Fyers Broker Review
In-depth Analysis of Fyers: Platforms, Brokerage, and Trader-Focused Services.
Open Account with Fyers1. Broker Overview
Full Name: Fyers Securities Private Limited
Brand Name: Fyers
Year of Establishment: 2015
Type: Discount Broker
Headquarters: Bengaluru, Karnataka
SEBI Stock Broker Reg. No: INZ000008524
DP SEBI Reg. No: IN-DP-432-2019
Exchange Memberships:
- NSE: 90061
- BSE: 6697
- MCX: 56100
Depository Participant Codes:
- CDSL: 12089400
- NSDL: IN304502
Certifications: ISO 27001:2022 (Information Security)
Website: fyers.in
2. Investment Products Offered
Core Investment Products:
- Equity (Stocks – Delivery, Intraday on NSE, BSE)
- Equity Derivatives (Futures & Options)
- Currency Derivatives (Futures & Options)
- Commodity Derivatives (Futures & Options – MCX)
- Mutual Funds (via FYERS Direct platform, SIPs available)
- Initial Public Offerings (IPOs)
- Exchange-Traded Funds (ETFs)
- Sovereign Gold Bonds (SGBs)
- Debt Instruments (Government Securities, Corporate Bonds)
- Thematic Investing
- Algo Trading (via Fyers API)
International Investing (U.S. Stocks):
Currently, FYERS does not offer direct investment in U.S. stocks. However, Indian residents can invest in U.S. stocks under the Liberalised Remittance Scheme (LRS), with a limit of $250,000 per financial year. Investors can gain exposure to international markets through mutual funds that focus on U.S. equities available on the Fyers Direct platform.
Portfolio Management Services (PMS):
FYERS offers Portfolio Management Services through its subsidiary, Fyers Asset Management Pvt. Ltd., catering to high-net-worth individuals:
- Customized investment portfolios based on individual risk profiles and financial goals.
- Professional management by dedicated portfolio managers.
- Diversification across equities, fixed income, and structured products.
- Commitment to transparent fee structures and regular performance reporting.
Suitable for investors looking for a hands-off approach with professional oversight.
3. Overall Ratings & Breakdown
Note: Research & Advisory is typically not a primary offering for discount brokers like Fyers.
4. Account Opening & AMC
Account Opening Charges:₹0 (Zero) – Free Account Opening
Annual Maintenance Charges (AMC):₹0 (Zero) – Lifetime Free AMC for Demat account
Account Opening Process:Fully online (eKYC) process, paperless.
Required Documents:PAN Card, Aadhaar Card (linked with mobile), Bank Proof (Cancelled Cheque/Statement), Signature, Income Proof (for F&O).
5. Brokerage Charges
| Segment | Brokerage Charge |
|---|---|
| Equity Delivery | 0.3% or ₹20 per executed order, whichever is lower |
| Equity Intraday | 0.03% or ₹20 per executed order, whichever is lower |
| Equity Futures | 0.03% or ₹20 per executed order, whichever is lower |
| Equity Options | Flat ₹20 per executed order |
| Commodity Futures | 0.03% or ₹20 per executed order, whichever is lower |
| Commodity Options | Flat ₹20 per executed order |
| Mutual Funds & IPOs | ₹0 (Zero Brokerage) |
Note: Brokerage for most segments is capped at ₹20 per executed order or a percentage, whichever is lower. Mutual Funds & IPOs are brokerage-free. Statutory charges apply.
