FYERS API Bridge Review
Fyers Track Record Of Best Online Stock Broker In India
FYERS API Bridge Review
FYERS is a Bangalore based online discount broker. It offers trading in equity, cash, F&O and currency derivatives segment at NSE. FYERS is an acronym of “Focus Your Energy & Reform the Self” representing the core values of the company.
FYERS provide its API to the customers to get live market prices, execute orders and positions through their own trading tools.
FYERS API is a set of rest APIs that will provide integration with FYERS in-house trading platform with which the customers can build their own customised trading applications. They can seamlessly place fresh orders, modify and cancel the existing orders in real time. They can also see any account related information such as orderbook, trade book, net positions, holdings or funds.
FYERS ensures maximum security for FYERS API that prevents unauthorised transactions. All API requests are received only over HTTPS protocol.
How to Create Application from FYERS API?
In order to use FYERS APIs, the customer is required to create an application from the API Dashboard.
App name is the application which has been created by the user.
The Redirect URL will be used during the login flow as mentioned in their authorization chart.
The user can upload an image for every application that has been created.
API key and API Secret
After creating the application, the user will be provided with an apiKey and apiSecret. Both of them are used to authenticate the application and to prevent the unauthorised usage.
The user can distribute the API key to others but his API Secret has to be stored safely without even disclosing it to any third party. This is advised that the API Secret is not stored safely without disclosing it to the third party. It is advised that the API Secret not to be stored on the front-end application.
To easily use the software, FYERS have provided libraries in different languages. The user can directly install library and use its functions or the user can always use the Rest APIs directly.
The authentication process is done by using the OAuth process. The user requires the access to a web browser in order to authorize his app irrespective of whether your program runs on a GUI or a console.
This authorisation process includes 6 steps as explained below:
1. The client initiates a request to receive token for his application.
2. In case the app_id and secret_id is valid from the above request then an authorization code will be returned.
3. The user will be redirected to Login page in order to authorize the app in case the above request succeed.
4. The user will provide the login credentials which will further validated from the server.
5. Once the credentials are successfully validated then an access token will be generated and redirect the users to the page specified in app dashboard.
API bridge is launched by the FYERS in order to facilitate users with the most simplistic way as they will be able to deploy your trading strategies on the most preferred platforms like Trading view, Amibroker, MT4 and much more with zero knowledge about programming and the fire orders as per the trading signals directly to the user’s account with FYERS and manage positions efficiently on the API Bridge.
FYERS API Bridge is a lightweight and easy to use portable application. This can be integrated with the FYERS Order Management engine through its trading API. The user is required to interact with it to feed information and in return confirm the specific order or access order book and trade book. In other words, API Bridge acts as a connection between the front-end charting or an alert generating platform such as Amibroker, TradingView, MT4 and the order matching engines. The interface connection is extended by using a trading API.
The above diagram explains how the front-end platforms interact with API Bridge.
Functions of API Bridge
This works on the alerts generated, the user can deploy complex algos using the Tradingview simple web charting. It allows to control all the parameters of the trades that initiates from login to firing order and the account level live risk management.
Major API Bridge functionalities are:
1. Paper trading mode for testing.
2. Order Management.
3. Trade Management.
4. Zero programming efforts.
5. Risk Management (Trade and Account level).
6. Order notifications.
7. App and API logs.
8. Zero programming efforts.
9. Strategy movement.
10. Trading view integration through chrome extension.
11. Auto Square off.
Charges for FYERS API Bridge
Keeping the aim of reducing cost of technology for retail traders, FYERS provided API Bridge at an affordable price that can be easily sustained by the user in the long-run.
The charges are Rs.500 per month or Rs.3600 per year.
FYERS API was introduced in order to resolve the issue of retail traders not able to invest in algo trading. Since the retail traders in India have not been able to implement systematic trading properly for various reasons such as lack of reliable APIs, robust and lightweight API Bridge, proper support and much more. The introduction of API Bridges enables the users to simplify and extend the reach of Algo trading to the retail trading community in India.
Frequently Asked Questions
To buy either calls or puts, the margin requirement is only to the extent of the premium. Margin for buying options = Premium * Total Quantity.
Derivative contracts which are going to expire in the current month are called ‘Near Month Contracts’, those which expire next month are called ‘Next Month Contracts’ and those which expire after the month are called ‘Far Month Contracts’.
Fyers offers multiple modes to add funds in the traders trading account. They can add funds via IMPS/NEFT/RTGS, UPI and internet banking.
Proof of Identity, Proof of Address, PAN card, Bank statement, cancelled cheque and photographs are required to open an account with Fyers.
No, fund withdrawal is only processed through bank transfers.
No, fund withdrawals are credited only to the primary bank account.
When a customer places an order over the phone through a dealer, Fyers charge an additional ₹20 as Call & Trade Fee. Being an online stock broker, it prefers that the customer uses its online trading platform to execute orders. All trading software including an installable trading terminal, website and mobile application are made available free of charge to customers.
In that case, the client is obligated to clear all the dues to the broker immediately. Failing which, the client will be charged a penalty.
Yes, Fyers provides algo trading.
Yes, with Fyers you can place MIS order.
Yes, the minimum balance amount can be utilized to enter into any position.
Yes, Fyers allow investors to take Intraday future positions with lesser margin requirements than carry forward future transactions. But it is mandatory to square off such positions on the same day.
Anyone who has an account with Fyers is eligible for Thematic investments. It can be used by new and experienced investors alike.
Yes, FYERS provides "Good till Canceled" (GTC) or "Good till Date" (GTD) or "Valid till Date" (VTD) order.
IPV (In-Person Verification) is conducted through web camera after either collecting the account opening form or once all necessary documents are received by the FYERS’ executive.
A theme index represents the value of the particular theme/portfolio of stocks.
It is a mutual contract between two parties which derives its value from an underlying asset.
Yes indeed, as it is a regulatory requirement.
Yes, already existing Demat accounts can be linked with FYERS trading accounts. For further details, customers can contact their sales executive.
Yes, It provides market updates and news alerts.
Yes, it is mandatory to have a Demat account in order to make Thematic investments.
Traders can only nominate one person per mutual fund folio. In case, a client holds more than one folio then different nominees can be appointed for each folio.
Yes, Fyers offer advanced technical charts on its free trading terminal.
It is a facility that enables the investor to carry forward his/her futures positions beyond the expiry of contract. Basically, it’s a two-legged transaction. In the first leg the investor needs to square off the near month position, subsequently in the second leg he/she will have to take a fresh position in the same direction in the next or far month.
Yes, Fyers provides After Market Order (AMO).
The details will be communicated to the traders within 3 days from the date of transaction.
Fyers API Bridge is designed for Algo Trading. With this API, clients can develop and execute their trading strategies using their choice of 3rd party trading platform or design their own trading software.
This cycle refers to the period in which the buyer and seller of shares settle their obligation to each other. In India, we follow the T+2 settlement cycle. So, if the transaction takes place on Monday, the settlement will be done on the second trading day, which is Wednesday, if the transaction takes place on Tuesday, the settlement will take place on Thursday, so on and so forth.
Minimum margin is the margin amount that the investor should have allocated towards the open positions. If the minimum margin level is breached, the system will automatically block further funds. In case an investor does not have sufficient funds in his/her account, the position will be squared off.
It charges only for an executed order. So even if an order is executed in 5 different trades then it is considered only 1 executed order and you need to pay only ₹20.