Dhan vs. Zerodha vs. Fyers is something many new and intermediate traders and investors are wondering about. Understanding the differences between the three leading online brokers is crucial to choosing the best platform.
In this post, I will share my experience using these three platforms. As you read the post, you will gain clarity about the three platforms, which should help you choose the right trading platform.
Dhan vs. Zerodha vs. Fyers: My Experience of Using Dhan
Dhan was launched in 2021, and the trading platform has put some reasonable effort into its promotion since the end of the year. It caught my attention in 2022, with many influencers emphasizing Dhan's advanced features. I didn't blindly take their word for it and thought of trying out the platform since account opening is free.
When I got my Dhan account opened, I was taken aback by its web interface. The web interface is clean, and features like Webhooks, Trader's Diary, Options Trader app, and Tradingview integration have had a good impact on me, and I, at once, thought this was the platform I should stick to.
I funded my account and began to trade on Dhan. Things seemed to be fine until one day, I tried out the Dhan mobile app, and it got me logged out in the middle of a trade even before I could place my Stop Loss. It shouldn't be hard to imagine how scary it could be for a trader. However, I logged in to the web interface and saved from incurring a huge loss that day. Later that day, I did some online research and found that the Mobile app was buggy and needed to be fixed.
Dhan vs. Zerodha vs. Fyers: My Experience of Using Zerodha
Even though I opened my first demat account with HDFC Securities, I learned to place and manage orders ever since I opened an account with Zerodha. Switching to Zerodha from HDFC Securities was a great relief for me since I never had to depend on any middlemen for buying and selling in the share market.
Besides, trading on Zerodha's Kite app has always been a peaceful experience, knowing that it is the most reliable trading platform trusted by most traders in India. The interface is exceptionally clean, with the most essential features like advanced charting, market depth, technical data, and multiple order types. Zerodha's Kite app is equally usable on web and mobile platforms.
Zerodha has an impressive reporting system, and P&L statements are presented in an excellent graphical way. Another powerful feature of Zerodha is the Killswitch to stop trading until the next trading session. The feature can be very useful to break out of overtrading. Last but not least, Zerodha has one of the finest customer support teams to assist users. You can connect to Zerodha support through phone and tickets.
Dhan vs. Zerodha vs. Fyers: My Experience of Using Fyers
Fyers has been there since 2015 and is an innovative trading platform. Fyers caught the attention of Indian traders with its innovative features like buying and selling from the chart. Besides, it allowed users to change the position of their Stop Loss by simply dragging it to the desired position.
While in most trading platforms, traders have to switch between the different tabs to place and manage their orders, Fyers offered users the advantage of managing orders and positions without having to leave the chart. Users can manage their positions in the trading panel at the bottom of their charts.
Another handy and advanced option is the feature to view the Option chain right from the chart with a right click. I was impressed by these features and traded on the Fyers platform for some time. With that being said, I didn't find the Fyers reporting system very fascinating, and it still can get better.
It's worth mentioning that I experienced a glitch with Fyers in 2021 wherein my position was stuck, and I couldn't square off my position despite many attempts. Later, the position was squared off, and I had to book some losses. Another reason for switching back to Zerodha is that Fyers' mobile application is slow and cluttered.
After reading this post, I am sure you know my favourite trading platform, and it's none other than Zerodha. I have explained the reasons for this as well. However, what works for me might not work equally for you since every trader has different perspectives, setups and requirements.
It's wise to see things from your trading setup and requirements point of view to choose between the three trading platforms. For example, If you like to trade using the web interface entirely, you may still consider Dhan since its web interface is robust and reliable, while I found the mobile app a bit buggy.
One important thing to look out for is if a trading platform is working on improving its service for users. If Dhan had a buggy mobile application, you can keep up with Dhan's team and see if the issue is resolved. If Fyers was having glitches, you can keep up with the updates and see glitches have decreased over the years. However, all the three platforms work equally well as far as their web versions are concerned.
Dhan vs. Zerodha vs. Fyers: FAQs
What are Dhan, Zerodha, and Fyers, and why is it important to compare them?
Dhan, Zerodha, and Fyers are online trading platforms used by traders and investors in India. Comparing them is essential because it helps users make informed decisions based on their needs and preferences.
When was Dhan launched, and what were your initial impressions of it?
Dhan was launched in 2021. Its web interface impressed me with features like Webhooks, Trader's Diary, Options Trader app, and Tradingview integration.
How is Zerodha as a trading platform?
Zerodha's Kite app provided a reliable and peaceful trading experience. It offered advanced charting, market depth, technical data, and multiple order types. Zerodha's reporting system and customer support were also commendable.
How does Fyers differ from the other two platforms, and what unique features did it offer?
Fyers, established in 2015, introduced innovative features like trading directly from charts and easy position management without leaving the chart. It also allowed users to view the Option chain from the chart with a right-click.
Did you encounter any issues with Fyers, and what were they?
I experienced a glitch with Fyers in 2021, where my position got stuck, and I couldn't square it off despite multiple attempts. Fyers' mobile application was also criticized for being slow and cluttered.
What factors should traders consider when choosing between these platforms?
Traders should consider their individual perspectives, setups, and requirements. Factors such as the preference for web or mobile interfaces, reliability, and the platform's commitment to improvement should guide their choice.
Is Dhan a good choice for traders who prefer web interfaces?
Yes, Dhan can be suitable for traders who prefer web interfaces because of its robust and reliable web interface, even though the mobile app had some issues.
What should users look for when a trading platform faces bugs or glitches?
Users should monitor how a trading platform's team addresses and resolves issues. If a platform is actively working to improve its service, it may still be worth considering despite past problems.
Can preferences for trading platforms vary from trader to trader?
Yes, preferences for trading platforms can vary widely among traders due to differences in trading styles, needs, and comfort levels with different features. What works for one trader may not work for another, making assessing platforms based on individual requirements essential.