Zerodha Review 2019
Basically, Zerodha happens to be an Indian stock broker that permits flat-free equity investments and the trading in commodities markets and currencies. Eight years ago, the Zerodha review confirmed Zerodha revolutionary approach and discount pricing.
Zerodha headquarters are situated in Bangalore, India. However, its physical presence can be felt in a number of cities in India. These cities include Hubli, Salem, Chennai, Pune, Hyderabad, Kochi, Coimbatore, Ahmedabad, and Kanyakumari. Zerodha is a member of the consultative committee of NSE, mandated to develop this enterprise, and it is popularly known for its little brokerage rate.
This is an online trading software. Usually, it permits customers to carry out their trading at MCX, NSE, and BSE. This software has been built by professional Zerodha engineers. Therefore, its quality is never in question at all. It is dedicated to giving customers three crucial functions. They include the following;
Kite Connect API
It is a simple HTTP/JSON that benefits developers who intend to come up with their own trading tools and platforms. Usually, it is given out as a platform for a significant service. This API has gone a long way to assisting developers to come up with several tools and platforms for trade.
This is a trading application website that operates on browsers just like other websites. It contains streaming quotes, keyboard shortcuts, advanced charts and stylish UI alongside other order types. Kite Web has facilitated efficient website trading activities.
Kite Mobile Application
Kite Mobile App is available both for iOS and Android. Basically, it is a simple online mobile trading application. It gives traders a chance to access all the features found in Kite website. Therefore, you can trade efficiently deprived of any challenges.
Zerodha Kite important Features
Zerodha kite is endorsed with many key features unlike that of its rivals. It comes with a significant number of features. Below are some of its important features, that makes it a remarkable trading platform;
• Market watches
• Streaming quotes
• Dashboard /Account Summary
• Floating order window
• Trade from charts
• Order Charts
• Multiple chart view
• Exit multiple orders
Despite Zerodha being an efficient online trading web, there are a number of features that it does not offer. These features include the following;
• Back Office
This is a separate website application. Usually not in the kite platform and its data Q is always refreshed overnight. It is a significant feature for trading platforms. Since Zerodha does not have, it is bound to face some challenges.
• Zerodha kite IPO
Kite does not offer online IPO app.
• Zerodha Kite Mutual Funds
Zerodha kite does not offer a chance for a trader to carry out Mutual Funds investment. However, it makes MF investment available via another tool called oin.’
Zerodha PI is the latest technology to ever grace online trading. It offers the following services;
• Pattern Recognition
It has enhanced technical analysis like never before. You just have to draw a pattern and late Pi search for it in the charts.
• Genetic algorithms and Artificial Intelligence
It helps in improving algos by using its genetic algorithm tactic and neural network.
• Expert Advisors
Provision for real-time signals of trade coming from automated skillful advisors. You can use your own strategies or that from others.
• Advanced Charting
Offers at least 10 diverse kinds of charts alongside 80 inbuilt indicators with 30 drawing tools. You can trade straight off charts by drawing target lines or a single click.
• Historical data
Comes with at least 50,000 candles inclusive of absolutely free historical data. Indices, Currency, commodity, F&O, and stocks. Using dockable views, mound to data into charts.
However, Zerodha Pi keeps on hanging, therefore customers may fail to access some of its services. This makes Zerodha trading platform unreliable.
Advantages of Zerodha
• It provides the best industry trading tools and platforms
• Zerodha is one of the cheapest brokers in India
• Does not charge any unseen fees e.g. software charges
• It does not offer any prepared brokerage membership plans
• Zerodha has made available referral program to all its customers
• It offers 8% everyday retail trading volumes on all BSE, MCX, and NSE.
• Zerodha branches and franchises are available in almost all major Indian Cities
• Zerodha permits one to code important technical analysis policies
• Zerodha does not need minimum balance in order to open a trading account. Therefore, there is ease in opening a Zerodha trading account.
Using Zerodha trading platform is not all merry. There has been a number of complaints about its services. Looking at these shortcomings of Zerodha, they all make perfect sense. As a result, some traders have even avoided using this trading platform. These drawbacks include the following;
• Poor customer Services
Customer services are crucial for any organization. These services are aimed at satisfying customers in order to improve their loyalty. It is quite unfortunate that Zerodha has failed terribly in this area. They have one of the worst customer services. In that, the relationship manager is not dedicated to serving customers. In fact, sometimes when you call in, someone else answers the call.
• High brokerage
Customers who have used Zerodha as their broker tend to complain about paying higher fees. This shortcoming has made some future customers shy away from it. Nobody wants to pay more for brokerage services. In such a setting, customers will opt for a cheaper broker.
• Frequent hanging of Zerodha Pi
This technology performs a number of activities for pattern recognition. However, it has one shortcoming which is, hanging frequently.
• Does not offer banking
Zerodha has no three in one trading account. Therefore, any online bank is able to be joined to Zerodha trading account.
• Less brokerage amount
Due to the less brokerage amount, you might increase your number of trade unnecessarily and eventually result in losses. Therefore, you have to be careful before increasing your number of trade. You can do a few consultations in a bid to arrive at a sober decision.
