Tejas Khoday, Co-Founder & CEO
In 2017, we launched the FYERS 30-Day Challenge initiative to help retail traders win by cultivating trading discipline amidst the perpetual chaos in the financial markets. At the time, our decision to offer brokerage refunds to the winners was considered stupid and insane by interested VCs and other close observers. Everyone predicted our downfall because we declined fundraising opportunities to roll out this offer to our customers, among other things.
Fast-forward 5 years, and we've had thousands of traders who have tried the 30-Day Challenge and have benefited in many ways. How? You ask. Well, trading can get lonesome because it's not a team sport. It's every man for himself, and you must figure out everything yourself. Usually, the lack of emotional discipline is the weak link because traders could become victims of the psychological pitfalls of market volatility that will eventually lead to losses.
The 30-Day Challenge helps you objectively approach trading to earn profits within a defined period. By breaking down your trading journey into 30-day milestones, you can build positive habits that will help you become a profitable trader over the long term. While trading by itself can be rewarding, we go a step further and acknowledge winners by issuing certificates, badges of honor, and brokerage refunds.
We are now introducing some changes to help foster better results and reward consistent achievers even more! So far, the brokerage refunds were capped at ₹5,000/- and applied to all participants who won regardless of their winning streak.
Based on the above rationale, we've linked the brokerage refunds to the winning streak achieved by our customers. So, in total, there will be 10 levels for brokerage refunds, as mentioned below:
Badge of Honor
|Rising Star||Level 2||₹3,000||₹2,000|
|Hattrick Hero||Level 3||₹3,000||₹3,000|
|Double Hattrick||Level 6||₹3,000||₹6,000|
|Triple Hattrick||Level 9||₹3,000||₹9,000|
With the new policy, clients with existing winning streaks will be eligible for the respective refunds mentioned above. The cherry on the cake is that "The number of 30-Day Challenges you can take remains unlimited, potentially saving a huge sum of money."
However, with additional rewards comes additional responsibilities. Yes! As mentioned, you must make a net profit of ₹3,000 (per challenge) to be eligible for the brokerage refunds.
If you're winning for the first time, then your brokerage refund will be up to ₹1,000, and you will also receive a 'Rookie' Badge of Honor. The more consecutive challenges you win, the higher the brokerage refund could be. Upon winning the 11th challenge in a row, you will retain the 'Legend' Badge of Honor and receive a brokerage refund of up to ₹10,000, as it is the highest reward of the FYERS 30-Day Challenge.
Great question! We are aware that drawdowns are common even for disciplined and consistent traders. Taking that into consideration, you will retain your Double Hattrick Hero Badge and also would be eligible for a brokerage refund of up to 6,000 for the 8th time. However, your progress will be halted at Double Hattrick Hero, and in order to move to a higher rank, you must win 7 consecutive 30-Day Challenges.
Let's take another example, Mr. Suresh has won the 30-day Challenge 7 consecutive times, making him a 'Veteran'. Assuming he lost his 8th time, he'll still retain his 'Veteran' badge (based on the table above). On winning the 7th challenge, Suresh will be given a brokerage refund of ₹7,000 as he's a 'Veteran'. However, until he wins 8 consecutive challenges, he will not move to 'Virtuoso' and get a brokerage refund of up to ₹8,000.
You can still start the 30-Day Challenge and be eligible for a brokerage refund of up to ₹10,000.
Let's say you won the 11th consecutive challenge; you'll be eligible to get a brokerage refund of up to ₹10,000 and remain Legend as it is the highest-ranked badge of honor in the FYERS 30-Day Challenge.
With FYERS 30-Day Challenge, the potential for brokerage refunds is infinite. For Instance, if you've won 10 times after achieving the 'Legend' Badge, you will get an overall brokerage refund of up to a staggering ₹1,00,000 (10,000*10 times).
The rest of the conditions remain the same, and upon beginning the 30-Day Challenge, you must note down the points as mentioned below:
Note: The clients who already have an ongoing challenge will still be under the ₹5,000 brokerage refund upon winning the 30 Days Challenge. However, the changes will apply to the challenges starting from 1st November 2022.
To learn about the 30-Day Challenge introduction, refer to this blog.
For the library of FAQs, visit our Support Portal.
We hope this new 30-Day Challenge policy will help you achieve the mindset of a successful trader and further enhance your earnings. We wish you the best of luck on this new FYERS 30-Day Challenge journey. We're coming up with some really cool updates soon. Stay Tuned!