Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:02/21/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Business Name: DAS Trader is an online trading platform for stocks. ************ Services: ************ to this service allows for direct-routed trades through ECNs. In other words, they charge for stock trading. Payment ************: I was a paid customer from June 2020 till November 2020 for $175 / month. Then, I cancelled my subscription at the end of November 2020 as I was no longer trading.Dispute: Once I cancelled, the app was accessible to only view stock prices on a watchlist, which is similar to Yahoo Finance or TD Ameritrade. The premium services were turned off, e.g. -- trading functionality (as expected since I cancelled). However, two years later, DAS Trader is claiming that I owe them money even though I cancelled. They are claiming that I should have not opened the application. My stance is that if it was not a free service to view a watchlist (like all the other providers), they should have told me two years ago. I would have gladly not used the app. Normally, apps don't allow you to log in if there are no free services.Communication: So far, the business has not responded to my emails. They sent multiple invoices, arbitrarily increasing the price from $2,700 to $3,400.

  Business Response

  Date: 02/23/2023

  This is complaint has no merit and **************** claim is incorrect.
  

  Firstly, we would like to clarify what services we provide and what this user subscribed for from our website. ********************** owns and operate a trading technology that provides the following services to brokers and their clients for the US ************* and the exchanges:

  1. *********** - DAS is a ****et data provider for the ******* ICE ******** ****ets, Chicago Stock Exchanges, Interconnental Exchanges, IEX, OTC Markets, ******* ***** of ***** (CBOE): OPRA; Toronto Exchange and ******* Mercantile Exchange (CME Group).

  2. CONNECTIVITY-LATENCY - DAS is a connectivity provider for low latency order validation to the ** Exchanges: CBOE/BATS/EDGE, CBSX, ******* AMEX/NYSE/ARCA, and OTC. We provide direct ****et access and ************** FIX connectivity to all the major exchanges and ****et centers via the ****** and maintains direct pipes to ** ************ centers. Order Routing is available to over 100+ destinations with the most latency-sensitive sub-millisecond order validation. We also provide access to all **** floor brokers and routing strategies for exchanges, ALGO, dark pools and liquidity.

  3. TRADING SOFTWARE -  DAS is the maker of the software trading technology known as DAS Trader Pro which is specifically designed to provide Risk controls, disseminate *********** and access to routing capability to various direct and in-direct venues such as the exchanges and executing brokers and destinations. We designed our platform in a way that takes into consideration the scalability and needs of our clients. DAS *** provides complete online brokerage solutions including direct access trading applications, browser-based trading, back-office order management systems, ****et data feeds, historical data, service bureau connectivity, FIX and API execution services.
  

  The main and primary subscription services allow retail and end-user to subscribe to a monthly paying *********** Plan to access and steam ****et data of the Exchanges in real-time through access to the DAS Trader Pro platform.  The cost of the plan is dependent each exchange ****et data fees and is a direct pass-through to the exchanges monthly for users who access the data through our platform with the ************* simulated trading.  As a bonus to subscribing to the ****et data plan we allow the subscriber to link their live account with their broker so that they can send live trading to the subscriber's brokers. The ability to place trades (simulated or live) is not possible with ****et data. The platform is designed specifically to resell the Exchanges ***********. There is NO option to use a 3rd party or broker's ****et data within the DAS Trader Pro access. This is NOT remotely possible at all. We are a direct vendor of the exchanges and our platform only use our ****et data. It does NOT have access the subscriber's access at his broker's portal. Our system merely acts an Order entry to the broker trading gateway using FIX Protocol which is used to send orders and receive confirmation on whether order is accepts, filled or rejected.
  

  After the subscriber buys a *********** package (Step 1 on the subscription page), the subscriber can then link their broker trading account through the FIX gateway so that the subscriber can send orders to their broker (Step 2) via access from the DAS Trader Pro platform. The subscriber can choose not do step 2 and run the platform independently by logging in accessing the ****et data and placing simulated trading.

  If the subscriber cancel the payment for the package, our system normally calculate the number of days left on the subscribers access with us for ****et data and set the access on close. Our entitlement system which create login access and issue to the subscriber upon confirmation of paid package relies on receiving an email notification from the Payment vendor such as PayPal or Stripe in which case action is taken to open or close the access. There was a disconnect with our payment provider where the notification was not received and the access was left open for long period of time in which we reported and paid the exchanges for the access. After an audit and review,  our system identified that *********************** access was not close and that he continued to access the platform beyond paid subscription period despite knowing he was no longer paying for access.

