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Velocity Trade Review - is it scam or safe?

Velocity Trade Review - is velocity.tradedesk.co.za scam or good forex broker?

RATING: 2 / 2 REVIEWS ForexBrokerz Velocity Trade
Velocity Trade is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type   Minimum deposit  Minimum trade size Lowest margin Spread
Standard Undisclosed 0.01 1.30% 3 pips

 

Velocity Trade (South Africa) offers its retail clients a single commission-free account type with the lowest margin available for FX being 1.30%. Its clients have Direct Market Access (DMA) to the Johannesburg Stock Exchange (JSE) and global financial markets from one interface.

 

Unfortunately, we could not figure out what is the minimum investment amount required to open an account with Velocity Trade. Most South African brokers require R5 000 as a start.

 

As regards the broker’s spreads, they are quite high, amounting to 3 pips on EUR/USD, while the average for the forex market is 1 – 2 pips for this pair. For further information and comparison, you may check out real-time spreads of 15 major brokers at our dedicated page.

 

Apart from the wide spreads, additional taxes are charged on share transactions and 0.0002% fee (Excluding VAT) on all trades (being the FSB Investor Protection Levy).

 

The Company. Security of Funds

 

Company

Country

Regulation

Velocity Trade Limited

New Zealand

FMA

Velocity Trade Limited 

Australia

ASIC

Velocity Trade Holdings Ltd.

Canada 

IIROC

Velocity Trade Financial Services (Pty) Ltd.

South Africa 

FSB

 

Established in 2007, Velocity Trade is a global multi-asset broker servicing mainly institutional clients that has international offices located in North America, Europe, Australasia and Africa. We found out that its South-African unit accepts retail clients, so the present review focuses on the offering of velocity.tradedesk.co.za website.

 

Licensed by the relevant authorities in New Zealand, Australia, and Canada, in 2011 Velocity Trade penetrated the South African market by opening an office in Cape Town. Six years later the broker opened an office in Johannesburg. Velocity Trade’s South African subsidiary, Velocity Trade Financial Services (Pty) Ltd., is licensed to provide investment and brokerage services by the local financial regulator, the Financial Services Board (FSB).

 

As the market potential for forex and related services in South Africa seems great, forex and binary options brokers are flocking to the country lately. Financial regulation there is rather liberal with relatively few limitations, such as the investment limit of R5 million.

 

Trading Platforms

 

Judging from some broker reviews on various websites, It seems that Velocity Trade supported the popular MetaTrader 4 (MT4). However, the South African branch currently offers its clients Protrader platform, created by software developer PFSOFT. Only mobile apps are available for download.

 

This is a multi-asset trading platform features a wide array of trading tools, alerts, watch lists, smart chart trading with multiple chart types, drawings and studies, as well as fully customizable interface. What is more, Protrader can be integrated with various functional APIs, with an unlimited number of liquidity providers and data feeds.

 

Methods of Payment

 

Clients of Velocity Trade are able to make deposits and withdrawals via credit or debit card payments, and bank transfers.

 

Withdrawals are charged with R20.00 - R150.

 

Conclusion

 

We reviewed South African retail brand Velocity Trade, part of the global Velocity Trade group. It offers wide range of instruments to trade on Protrader platform, and provides DMA access to JSE and global financial markets. However, its spreads are very high and some additional charges apply. To sum up the above:

 

Pros

Cons

Strong regulation, part of a global group

MT4 not available           

Protrader platform offered

High spreads

Extensive product portfolio

Additional taxes and fees apply

DMA access to JSE and global financial markets

 

 

Latest news about Velocity Trade
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Traders` reviews for Velocity Trade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Stemmed under your company name

Morning,I am resided in Limpopo province in a small town called Tzaneen,I have been recruited by the company called First velocity trade to invest money and trade under their name,I received interest for about 4 to months from december 2018 till April 2019 for 12 months agreement and now the owner Mr Mangena give us a run around,he also blocked by trading account so I don't have an access to it.

Please help

Regards Ms A Setwane

Angelinah 09/29/2019

Expensive package to start trade

Hi trading had risk.But agent of velocity trade are promising people only big profit which is a lie.as a result people loose thousands on buying the package of trading hoping they will get profit which won't be there otherwise

Julia 06/16/2018

I lost more than 10 thousand Rand within 2 months

Velocity trade is having high daily charges even in weekend while stick exchange is closed.once there is a running working trade the money will be charged and then they will be a great loss of balances.while people are joining the agent hide that loses are there .they just promise profits.i lost more than 10 thousand Rand within 2 months

Julia 06/11/2018
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