• No advisory services
To newbies or people already in brokerage, there is a need for advice on how to sell privately held businesses. This advice comes in handy to allow sells get the right price for the business they are about to sell. Unfortunately, Zerodha does not offer this vital advice to its customers thus making it a bit unreliable.
• Quite expensive
Zerodha has imposed high charges on transferring money from the saving accounts into the trading account. In return, it minimizes the amount the customer is supposed to use in trading.
• Inability to subscribe to Initial Public Offering
Zerodha kite has no such provision as subscribing to the IPO.This denies traders a chance to enjoy the benefits that come from IPOs.For instance, making returns averaging to 50% every week.
• Limited research level
Discount brokers are expected to provide recommendations and tips to new clients interested in trading. However, for these brokers to be able to do that they need to conduct intensive research. It is quite unfortunate that Zerodha discount brokers do not engage themselves in substantial research. As a result, new clients in trading usually have a hard time.
• Tedious account opening process
Opening a trading account should not be a challenge. In fact, brokerage companies try to make the sign-up process as easy and less complicated as possible. The reason for that is to have many customers joining. Unfortunately, that is not the case with Zerodha. They even lack basic knowledge of the opening account. Sometimes they might fail to verify your details online thus requesting you to send them your documents via post office.
• No compensation
In any business you cannot rule out possibilities of losses. Brokerage business also has some losses, however in the face of losses some trading platforms offer compensation to their customers. Unfortunately, Zerodha has no such provision. Even if the losses occur due to technical hitches, they are never liable to compensate you in any way. Also closing the position via email is currently not supported.
• Poor bracket order management
Zerodha has a terrible bracket order management, in that the main order goes through and the rest cannot be closed. Indeed, you need much courage to trade with Zerodha. This is because it is prone to get you to several challenges. For the faint-hearted, they will not put up with these challenges when they occur.
• A lot of technical hitches
Zerodha has an ineffective technical support team. As a result, there seems to be a lot of technical hitches. When these problems occur as a user, you will even find difficulty in logging in. As a result, it cripples your trading on this platform. Unfortunately, when these technical hitches take place, the customer support team becomes unreachable. If you try contacting the relationship manager, someone else answers. Furthermore, no compensation is offered when you make losses in the wake of technical hitches. This proves that Zerodha has no stable trading platform, and using it is a risk.
• A substandard trading platform
Zerodha trading platform does not meet the intended standards. It is prone to a number of technical hitches resulting in a lot of losses which will never be compensated. Signing up for this trading platform is very hard and tedious. In fact, it will kill your morale of trading with Zerodha. Furthermore, Zerodha Pi is currently not their top platform, therefore it is no longer supported. Though Zerodha kite is somehow better, unfortunately, it cannot match the required trading view.
• Have a larger customer base
Though a huge customer base comes as an advantage to Zerodha, it tends to cause a strain of resources. For instance, its customer services have become very poor. This is because they have a large customer base to serve. Therefore, you will be forced to wait for long before being offered help.
• Not built for novice
The way Zerodha trading platform has been designed is not meant to benefit newbies. There are no guidelines to help those people who are trading for the fight. Therefore, new clients are, meant to find their own way out. This drawback has ended up locking out many customers who intend to trade with Zerodha. Those who have been left to benefit are the ones who are conversant with reliable trading ways.
• Lack of Margin trading
Unlike other brokerages, Zerodha does not offer margin trading. Although it suits delivery traders, it does not benefit traders who use FnO and need increased margin requirements.
• Incompetent staff
Surprisingly, only one or two if staff at Zerodha have a degree in commerce. The rest have no slightest idea on how to run a brokerage platform. Furthermore, apart from the one or two staff members, the rest have lacked any basic knowledge concerning share market. This has brought about frequent technical hitches, resulting in huge losses. On a busy trading day, the Zerodha team cannot handle the increased pressure.
• Fraud Activities
It is so unfortunate that Zerodha can also take part in Fraud activities to benefit them. It is reported that one of Zerodha Sales guy has been given the mandate to create fake accounts on social media. Then this sales guy posts false reviews with a Zerodha link. Such an act has led to Zerodha misleading a lot of brokerage traders. They have ended up trading with this trading platform losing some huge amount of money whenever technical hitches occur.
Investing in brokerages is a viable business. However, you need to find a reliable broker to take you through this process. Ensure the trading platform you use is stable and very efficient. You can disregard Zerodha which despite promising customers better services, it has brought a lot of losses to customers. Zerodha has a lot of shortcomings right from its staff up to the services they offer. A lot of reviews have been written concerning the possible shortcomings of Zerodha trading platform.
However, if Zerodha makes some significant improvement, then it might turn out to be an efficient trading platform. At the moment it does not seem to be a legitimate trading platform considering the several drawbacks it has.
Zerodha trading platform was established to facilitate efficiency in the brokerage business. However, despite the numerous upgrades that have made to Zerodha, it still has a lot of shortcomings that raises eyebrows. It is just not that right trading platform for customers. A lot of enhancements need to be made on its features. It is only then that it will serve its purpose efficiently.