Trading is a challenging task and successful trading is the result of knowledge, intellect, emotional discipline, trade execution timing, money management, etc. Keeping into account two key considerations that are discipline and profitability, Fyers has launched Fyers 30 Day Challenge. It is an initiative taken by Fyers to incentivize or benefit the active trading community.
As its name, under the plan, if a trader is in a profitable position for a period of 30 days, then the 100% brokerage paid by the client will be refunded. Thus, the plan encourages traders to keep their focus on profitable trading during the challenge period of 30 days. In other words, any trader who traded profitably during 30 trading days, will be entitled to avail the refund of 100% brokerage paid during such period. Thus, the trading cost will be zero. Here, it is important to note that the plan doesn’t expect traders to stay profitable every day but traders must gain profitability at the end of the period after accounting all the brokerage charges & transaction costs. To participate in the 30 Day Challenge, you just need a trading account with Fyers Securities.
Key features of Fyers 30 Days Challenge
Fyers 30 Day Challenge period means 30 trading days from the start of the challenge. Thus, any holiday will not be part of 30 days.
The company doesn’t put any lower cap on the amount of brokerage refund.
Although, in the past, there was no upper cap on the brokerage refund but now, considering the rising participation of active traders, Fyers has put upper cap of ₹10,000 on the brokerage refund. Thus, a client can avail of the benefit of a brokerage refund to the maximum limit of ₹10,000.
At the end of the period, whether a client is profitable or not will be calculated across all the segments.
Dividend paid by the company will not be considered for Fyers 30 day challenge.
Earlier, the timeline for the refund of the brokerage was 5th of every month but now, the company has revised the date to the 10th of every month. Thus, now, the refund of the brokerage will be processed to the clients by 10th of every month or successive business day.
Fyers also gives award to the challenge winners to recognize their performance.
There is no limit upon the number of times a trader participates in the Fyers 30 day challenge. Thus, clients can take the challenge as many times as they want.
Benefits of Fyers 30 Day Challenge
The challenge winners can avail of the benefit of a refund of 100% brokerage paid. This way, traders can get back full brokerages paid during the 30 days challenge period and nullify their brokerage cost.
Fyers also recognize the winners’ performance through certificates.
The 30-day challenge promotes active and disciplined trading because traders stay focused to remain profitable from the trade executed.
To make the plan more exciting, recently (January 2020), Fyers Securities has made several updates to the existing plan, presented below:
Earlier, MCX trading was not the part of Fyers 30 day challenge but now, the broker has added MCX Exchange in this offer. Thus, now, traders can avail the benefits of free trading on all trading activities on BSE, NSE and MCX as well. The plan will add one more selection of trade instruments that is commodity trading to stay profitable in the challenge.
Till now, there was no upper cap on the challenge hence, the brokerage benefits were unlimited. However, looking to the continuously increasing participation of traders in the plan, Fyers Securities has decided to put an upper cap of ₹10,000 as the maximum amount of brokerage refund for the Fyers 30 day Challenge winners. Thus, from now onwards, the maximum brokerage benefit under the plan will be ₹10,000. It will be applicable for all clients who participated in a 30-day challenge in the month of January 2020 onwards.
In order to recognize the consistency level of winners’ accomplishments, Fyers Securities has announced following “Badges of Honour -
Rookie Award – 1 Star – Trader who won the challenge for the first time.
Rising Star – 2 Star – Trader who won the challenge for the second time.
Hattrick Hero – 3 Star – Trader who won the challenge for the third time.
Prodigy – 4 Star – Trader who won the challenge for the fourth time.
Wizard – 5 Star – Trader who won the challenge for the fifth time.
From now onwards, the broker will take into account the number of times a participant has won the challenge. For this, the company will also consider historical winning records and record it in the next certificates. Like, if a client has already won 3 challenges earlier and after playing the challenge for 3 times, again won during third attempt. Then, he will be a fourth-time winner, hence he will be awarded the Prodigy (4 stars) award.
As Fyers also offer trading API therefore, clients who have access to trading API can participate in the 30 Day Challenge but would not be entitled to avail the benefits of 100% brokerage refund to the maximum extent of ₹10,000 and can only get winner certificates.
Taking into account the growing participation of traders in the 30-day challenge, Fyers has decided the date of issuing certificates & brokerage refunds to the 10th of every month.
Fyers 30 Day Challenge is the flagship offer of Fyers Securities to incentivize the active traders. As name implies, the plan states that if a trader is in profitable position at the end of 30 days period, then the entire brokerage amount paid during the period will be refunded. Thus, by this way, the plan promotes disciplined trading and enable traders to enjoy the benefits of free trading and maximize their profits. Here, notably, the plan does not require traders to stay profitable every day and traders must be profitable at the end of the period.
As name implies, the Fyers 30 day challenge is an initiative taken to promote disciplined trading. As per the plan, if a trader is in profitable position for the period of 30 trading days, then he/she will be entitled to get refund of the total brokerages paid during the specified period.
Earlier, there was no upper cap but recently, in January, 2020, Fyers levied maximum upper cap of Rs. 10,000 on the brokerage refund. Thus, the maximum benefit that a trader can avail under the Fyers 30 day challenge is Rs. 10,000.
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