Comment on Referrals and rewards
commented on
31 May 2019, 01:06 PM
Dear Nitin and Matti,
Please STOP this referral program. This will DESTROY Zeroda one day. You will fall in your own trap and join club of Kotak ..etc.
Let me tell you from my experience. I traded 6 Lakhs volume equity in Kotak Securities and sold at 4% spread. Despite that i incurred Loss of 800 rupees. The profit i earned is eaten by my (1)referrer, (2)Trading Software partner pay per trade model,(3) Kotak Securities broker and (4)high taxes (again due to inflated charges of 1 to 3.)
Also if u increase your customer base by means of freebies, then u end up getting 3rd grade amature traders. These novice traders dont know basics like (T+2) and talk ill about Zeroda and put poor ratings in playstore and other review sites. They could ask you to reduce brokerage to Rs 10/- or so. Does these traders deserve Zeroda Discounting Platform? Focus on getting quality real & experienced customers, rather than hard-sold customers like friends, family members etc..
Please focus on continous improving quality which you are already doing of course and do nothing else. In India Customer base increases by “word of mouth”. Currently you have better ratings in “chittorgarh.com” and even in “mouthshut.com”.
I wish Zeroda to grow up silently like some Gmail and Whatsapp.
Rather with those spare funds, introduce a feature like ” Practise Account” aka “Demo Account” aka “Paper trading with virtual 10 Lakhs rupee Credit”. This feature should be present right in regular Production Zeroda App’s Login Screen. E.g Like FXCM.
The moment some experienced trader belonging to other broker say “ICICI DIRECT” attemps to downloads Zeroda app from Playstore/ Appstore to give a “TRY” he should see 3 options in regular prod app..
* Login to Trade
Username:
Password:
* Login to Practice Account ( Try Zeroda)
* Open An Account
Even if you still want to go ahead with reward referals subject to exchange approval, this will create insecurity and discouragment to existing Zeroda Traders who do Trades in large Volumes. They would be wondering why referrer would earns “someone else” money for free? And actual trader gets Zero incentive for his Big trades in return. His profit is eaten up by someone else.
I have been reading and researcing stock brokers. Read 100’s of Zeroda reviews from last 4 days. I was impressed and today a while ago, I was about to “Open an Zeroda Account Online” and was pre-checking if Zeroda by chance has this referral-mania scheme or not. And i was utterly disappointed when i came across with this approach.
“If i do a trade, i won’t get anything but my referrer gets free credit. Especially when i make a loss, i still pay my referrer from my capital loss”
Sounding like some fradulant “Chain marketing” , ” Networking Marketing” or “MLM Multi Level Marketing” schemes.
Problem with indian companies is that they want to simantaniously travel in 2 different paths ( both angel’s and devil’s path) and benefit from both. Benefit from every popular idea. By the time they realise the shortcomings, it gets too late.