Fyers account opening URL: https://fyers.in
Is Fyers legitimate? The short answer is YES. However, I’d not recommend this company for perfectionists who expect high standards and flawlessness in what they pay for. If you aren’t that kind of a customer, this broker will not disappoint you. Before I explain why, here’s some background information about the company:
A Brief About Fyers
It’s a company that offers a wide range of financial products and services all geared towards the Indian stock market. For example, it provides web-based trading through the Fyers Web trading platform and mobile trading through the Fyers app. Further, traders can also benefit from educational resources such as guides, webinars, and tutorials to learn trading strategies.
The FINTECH startup was founded in India in 2015 by three brothers; Tejas Khoday, Shreyas Khoday, and Yashas Khoday. Tejas is the CEO, Yashas is the Chief Technology Officer, and Shreyas is the director of strategy.
The Company’s Contact Details
Notably, Fyers has provided multiple email and telephone contact details for key personalities and various departments within the organization, as shown below:
Email Addresses
- support@fyers.in.
- partner-support@fyers.in.
- api-support@fyers.in.
- support-complaints@fyers.in.
- grievance@fyers.in.
- ceo@fyers.in.
Telephone Numbers
- 080-45699999—Account Opening Department.
- 080-60001111—Customer Support Department.
- 080-45588634—Head Of Customer Care.
- 080-45588633—Compliance Officer.
- 080-45588632—CEO.
Why Fyers Is Not a Scam
1. The Company Is Registered And Authorized By the Securities and Exchange Board of India (SEBI)
To begin with, Fyers is registered and authorized by the Securities and Exchange Board of India (SEBI), the body in charge of stockbrokers and trading platforms in the country. SEBI’s website shows that Fryers is registered by the regulator under the business name “Fyers Asset Management Private Limited” and registration number “INP000008659.”
2. Fyers Demonstrates Integrity In Many Ways By Providing Detailed Contact Information
Whether you’d like to reach out to the company’s CEO, Head Of Customer Care, or compliance officer, you can do so by directly calling or emailing them. Similarly, you can directly call or email the customer support department, accounts opening department, and many other important departments to which you’d like to reach out.
The detailed contact information provided by the company could be interpreted as a green flag. Scam entities usually don’t provide such information in this manner if they offer it at all.
3. Most Reviews Show That Fyers Is Not a Scam
There are many reviews about this broker online, found on Google, social media, internet forums, and other platforms. While these reviews are mixed, one thing remains constant—they do not assert that this company is a scam.
Why A Perfectionist Might Not Like Fyers
1. Poor User Experience and Customer Service
The predominantly negative Fyers reviews on Trustpilot suggest this company is far from perfect. As of the time of writing this review, the company had garnered an overall rating of only 2.7 stars, out of just six reviews. Sixty-seven percent of the reviewers gave it 1 star, whereas the remaining thirty-three percent awarded it 3 stars. There were no 4-star or 5-star ratings, with most users criticizing it for poor user experience, customer service, and risk management.
2. Fyers Employs Misleading Marketing Tactics
The company’s website displays a banner claiming that Fyers is rated highly (4.5 stars) on Trustpilot. We went to Trustpilot to verify this information, only to discover that it is misleading, as Fyers is rated only 2.7 stars.
In my experience, you should be skeptical about a financial services provider that uses misleading marketing tactics. After all, it indicates dishonesty.
3. Reddit Complaints
We found negative feedback about Fyers on Reddit, where most customers complained about the system frequently experiencing technical glitches. However, one particular piece of feedback drew our attention the most. In this review, the customer reported having a poor experience with the company, citing many issues, including but not limited to the following:
- Fyers rejected many of their orders, causing them to miss numerous opportunities.
- The company blocked various actions without clarifying what exactly was blocked.
- The customer felt subjected to a conservative management team.
- The company rejected their mutual fund.
- They experienced a poor user experience due to slow internet.
See the rest of the issues in the screenshot below:
Final Thoughts On Fyers
To cut a long story short, Fyers is an authentic online trading platform targeting the Indian market. India’s financial services regulator, the Securities and Exchange Board of India, regulates the company. However, just because it’s not a scam doesn’t necessarily mean we recommend it to everyone. Though the entity is authentic, it’s characterized by a few serious drawbacks, as highlighted above, making it a poor choice for customers who expect high standards and flawlessness. If you are such a customer, we suggest you find another alternative.
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