Hello to all,
We are an organization which is extremely transparent and our intention is to provide a quality service to all our clients. With over 3.5 lac option traders trusting us we are certainly not looking to breach anyone's trust though in this process there might be difference for which we are always there to provide a resolution to.
Our team has been trading the Indian markets since over 18 years and if you look at their profiles you'll find that they are extremely qualified not even handful of people in India are qualified in multi-dimensional research.
We are writing down our comments in our effort to fix this concern and we can surely take this one on one to fix your issues.
Firstly let's get it right, "Fraud or Scam" is when someone snatches your money but in this case its just the difference of service you must have expected and what you got. Since there are whole type of traders short term as well as positional we understand you may have a different style.
"Gamble" single option is like lottery tickets with high reward and high risk. Even though it is a business for us some people may take it as gamble. But the essence is as long as we are doing it right with risk management the business makes sense infact a lot more than Option Writing where risk is un-limited. But yes, if this is not your trading style it may not be the right fit.
Let's address it one by one:
"1. They Erase trades advice given in notification of QuantsApp. (So that user has no clue). They give advisory notification over their app and not over telegram/other channels because users cannot retrieve and report matter. Kindly screenshot trades given in quantsapp."
Comment: You already know this isn't true, the app already shows all advisory call records since day 1 of your service and its never deleted. Navigate to Advisory >> Closed Calls
Please note, the notifications gets deleted after 7 days but the calls are still store under Advisory >> Closed Calls.
2. They will NEVER EVER reply queries over MAIL but will call you after significant delay to leave no trace. (Try it yourself!)
Comment: 99% of our queries is addressed within 24 working hours and 100% of the queries are resolved within a week. We have an internal ticketing system and our management gets involved if this gets delayed. Having said that if our executives try to reach you but the calls aren't responded then this keeps lying in the system and we eventually close the query as un-answered.
3. They won't give you an INVOICE unless you ask for it! (I got suspicious when they didn't mail me an invoice when I paid 70,000rs. Any good company gives you an invoice upon receipt of payment).
Comment: Any payments for our app is automated but yes advisory payments are yet to be automated and at EOD our account departments sends an invoice manually. There is a good possibility that a slippage might have happened in the pandemic but be sure if you raise this it will get fixed. We've paid 100% of the GST's to the govt. so there is no reason why we wouldn't provide an invoice. Payumoney instantly provides a payment invoice for the payment which is our payment gateway. In near future, we are already working on instant invoice upon payment.
4. They Won't pick your phone when you have doubts regarding their fake trades unless they have crafted a workaround to your queries or they will delay it as much as possible. (Check attachments for reference)
Comment: We do not have any official phone support just like most of the top tech companies we believe in email support and certainly a call back would come from our side. So if you call the sales guys they may not be the right fit to handle this. We would recommend raising a ticket from the App or email.
6. They are providing intraday gamble/bet trades in the name of elite advisory which are based on nothing but Volume-Action and naming it as tactical. If it is based on some logic, kindly ask them to share the details of such Intraday trades, I bet they will not be able to provide anything concrete. If you see none of their positional trades(Option held for a week or so) are successful.
Comment: Intraday trading is a style which many admire to do but certainly it may not be the style of everyone. We never used to trade intraday in Elite advisory till Oct-19 when most of our elite subscribers came up with this mutual recommendation which we implemented. However, we still do provide positional trades and now it's a mix of both intraday as well as positional.
7. Support people from QuantsApp (Arnold) will give you high hopes or say like we will renew your subscription for free or you will make money in further trades, But that doesn't happen and in the end they will cut you loose once you come to understand their modus operandi. If you had subscribed just recently kindly ask for your refund if they deny take legal recourse.
Comment: We'll address this towards the end of this email which will be a resolution hopefully.
8. They are maintaining a FAKE BOOK OF PROFIT. (Kindly ask them to share ledger and trade book where actually trade is performed)
Comment: We can bet, 100% of our trades our initiated based on Ltp you are free to take data from any data vendor and match it. The trade time is saved in notification timestamp. We completely avoid trading any illiquid stock to make sure our clients smoothly are able to execute these trades.
1. They told me the calls will be Positional/Directional (Holding option calls for few days/weeks) and not Intraday(Entry/Exit within a few minutes). I'm against Intraday trades since those are gamble and you have to constantly look-out and exit at the right price and at the right point of time. When I told them about these non-sense intraday trades in April 2020 they said it's their part of strategy( By John).
