In a recent wave of discontent, several users of the trading app Kite, developed by Zerodha, have taken to social media platform X to voice their grievances. The hashtag "Boycott Zerodha" has been trending, as users express their frustration over a series of technical glitches that have plagued the app over the past few months. These glitches have reportedly resulted in significant losses for the clients while trading.
The technical issues have been recurrent, with the app experiencing glitches four times in the last four months. The specific dates of these glitches were October 31, November 6, December 4, and January 29. The glitches have caused a variety of problems for traders, including hindering some from executing their orders and preventing others from exiting their orders on the app.
One user expressed his dissatisfaction, stating, "Lost 33k in July 2023 due to Zerodha tech glitch. My buy order was executed at 3.31 p.m. when I placed it around 3 p.m. They said they would give me 50 per cent back but I never heard back from them. spine less. ethics @zerodhaonline #BoycottZerodha."
Users call for regulatory intervention
Another user echoed this sentiment, saying, "Choosing @zerodhaonline as a broker was the second worst decision of my life. Supporting RCB is still the first. #BoycottZerodha #zerodhaglitch." The issue has escalated to the point where users are calling for regulatory bodies to intervene. "Technical glitch and losses due to technical glitches has become the new normal for #zerodha users. It is high time that regulatory bodies should look into the matter to safeguard investors. #BoycottZerodha," a user pointed out.
This is not the first time a trading platform has faced backlash over technical issues. In the past, similar incidents have occurred with other trading platforms, leading to significant losses for traders and subsequent calls for boycotts. These incidents highlight the importance of robust and reliable technology in the world of online trading, where glitches can result in substantial financial losses.
Zerodha's response and future implications
The situation also underscores the need for effective communication and prompt action from companies when such issues arise. In the case of Zerodha, users have expressed dissatisfaction not only with the technical glitches but also with the company's response to their complaints.
As the "Boycott Zerodha" trend continues, it remains to be seen how the company will address these issues and regain the trust of its users. The incident serves as a reminder to all online trading platforms of the potential consequences of technical glitches and the importance of maintaining reliable systems and effective customer service.
In conclusion, the recent backlash against Zerodha highlights the critical role of technology in online trading. As more people turn to online platforms for trading, companies must ensure their technology is reliable and robust to prevent such incidents. Furthermore, when issues do arise, companies must respond promptly and effectively to maintain the trust of their users. The "Boycott Zerodha" trend serves as a stark reminder of these responsibilities.
Highlights
- Users of trading app Kite, developed by Zerodha, are expressing frustration over recurring technical glitches.
- The glitches have reportedly caused significant losses for traders, hindering order execution and exit.
- Users have taken to social media with the hashtag "Boycott Zerodha", calling for regulatory intervention.
- Dissatisfaction extends to Zerodha's response to complaints, alongside the technical issues.
- The incident underscores the importance of reliable technology and effective customer service in online trading platforms.
