Unrated
US Traders
  • Trading by telephone
  • Company Velocity Trade Limited
  • Founded in 1999
  • Online since 2007
  • Offices in
    • New Zealand
  • Payment options
    • Check
    • Credit/debit cards
    • PayPal
    • Wire transfer
  • Demo platforms
    • MetaTrader 4 (Limited with 30 days)
    • Velocity Trade (Limited with 30 days)
  • Account currencies
    Show account currencies Hide account currencies
  • Regulated by
    • ASIC, 329813
    • FCA (UK), 497263
    • Financial Dispute Resolution (NZ), FM0279
  • Website available in
    • English
  • Support available in
    • Chinese
    • English
  • Support methods
    • Email
    • Live chat
    • Office
    • Phone
  • Trading server time zone GMT
  • Pending orders
  • Automated trading
  • Minimum account size $1,000
  • Minimum position size 0.01 lot
  • Spread type Fixed
  • Spread on EUR/USD, pips 2.5
  • Trading instruments
    • Forex1:100
    • Gold & silver1:100
    • CFD1:200
  • Trading platforms
    • MetaTrader 4
    • Velocity Trade
  • Digits after dot 4
  • Number of currency pairs 30

Reviews

2 reviews of Velocity Trade are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.

, Auckland, New Zealand.

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

, New Zealand.

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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