FYERS encourages millennials to trade online
Uma Kannan, DH News Service, Aug 7 2017, 0:07 IST
From fixed deposits and recurring deposits, people have slowly started to explore mutual funds and equities, thanks to growing awareness about growth in stock markets.
It is said that stock markets are quite complicated and there is no transparency, but what if people could do online trading on their own on a platform that explains all nuances in simple terms?
FYERS, the next-generation online stockbroking firm, was launched keeping ‘user-friendly’ and ‘Do It Yourself’ in mind.
Right from the age of 16, Tejas Khoday had a passion for the stock market and he started FYERS in 2015. The platform introduces advisory and recommendations for smart investment. Khoday says the platform gives one the flexibility of investing on his/her own, and it empowers the end-users with information.
“We charge a flat rate of Rs 20 per trade. We cater to the millennials, who want to do things themselves,” says Khoday, who is a stock broker in the National Stock Exchange, a member of BSE Brokers Forum, and Association of Mutual Funds in India (AMFI).
He says that FYERS has an edge over others, as the startup’s technology is in-house. Combining technology with its stockbroking experience, the startup is working on simplifying and bringing all types of trading solutions under one roof.
Through FYERS, one can trade or invest in equity, equity derivatives, currency derivatives and mutual funds.
“We have a couple of thousand customers, and we are growing 20% month-on-month (in terms of acquiring clients),” he says. For demat services, FYERS has tied up with IL&FS Securities Services Limited.
“There are two crore demat accounts in India, and about 55 lakh active investors in India. The industry witnessed more than 20% growth in 2016-17,” says Khoday, who through FYERS wants to educate people about the nuances of trading and investing.
FYERS’ recent launch, Thematic investing, is a menu-driven investing platform, which makes it easy for millennials to invest their savings in an efficient and hassle-free way.
Themes are well-researched portfolios that are based on certain specific ideas. “We are not charging any fees for this thematic investing. One can choose from a variety of portfolio or themes,” he says.
FYERS aims to be the best technologically-empowered stockbroker in India in a couple of years. Its mission is to engage the future generations in stock markets and increase market participation overall.