I have been trading options on IIFL for the past few weeks, and my experience has been extremely disappointing. The platform is riddled with issues that make trading a frustrating and costly experience. Here are the main problems I’ve encountered:
1. Order Splitting: Large quantity orders are always broken down into multiple smaller orders. This makes managing trades unnecessarily complicated and difficult.
2. Stop Loss Issues: It is impossible to place a Stop Loss on an entire position due to order splitting, forcing me to handle each order manually. This has significantly increased my risk exposure.
3. No Auto Stop Loss Trail: The platform lacks the functionality to automatically trail stop losses. This makes it nearly impossible to protect profits or minimize losses in a volatile market.
4. 'Exit All' Option Doesn't Work: Even after selecting the 'Exit All' option, the platform often fails to execute my market orders. This delay has cost me a lot of money, as I couldn’t exit positions at the right time.
5. Maximum Order Quantity Discrepancies: Maximum Orders are placed with varying quantities in different indices, which makes managing my portfolio confusing and inefficient.
6. The mobile app frequently gets hanged or freezes, making it impossible to execute trades or even navigate through the platform. This issue has occurred multiple times, especially during critical market hours, resulting in missed opportunities and financial losses.
App Freezing: The app becomes unresponsive during key trading moments, leaving me unable to buy, sell, or even check my positions.
Inability to Execute Orders: When the app hangs, I cannot place or modify orders in real-time, leading to missed trades or delayed executions, which have cost me financially.
Unstable Performance: Overall, the performance of the mobile app has been inconsistent and unreliable, which makes it incredibly frustrating to use as an active trader.
Due to these issues, I’ve lost a significant amount of money. IIFL's platform is unreliable and lacks essential features. I strongly advise others to consider other trading platforms that offer better functionality and reliability.
