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FYERS 30 Day Challenge Updates in 2020!

Since we have introduced our flagship offer, FYERS 30 Day Challenge to incentivize the active trading community in India and devised a simple psychological reward system that keeps retail traders focused on remaining profitable, it has had a great response. As per our clients’ testimonials, FYERS 30 Day Challenge has encouraged them to improve their trading discipline to a great extent and in return, FYERS has rewarded them with a 100% brokerage refund and made their trading cost minimal or almost zero. FYERS embraces the active participation from the trading fraternity and we hope the skills you developed could possibly lead to something positive in the future.

To make the 30 Challenge even more exciting, here are the few updates based on the valuable feedback we have received from our active clientele.

  1. From now onwards, we will mention the number of times a client/participant has won the FYERS 30 Day Challenge. To facilitate this for clients who have already won challenges before, we will consider previous winning records as well and record it in your future certificates. So for instance, if you have already won 2 challenges before and you win the next challenge, the certificate will mention that you are a 3rd-time winner and so on.
  2. We have introduced Badges of Honour to recognize accomplishments in winning the 30 Day Challenge. This indicates the level of consistency in your trading performance. The Badge levels are as follows:
    • Rookie – 1 Star (1 time in a row or 1st-time winner)
    • Rising Star – 2 Stars (2 times in a row)
    • Hattrick Hero – 3 Stars (3 times in a row)
    • Prodigy – 4 Stars (4 times in a row)
    • Wizard – 5 Stars (5 times in a row)
  1. We have introduced badges to recognize the consistency of those that are winning the challenge. You can measure consistency in two distinct ways. 
  • The number of times you have won the challenges –  A higher number obviously shows your trading prowess but it could also be because you have taken the challenge several times.
  • Your best winning streak – Since consistency is the most challenging feat that needs to be achieved and the badges of honour will record your most consistent winning streak. 

 Let’s assume you have taken 30 Day Challenge 6 times so far with the following results: 

History Result
1st time Loss
2nd time Loss
3rd time Win
4th time Win
5th time Loss
6th time Win

-You successfully completed the challenge for the first time in your 3rd attempt. You have achieved the “Rookie” badge. 

– You successfully completed the second challenge in a row in your 4th attempt. You have achieved the “Rising Star” badge. 

– You successfully completed the challenge in your 6th attempt but since you lost the previous attempt, you missed the Hattrick Hero badge and your 3rd certificate will still show “Rising Star ” until you work up a hattrick and so on. 

  1. We have introduced the MCX exchange in this offer. .Since our new Backoffice is live, From now onwards, your overall P&L will be considered to calculate your 30 Day Challenge result and all your trades i.e. NSE, BSE, and MCX will be considered while calculating the 30 Day Challenge result. This will increase your choice of instruments to trade in to stay profitable for the challenge. We have observed that commodity traders have had a slightly higher profitability ratio in the last 1.5 years. Perhaps this owes to the fact that there are fewer variables to deal with when trading commodities. The addition of MCX is also a boon as it gives you more time to trade during the day after Equity & Currency closing hours. 
  1. In the course of the last 2 years, we have observed an increasing ratio of winners and some of them have become very steady over time. We hope to see increased participation in 2020. Keeping in mind the changing landscape in the regulatory environment and our lean revenue model, we have decided to put an upper cap of ₹10,000/- as the maximum brokerage refund for winners of the FYERS 30 Day Challenge. 
  1. Clients who have been given access to Trading API can take up the 30 Day Challenge. However, they will not be eligible to get a brokerage refund from us. We will continue to issue winners’ certificates and recognize their accomplishments going forward. When we introduced the challenge, our intent was to try and instill discipline among discretionary traders. Trading API is a feature that is most useful to enable semi-automated/programmatic trading. Since we offer our trading API for free and that it opens up an array of possibilities to win more consistently, we have decided against providing a brokerage refund to such clients. 
  1. The restriction on the upper cap of brokerage refunds will be applicable for all clients who have initiated a 30 Day Challenge in the month of January 2020 onwards.
  2. In the past, there were scalability issues with our back office which caused delays in reconciliation and processing. After we have upgraded to the new software, you can expect a faster turnaround time to issue certificates and brokerage refunds. Considering the increasing participation, we have revised the date to the 10th of every month. For instance, if you have completed your challenge in the month of February, the certificates & brokerage refunds will be processed on or before the 10th March. If there are any interim updates regarding this, you can check for the latest updates on our Notice Board.

