Stock-broking tech platform FYERS has introduced a first-of-its-kind feature that enables traders to share an accurate and verified representation of their performance in the market. The new feature called 'Verified Profit and Loss (P&L)’ statement, enables the traders to share their 100 percent accurate P&L on trades done through FYERS on social media via a URL, without being able to edit or manipulate it.
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FYERS 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.
Verified P&L only shares a snapshot of the profits and losses made in a specified period, in order to maintain confidentiality. This means that a viewer will not be able to get access to a trader’s traded positions or orders placed. This feature provides access to a trader's 100 percent accurate P&L as the data flows directly from the platform.
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. 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."
The feature has been 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, the tech platform said.
The new feature aims to drive the much-needed accountability in the space, reduce instances of financial fraud and separate the wheat from the chaff. For genuine traders and influencers, sharing Verified P&L is akin to offering an independent third-party corroboration of their trades.
It will not only help them establish their credibility but also emerge as authentic voices in the space and attract a loyal follower base in the long run. For retail investors, a verified P&L from FYERS shared by a trader acts as proof of the authenticity of the trade made on the platform.
(Edited by : Anushka Sharma)
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