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Groww Stop US Stock Trading Services

Financial services platform Groww has recently told it subscribers that it won’t be offering its US stocks investment service from the end of February. In a recent communication to customers, Groww said that new investments in US stocks would cease after February 27, 2024. It said that customers will not be able to add funds to their US dollar wallets beyond this date.  

The specialist, which is the biggest stock representative by volume in India as of now, let its clients know that all withdrawals would be halted after Walk 31, 2024. The financial backers can either pull out their assets on schedule or move their possessions to another US representative. Groww later stretched out this cutoff time to June 30, 2024, Livemint gave an account of Tuesday.

In the email, Groww expressed that because of specific confusions, for example, adding USD reserves, high withdrawal charges, successive margin times, and defers in cash repayment, have emerged in the environment since it sent off the office for its clients to put resources into US stocks.

“These factors are unfortunately beyond our control… and hinder the customer experience that Groww stands for,” the startup said in the email.

It is to be noted that Groww stopped providing the option to invest in US stocks for new users almost one year ago. This recent decision will only affect a small portion of its user base. 

Earlier in the day, after the market opened on Tuesday following a two-day break, Groww’s app experienced login issues with a message stating “Something went wrong”. 

Several clients took to X, formerly Twitter, to highlight their plight. While they demanded compensation, Groww’s X account responded that the team was resolving a technical issue. 

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An angry user wrote on X: “Stop misleading people and solve the problem immediately. And the loss that has been caused to the people will also have to be returned.”

Later, Groww noted that the matter was resolved.

In October 2023, Groww overtook Zerodha to become the top brokerage in India based on the number of active investors. According to the most recent data, Groww currently has 76 lakh active clients, whereas Zerodha has 67.3 lakh.

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