Zerodha Scammed Investors with the Excuse of “System Error”

Zerodha is an Indian retail equity broker that claims itself to be No.1 in India, but except for the broker‘s marketing efforts, it’s hard to say how much Zerodha deserves this title.

On April 29th, 2020, Zerodha was showered by complaints from investors, making everyone wondering about what happened.

WikiFX team tried to log on Zerodhas mobile trading platform Kite, but it failed to respond for a long time, while the trading platform online had the same issue.

During the difficult process, the following error prompts kept popping out:

“Error while fetching chart data. Please refresh again.”

And its still the same message after refreshing countless times.

“Rejected! Strike price is outside the allowed range.”

Trading on this platform is ridiculously hard and confusing

Yet Zerodha still brags about how its platform has “made investing easier for clients”.

What‘s more, despite the heavy complaints, Zerodha kept on making social network posts as if nothing happened, neither did they respond to clients’ complaints by offering an explanation or apology, leaving a series of questions unanswered: Why didn‘t Zerodha apologize to the complainants？ Why wasn’t Zerodha investigated by SEBI, the regulator that supposedly oversees the broker？ And who should be held accountable for investors losses？

A victim complained that he and thousands of victims like him had lost most of their investments at Zerodha, and they no longer believe in Zerodha or its so-called SEBI regulation. The investor suffered heavy losses due to latency of Zerodhas trading platform.

89% of investors account balance “disappeared”

Bombarded with complaints from victims, Zerodha has lost its credibility among investors. The frequent issues of latency, inaccurate quotes and order execution failure within just a month make this broker appear more like an illegal broker, rather than a compliant one.

Per checking WikiFX App, Zerodha has a poor rating of 1.24 and is currently unregulated. In the past 2 weeks, WikiFX received massive complaints against this broker, so investors should definitely watch out for it and always remember to check a brokers compliance and qualifications before investing.

Zerodha is rated at only 1.24 on WikiFX App

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