Wednesday, November 21, 2018

Resolution

To everyone,

I am happy to say that I am moving forward. I had a productive conversation with a Tradenet representative, who explained why my TEFS sub-account was charged with $58,820 in routing fees--this was due to the broker’s costs of hedging unexpected high volume trades (2.1 million shares traded in a few hours). I was fairly compensated by TEFS for my extra costs and I now consider the matter resolved. I enjoyed trading with Tradenet and have thus far been paid on schedule by TEFS. It was never my intention to damage anyone's business, but only to share my experience as a customer so that positive changes could arrive—I now feel this has been accomplished. I wish them the best of luck.

Thank you to all my readers for their support.
-Peter

7 comments:

  1. Why did they wait to charge 58,000.00

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  2. Peter, I'm somewhat disappointed. And I think a lot of peipep are in agreement with me.. You posted a highly detailed and thorough interpretation of your personal experience and I'm assuming you got your profits from the routing fee back because you deleted your thread. However, this really leaves a lot of us still using the program in confusion. Please send me an email @ hedgehog9642@gmail.com and I'll reach out to you via cell number if you'd like. I too would like to know whether I'm getting shafted or not from the back end.

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  3. Sadly it's common business practice, that unless the company feels the reputational damage to them from unethical actions is higher than the loss in profits from acting ethically, they'll do the unethical thing.

    In this example they apparently didn't feel the need to pay the trader in question, until he demonstrated via his blog and twitter, that he had enough public outreach to damage their business for more than the 58k he was owed in consumer trust.

    Interesting to know, if you ever wrongfully not get paid by a business. Thanks for posting, even if it had to be redacted.

    This is speculating Peter got paid, though.

    It would be interesting to know if Tradenet took the 0 slippage risk knowing this would happen eventually, or if they were oblivious to the possibility/statistics.

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  4. Would have been interesting to know what exactly happend, but i guess there was som kind of non-disclosure clause in the agreement with them.

    Still, this is damaging to them, since not knowing how they remedied the situation does not let us know they're safe to trade with.

    I was considering opening an account with them, but with this litte information remains too risky.

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  5. I also want to sign up but the lack of info and I cant find someone with a confirmed payout makes me uneasy.

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    ReplyDelete