6. Other Charges & Taxes
Demat & Other Service Charges
| Service | Charge |
|---|---|
| DP Charges (Sell side from Demat) | ₹3.5 per transaction |
| Call & Trade Services | ₹50 + GST per executed order |
| Admin Square-Off Charges | ₹50 + GST per executed order |
| Margin Pledge Request | ₹5 per request |
| Margin Unpledge Request | ₹0 |
| MTF (Margin Trading Facility) Pledge/Unpledge | ₹12 per request |
| Interest on MTF | 0.0493% per day (18% per annum) |
| Interest on Ledger Debit | 0.041% per day |
| Dematerialization Charges | ₹0 |
| Rematerialization Charges | ₹10 per certificate or per 100 securities, whichever is higher |
| Physical Contract Note Charges | ₹20 per note + courier charges |
| Delivery Instruction Booklet (5 leaves) | ₹150 + courier charges |
| Modification in Client Master List (CML) | ₹50 |
| Transfer of Shares from FYERS Demat to Other Demat | ₹3.5 + GST per scrip |
| Transfer of Shares from Other Demat to FYERS | ₹0 |
| DDPI (Demat Debit and Pledge Instruction) Charges | ₹150 including GST |
Regulatory & Statutory Charges
Securities Transaction Tax (STT) / Commodities Transaction Tax (CTT)
| Segment | STT/CTT Rate |
|---|---|
| Equity Delivery | 0.1% on buy & sell |
| Equity Intraday | 0.025% on sell side |
| Equity Futures | 0.01% on sell side |
| Equity Options | 0.05% on sell side (on premium) |
| Commodity Futures | 0.01% on sell side (Non-Agri) |
| Commodity Options | 0.05% on sell side (on premium) |
Exchange Transaction Charges
| Segment | Exchange | Transaction Charge Rate |
|---|---|---|
| Equity Delivery & Intraday | NSE | 0.00345% on turnover |
| Equity Futures | NSE | 0.002% on turnover |
| Equity Options | NSE | 0.053% on premium turnover |
| Commodity Futures | MCX | 0.0026% on turnover (Group A) |
| Commodity Options | MCX | 0.05% on premium turnover |
SEBI Turnover Fees
₹10 per crore (0.0001%) on transaction value for all segments.
Goods and Services Tax (GST)
18% on brokerage, transaction charges, SEBI fees, and other applicable charges.
Stamp Duty (Gujarat Specific Rates – Varies by State)
| Segment | Stamp Duty Rate (Buy Side) |
|---|---|
| Equity Delivery | 0.015% |
| Equity Intraday | 0.003% |
| Equity Futures | 0.002% |
| Equity Options | 0.003% |
| Commodity Futures | 0.002% |
| Commodity Options | 0.003% |
Note: Stamp duty rates vary by state. The above are indicative.
Disclaimer on Charges: All charges mentioned are exclusive of GST and other applicable statutory levies. These charges are indicative. For the most accurate and up-to-date information, please refer to FYERS’ official Schedule of Charges: Fyers Charges.
7. Margin & Leverage
Intraday (Equity):Up to 5x (As per SEBI norms, stock-specific)
F&O (All Segments):As per Exchange (SPAN + Exposure)
Delivery (Equity – MTF):MTF facility available. Interest charges apply (e.g., 0.0493% per day).
Against Pledged Shares:Yes, available post haircut.
8. Trading Platforms
Web:Fyers Web (TradingView charts, feature-rich)
Mobile:Fyers App (Android & iOS, consistent experience with web)
Desktop:Fyers One (Installable trading terminal)
Other:Fyers Direct (for Mutual Funds), Fyers API (for Algo Trading)
Notable Features:
- Excellent charting with TradingView (100+ indicators, multiple chart setups, drawing tools)
- Drag & Drop trading directly from charts
- Advanced order types (Bracket, Cover, GTT, Basket)
- Option Chain with Greeks, OI data, and strategy mode
- Real-time screeners and market analytics
- Price ladder trading (Fyers One)
- Fyers Community integration for discussions and insights
9. Tools, Features & Advisory
Charting:Industry-leading TradingView charts integrated across all platforms.
Option Chain:Advanced Option Chain with Payoff charts, Greeks, and strategy building capabilities.
Strategy Builder:Tools for creating, analyzing, and executing multi-leg option strategies.
API Access:Fyers API (HTTP & WebSocket) for building custom trading applications and algo trading. Free access with extensive documentation.
Order Types:Market, Limit, SL, SL-M, Bracket Orders (BO), Cover Orders (CO), AMO (After Market Orders), GTT (Good Till Triggered), Basket Orders.
Research & Advisory:Fyers primarily focuses on providing robust platforms and tools for self-directed traders. They offer market data, news, and educational content through Fyers School of Stocks and Fyers Community, but not direct stock tips or personalized advisory.
10. Extra Features & Value Adds
Thematic Investing:Offers pre-defined stock baskets based on various themes and strategies.
Fyers Community:Active online community for traders to discuss ideas, strategies, and get platform support.
Fyers School of Stocks:Comprehensive educational platform with articles, webinars, and courses for all levels of traders.
Fyers API Bridge:Connects popular charting/algo platforms like Amibroker, TradingView (external), MT4 with Fyers API.
Advanced Charting Capabilities:Superior charting powered by TradingView is a key differentiator, offering extensive tools.
