FYRES Franchise Review
FYRES Securities is a Bangalore based online discount stockbroking firm that was incorporated in the year 2015. The company offers trading in Equity Cash, F&O, and Currency Derivatives segments at NSE.
Founded by three young entrepreneurs Tejas Khoday, Shreyas Khoday, and Yashas Khoday, FYRES stands for “Focus Your Energy & Reform the Self.”
FYRES is a low brokerage stock broker in India coming among the cheapest online stock brokers. As a company, it believes in building a transparent, cost- effective, and best trading platform for its customers.
FYRES’ Trading Platforms
It offers three trading platforms for its clients, which include a trading terminal, a mobile trading app, and a web trading platform.
- FYRES Web Trader- If you are comfortable with website trading, the FYRES Web Trader is a fully functional online trading application. It can be easily accessed from any web browser and includes features like portfolio tracker, auto-screened option, and live data feed.
- FYRES One (Trading Terminal)- It is FYRES’ installable trading terminal that comes with features like advanced charting, F&O Analysis tools, Flexible Workplace, advanced end-of-the day reporting, stock screeners, and portfolio tracker.
- FYRES Markets (Mobile Trading App)- For those who like to trade through a mobile app, FYRES offers a mobile trading app named FYRES Markets. The app is loaded with advanced trading features and is available for download for both Android and IOS devices. Some of the features of the app include stock screener, multiple watch list, pre-loaded options strategies, technical indicators, live stock quotes, and many other features.
FYRES Business Model
When talking about the FYRES Business Model, it follows a simple sub broker model, which is named as the FYRES Referral Program or FYRES Sub Broker model.
FYRES Referral Program
FYERS is an online stockbroking firm. Under the FYERS Referral program, you can join as a trader with FYERS and can also invite other traders to trade actively with them.
This particular scheme is called refer and earn scheme, and FYERS actively follows the referral model of business for joining Sub Brokers with them.
After a trader has registered as a sub-broker with FYERS, they can add more and more members to the network. This way, traders can earn even without actually trading when traders from their network trade.
FYERS Revenue Sharing Model
If you are thinking what benefit you get on adding more and more people to your network, or how you can earn without trading, then here is the answer.
FYERS does not follow a specific commission model. You earn 20% of the total revenue generated by your referrals for the lifetime. Hence, the number of referrals you have, the more you end up earning from the revenues generated by them.
Thus, of the total revenue, 80% is the FYERS commission, and 20% is referrer commission.
FYERS Franchise Security Deposit Amount
Since FYERS is a discount broker, there is no security deposit or the initial amount required to be deposited to register for the franchise.
For being a sub-broker with FYERS, you need to open a trading account with them and can get started with the FYERS referral program.
The Process to become FYERS Sub Broker
You need to follow a simple process to start earning as a FYERS sub-broker. One of the essential requirement is to have a sound knowledge about the stockbroking industry.
You can follow the below-mentioned steps to become a FYERS Sub Broker:
- First and foremost is, open a Demat and Trading Account with FYERS.
- Submit all your KYC documents as per the checklist given.
- Once all your documents are submitted, the FYERS executive will perform an IPV with you through a web camera or in person.
- This is the person verification, which is mandatory to be done while opening up a trading account.
- After the personal verification is done, the account opening form and documents are sent for processing, after which the Trading Account is opened.
- The documents that you need for completing the KYC for enrolling yourself as a FYERS Sub brokers are as follows:
- Identity proof
- Age Proof
- Address Proof
- Bank Details through your canceled cheque
- Passport size photograph.
There are a number of benefits that the traders get when they associate as a Sub Broker with FYERS. These advanced features and benefits let the traders free of any stress and pressure.
Here are some of the benefits which the traders get:
- There is no minimum brokerage charge to be paid by the traders. There is a 30 days challenge, where if the traders win, they can trade for free.
- For those traders who lose the challenge, there are schemes wherein they can save up to 95% of brokerage compared to other stockbroking firms operating in the market.
- Advanced technology, including different trading platforms for the convenience of the customers.
- They can easily analyze the trends and patterns of the market as they have access to a lot of historical data.
- The customer support desk at FYERS is always available and dedicated to supporting its clients in case of any issue faced by them.
FYERS Franchise Ratings
For the convenience of our traders, here is a list of the ratings given to the FYERS franchise for you to consider before becoming its sub-broker.
FYERS is one of the cheapest online stock brokers in India and surely has advanced trading technology for the clients to trade efficiently. The company succeeds to stand firm on its belief. The added advantage apart from the technology that the traders get is that there is no minimum brokerage to be paid by them for becoming a FYERS sub-broker. All they need to have is a trading and Demat account with the company, which is quite simple to open.