Here’s how the new certificates look.

30 day challenge winner - Wizard Badge of Honour

Highest Badge of Honour for the FYERS 30 Day Challenge

 

To see the sample certificates with all badges of honour, click here. We hope to see some trading legends born at FYERS! We encourage you to spread the word! We want the retail traders in India to improve their ability to sustain their trading activities in the long-run and we will do our best to make that happen for you. 

Happy Trading!

Tejas Khoday

Tejas Khoday

Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.

51 Comments

  • Avatar Hemant Nepale says:

    I SUCCESFULLY COMPLLETED TWO TIME BUT BROKREDGE STILL NOT REFUND PLS CHECK. THANKS

  • Avatar Hemant Nepale says:

    IT IS EASY

  • Avatar Suraj says:

    This 30 day challenge is a very good option for small investors. They can save their brokerage value. Is there any plan to consider API client also.

  • Avatar rohit says:

    Is latest certificate calculated historical record of the 30 day challenge?

  • Avatar Vikash Sharma says:

    If I won 1st time, then 2nd and 3rd time I lose and again I won. Will I consider 2 times winner of the 30 day challenge.

  • Avatar Rishab says:

    Any extra brokerage or Bonus is there if I win 6 times in a row.

  • Avatar Ravi says:

    If I won 6 times in a row, Will I consider two times Hetrick hero.

    • Tejas Khoday Tejas Khoday says:

      No, if you win 6 times in a row, your certificate will read – 6th Time Winner & Prodigy (5 in a row). We haven’t created badges beyond a winning streak of 5 in a row, yet.

  • Avatar Rohan says:

    If I won the 30 day challenge continuously 9 times, then what kind of Certificate I will get.

    • Tejas Khoday Tejas Khoday says:

      Have you won it 9 times in a row? It’s not so easy but if you do, you will be a Prodigy. We’re thinking of ways to add more value to traders with such rare talent.

  • Avatar Ankita says:

    Hi Team, if I win challenge today within how many days my brokerage amount will be refunded and when the certificate will be issued?

  • Will previous wins will be counted and mensioned in certificate or will start counting from now on?

  • Avatar Day trader says:

    I have already got 6k brokerage refunded as I won 3 challenges. Does that means I can get only 4k more brokerage refund if I wins here onward ?Or it will start from scratch again till new 10k brokerage refund ??

  • Avatar Ankit says:

    The overall look and color scheme seems very similar to that of Zerodha’s certificate. Coincidence? 🙂

  • Avatar MUKESH KUMAR says:

    GOOD CONCEPT, I JUST WANT TO KNOW THAT CAN ANY BROKING FIRM TRACK OUR WINNING TRADES ??

  • Avatar Sid says:

    Hey Tejas,

    Good modifications! May I suggest though that the names of the 1 time and 2 time consecutive winners (especially ‘Rookie’) might have a slight negative psychological connotation as far as the gamification is concerned. You would want the winners to flaunt their certificates every chance they get (to their friends, family, social media and what not). ‘Rookie’ *might* not cut it. ‘Hat trick Hero’ for e.g., is very objective, neutral and is fine, but ‘Rookie’ is very novice sounding (although in reality, this actually might be the case), *especially* on a certificate. You would want (at least) a more neutral sounding name I reckon. Just a suggestion. Anyway, great initiative! I hope you get the increased participation that you are looking for.

    • Tejas Khoday Tejas Khoday says:

      Hey Sid, We didn’t really look at it that way. Everyone that starts off is a rookie/novice at some point. But yeah, thanks for the feedback.

