[Resolved]  Zerodha — ordering system is a death trap for the trader

Address:

#82 Ashrama First Main Vivekanandanagar, Katriguppe Main Road, Bangalore, Karnataka, 560085

Zerodha has utter disregard for customer interests protection while ordering.

Let me explain how this disregard caused me heavy losses in trade.

Zerodha has an option called MIS in its trade, which it enforces squaring off at 3.20 irrespective of whether the client has margin or not, which is ok. But, it takes the MIS order type as default option in its order if the trader has used it before, this is a death trap.

Zerodha ordering system is buggy and has its issues, one or or the other, on a regular basis. One day it can not place orders to NSE exchange itself. So, today, though I had margins, it forced me to take MIS option. I did so, thinking that it is one of its buggy days. What I was not aware that it will force MIS as the default option for all my future orders. So, one of my options order was taken as MIS though I had sufficient margins, and was squared off at 3.20 as a market order without pre-warning. This caused heavy losses to me. The following are the shortfall of Zerodha:
1. Giving MIS as a default option which is dangerous, just because the previous order was so.
2. Not alerting or warning the trader that the trade is going as MIS before order confirmation.
3. Not alerting the trader before automatic write off and not alerting the trader to modify the order type to normal to avoid auto square off.
4. Not providing enough safegaurds to the trader to avoid such dangerous automatic default choices in the order, not alerting on such choices asking for confirmation.