I am attaching 2 screenshots of the brokerage calculation.can you please explain why fyers is charging higher than zerodha?
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@FYERS
I don't understand why you guys are not replying to my post or ticket also?
https://community.fyers.in/question/is-there-anyone-actively-trading-on-mcx-recently-i-wanted-to-move-to-mcx-an--60bc761e56c9898cd3dff168?answerId=60bcb20d670d5b49d37f5bda
@George Roper
it's not a mistake but an actual extra charge in the contract note which zerodha doesn't charge in mcx.
We will wait for their support team @Vanshika Singh to bring some clarity into this.
@FYERS @George Roper
I guess there are no clearing charges in Zerodha whereas it's not the case with Fyers. please clarify...
and if it's true then why fyers is charging that charge in mcx?
I don't think the 1114 - 1034 difference is the clearing charges, but an error on the calculator on how the stamp duty is getting calculated at 0.02% rather than 0.002%
Did a calculation at another broker who deducts clearing charges , even if the broker deducts clearing charges, I think it is a negligible amount, on the calculator with the other broker, the clearing charges is less than 1 rupee.
@George Roper
That seems to be a significant amount, so its not an error in the calculator as I wrongly assumed initially.
yup @George Roper
if @FYERS doesn't contact me today and clarify this I am going to close my account.
@FYERS @Vanshika Singh @George Roper
I have received a reply from support and I must say any trader in mcx should close their account in fyers after such a reply....
"CM charges may vary from exchange and instrument wise depending on the broker."
then fyers must admit that zerodha is a better broker because the exchange is charging extra to fyers...
Hi @Hiren Parekh & @George Roper,
Clearing Member means a member of the Clearing Corporation who clears and settles trades through the Clearing Corporation. The charges levied for such a service is called Clearing Member charges (CM Charges) and it is not charged by the exchange. There are 2 kinds when it comes to this: 1. Trading Cum Clearing Member 2. Trading Member.
Fyers is a Trading Cum Clearing Member for the Equity segment. Hence, No CM charges are levied for the same. However, for F&O/MCX we are only the Trading Member and we need a clearing member to clear and settle clients' trades.
Our clearing member for F&O (NSE) segment is ICICI securities and for MCX segment, it is Globe Capital. Hence, CM charges are levied on those instruments.
In Zerodha's case, they might be the Trading Cum Clearing Member for the MCX segment. That might be the reason for the difference.
Hope this clarifies!
@Sounder Rajan G S
in short if anyone trade with fyers then they will always have to pay extra than when trading with zerodha...
well, I should have checked this before depositing money with fyers, my mistake.
my account id is FS2965 and I have placed a request for withdrawal of the fund, can you please get it processed as soon as possible by today?
thanks for clarifying, i also got my answer now.
@Sounder Rajan G S @Tejas Khoday
any plans of fyers to become a clearing member of mcx so the total cost of trading comes down like zerodha?
@Tejas Khoday @Sounder Rajan G S
I want to re-start trading with fyers but need to know when will cost of mcx trading will come down, I mean when will fyers become a clearing member of mcx, or there are no such plans in the nearby timeframe?
Hi @Hiren Parekh, We are working on it. But we cannot comment as of now. We'll update you once that happens.
Apologies for the delay in the reply.
@Sounder Rajan G S
will be really waiting for the cost of trading to go lower in mcx.
@Sounder Rajan G S @Tejas Khoday
any update on clearing charges in mcx?
@Sounder Rajan G S
still waiting for the reply