[Resolved] ICICI Direct Web Trading — Useless site resulted in loss of money

[Resolved] ICICI Direct Web Trading — Useless site resulted in loss of money

S sampath

Owing to the totally irreliable web trading site icicidirect.com, I had lost as much as 40, 000INR today. I am trading on derivatives and square of my positions during the day. however, the ICICIDirect site was not placing orders to the exchange for a whole 1.5hrs during the trading hours. Due to this i was not able to square off my position in time (i.e. when the market was going down) and had to face a loss of Rs. 40000/-. This is not the first time it is happening with ICICIDirect. It is not unusual for ICICIDirect to close their website for hours during market trading hours. totally irresponsible service provision by a so-called reputed organization. Was this information helpful? No (0) Yes (0)
Aug 14, 2020 Complaint marked as Resolved
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Comments

SAME HAPPENED TO ME!!

Icicidirect is simply unfair!
Quite often (always in the first 15 mins when markets open, and occasionally during the day), the order placed gets 'queued' status. This means one cannot cancel the order, neither square off. One even does not know whether order got executed. The status remains like that for over an hour. If market goes against, they square off at a high rate.
Just avoid this online broker. Also the brokerage rate is 2% (buying and selling together) for delivery.

AK