  We contacted **************** with the logs of his access which our system maintains to show as evidence of usage and requested that he contact us on how to settle this unpaid usage period. During our contact we offered to provide a payment plan and discount on the package which **************** refused to do and threaten to tarnish our reputation if we don't wipe his debt clear.

  This individual as well as others took advance of oversight failure and continued to knowingly access and use the service despite knowing his payment had been canceled through PayPal. We strongly do not believe that he was well aware what we were providing in our subscription. He also was fully aware of the period his subscription should have ended as he canceled the payment himself in PayPal. He was also a subscriber for several months with us and knew how the system worked.

  We are still open to having a dialogue with him to settle at the discounted amount we offered. We do have the option to submit this a 3rd party ****************** as this is clearly theft of service. We don't want to submit to collection as they will add 15-20% surcharge and if unpaid **** this debt against the subscriber's credit.

  We would still like to settle this amiably with subscriber and put this to rest but we would like this complaint dismissed.

  Please see the following links on our subscribe pages where website each Plan clearly defines the packages for ***********. I have also uploaded screenshot and documents from our website evidencing all the points I addressed in my response here.

  Subscription Page:

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  Customer Answer

  Date: 02/23/2023

   
  Complaint: 19363755
  
  I am rejecting this response because:

  I canceled my subscription to the service and 99% of the functionality was turned off. This is a trading platform and the trading functionality was disabled, as expected.  They are attempting to charge me for simply opening the platform and looking at a pop-up window of 4 stock prices.  

  At no point was I made aware that there is a cost to this.  Given 99% of the functionality was turned off, it is reasonable to assume there wasn't a fee associated with opening.  Why turn 99% of the functionality off but not the remaining 1%? 

  It is important to note that they never attempted to contact me once during this time period.  I would have gladly stopped opening the app if I was informed.

  They are now claiming theft of service.  This is a dangerous precedent for a company to leave an app 1% functional and then claim theft for the simple act of opening an application.  

  
  Sincerely,
  
  ***********************

  Business Response

  Date: 02/24/2023

  As we stated and evidence, the platform is not based on whether the subscriber is able to places live or simulated trading.
  The platform is design to disseminate the exchanges *********** to the subscriber. The subscription that the subscribers
  purchase is for *********** and each package describe which Exchange *********** is included in the plan.
  
  If you look at the packages for Simulated user vs the packages for access with the ability to send live order, you
  will see it is EXACTLY the same. The package is based on the access of *********** whether it is for 4 symbol or 100 symbols.
  He has acknowledge he used our product and pull market data quotes. This proves that Services was rendered to Mr. ***** and
  our record does confirmed his usage of 417 days of deliberate continued access.
  
  It is an incorrect claim by Mr. ***** that there were functions disabled or downgraded from the subscriber's access after he canceled payment
  through PayPal. He still maintained full access of product and service beyond his paid period and he failed to contact us to
  notify or verify whether he would be billed for the continued access. Our log shows that he access and used our service continuously
  almost daily from May 18th 2021 to July 8th 2022.
  
  Again we are looking to settle this matter in an amicable manner with Mr. ***** and avoid sending to collection.

  Customer Answer

  Date: 02/28/2023

   
  Complaint: 19363755
  
  I am rejecting this response because:
  

  Before I address the current response, I want to address a prior statement that they made in their first response.  They falsely accused me of threaten to tarnish our reputation if we don't wipe his debt clear.  This is a lie.  I have attached the email correspondence that we had.  At no point did I threaten or insult the company.  This is an important factor when considering the character of the parties involved.

  I want to emphasize a few points:
  *At no point did I misappropriate any equipment / software or take any intentional steps to deceive the company.  This was a simple act of opening the application. 
  *There was no ill intent on my part. 
  *Their statement about the platform use disingenuous.  It is a trading platform.  The word trader is in the companys name.
  *Their claim that I had full access is incorrect.  The trading and its associated data were not viewable in the GUI.  The only thing viewable was a window to view level 1 prices as a watch list.  This is what led to my mistake of fact.
  *They neglected to contact me at all during this time, allowing them to rack up months of claims.
  
