FYERS

[backbench]

A screen shot of my contract note.
Hope you can find the full contract note . View attachment 42570
Tejas Khoday Sir,
You have already increased brokerage 200% from 0.01 to 0.03 and you have fixed minimum brokerage of Rs.7.The above contract note clearly shows how the small trader is exploited.If you would have charged @0.03%,he would have ended up with profit of Rs.175 instead of Rs.12.9.Imagine someone buys and sells 10 lots of NF @9000,his total turnover comes around 1.35 crore.For this trade you are satisfied with Rs.40 as brokerage.But for a tiny trade of 1 lakh,you are chaging Rs.192 as brokerage.How ridiculous it is?
On behalf of small traders like me,I request you to withdraw the minimum brokerage of Rs.7 otherwise it will eliminate the small traders.You may know the proverb "Small drops makes the ocean".

 

[Tejas Khoday]

A screen shot of my contract note.
Hope you can find the full contract note . View attachment 42570

Hi @art345, Thanks for the details. It's a genuine case. You will get a call on Monday and we'll see what we can do about this. Be rest assured that we have your best interests in mind. Stay tuned!

 

[TracerBullet]

Its all about the bid ask spread in exchange. Lets say there are 10 different investors who are selling at a particular price ; if your quantity is equal to those 10 added together, you will have 10 different orders. It normally happens for scrip having price > 1000. Its the exchange which does it AFAIK not broker. But yes you will be in heavy loss due to brokerage if there is a min price per order

Yes thats fine, but there is no need to split up stop and target orders from bracket for the entry portion that was filled instantly. I have not yet traded these orders as i started trading when they were not available and my infra is already done and stable.
Can you confirm that in this case, Fyers ( and probably other brokers too) split up stop orders even when entry was executed in an instant ( market and SLM will always do that ). Logically, split is probably only needed when the fills happen at different times, and that too because apparently they cannot update existing orders.

I am not saying Fyers should or should not charge extra, that is their decision. Counter view is that if broker does not have enough capital it can go bust when crazy things happen. But just trying to understand how it works. Thanks ...

 

[Tejas Khoday]

Yes thats fine, but there is no need to split up stop and target orders from bracket for the entry portion that was filled instantly. I have not yet traded these orders as i started trading when they were not available and my infra is already done and stable.
Can you confirm that in this case, Fyers ( and probably other brokers too) split up stop orders even when entry was executed in an instant ( market and SLM will always do that ). Logically, split is probably only needed when the fills happen at different times, and that too because apparently they cannot update existing orders.

I am not saying Fyers should or should not charge extra, that is their decision. Counter view is that if broker does not have enough capital it can go bust when crazy things happen. But just trying to understand how it works. Thanks ...

Hi @TracerBullet,

Only bracket orders are split up because separate Target & SL have to be created automatically by the system. The order split is completely upon the bid/ask and exchange order execution. Brokers cannot influence the order execution as our exchanges are order-driven and not quote driven. If you place any other kind of order, you will not be charged in multiples as some have complained. Only bracket orders have this issue. If you don't want to face such a problem, please place orders using Cover orders as the leverage we provide is the same as for BO.

 

[soft_trader]

Hi @TracerBullet,

Only bracket orders are split up because separate Target & SL have to be created automatically by the system. The order split is completely upon the bid/ask and exchange order execution. Brokers cannot influence the order execution as our exchanges are order-driven and not quote driven. If you place any other kind of order, you will not be charged in multiples as some have complained. Only bracket orders have this issue. If you don't want to face such a problem, please place orders using Cover orders as the leverage we provide is the same as for BO.

Can you please tell more about order driven exchange and quote driven exchange? How exactly a quote driven exchange works? Which is better?

 

[trendtrade]

Can you please tell more about order driven exchange and quote driven exchange? How exactly a quote driven exchange works? Which is better?

Please explain this point. What is the difference between them. If you have written some article etc. regarding how different type of orders get executed practically inside the NSE System, then please share that link as well.

Thanks

 

[jd1234]

https://www.investopedia.com/ask/answers/06/quoteorderdrivenmarket.asp

 

[kaly422000]

Hi @art345, Thanks for the details. It's a genuine case. You will get a call on Monday and we'll see what we can do about this. Be rest assured that we have your best interests in mind. Stay tuned!

IF ANY TRADE OF CASH OF EG 200 TO ANY AMOUNT SHARES EXECUTED IN PARTS THEN THIS RS 7/ MINIMUM BROKARAGE WUD CREAT WORST PROBLEM

 

[FYERS_Team]

Please explain this point. What is the difference between them. If you have written some article etc. regarding how different type of orders get executed practically inside the NSE System, then please share that link as well.

Thanks

Hi @trendtrade,
We have mentioned general order matching system at our exchanges, read this blog - Orders Getting Executed When Prices Are Not Visible On The Charts – What You Need To Know
Also, neither broker or exchanges prioritise the order based on their types.

 

[Tejas Khoday]

IF ANY TRADE OF CASH OF EG 200 TO ANY AMOUNT SHARES EXECUTED IN PARTS THEN THIS RS 7/ MINIMUM BROKARAGE WUD CREAT WORST PROBLEM

It could be but in a rare case scenario. In such cases, you can write to us and we'll take care of it.