  • Avatar RAHUL NASKAR says:

    I completed 30 days challenge successfully but i didn’t get any certificate

    • Tejas Khoday Tejas Khoday says:

      Hi Rahul, If you have completed the challenge during a particular month, your refund & certificates will be provided the following month on or before 10th.

      I hope this clarifies.

      • Avatar RAHUL NASKAR says:

        I completed the challenge in the month of October

      • Tejas Khoday Tejas Khoday says:

        What’s your client ID? Or share the support ticket number if you have raised the issue with our support team. I will look into it.

  • Avatar K Murali says:

    Nice..I would like to mention that fyers is by far the best trading app out there. Thanks for that.

  • Avatar Mahesh says:

    A great intitative. This will encourage trader who has just started to trade. I will defnietly start my challenge and will hope to win all the certificates.

  • Avatar Sukerthi says:

    Thanks for the update Fyers, but little disappointed by seeing the upper cap. But then now MCX is also includes in the 30days challenge we get more chances of winning the title. Thanks for the update

    • Tejas Khoday Tejas Khoday says:

      Hi Sukerthi, Why are you disappointed? Almost all of our clients were below 10,000 anyways, barring a few. We just rationalized the max payout that’s all. Yes, MCX should help increase the winning ratio going forward.

  • Avatar Jewel says:

    What if I win more than 5 times in a row? 😉

    • Tejas Khoday Tejas Khoday says:

      We’ll figure it out. But it’s not so easy to get there!

      • Avatar Fyers Client says:

        Now, thats the kind of challenge I like signing up for. Above 5 concurrent wins a peronalised momento can be send by post to the winner. It will be a fantastic honour for very disciplined trader. Thanks

  • Avatar Gulati says:

    If I win two in a row and then lose and then win again, will i get rookie or risin star?

  • Avatar Rajan says:

    This sounds interesting and exciting. We traders have some motivation to make our every 30 days challenge a success as there are Levels involved and nobody wants to remain at the bottom.

    • Tejas Khoday Tejas Khoday says:

      Yep :). Not all 30 Day Challenge are on the same level. You can now showcase your prowess as we will mention your accomplishments in the certificate.

  • Avatar Harsha says:

    Nice. I have never tried this. Will try this soon.

  • Avatar Abhiraj Algoz says:

    Hi Tejas, It’s a lovely concept! Wow. I didn’t understand why you don’t want to give refund for algo traders. Not a big deal or anything bcoz your brokerage is less but you have mentioned it’s because increased possibility of winning. Pls elaborate.

    • Avatar Manoj Kumar says:

      Hi, where is the number of times a person wins the challenge provision on the certificate?

    • Tejas Khoday Tejas Khoday says:

      Hi Abhiraj, Thanks. Algo/system traders are better positioned to make money as they see and act in more objective ways. They are less likely to be irrational and make spur of the moment decisions.

  • Avatar Karthik says:

    Wow that’s really very cool, I am very much excited to start my challenge and there is one more thing to be happy about that there is no upper cap for the brokerage generated, so that makes my trading to be absolutely free. Thank you fyers.

    • Tejas Khoday Tejas Khoday says:

      Thx. There is an upper cap of 10,000/-. Most clients are well within the upper limit anyways.

  • Avatar Ashish_DH says:

    If I get Hattrick or something can I join Fyers trading group?

    • Tejas Khoday Tejas Khoday says:

      We don’t have a proprietary trading desk, unlike other brokers. If we set up a separate entity just to trade with our own capital someday, we will consider looking at the winners.

  • Avatar Sagar Chinnapa says:

    Good concept Tejas! But pls consider giving refund for API users also.

    • Tejas Khoday Tejas Khoday says:

      Hi Sagar, We have decided to avoid it for a reason. The brokerage refund was introduced to incentivize discretionary traders to think of the reward and not make irrational decisions. API users may have less of a problem with emotional discipline in trading so we have disabled brokerage refunds. However, you can still win the challenge and showcase your trading prowess as we will continue to issue certificates to clients who have subscribed to our APIs.

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