Velocity trade was founded in 2007 by a company called Velocity Trade Limited. This company had been in operation since 1999. It is registered under the Reg: #1943456 in New Zealand. This forex broker deals with currencies, international securities, and other precious metals. It has served a trading partner not only for individuals but also many corporations and institutions around the globe.
Velocity trade has its international offices in four continents, North America, Africa, Australasia and in Europe.
Its offices are in Cape Town, London, Sydney, Toronto, Montreal, and Auckland. The headquarters are in Auckland, New Zealand. The company behind this broker and all its subsidies are all regulated by FCA, UK no.497263. It means that they have a license to provide financial services all over the world. It is also controlled by the FSP in New Zealand and ASIC in Australia. The company, Velocity Trade Limited is a member of ASK and the broker. Velocity Trade Capital is a member of TMX.
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The platform that clients use for this broker is the popular Meta Trader 4 platform, and they also have the MT4 mobile trading platform. However, their branch that is in South Africa also offers their traders the Protrader platform. A software developer called PFSOFT creates this platform. If you want to download, you can only download the mobile applications. It is a multi-asset platform which offers its traders with a number of trading tools to choose from. It also has, watch-lists, alerts in case of any significant updates, drawings, and studies. Its chart system offers multiple chart types and a smart chart trading platform that can give a comprehensive overview of the current position. This Protrader platform has a fully customizable interface, and you can integrate it with various functional APIs. Its data feeds, and the liquidity providers are all unlimited in number.
Other trading platforms offered are Terminal Velocity Platform, Zulu Trade, and the Latitude GT. These platforms are however not as popular as the two above. The website is available in English, but they also offer support for all Chinese clients.
Available trading accounts options and the conditions
The Broker offers its clients who want to retain a single account type which they are not expected to pay any commission. The lowest margin that is provided for FX trading is 1.30%. The minimum amount of money to invest for this account as the deposit is $1000 and the currencies allowed is USD, AUD, and NZD. This broker does not offer its traders with ECN account, Swap-Free accounts, MAM/PAMM accounts and Managed accounts which are found in some other trading forex brokers. The clients to Velocity capital trade have an opportunity to get a Direct Market Access to the Johannesburg Stock Exchange and other financial markets in the world, all in one interface. Minimal order volume is 0.01.
The options to deposit and withdraw cash is Bank wire, Paypal, Paper check and the Debit/ Credit cards. The clients can also make a direct cash deposit to the system. Some charges are charged on withdrawal of between R20.00 and R150.
Spreads and Commission
This broker’s spreads are quite high. They amount to about three pips on Euros and USD while for the Forex market is 1 – 2 pips for USD and EUR. The spread type is fixed. However, if you want to compare the spreads of this broker with the other brokers, some other sites offer some real-time comparison of up to 15 brokers.
There are additional taxes charged on shared transactions and all trades incur a fee of 0.0002% of the amount which is not inclusive of the VAT.
No commission is charged.
Other trading terms
The precision pricing is five digits, and the digits options after the dot are 4. There are 30 currency pairs offered.
The trading instruments offered are Forex at 1:100, Gold and silver at 1:100 and CFD at 1:200.
Maximum leverage is 100:1 for the standard account and a minimum order volume of 0.01.
They have a support team to offer some help for its clients. Support is provided through email, phone calls, live chat or you can visit any of their offices in case you are close to one.
Email: [email protected]
Phone: New Zealand: 0800 872 3464
Australia: 1800 216 880
International calls: +64 93096283
Advantages of using Velocity Trade
- It has a strong regulation, and it is part of the global group.
- Its product portfolio is quite extensive offering a number of options to choose from.
- The clients of this broker have a DMA access to the Johannesburg stock exchange and other global financial markets.
- They offer extensive support options for its clients.
Disadvantages of using Velocity trade
- It has quite high spreads compared to other brokers.
- It comes with additional fees and taxes for its withdrawal and deposits.
- It does not have many account options to choose from.
It is an excellent broker to trade with offering a wide range of instruments and many trading platforms to choose from. It is also good since its South African retail brand also provides its users with a Direct Access to the JSE which is quite a big deal.