What is the Fyers 30 day Challenge?
The Fyers 30 day challenge is a brokerage refund programme offered by the Fyers Stock Broker to their clients. A daytrader can take up this challenge to remain net profitable over 30 trading days and get their brokerge fully refunded on successful completion of this challenge.
Why such an initiative from Fyers?
This is initiative from the broker, who wants to encourage their trading clients to try their best. Their statistics shows that, such an initiative has a positive influence on the traders mindset and trading behaviour. Are you looking forward to turn yourself into a better trader? If so, the 30 day challenge initiative is for traders like you.
What does 30 day means here?
The 30 days means 30 consecutive trading days, not including any weekends.
Do you have to trade on all these 30 consecutive days?
No. You are not required to trade on all the days to win the challenge.
Do you have to be profitable on all the 30 days of the challenge period?
No, You don’t need to be profitable all the days, it is the net profitabililty over 30 trading days that matters.
How is the net profitability for the Fyers 30 day challenge calculated?
Net profitability for this purpose is the sum of your daily net profit/loss over 30 trading days. Yes, it takes into account all the transaction charges and the daily brokerage on your contract note.
Is there a minimum amount of profitability required to win this challenge?
Not at the moment, even if you are 1 INR in net profit, you win the challenge.
What segments are included in the Fyers 30 day challenge?
The net profitability for the challenge covers all your traders across the Equity segment, F&O segment and the commodity segments from all exchanges.
Is there a cap on the maximum brokerage charges that can be refunded?
Yes. The maximum brokerage that will be refunded is capped to 10,000 INR over the 30 day challenge period.
What are the other rules on fyers 30 day brokerage refund challenge?
If you have activated the Fyers API feature on your client ID, you will not receive the brokerage refund. Profitability of trade executions using Fyers API activated accounts are not considered for brokerage refund. You still get the certificate of completion but not the brokerage refunded.
What are the rewards offered on successfully completing the Fyers 30 day challenge?
On successful completion, you get your 30 days brokerage refunded and a challenge completion certificate issued by the broker.
What types of certificates are issued?
On successful completion of a 30 day challenge, you get issued a basic challenge completion certificate with 1 star.
But if you are consistently profitable without a break, your rating on this certificate increases.
for eg, 1 star for 1 times in a row, 3 star for 3 times in a row, likewise.
On what day does the brokerage gets refunded?
The brokerage refunds are calculated and processed automatically after the 10th of every month. So you can expect to receive the brokerage refunded to your trading account on or after the 1oth that follows after the successful completion of your challenge.
Is there a limit to the number of times you can enroll?
No limits to the number of times you can enroll, You can start your next challenge after the completion of your current challenge period.
Can you reset your challenge period midway through a challenge?
No, You will have to wait for your active 30 trading days to complete to take up the next challenge.
How do you sign up for the Fyers 30 day challenge?
Log into you Fyers Web trading account at https://trade.fyers.in/ and use the “30 DAY CHALLENGE” button on the toolbar to enroll for this.
Is the Fyers 30 day challenge for real or is it bakwas?
The Fyers 30 day challenge is for real. On successful completion, this broker keeps up to his promise and refunds your brokerage and issues you the certificate.
In reality, at the moment, it seems like they do not have a fully automated reconciliation & reward system that is error free, for this 30 day challenge. If you do not receive your brokerage refund and certificate on time, you will have to chase them on their support email to claim your brokerage refund and certificate. Also, sometimes even successfully completed challenges are getting marked as “not successful”, again you will have to follow this up over many days to rectify the error and get your brokerage refunded. The 30 day challenge idea is good and unique, but wished it functioned more effectively and error free.