Broking-tech Platform FYERS Launches 'verified Profit And Loss' Feature To Tame Trading Related Fraud Online

By using this feature, traders will be able to share their 100% accurate P&L on trades done through FYERS on social media via a URL, without being able to edit or manipulate it.

The feature is launched in the wake of growing instances on social media where dubious financial ‘influencers’ have been found sharing fake P&Ls in a bid to boost their follower count or sell courses.

Tejas Khoday, Co-founder and CEO of FYERS said, “Young traders are often influenced by manipulated profit figures published by a few deceitful influencers on social media platforms. This needs to be nipped in the bud as it can set unrealistic expectations and lead to a breakdown of trust in the ecosystem for many."

FYERS' verified P&L focuses on driving much-needed accountability in the space, reducing instances of financial fraud, and separating the wheat from the chaff.

Khoday added, "Through our new Verified P&L feature, we aim to enable the public to gauge a trader’s authenticity and make informed decisions based on the actual status of profits and losses, as shared through our platform."

For genuine traders and influencers, FYERS in a statement said, "sharing Verified P&L is akin to offering an independent third-party corroboration of their trades."

This will not only establish their credibility but also emerge as authentic voices in the space and attract a loyal follower base in the long run.

And for investors, a verified P&L from FYERS shared by a trader acts as proof of the authenticity of the trade made on the platform.

The brokerage will provide traders with a URL to share their Verified P&L on social media platforms, which can be accessed by anyone by clicking on the link. The URL will provide the profit and loss report for specific segments at the time of sharing.

To ensure confidentiality, the Verified P&L only shares a snapshot of the profits and losses made in a specified period. It means that a Verified P&L only shares a snapshot of the profits and losses made in a specified period.

Founded in 2015 by Tejas Khoday, Yashas Khoday, and Shreyas Khoday, FYERS has experienced rapid growth and has built a large user base of over 400,000 users with a daily turnover of over ₹ 15,000 crore.

FYERS offers unique features such as Trading View, drag-and-drop trading, and algo trading, among others.