Zero Brokerage on Delivery (Effective):While listed as 0.3% or ₹20, for practical purposes on most retail trades, the ₹20 cap or lower percentage often makes delivery trades very cost-effective or near zero. Mutual Funds are commission-free.
Fyers Direct:Platform for investing in Direct Mutual Funds with zero commission.
11. Pledge Facility
Pledging Allowed?Yes
Pledge/Unpledge Charges:Margin Pledge: ₹5; Margin Unpledge: ₹0. MTF Pledge/Unpledge: ₹12. (All per request, +GST). Refer to Section 6 for details.
Margin Availability Time:Usually within the same trading day or T+1. [Verify specific timings with Fyers].
12. Fund Transfer & Withdrawal
Supported Fund Transfer Methods:Net Banking (Instant via select banks), UPI (Free), NEFT/RTGS.
Withdrawal Process & Time:
Online process. Standard withdrawal requests processed as per SEBI timelines (typically T+1 for equity settlement). Fyers aims for same-day processing if requested before cut-off.
Fund Transfer/Withdrawal Charges:Generally free for UPI and standard Net Banking. Payment gateway charges might apply for instant transfers via some Net Banking routes. [Verify details with Fyers].
13. Customer Support
Support Channels:
- Email Support
- Phone Support
- Live Chat on Website/Platforms
- Ticket-based Support System
- Fyers Community Forum
- Comprehensive FAQ & Knowledge Base
- For detailed contact info, visit: Fyers Contact Us Page
Support Timings:Standard business hours. Community support is ongoing. [Verify exact timings for phone/chat].
Turnaround Time (TAT):Can vary; live chat and community often faster. Email/ticket responses may take time during peak periods.
14. FYERS BROKER COMPLAINT DATA (FY 2024–25)
NSE (National Stock Exchange)
Active Clients: Not specified by source
Total Complaints: 196
Resolved: Not specified by source
Non-Actionable: Not specified by source
Pending: Not specified by source
BSE (Bombay Stock Exchange)
Active Clients: Not specified by source
Total Complaints: 4
Resolved: Not specified by source
Non-Actionable: Not specified by source
Pending: Not specified by source
Source: Chittorgarh – Fyers Complaint Monitor.
Complaint data can be dynamic. It’s advisable to check official exchange reports for the most comprehensive and up-to-date figures, including the complaints-to-active-clients ratio when available.
Complaint data can be dynamic. It’s advisable to check official exchange reports for the most comprehensive and up-to-date figures, including the complaints-to-active-clients ratio when available.
15. Why Choose Fyers? (And Why It Might Not Be For You)
Reasons to Use Fyers (Pros)
- Excellent Trading Platforms: Fyers Web, App, and One are feature-rich with superior TradingView charting.
- Competitive Brokerage: Very low or ₹0 brokerage for equity delivery (effectively, due to ₹20 cap), and flat ₹20 max for other segments.
- Free Account Opening & AMC: No charges for opening or maintaining the Demat account.
- Fyers API: Robust and free API for algo trading and custom tool development.
- Trader-Focused Features: Advanced order types, option chain analytics, and tools for active traders.
- Educational Resources: Fyers School of Stocks and active community provide good learning opportunities.
- Thematic Investing & Direct MFs: Caters to both active traders and passive investors.
- ISO 27001:2022 Certified for information security.
Reasons to Reconsider Fyers (Cons)
- Customer Support: While improving, can experience delays or inconsistencies, especially during high traffic.
- No In-house Direct Research/Advisory: Does not provide stock tips or dedicated personalized research reports.
- Relatively Newer Broker: Compared to legacy brokers, some may prefer more established names for very large portfolios, though Fyers has built a strong reputation.
- Occasional Platform Glitches: Like any tech platform, users may occasionally experience minor bugs or latency.
- Limited Physical Presence: Primarily an online broker, so in-person support is minimal.
- No direct U.S. stock investing (only via MFs using LRS).
16. Current Offers & Referral Program
Account Opening Offers:Standard offer includes Free Account Opening and Lifetime Free AMC.
Refer & Earn:Fyers has a referral program. Benefits usually include brokerage sharing (e.g., 20% of referred client’s brokerage for 1 year) or credits. [Verify current terms on Fyers website].
Promo Code:Not typically required for standard offers. Check for special promotions or partner offers if any.
Important: Always check Fyers’ official website for the latest offers, promotions, and terms and conditions.