Which Broker is Best for Online Trading in India: Fyers vs Upstox
This article aims to provide a comprehensive comparison between Fyers and Upstox, two of the most popular brokers in India for online trading. Both platforms offer unique features and services, but which one should you choose for better trading experiences?
Introduction to Fyers and Upstox
Fyers and Upstox are both well-known online trading platforms in India, with a strong customer base and a variety of features to cater to different trading needs. In this article, we will analyze the key factors that set these platforms apart and help you decide which one suits your requirements best.
Main Features of Fyers
Fyers is known for its user-friendly interface and powerful features. Here are some of the highlights:
Brokerage Credit and High Margins: Fyers offers a brokerage credit of around Rs 1500 on account opening, and provides high margins even during lockdown periods, reaching up to 1. Free Equity Delivery Trades: Fyers provides free equity delivery trades forever, and there's a maximum of Rs 20 per order for intraday securities and derivatives and commodities. Powerful Charting Tools: Fyers offers a wide range of charting tools, especially on its Pro Web 3.0 platform. Additionally, the mobile app is smooth, fast, and reliable, allowing traders to perform analysis and order placement on-the-go. 3-in-1 Trading, Demat, and Savings Account: Fyers’ 3-in-1 trading, demat, and savings account enables users to earn up to 6% interest on their trading capital. There are no transaction fees for fund transfers, and users can trade up to Rs 10 lakh per transaction with unlimited transactions per day. Sales and Support Team: The support team at Fyers is round-the-clock, ensuring prompt responses and assistance with any queries.Main Features of Upstox
Upstox is another popular broker in India:
Brokerage Credit and Free Delivery Trades: Upstox provides a brokerage credit of around Rs 1500 on account opening. They also offer free delivery trades and charge a maximum of Rs 20 per order for intraday securities and derivatives and commodities. Customer Service: However, customer service resolution times can be slow, and there is a lack of investor education initiatives. Global Investor Base: With over 9 lakh customers, Upstox is supported by famous investors like Ratan Tata and Tiger Global.Personal Experiences
Both Fyers and Upstox have left their mark on personal trading experiences:
Fyers: The writer found Fyers to be an excellent broker with courteous and efficient service. The Fyers Web trading platform, based on TradingView, is praised for being super easy to navigate and manage orders directly on the charts. Fyers is also highly recommended for having a blog to educate users about the stock market and for being the only firm in India to offer trading on the charts itself. Upstox: The writer had a negative experience with Upstox, finding the platform to be racist and rude. They suggested that Upstox should offer their services in Hindi. Upstox is not recommended based on this experience.For a more detailed personal experience, following accounts with Zerodha Angel and Sharekhan, Fyers is considered to be ahead in terms of service and features.
Conclusion
Based on the comparison, Fyers stands out as a better choice for online trading in India due to its user-friendly platform, excellent support, and unique features. However, individual preferences and trading styles should also be considered when making a decision.
Key Takeaways
Fyers offers a brokerage credit of around Rs 1500 on account opening, high margins even during lockdown, and free equity delivery trades. The Fyers Web trading platform, based on TradingView, is praised for its ease of use and powerful charting tools. Both Fyers and Upstox have a strong customer base and are supported by notable investors. However, Fyers has better customer service and investor education initiatives.Ultimately, the choice between Fyers and Upstox depends on your specific needs and preferences. Each platform has its strengths and weaknesses, so carefully consider these factors to determine which one is best for you.