Comment: We'll kind of fix this toward the end of this email.
2. I was given assured return of Rs.1,00,000 over the ballmark capital of Rs.10,00,000 or In the worst case scenario by Mr.Arnold Philips (Head Advisor) assured return of 40-50k or subscription amount of elite program. I had recordings of these conversations will upload on YouTube soon.
Comment: We don't assure any returns of any kind all we share is what we have done in past. If there was any guarantee provided to you by any means please share that with us we'll make sure the sales guy suffers a strict action. We are completely against mis-selling.
3. Calls will be issued during market hours ( 9:15 AM to 3:30PM) and not 9:30AM as it is being done at present.
Comment: Calls are still updated through out the day but yes since the market opening has most moves the ratio might be inclined towards market opening hours.
4. In the learning part, they pitched - We will come to know how to create option trading strategies and HOW TO TAKE OPTIONS CALLS and they will share their strategy. But nothing as such is delivered. Instead nonsense 1 hour commentary is being done on webinar about PCR, OI, Long-Shorts in sectors.etc In crux they are basically marketing their own product on Webinar and people are hearing nonsense talk, If these people would really be making money in the market, they wouldn't have conducted workshops/webinar/seminar non-sense and instead would have rode in a ferrari at the end of trading day.
Comment: PCR, OI, Long short these are derivatives data points of analysis what else should we talk about if you can suggest we will surely pass this feedback to our research team. As an elite yearly member the app is already included as a service so we aren't really trying to sell anything extra. There are hundreds of good advisory firms all should go and buy a Ferrari in that case and or all are frauds. It doesn't work like that we are professionals of stock markets and this is our service. If this is how we think then you should be buying any stock market products at all.
What has happened since I subscribed?
1. Since the subscription they have started issuing non-sense INTRADAY CALLS and re-branded it as Elite Tactical calls which has a very LIMITED profit potential ( 1000-2000rs) and tight entry/exit positions. I haven't subscribed for these "intraday calls", basically you get these calls for cheap and much less than the price of what they charge annually for elite member programs. I'm totally against intraday trading as it is gambling. Also the profit made in these trades is erased in their next GAMBLE trade. Any new comer seeing 1000-2000rs profit would be amazed by Quantsapp but its pure bullshit.
Comment: You can go back and refer to Advisory >> Closed calls, the profits aren't 1000-2000 infact the average profit we try to maintain per calls is 5000-6000+ per lot so if you do 10 lot's its 50,000-60,000 per trade. This is all the market provides an opportunity for.
2. They are showing Fake/hypothetical book of profit which is totally FAKE and not even closely relevant to customers profit book. Kindly ask them to show their ledger/Trade Book/ and profit and loss statement with brokerage since they must be also taking these trades if they are giving it.
Comment: As stated earlier, we can bet all trades at the time of initiation had the prices we recommended at and we provide clear entry and exits.
3. Webinars by Bhavin are just non-sense commentary on the market (What has happened and What will happen) and not the learning part which was pitched by Marketing guys ( Madhura and Arnold). You can buy good quality option books, refer free videos on youtube on options to know about Options & Futures. If you refer to a few good books on Option and Option trading strategies you will learn a lot by yourself.
Comment: What has happened and what will happen and the way data is shaped is the learning here. The webinars are conducted to pass to knowledge on how we analyse markets and how we decide on views. If you have recommendations you can certainly suggest us.
I doubt how many of how many members have actually made profit with respect to trading calls given by QuantsApp or even recovered their subscription amount.
Comments: We have hundreds of happy users feel free to let us know if you would like to talk to a few we can certainly request some of them if they would like to share their experience.
Let's try to solve it now: Our resolution
In a nutshell, if we try to understand what went wrong its just that "STYLE MIS-MATCH". We have discussed this with the internal team and we will intent to fix this with the following.
- A support person will call you to understand your subscription and will renew some portion of it to make sure you don't take the lost time hit due to style mis-match.
- We'll move you only positional trades, so that it fits your requirement well, no intraday trading calls will be sent to you.
- If you choose this you'll no longer receive the trading calls.
We hope this resolves the issue. If not, we can surely take it one on one and be sure we'll give our best to resolve it.
Thanks & Regards,
Support Team.
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