I'm sad to inform you that we've had to discontinue the FYERS 30-Day Challenge on short notice to comply with the strict interpretations of circulars. Despite our earnest efforts to retain the challenge by offering sincere clarifications, we had to let go.
Our counterintuitive step of offering brokerage discounts to customers who successfully completed the challenge by remaining profitable for 30 days gained traction quickly. Although the discounts ate into our revenues, we continued to provide them because we felt the 30 Day challenge would help clients to cultivate trading discipline.
Working towards an objective goal helps one remain focused and motivated. Since trading is a solo activity, people are prone to become distracted and make foolish mistakes. So, we introduced the challenge to offer psychological reinforcement to stay on track and avoid being swayed by emotional vulnerabilities. So far, we've helped thousands of traders who benefited from it by becoming profitable via discipline and saving brokerage costs along the way.
Under the compliance provisions, it was interpreted as a game/competition. However, the 30-day challenge is neither a game nor a competition. This is because a game or match requires two or more participants, an element of rivalry between participants, the triumph of one participant over the others within the set parameters, etc. Also, there is no minimum target or turnover for the participant to achieve. The participant does not require to trade on a day-to-day basis either. The market structure and the forces of demand and supply of the stock market are such that the participant can maintain a profit without contention over 30 trading days by minimally executing trades. So, we don't induce our clients to trade by any means. We don't distribute prizes or monies but only offer brokerage discounts incurred by the client during the challenge period.
Anyways, long story short, the FYERS 30-Day Challenge will be discontinued with immediate effect. We hope you continue creating your own personal milestones as a trader. Don't worry! We have much more to offer you with our exciting products and valuable updates.
Stay tuned for more updates from us!
While this is a sad news, I am extremely grateful for the kind of motivation that the fyers 30 day challenge has provided me throught the journey. I got to know about fyers because of the popularity of this challenge. And I remember always subscribing for the challenge. From losing a few to winning some, when I look back, it reminds of my trading journey of ups and downs.
30 Days challenge helped me in building my trading phycology and not overtrading. I still remember, when i first won the 30 days challenge in August. It was the best moment, which I cannot describe :(
I hope Fyers will come up with such innovative products in the future!
FYERS 30 Day Challenge is really a great feature, which instilled discipline, focus & motivation in traders.
If possible, maybe you can still continue it without giving any brokerage refund etc., or any other kind of monetary benefit.
Just a plain certificate for profitable traders who made profits over the brokerage & other charges they paid.
That will continue the spirit of this challenge.
Is this just a gimmick by Fyers to stop the cash outflow to 30 day challenge winners? How come you decided to stop this after it became so big and not when it just started? Clever move by @Tejas Khoday . Stopped this offer after becoming bigger than most brokers so you now want to make more money. I wonder who will tell you to suddenly stop telling it is a competition. How can this be.. Sad news but ok will live with it.
Siddhartha, I have also been taking part in this 30 day Challenge since it's begining.
Sebi has recently made changes to their rules, and changes in regulations disallow any form of competition or "gamification".
This makes running the 30 Day Challenge a direct violation of the rule enforced by Sebi from the 1st of January 2023.
Even Zerodha has closed down their 60 day Challenge, you can check for yourself
Tejas is a person who is always striving to bring better things to his Clients. He has always had the belief that his clients should always have the best in terms of Technology, for which they have been investing a lot in improving their Infrastructure.
Fyers should continue the challenge without any monetary incentives.
Even that is Explicitly not allowed after the new rules have come into force from 1st of January
Sumo bhai, cash out flow bachega, API limit badha do fir :D
Just withdraw all funds from Fyers, and transfer to Zerodha, because i was using Fyers just bcoz of 30 days challenge.But now there is no diff b/w Zerodha and Fyers.
It depends.
There are many API users and brokerage refund was anyway excluded from the challenge. Hopefully, by no fault of Fyers, they can use funds to better the platform.
From API perspective, especially cost, there is a big diff b/w F and Z :D
Their API is flawless. Never faced an issue in more than 2 years. Not even once.
As for upgradation, I know for a fact that Fyers has been making very big investments to improve both their Trading Engine and the Hardware that powers it
They are a very Tech Savvy Company.
We're known to offer many more features that are useful for traders. if you are moving solely because of this reason, you may not have explored the platform fully. Btw, new features are around the corner.
Thx for acknowledging @Chirag