Author: Harry Napier
«Velocity Trade» Forex broker review
‘Velocity Trade’ is a more-or-less global producer of financial solutions for businesses and brokers. It means that people who work with this company get to not only invest into different products on the open market, but also improve their financial position and strategies.
Obviously, it means that VT offers people a modest range of products to trade in, as well as research capabilities, software and strategies to pick from. Velocity offers several intriguing solutions for you’re the management and increasing of your capital, as well as basic trading means.
Users still consider them a Forex broker, and, as such, they have their own pages across different review aggregators that will help you understand if the broker is useful, honest, profitable or not.
What exactly is Velocity Trade?
Velocity is a humble company with uncertain origins. Given that they partner themselves with Canadian rugby teams, you might conclude that they are a Canadian firm, but it’s unclear.
Still, you may expect that they are available in this country, which is good considering how many brokers decide to not extend services to Canada or the United States.
But let’s head back to the topic of their technical solutions. It’s actually unclear what their solutions really are, save what they want to improve by offering them: mainly capital management and connectivity. You’ll probably know more if you sign up for the account here, but you may also just call them to ask. It’ll work if the service is fine, but that’s the topic for the reviews section below.
The tradable goods include:
- ‘Deliverable FX’ – it basically means you’ll be able to trade on Forex with better connection to banks, markets, et cetera
- ‘Margin products’ – it means you’ll be able to trade on margin here
- Equities
- Commodities
- Futures
The problem with Velocity is that they provide very extensive reading material about their activities, origins, offers, and such, and there is barely any sense in these reads. There are paragraphs upon paragraphs about their company, and all you can grasp from them is that they work since 2007, and also a few key perks they have:
- Global presence – meaning it should be available in many countries
- Competitive pricing – which means they’ll try to not rip you off
- Backed by institutions – it must inspire security and safety, but many ‘backed’ companies still prove fraud or unreliable
- Simplified access to multiple products – they have some sort of end-to-end solution that must ease your passing to the markets, presumably
Now that you know what they boast about the most, let’s see what they fail or succeed in the most. Maybe their successes will correlate with their promises, or vice versa. The reviews will tell.
The rating
Large specifically Forex-related review platforms don’t have much info on Velocity. If you visit the general review aggregators, like hellopeter.com, you’ll see that Velocity only gets 1/5 from all users, with rare exceptions.
Even the fishiest companies have at least some positive reviews, but not this company. It’s very interesting why it happened. It has its benefits, and customers agree. What went wrong?
The disadvantages
The main downside of this otherwise alright platform is that it’s a half-dead money-stealing funnel with disgusting support. But let’s go through each individual problem.
- Functionality problems
Your access to your account and consequently to this platform may cut off at any moment. There’s no reason for that, too. You may register, of course, but then your account just dies. If you accumulated some income in there, it’ll be just gone with no return. And here’s why you won’t be able to return it.
- There is no support
You won’t be able to contact your too easily, sadly. If you do contact one of them, it’s likely they won’t help you. You’ll just receive general answers, like ‘try again’. The most plausible explanation is that they mean to be harmful and to scam people. That’s probably why they dropped out of US regulation back in 2020, while still extending services to the Americans. NFA just can’t catch them, they’re too small.
- There’s no guarantee you’ll make profit
It’s not that their platform work poorly (when you can access them). The problem is that they don’t generally want people to go away with their money. Some companies have withdrawing issues, but this broker doesn’t have them. You basically can’t withdraw your funds, don’t even attempt it.
The advantages
There is one technical advantage of working with them. However, it’s absolutely irrelevant because most of the time you won’t even be able to trade properly. And if you do trade, you won’t be able to get a hold on your profits. So, it’s a completely hypothetical discussion.
- Good performance
Their platforms – mobile, most notably – work very well, it seems. You won’t meet too many difficulties trading on their platform. The execution is fast and there aren’t too many technical issues. Though, as mentioned, it doesn’t mean much.
Conclusion
Velocity is a fraud company. That much is obvious. They possibly don’t even extend most of the solutions they claim to sell. You can barely access the platform, you won’t be able to withdraw your money if you do get access, and don’t even bother calling the service if you have any problems or if you want to ask about the possible solutions.
Stay away from this platform, and if you already registered on it – try to ask for a refund (maybe it’ll work) and just leave. Anyway, thank you for reading this.
