As Sensex dropped 150 points to start the day, the first instinct for several investors was to buy more stocks while their prices were low. But while online trading opens doors for seamless trading, it can close the buying window at the wrong time. Zerodha users took to Twitter to call out the platform for a glitch, which barred traders from placing orders for stocks, hitting them on the first trading day of October.
Not a rare occurrence at Zerodha
The online stock trading app was also paralysed by a technical fault in August, when many users accused it of blocking purchases on a volatile day, when users rushed to bag shares while they were cheap. It has been called out over investors losing money due to the snags, and many have questioned basis for Zerodha to charge brokerages after such service. Apart from August’s disruption, prices and trading came to a halt on the app in November last year as well.
Acting up at the wrong time
One user slammed the app for not allowing him to booking a profit on his position by selling at the right time, which is similar to earlier allegations of not allowing people to benefit when markets open at a low.
Another user pointed out how Zerodha has been trending for all the wrong reasons, from glitches to the app crashing completely.
At the same time, one user also commented on the security settings on Zerodha's app.
A profitable app not living up to its name?
It’s notable that Zerodha is one of the rare 18 out of 100 Indian Unicorns that have actually turned profitable, and yet it hasn’t been able to ensure glitch-free service for clients. A large number of young people enter stock trading thanks to the ease of online trading, and disruptions defeat the purpose of this move.
Zerodha’s founder Nikhil Kamath has also been named the richest Indian entrepreneur under the age of 40 by IIFL Hurun, and has launched a portfolio management service for super-rich Indians.
