Want to know Fyers vs Zerodha? Well you have landed on the right article, make sure to read th earticle carefully to know zerodha vs fyers
Everyone needs to choose their broker before entering the stock market. A person needs to make their choice after in-depth research. One of the most brutal rivalries in this brokerage field is fyers better than zerodha?.
They both are discount brokerage firms and provide their clients with best-in-class services. To choose one of them, an individual needs to know in brief about them. This article will discuss everything about these in detail. Let us start with some basic information about both.
Zerodha: They are the largest brokerage firm in India in terms of active retail customers. They started their operations in the year 2010 intending to remove all the hurdles traders face.
Now, more than five million customers use their channels to place their orders every day!
Fyers: They initiated their operations intending to build a healthy community. After seeing a gap between the wants of clients and services offered by fyers, fyers broker began its work.
At present, their community is so strong that they are probably the only ones who can say that they have zero interest clashes with their clients.
Fyers vs Zerodha: Which One Is Better (2022 Updated)
Comparison Between Zerodha Vs Fyers:
The following differences will help you to understand both the firms in a better way and also help you to choose your broker.
- Zerodha is a more established firm than Fyers. It was established in the year 2010 and currently has 22 centers across India. Also, they trade in more stock exchanges than Fyers. They deal in NSE, BSE, MCX, and NCDEX.
Fyers was established in the year 2015. They work completely online and do not have a physical center. Fyers help you to trade in NSE and MCX. - Talking about the cost, they both involve somewhat equal charges. Zerodha charges Rs 200 for making a Demat account and then Rs 300 for annual maintenance. Whereas registration in the case of Fyers is free of cost, and they charge the same annual charges as Zerodha.
- They both have equal brokerage costs. Both of them don’t charge for equity and charge Rs 20 or 0.3% of the transaction amount, whichever is less.
Advantages And Disadvantages:
Zerodha
- Advantages
- India’s best brokerage firm in terms of customer size and market capitalization. Also the most technologically advanced brokerage firm in the market.
- Enables traders to trade at more places. They cover NSE, BSE, MCX, and NCDEX. Also, the fees are the same for every platform.
- Free equity delivery and minimal charges for other transactions.
- Excellent free trading system.
- Enables customers to invest in mutual funds directly.
- Even NRI can access the account.
- Disadvantages
- Lacks margin funding
- Does not offer stock suggestions or research
- Additional charges (Rs50) are applicable for call and trade and auto square off.
- Do not provide AMC free Demat account.
Fyers
- Advantages
- Brokerage fees are as low as Rs20.
- Provide the customer with a feature of referring and earn
- Zero software access fees.
- There are no brokerage fees on equity delivery and theme investments.
- Disadvantages
- Have no branch offices.
- Have outsourced depository services to another firm.
- Demat charges are a bit on the higher side.
In today’s world, every task can be performed online. Opening a trading account is like a cakewalk. Talking about Zerodha and Fyers in detail, we will now cover the process of opening and closing an account with them.
Account opening process at Fyers:
As Fyers is a completely online-based brokerage firm, their registration process is much easier than other firms. These are the steps that one needs to follow while opening an account with them:
- To open an account at Fyers, the individual needs to visit their website.
- The home page displays the option of “open an account”. The person needs to choose that option.
- Then a new window would pop up and the person would be asked to fill in some basic details. These will be the name, e-mail, and mobile number.
- After this, the person needs to click on the generate OTP column.
- They will send an OTP to the registered mobile number.
- After the verification, the Fyers team will contact you. They will ask for your documents and verify them. You will need to have your Aadhar card, Pan card, and address proof.
- After completion of the process, you will receive a welcome mail within 24 hours.
Account closing process at Fyers:
Closing an account at Fyers is just as easy as opening an account. One must follow these steps to close an account with Fyers:
- First and foremost, the individual needs to clear all the dues, if any. Without this, closure is not possible.
- Once the dues are cleared, you are free to close your account.
- There is an account closure form on their website that you will have to download.
- The form would ask basic questions like your name, account number, and reason for the closure.
- After filling out the form, you will have to send it to the mentioned address.
- You’ll then be contacted by one of their executives. They will confirm your closure and will proceed with the technicalities.
Account opening process at Zerodha:
Though Zerodha is also active offline, its online services are seamless. Being the best brokerage firm in India, they provide their clients with the best services. They run their firm with the most high-tech software.
If you are an individual who wishes to open your Demat with them, then you need to follow the following steps:
- To open an account with them, the customer has to fill out an online application form. This form asks basic questions, and at the end asks for an OTP that will be sent to your mobile number.
- Zerodha also offers to open an account offline too. Herein the customer has to send their signed application to the mentioned address.
- After receiving the application, the team of Zerodha takes two working days to verify everything.
- After completion of all the formalities, the person receives a welcome mail on the registered mail id.
Account closure process at Zerodha
If you are not satisfied with the services offered at Zerodha, you are free to close your account. For closure of the account, you’ll need to follow the these steps:
- Like Fyers, Zerodha also doesn’t offer an option of online closure of an account. That means the account cannot be closed either by mail or by contacting customer care.
- For the closure of an account, the person needs to download the account closure form available on the website.
- After filling out the form, the customer needs to mail it to Zerodha's Bangalore office.
- After receiving the mail, the team will verify all details. The process may take up to 2 days.
Important Points
- Fyers trading platform: Fyers has its trading platform, called Fyers One. It is a very strong and technical platform, enabling the users to look at the market from a different perspective. This platform lets users trade in NSE and MCX.
- fyers brokerage review/fyers broker review: This brokerage firm is approved by SEBI and works under complete regulations.
So there is absolutely no doubt in regards to their reliability. It was established in the year 2015 by young entrepreneurs and their vision was to meet the demands of the clients efficiently.
- Fyers margin: Fyers offers an intraday margin up to 16 times, it depends upon the element you are trading. For instance, the margin on equity future is four times. Whereas, on currency future, it is 2.5 times.
They do not provide margin funding. In a normal trade, you have to pay 100% of the value in cash to buy shares. With Margin Trading, on select stocks, you can pay a small percentage of the trade value, the rest will be paid by Fyers.
It allows you to trade in a larger value than what you could have done without funding.
- Fyers account opening charges: The account opening is free at Fyers. However, they have an annual maintenance charge that is Rs 300 per year.
- Zerodha AMC charges: The annual maintenance charges at Zerodha are Rs 300. These are equally divided into four quarters of 75 each. The quarter starts from the date the account is opened.
Conclusion
Both Zerodha and Fyers are leading brokerage firms of the current times. As discussed above, they both have their pros and cons. One can choose their ideal brokerage firm by assessing them.
I hope you liked our article on Fyers vs Zerodha, if you have any comments or suggestions do share them in the comments below.
