Investors Suffered Heavy Losses from upstox’s “Auto-placed Order”

Recently, WikiFX noticed that the Indian broker upstox has been showered by customer complaints. Many local users said that they could not log in to the upstox trading platform, and some users reported that their accounts strangely placed orders automatically without their authorization, causing users unjustified losses of thousands of rupees.

Other much complained and poorly rated Indian brokers include Zerodha and Angel Broking. The scores of these brokers on WikiFX App are very low, and none of them is under valid regulation. Investors need to be careful not to fall into their traps!

upstox is rated at only 1.23 on WikiFX App

Zerodha is rated at only 1.23 on WikiFX App

Angel Broking is rated at only 1.23 on WikiFX App

WikiFX App has recorded information of more than 17,000 brokers, integrating multiple functions such as query, exposure, and forum. If you have any doubt about a broker, you can first check on WikiFX App and view its risk warnings, comments or investor complaints.

Since the above-mentioned brokers are registered at and regulated by SEBI(Securities and Exchange Commission of India), local investors trusted these brokers without reservation. These brokers, with a large number of users, also like to brag about themselves as “best brokers in India.”

upstox's official website claims the company to be “one of the most acclaimed brokers in India”, but the company has just become “the one and only most hated broker in India”, as investors kept seeing error message of “incorrect account or passwords” that blocks them from logging into upstox's trading platform.

Currently, investors have reported to SEBI and requested investigation of upstox, Zerodha and Angel Broking. WikiFX will continue to follow the event and bring investors the latest updates. If investors need to make complaints or exposures, please download the WikiFX App and register, and they will get a WikiFX magazine for free.

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