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Jay
Learning & Seeking at the same time
Asked a question 2 years ago

Is it true that FYERS is slicing the orders and charging brokerage for every order? For eg. If someone is placing an order of 500 quantity then FYERS is placing it as 4-5 orders and charging for order execution on both sides? These claims are floating around the web in this manner "If you are thinking you will buy big quantity of orders value lets suppose 30k or 40k then FYERS will execute it 3–4parts and you will be then charged for every order and you know very well that what will be brokerage then. That 7rs comes into existence. And don't worry you won't get any proof whether it is happening because of the volatility of the market or FYERS did it intentionally. Because there is no proof like that and no one help…"

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SachinWIZARD
11 Times 30 Days Challange Winnner and Founder-TraderAdda.Com

I think these are rumors and are false as I have not observed any such thing since last more than one year of Trading with Fyers...

Though as answered by @Tejas Khoday37  this happens Prominently in BO Orders as he explained the reason.

 

@Jay37, The rumours are false. I guess they are misinformed. Here's how it works:

  1. Every order placed on the FYERS system is transmitted to exchanges and the exchange assigns an exchange order ID. This is a confirmation code for reference. As a brokerage, we're like a bridge between the client and exchanges. 
  2. Order slicing happens at the exchange level based on the bid/offers. For instance, if you have placed an order to buy 1000 quantity of any stock, how the order gets executed is determined by the buyers & sellers in the market and not by us. 
  3. Bracket Orders (BO) are designed in such a way that, leg 2 & leg 3 orders are placed upon each partial execution of leg 1. This is to ensure that your open position quantity has an equivalent target & SL orders. Btw, this is the only order type where you get charged for partial execution because of the nature of bracket orders. 
  4. Orders are not matched internally by us. Everything happens at the exchange as India is an order-driven market. Order driven markets drastically reduce the scope of malpractices by brokerages. 

I hope this clarifies. 

I have been using fyers for quite a long time now, never faced as anything like this