  
  I dont see a path forward.  I understand that, legally, they can submit this as a contract dispute to a collections agency.  I also understand that it is not debt unless a judgement determines it to be so, which is a process that is a lose-lose for both of us.  They want 100%, I am at 0%.
  

  
  Sincerely,
  
  ***********************

  Business Response

  Date: 03/07/2023

  As a company we have never had issues with any of our subscribers. We provide a service and go above and beyond to provide support our clients. We are not in the business to disseminate the Exchanges market data free of charge. When subscriber login into our network and pull quotes (level 1 or depth), each of those subscribers are reported to the exchanges and our company is invoiced for the usage. We advertise that this service is a market data subscription and each package clearly indicates the package the user is subscribing to. We do not ever tell users they will retain access to our system beyond their subscribed period. In fact, we make it clear to the subscriber that once payment is canceled their subscription will be expired.
  As mentioned in our previous response in this complaint, there was a technical error in which **************** access was not set on close by the system after he cancelled his subscription. This was not discovered until we did our periodic audit in which we compared what we collected from each subscriber to what we owe to the Exchanges for their market we realized there was a deficiency. We then realized that several users continue to access and use the platform even though they were aware their subscription had ended. **************** continued to login to the system and pull market two days after his subscription payment expired on May 15, 2021 and used all the way through July 8th 2022.That is deliberate and intentional access every month knowing he was not paying and therefore cheating the system.
  It was indeed intentional and deliberate usage when he opened our application and deliberately pressed the login button which allowed access into our network for requesting market data, which also allowed the ability to place trades. **************** stating that he moved the watchlist window to the side to watch several symbols in the watchlist is evidence of his acknowledgement that quotes were streaming in real-time, driven by level 1 *********** requests. He had full access to the platform and at NO time was there ever degradation of the service. He was fully capable to pull market data and place trades. Please see the attached order log which evidence him using the platform during his paying period and after he canceled his payment for the service.
  This claim can simply be settled with **************** taking responsibility for usage of our product and paying for services which was rendered to him. Please know that he is not denying usage of the product and has in fact acknowledged it. We realized that he believed we want 100% and he admit he is not willing to pay at all. If that is indeed what he wishes, then we can just move his account to collection and this compliant can be dismissed. If however he wish to resolve the matter with us and not involve an additional 3rd party, he can cancel this claim and resume dialog directly with us. We are willing provide a revised invoice in an attempt to recoup our loss as his actions, along with others have put a great financial strain on our company.

  Customer Answer

  Date: 03/07/2023

   
  Complaint: 19363755
  
  I am rejecting this response because:

  I want to address a few statements they made:
  1)  That is deliberate and intentional access every month knowing he was not paying and therefore cheating the system.
    *While I did simply open the app, I was had no intent on cheating.  Given that 99% of the functionality was turned off (such as trading), I was under the impression that this access was not charged
    *No other software in the industry charges for level 1 quotes, which is what led to my misstatement of fact.
    *They never contacted me during this time to make me aware.  Thus, I continued to operate under my initial misunderstanding.
  3)  He had full access to the platform and at NO time was there ever degradation of the service.
    *Not true.  The trading functionality was not available.  This is the key reason I took this to mean my account was canceled, as expected from the email confirmation.
  4)  Please know that he is not denying usage of the product and has in fact acknowledged it.
    *Ive been upfront and honest about this fact from Day 1
  5)  he can cancel this claim and resume dialog directly with us  
    *Ive never stopped dialog with the company.  It was the company that ignored me for 6 weeks (see previous attachment of email correspondence).
  6)  We are willing provide a revised invoice
    *I did research for other vendors to see what they charge for Level 1. Most vendor charge nothing at all, including Ameritrade, ETrade, Interactive Brokers, etc.  I did find one that charges, and its $10 / month from TradingView.

  
  While this is frustrating and deceptive to even consider settlement,the only settlement I would consider is one that is on par for others that offer level 1 quotes, which is $10 / month. Again, I didnt have access to the trading functionality (which is 99%of your software value), so I will not consider paying above what the industry standard is for market data.

   

  Sincerely,
  
  ***********************

  Business Response

  Date: 03/08/2023

  As noted our prior response, access to the DAS can only be intentional and deliberate.

  Given the above, DAS is very willing and open to discuss a settlement amount to address the prior usage with *****************  We are also cognizant of the fact that any lump sum payment of this size can be challenging to accommodate and will to work with him in light of this.