What is a Demat account?
Opening up a Demat Account is the first step if you are looking to start trading in shares. Demat Account or a Dematerialized Account is basically an account that can hold all the shares which you possess or trade-in in an electronic format.
While opening a demat account can be a bit cumbersome sometimes, Fyers demat account provides you a simpler way to start trading and that too with added benefits.
The term ‘dematerialized’ in a demat account implies that the shares have been dematerialized i.e. converted from physical form to their electronic counterparts.
Since trading of physical shares is quite impossible since the traders are all remotely situated, having the shares online makes it much easier to trade.
Demat account is not just for holding your shares. It can also hold bonds, ETFs, mutual funds and other such types of assets that can hold assets having their own unique ISIN number.
Who is Fyers Securities?
Founded in 2015, Fyers Securities is one of the many companies assisting you in carrying out trading activities. This online broker is based in Bengaluru and is a member of NSE, MCX, and SEBI.
Trading can be in many forms and can involve various types of assets. This company promotes diversity, enabling you to trade in various assets ranging from stocks to currencies.
This not only provides you with a comprehensive single platform to carry out all your trading activities but also makes the whole trading process a lot simpler for you.
The online brokerage has become a highly competitive field. One needs to stand out in the crowd of companies in order to make the most of it.
Fyers intends to be different from the rest with the help of its flat-fee brokerage plans. Since these plans make the whole economics a bit simpler for the customer, they are highly popular in the market.
Also, in case you decide to open a trading account, you can do it for free with Fyers.
The brokerage plans, as we will look in the further sections are simple and affordable, thus making them popular amongst the masses.
They involve specified and fixed brokerage fees irrespective of the volume of trade which can be highly beneficial if you trade in large quantities.
Its trading platform, the “Fyers Trading Platform” is one of the most popular offerings of the company and is available free of cost.
Types of Fyers Trading Platform
The different types of trading platforms which Fyers has to offer are:
1) Fyers Web
Fyers Web is a popular trading platform by Fyers specifically designed for those who don’t want to be restricted to a single device. You can use web services from any device, be it a laptop, desktop, tablet or smartphone. Similarly, you can access Fyers Web whenever you want and from wherever you want. You just require a good internet network connection and you are good to go.
2) Fyers One
Fyers One is a desktop trading platform designed for those who want to trade from their laptops or desktops. It is for people who want to do some serious trading and can be used in case you work in an office. Even at home, this platform is highly suitable for a hardcore trader.
3) Fyers Markets
Fyers Markets is the next-gen trading platform for mobile trading. This enables you to travel on the go and can remove the need for sitting in one place and working on a laptop. This option gives you a simpler way to trade in case you cannot carry your laptop, or it is too much of a hassle because using your mobile is obviously easier and more convenient than a computer.
How to Open a Fyers Demat Account?
While most of the platforms go for online application forms to create a demat account, Fyers demat account opening process is largely offline. These simple steps will guide you to create your demat account easily.
- First of all, you need to e-mail the required documents (list of which is given in the next section) to the company. You can also send a copy of the required documents to the company office. The contact details can be easily obtained from the company’s website.
- The company will fill the demat account opening form for you based on the documents provided by you.
- This filled up form will then be sent to you via mail or courier. You to download and print it in case it is a softcopy. Then you just have to sign at the places mentioned in the document and nothing else.
- Finally you have to send the completed and signed form back to the company via courier. The company will once again review your credentials and whether you have signed at the proper places or not.
- After your application is approved, you will get the login credentials to your Fyers demat account via mail.
You also have the option of downloading the application from the company’s website. You can fill-up this form, sign it and send it to the company office for review.
Documents Required for Opening a Fyers Demat Account
For opening up a demat account, you need to submit some required documents. These documents will be reviewed, and the validity checked before your account is approved.
The various documents which you need to submit in order to open your Fyers demat account are:
1) PAN Card – You need to submit a self-attested (mandatory) copy of the PAN card along with the completed application.
2) Address Proof – According to SEBI, NSE and KYC, following is the list of documents which you can send as your address proof:
- Aadhar Card
- Voter’s ID
- Driving License
- Telephone and electricity bills
- Bank Statement
But in case your KYC is already registered, there is no need to send a copy of PAN card and Address Proof. Other documents, however, will be required.
3) Photo – Two passport size photos along with the nominee’s photos (if any) have to be sent along with the completed application form.
4) Income Proof – This is required in case you want to trade in F&O. Documents such as Bank Statement and Demat Account Holding Statement can work as proof of income.
5) Canceled Cheque – You need to send a canceled cheque to the company along with the form in order to verify the bank details. This is important and in accordance with SEBI’s guidelines for verifying your account.
Fyers Demat Account Login
After you have completed all the formalities related to the application form for opening up your demat account, the account will be opened up as soon as possible and the login credentials will be sent via mail. After this, you just need to go and log into your Fyers demat account to start trading.
Follow the given steps below to go and log into your account:
- Go to the homepage of the online broker.
- On the top right-hand corner of the screen, you will find the option of signing into your account.
- From there you can conveniently log into your account Fyers Web account. In case you are using Fyers One or Fyers Market, you will be prompted to log into your account on the homepage of the app or terminal.
Types of Fyers Demat Account
Fyers has kept it rather simple when it comes to the types of accounts which can be opened.
Unlike some of its competitors which offer various combinations of the trading accounts, Fyers offers just the simple stock trading and demat account services.
This is keeping in mind the accounts that are used the most. Hence the most focus has been given to these accounts.
Fyers Demat Account Opening Charges
In case you are opening up a trading account with Fyers, you can do it for free. There are absolutely no hidden charges or account opening charges involved while opening up a trading account on this platform.
Also, unlike most other online brokerage platforms, it does not charge any fee for calls and trades.
|Equity Intraday Trading||₹20 per executed order or 0.01% (Whichever is lower)|
|NSE Future Trading||₹20 per executed order or 0.01% (Whichever is lower)|
|NSE Options Trading||Rs.20/lot|
Fyers has teamed up with a third party depository participant, IL&FS to provide you with the demat account services.
Though there are no hidden charges or account opening charges involved while opening a Fyers demat account you do need to pay an upfront fee of Rs 400 plus taxes.
Some Commonly Asked Questions
Can I open more than one trading account in my name?
No. While you cannot open more than one trading account in your name with the same broker, you can register the account with a different broker.
Can I open only a trading account? Is opening a demat account necessary?
There is absolutely no need to open up a Fyers demat account in order to open a trading account. You can independently open up any kind of account.
What are the various account maintenance charges involved?
In Fyers, you don’t need to pay and annual account maintenance charged in case you have a Trading Account. But in case you have a demat account, then you need to pay an annual fees of Rs 400 plus taxes.
What is the procedure to transfer my funds?
You can transfer the funds in Fyers in multiple ways. This includes various payment gateways along with a check or can also easily transfer the funds online.
Can an existing demat account of mine be linked with a new Fyers demat account?
Absolutely. You can easily do this on the Fyers platform and integrate your accounts.
What are the courier charges involved?
If you have a demat or trading account with Fyers, then you need to pay Rs 35 as courier charges.