5 paisa trading app review from opening to closing-
Installation & Document uploading: It’s easy to install the app and once you install it the customer care automatically calls you within minutes. They help you with uploading your documents ie POA, POB, Bank details, etc. You can upload it manually or you can send documents via WhatsApp. They would be very enthusiastic and helpful until your documents get uploaded correctly.
Plans to start trading: They’ll suggest you plan to start trading which cost around 1000₹ p.a. If you don’t opt for any of these heavy plans and wants to opt defaulted plan wroth ₹450 p.a., this is the first step where they are trained to get arrogant on the customer.
Adding money: For adding money the most common blunder is that money will be debited from your bank account but will not be credited to a 5 paisa account, off-course you need to sent an email, then they’ll give useless excused like you have not added money from the same account which you added in your account hence it’ll take time. No matter you’ll receive your money but after 48 hours if not then another 48 hours and so on.
Starting of Trading: They’ll give the worst ever user interface to start your trading. Your application gets logged out automatically several times. As you swift between tabs, it shows you the dashboard every time. Try logging out and each time you open your application will sort this bug. (As suggested by Customer Care)
Pricing and charges: After selecting the plan, now it’s time for you to pay unnecessary charges. Even after promising no hidden charges they do charge in the name of anything. If you complain about the same, customer care arrogantly replies, “It could never happen, do lie “.
Withdrawing Money: You’ll not be able to withdraw money as you want. You need to send a mail regarding the same then only the will make your money available with some formulas(A+B+C). Once the money is available it will be deducted from 5 paisa but not credited to your bank account. Again you need to mail for the same and need to follow their excuses.
So in nut & shell, they will help you with every but you need to mail for every step and be their servant after all you want to do trading and your money got stuck with them.
Hence take your decision accordingly.
Edit(1)
If you want to close your account, you need to drop a mail at support@5paisa.com saying that you need to close your account.
They reply within hours saying that you should reconsider your decision to close your account and give you their charges list and all other links to retain you.
Thus it’s better to mail again requesting deactivation of account, then they will revert you with the list of things you need to follow like cleaning all your security(s) and settle your money.
After clearing, they will close your account within 7 working days.
Edit(2)
Follow the link to close the account and fill the closing form Account Closure Request Form
After filling the form you need to wait for 20 days to get your account closed.
Contact No for Help 089766 89766.