Other Stock Broker Complaints
Zerodha is, arguably, one of the best stock brokers in India, especially within the discount broking fraternity. However, like any other stockbroker, there are some concerns with a few of its offerings that you must be aware of. These Zerodha problems are related to different aspects such as customer support, trading platforms, general operational processes and so on.
Zerodha Problems in Trading
Let’s quickly look at some numbers.
The below-displayed table shows you the number of complaints registered at the National Stock Exchange by Zerodha clients over the last few years:
Although the broker has maintained a reasonable complaint percentage, however, since Zerodha is one of the top emerging stockbrokers in the country, the expectations are way higher in terms of the complaints registered against the broker.
For more information, you can check Zerodha Complaints.
Zerodha Problems in Charts
Intermittently, there are issues reported in the charting functionality of Zerodha Kite. Such issues are generally seen during high market traffic situations.
Honestly, there is very little you can do about it.
It makes sense to report the issue, be it regarding the loading of charts, incorrect feed, no chart display etc. Mostly such issues are fixed within a few hours. However, in case the issue is grave, the broker acknowledges the concern through email notifications to its clients.
It is better not to indulge in any form of trading during such times.
Zerodha Problems in Login
Another commonly reported issue with the trading platforms has been around the login functionality. Valid users are not allowed to login into the system and thus, not allowed to place trades.
This is how the screen is displayed to the user:
First of all, you need to report it to the Zerodha customer care team so that they can look at your account and fix it. Till they fix this issue, there are a couple of ways to by-pass this issue:
- Use Zerodha Pi for your trades since it has more or less similar number and types of features as Zerodha Kite.
- In case you do not have access to a laptop or a computer, you can use the call and trade facility. You can either call the local sub-broker or directly Zerodha support to place your order(s).
Zerodha Problems in Withdrawal
Sometimes, users have reported issues in Zerodha fund transfer system. The zerodha problems reported are of different natures:
- Delay in fund transfer
- An error displayed post fund transfer
- Withdrawal request getting rejected
- Mismatch of funds amount
Well, there are specific reasons for each type of these Zerodha problems:
There are, at times, delays in fund transfers. For instance, every third Friday of each month there is a delay since the trade files are received late at night and thus, fund transfers are initiated the next day.
Sometimes, an error is displayed on the screen during or after the fund transfer. This could either be due to Zerodha system going down the same time or due to your internet connection failure. In such cases, the amount is settled the next day and is refunded back to your account.
Withdrawals requests get rejected as well as sometimes users place a withdrawal request for an amount exceeding their balance. You also have to make sure there are no dues to be settled while you place a withdrawal request.
Finally, this needs to be known that the equity balance is balanced with the actual number post 12 am each night. Thus, until then, the fund mismatch will always be observed.
Zerodha Problems in Account Opening
Sometimes users looking to open an account with zerodha face a few problems.
Most of the times, these Zerodha problems are due to the following reasons:
- Incomplete or incorrect documentation
- Name mismatch in PAN card and other documents
- User already has an account with Zerodha with his/her PAN card
- Account opening fee not deposited
These are very basic concerns and can easily be taken care of by both parties.
Zerodha Problems – Related Concerns
On a qualitative basis, some of the general concerns and Zerodha problems raised by the clients of the broker include:
Customer support quality can be improved in terms of turnaround time, speed and technical understanding of the products offered. The broker offers communication channels such as email, phone and offline branches (recent additions). However, general feedback by some of the clients of the broker is that whenever they are stuck in a trade, “quick” customer service is not made available by the broker.
This certainly becomes one of the bigger zerodha problems a client faces.
Trading platforms, especially the Zerodha Kite, Zerodha Kite Mobile app, can be improved from concerns such as app getting stuck, performance.
A quick solution to that concern may be regular updates made to the app. Currently, the app is updated in a span of 3-4 months which can be shortened to once in 3-4 weeks rather. With such updates happening, zerodha may focus on the performance concerns observed in the app on a gradual basis.
At the same time, if we talk specifically about the mobile app though, then it is one of the best mobile trading apps in India at 3.9 out of 5 by around 20k users.
The app has a satisfaction score of 82% while the Industry average is 81%, thereby proving that this mobile app just passes the satisfaction benchmark set in the industry. To give you a perspective, IIFL markets by India Infoline has a satisfaction score of over 94%.
- Although rare, there are some server connectivity issues that may not let your trade go through. This generally happens when there is a relatively high market movement.
- Lastly, one of the zerodha problems is that it offers limited margin across trading segments. Thus, if you are someone who is looking for high exposure on your trades, well you may not get assumed when you look at the margin values offered. For more information, you can check this Zerodha margin calculator for reference.
At the same time, this needs to be understood that there are few concerns with every stockbroker in one aspect or the other. All you need to make sure is, set up your preferences first and then make a choice of the stockbroker.
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Feel free to share your good or bad experiences with the broker and let others know if you had faced any of the Zerodha problems while trading yourself.
More on Zerodha:
Here are some related reviews on different entities related to this discount broker:
I have lost around 3500 on 27 feb 2019 with some technical fault with zerodha due their technical fault and they are not giving me refund for the same. How can I afford to losse my hard earned money due to someone els fault.