Fyers Stock Broking Company: A Comprehensive Review

Fyers is a popular stock broking company in India, but many users have reported less-than-stellar experiences with the platform, especially when it comes to issues related to savings and security. This review will delve into the problems encountered by users and why it might be time to consider switching to a better broker.

Problem Areas

Problem Area 1: Partial Share Buyback

A user who sold 100 shares of Infosys and then tried to buy them back the same day found that Fyers only allowed the purchase of 75 shares. This discrepancy is due to a policy the company follows, which is not widely known. When the user attempted to buy back the remaining 25 shares, Fyers did not accommodate the request. This is a significant issue, especially for traders who rely on the same-day buying and selling strategy.

Problem Area 2: Hidden DP Charges

Fyers are known for advertising zero brokerage fees, which is a common strategy to attract new customers. However, they strategically hide a DP (Demat Account) charge, which is not transparently mentioned in any of the charges. This is particularly problematic for users like the one who experienced issues with ICICI, where such charges were explicitly stated and understood.

Operational Issues

The operational issues encountered by users with Fyers include a lack of historical data, a difficult-to-use multi-chart layout, and frequent outages. The user specifically mentioned that a simple task like transferring funds takes up to two weeks, with no confirmation or updates. This is a glaring issue for customers who are trying to manage their investments effectively. Moreover, the customer support is frequently unresponsive, with emails going unanswered and calls never returning.

Comparison with Other Brokers

The comparison with other brokers like Zerodha and Groww is quite stark. Zerodha and Groww are known for their advanced features, better customer service, and no hidden charges. Groww may be lacking in some advanced features for a more experienced trader, but Zerodha and Groww have superior support and faster response times. While Axis Direct might be considered for experienced traders due to its full-service nature, its high brokerage fees make it less attractive.

For Newbies: A Temporary Solution

Fyers might be a good option for newbies who do not deal in heavy trading. The platform makes it easy to move stop-loss and target levels in binary options (BO), which is a positive feature. However, this benefit is outweighed by the operational issues and poor customer service. Fyers may be suitable for beginners who need an easy-to-use platform but should be aware of the potential downsides.

Conclusion

In conclusion, Fyers might not be the best choice for serious investors or those looking for a reliable broker. The frequent issues with partial share buybacks, hidden DP charges, and poor support are significant drawbacks. For users who are experiencing issues with Fyers, it might be wise to switch to a better broker like Zerodha or Groww, which offer superior services and customer support. Spending a little extra on a good broker can save a lot of trouble and potential financial losses in the long run.