyers can save you a lot of money on brokerage fees.
• Free equity delivery trading: Equity delivery trading does not charge brokerage. This means that you can buy and hold stocks for the long term without paying a commission to the broker. This is ideal for investors who want to build wealth through equity investments.
• Thematic investing: It offers thematic investing as a unique feature that sets it apart from other brokers. You can invest in hundreds of predefined themes or portfolios of stocks that are related to certain ideas or sectors. You can also create your own themes or follow the themes created by other investors. Thematic investing helps you diversify your portfolio, minimise your risk and invest in what you believe in.
• Trading platforms: It provides various fast, user-friendly, and feature-rich trading platforms for its customers. These platforms allow you to access real-time market data, advanced charting tools, technical indicators, scanners, screeners, alerts, and more. You can also integrate your trading account with third-party platforms like Quantower, AlgoTest, Squareoff, and Stocksdeveloper for better analysis and full automation.

• Education: It also has a blog and a YouTube channel where various informative articles and videos on various topics related to trading and investing are posted.

What are the drawbacks of Fyers?

Following are a few drawbacks of Fyers that you should be aware of before opening an account with it: 

• Fyers charges high exchange fees compared to other brokers. An exchange fee is what some funds impose on shareholders if they exchange or transfer to another fund within the same fund group.
• Fyers does not display candlestick patterns for traders.
• The platform does not offer any screeners to scan the market for opportunities or risks.
• In options trading, the Greeks are not visible on the chart itself.
• While some competitors have Whatsapp support to ensure a timely response, Fyers does not have this feature.

Trading Tools by Fyers

Fyers also offers an array of trading tools and features to ease the trading experience. Some of them are:

• Fyers Web: It is renowned for its unique features and impressive uptime rate, powered by the Tradingview Library. This platform offers advanced tools, including direct trade, chart-based trade modifications, and cancellations. Traders benefit from real-time bids and offer information through the Price Ladder, access to over 24 years of EOD data for advanced charting, and a readymade watchlist for quick decision-making. Fyers Web also allows users to view up to 8 charts on one screen and offers a real-time configurable option chain, making it a top choice for traders seeking a feature-rich trading experience.
• Fyers App: Fyers App streamlines trading and investing with its unique features and seamless data syncing with Fyers Web. This user-friendly mobile app offers direct order placement, modification, and cancellation through interactive charts, ensuring a smooth trading experience. With two-factor authentication, it prioritises security in all transactions. The app also provides customisable watchlists to monitor preferred stocks and a personalised dashboard for ease of use. Traders benefit from advanced charts, technical indicators, and a range of drawing tools, making Fyers App an efficient and comprehensive platform for traders and investors.
• Fyers One: Fyers One, the desktop trading platform, offers a comprehensive set of trading features for market analysis. It includes tools such as Heat Map, Market Dynamics, and Index Meter to provide insights into market-wide movements and trends. Stock screeners help traders gauge trends, intraday movements, support and resistance levels, and circuit breakers. The platform also provides market data for equities, commodities, currencies, and ADRs, along with valuable information like FII & DII data, the latest bulk deals, block deals, and delivery data, making it a powerful resource for traders seeking in-depth market analysis.

Fyers, in comparison with other discount brokers in India

Our Verdict

Fyers is a trading platform that stands out for its cost-effective structure, as it does not charge any account opening or maintenance fees. This makes it an attractive option for traders and investors who want to minimise their trading costs. The platform has a user-friendly interface that simplifies trading activities, enabling users to interact seamlessly with chart data, place orders, and access technical indicators. However, Fyers' customer service falls short, with reports of unhelpful responses and delays in issue resolution. Although Fyers offers flexibility in account opening, with online and offline options available, the offline process can be slower due to document verification requirements. On the other hand, the online account opening process is streamlined and user-friendly, validated through In-Person Verification (IPV), which accelerates the account opening process. It's important to note that Fyers currently does not provide NRI account openings, limiting its reach in the market. 

Therefore, Fyers is a suitable option for traders and investors who are looking for a low-cost broker with thematic investing. 

If you're interested in opening an account with Fyers, you can do so through Finology Select, a comparison platform that helps you compare and choose the best stock broker in India with its advanced features. 

So, why wait? Visit Finology Select today to open your Demat account with Fyers, or choose from over 20 other brokers.