In Oct 2019, Mudrex moved from ‘beta’ mode to a ‘freemium’ pricing model, as per which users only end up paying when they see value in the product.
Since the launch 100s of users have subscribed to these paid platform plans and have given us a ton of feedback and you were among them! I wanted to start by thanking you for being a subscriber and trusting us for building the world’s best trading platform!
We have spent the last 3 months listening to user feedback and analyzing how users, like you, use the product. Based on this feedback we are changing our pricing model.
Note: the below changes are for users who are live on their personal trading strategies.Users do not need to pay any additional fees for investing in Marketplace strategies apart from the monthly subscription.
What was the original model?
We had broken the pricing into 4 tiers: Free, 19$, 49$ and 99$ per month, which was based on different kinds of usage. The main differentiating factor was the number of backtest, paper trades and live trades a user could run. Users were charged only on the # of backtest, paper and live trades, irrespective of the dollar amount of trading they did.
What is the New Model?
We truly believe that if a user gets some value from using Mudrex, they will happily give us a small fee for building this platform. In lines with this philosophy, we are making 2 major changes:
- We are now simplifying pricing, keeping just two tiers.
Instead of having 4 plans, Mudrex pricing will have just 2 plans: a free plan and a paid premium plan. The paid premium plan now has all the facilities users would get in the earlier 99 USD plan. This represents an 80% discount!
2. We are introducing ‘Invested Amount’ based pricing
Earlier, users were limited by the # of live bots they could run in parallel. With the new plan, a user can run any number of live strategies. We no longer charge for that. Instead, we will now charge a small fee (0.5%) for the amount you invest in your strategies via Mudrex.
In the free plan, a user can go live with up to 500 USD. On signing up for our subscription, the free limit is extended to 2500 USD!
You can get more info about our pricing
How does Invested Amount based pricing work?
When a user goes live on a strategy, we calculate
- Sum of USD amount of their current investment (A)
- USD value for which they have already paid fees (B)
- Free amount based on your plan (C)
- Fee-based on your tier (D)
Fees to be paid = D*(A-B-C)
These fees are then pro-rated and charged for the rest of the month.
At the first of the next month, we do the exact same calculation and charge your card accordingly.
How does this affect the current user?
- Current subscribers
Researcher Plan: Limits of these users will automatically be updated to the new plan and higher limits will be available from the day we launch! There is no additional payment required
Trader and Pro-Trader Plan: Limits of these users will also be updated automatically. All users who have paid an amount higher than the current amount will get refunds back to their account!
2. Current users live on their own strategies
All users currently live will continue to be live on their strategies. The new pricing is applicable to all users who start new live runs.
When does this pricing change go live?
This pricing change goes live ~1st Feb 2020.