| 5.3/10 (25 votes) | |
|---|---|
| Company | Latitude FX |
| On-line since | 2007 |
| Country | New Zealand |
| Payment options | Wire transfer, credit cards, cash and checks. |
| Minimum account size | $1,000 |
| Minimum position size | 0.1 lot |
| Leverage | 1:100 |
| Categories | |
| Spread | 2 pips on EUR/USD |
| Regulation | Regulated by the financial laws of New Zealand and audited by PriceWaterhouseCoopers. |
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2 reviews of Velocity Trade
I open an account about the 1st dec. (Demo) Don't have the exact date as i have deleted all information.
I have been trading for over 25yrs, FX 8yrs, having accounts with Apari, IB, IbFx, Saxobank (dodgy as, stay away, Maquarie (which was the reason i tried Latitude) )and MF Global.
When i asked Latitude why they did not have their spreads on the web page, the reponse was, "the spreads change all he time, so we don't have them on the website. All other brokers i trade with have fixxed spreads. You need this to calculate risk and stops. News Time everyone knows the spreads widen. I strongly feel latitude is not acting in the best interest of the client. Having just recently relocated to NZ I am looking for a good broker here, hence the reson for testing on a demo account.
3 things happened that set of alarm bells.
1. my stop was hit on the EJ before a major downtrend. I replicated the Latitude orders on my live IBFX account. The same stop was not hit.
2. NZDUSD same stop hit, IBFX not hit.
3. CADJPY an entry was made without my knowledge. Awoke to see a trde i never placed
In the time I traded with latitude on a $5000 account (demo) first 10 days about 50% (7500 ish) profit, would have been alot more if the EJ was not stop hunted, or whatever they do. Cadjpy was a major loss that reduced my account to about $5200, then i traded it as my IBFX account back to 7500 and was stopped hunted on NZDUSD. I watched it happen. exactky the same stop on IBFX was never hit (live). I am at a loss to why they would stop hunt on a demo, or is it because they randomly change the spread.
Conclusion: I have seen this before and its my opinion that something is not right, so if you trade with this company BE AWARE, YOU HAVE BEEN WARNED,
Paul Stevenson
Pro Trader
My findings are.
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I opened and account being told they do not have a dealing desk. This appears to be an outright lie. After taking half of my account they were asked again "Do you run a dealing desk?" I was told "you can not prove that, if you dont like how we do business go somewhere else" - I did. Stoplosses were hit for no reason. Orders that were placed just came back with a failure message. Same when trying to close orders, I would get a "try again" message. Of course these trades usually lost because they could not be closed in a timely fashion.
Very disappointed in this New Zealand company. Will never deal with them again