Zerodha's Nithin Kamath launches Kite Backup for trading: What it is, how to use the service — 10 things to know
'One hiccup anywhere from exchange connections to cloud servers can create an issue. Over the years, we've built tons of safeguards and redundancies, but we're still paranoid,' he noted.
The new model uses WhatsApp and in case of a disaster scenario, where the Kite web and app both become inaccessible during market hours, aims to allow customers to cancel orders and exit positions. Kamath shared a video,outlining the same.
In the video shared by Nithin Kamath, the company announced the features of Kite Backup, which it has called 'an additional safeguard' for clients. Kite Backup is completely independent infrastructure that customers can use to manage existing orders through WhatsApp.
According to Nithin Kamath, 'We've built a new emergency trading mode using WhatsApp. In case of a disaster scenario, which we hope never happens, and the Kite web and mobile both become inaccessible during market hours, this backup mode will allow you to cancel orders and exit positions. It runs on a completely separate infrastructure and is designed to be independent of Kite.'
How does the existing Kite infrastructure (app and website) function? According to the company, you can you place an order on Kite web or app and go through the Cloudflare security screening, then to Kite's AWS cloud servers, and then to the physical backend servers that connect directly to the stock exchange. The system has three availability zones, backup regions and multiple connection paths to maintain high availability.
According to the company, you can you place an order on Kite web or app and go through the Cloudflare security screening, then to Kite's AWS cloud servers, and then to the physical backend servers that connect directly to the stock exchange. The system has three availability zones, backup regions and multiple connection paths to maintain high availability. How is Kite Backup different? For one, its built on Microsoft Azure cloud infrastructure, with no shared components, no shared AWS, and no shared Cloudflare with Kite. It also uses WhatsApp as the interface, which has its own infrastructure completely independent of Zerodha's trading systems.
For one, its built on Microsoft Azure cloud infrastructure, with no shared components, no shared AWS, and no shared Cloudflare with Kite. It also uses WhatsApp as the interface, which has its own infrastructure completely independent of Zerodha's trading systems. How does this secure customers? The video outlined a scenario where you short naked puts and the markets begin tumbling, but just then Cloudflare has a hitch making Kite inaccessible. This is where Kite Backup through WhatsApp can be used to manage your existing positions.
The video outlined a scenario where you short naked puts and the markets begin tumbling, but just then Cloudflare has a hitch making Kite inaccessible. This is where Kite Backup through WhatsApp can be used to manage your existing positions. What are the functions that can be conducted through Kite Backup on WhatsApp? You can view and square-off your open positions, cancel pending orders and check your holdings and margins. You cannot place new orders, but can manage your existing trades.
You can view and square-off your open positions, cancel pending orders and check your holdings and margins. You cannot place new orders, but can manage your existing trades. How to set-up Kite Backup? There are four simple steps according to the company, as follows: Save this number to your contacts +919964452020, Open WhatsApp and send any message to this number, e.g. Hi, Provide your kite user ID and PAN number when prompted, and lastly Enter the SMS OTP you receive to complete the setup process. How to use Kite backup? Once you logged in, you see four main options. Here, open positions lets you view and square of your trades. Open orders, shows spending orders, that you can cancel. Holdings displays your portfolio for reference. And margins show you your available funds.
Once you logged in, you see four main options. Here, open positions lets you view and square of your trades. Open orders, shows spending orders, that you can cancel. Holdings displays your portfolio for reference. And margins show you your available funds. When can I use Kite backup? According to the company, it runs continuously regardless of whether Kite is working normally. You can use it anytime as an alternative interface.
According to the company, it runs continuously regardless of whether Kite is working normally. You can use it anytime as an alternative interface. Does the service have downtime? There is an important limitation, the company warned. If the backed servers are down this WhatsApp option won't work, as Kite backup only replaces Kite's front-end. Both systems ultimately connect to the same physical backend infra that communicate with the exchange.
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