Velocity Trade can be summarised as a credible broker that provides a comprehensive offering with trading conditions that suit the needs of various traders. Velocity Trade has an overall rating of 7/10.
Velocity Trade at a Glance
| Broker's Name | Velocity Trade |
| 📍 Headquartered | UK, Canada, Australia, New Zealand, South Africa |
| 📅 Year Founded | 2007 |
| ⚖️ Regulating Authorities | FCA, IIROC, ASIC, FMA, FSCA |
| 🌐 Countries not accepted for trade | Not indicated |
| ☪️ Islamic account (swap-free) | No |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | Not indicated |
| 💳 Deposit Options | · Bank Wire Transfer, and · Credit/Debit Cards |
| 💳 Withdrawal Options | · Bank Wire Transfer, and · Credit/Debit Cards |
| 💻 Platform Types | MetaTrader 4 |
| 📱 OS Compatibility | Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads |
| 📈 Tradable assets offered | Forex, equities, commodities, shares, options, metals |
| 👨💼 Languages supported on Website | English, French |
| 👥 Customer Support Languages | English |
| 📆 Customer Service Hours | Not indicated |
Min Deposit
USD 0
Regulators
FCA, IIROC, ASIC, FSCA, FMA
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Velocity Trade Review – 17 Key Point Overview
Velocity Trade Overview
Velocity Trade Overview
According to research in South Africa, Velocity Trade is a well- and strictly regulated broker with headquarters in the UK, Canada, and Australia, South Africa, and New Zealand with respective regulation and authorization through FCA, IIROC, ASIC, FSCA, and FMA.
Velocity Trade was established in 2007 and is a global brokerage firm which delivers a comprehensive trading environment and ample trading opportunities through a variety of global entities located in Australia, Canada, South Africa, Oceania, UK, and more.
Velocity facilitates the trade of numerous financial instruments across a variety of markets globally, aiding in that it retains and expands its global exposure continuously.
Min Deposit
USD 0
Regulators
FCA, IIROC, ASIC, FSCA, FMA
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Velocity Trade Safe or Scam
When evaluating different brokers, it is imperative for traders to research and thoroughly compare brokers firstly based on regulation before considering several other factors.
Velocity Trade is strictly regulated and authorized by the following regulatory entities:
Velocity Trade International Limited – FCA in the UK.
Velocity Trade Limited – FMA in New Zealand.
Velocity Trade Limited – ASIC in Australia.
Velocity Trade Holdings, Ltd. – IIROC in Canada, and
Velocity Trade Financial Services (Pty) Ltd. – FSCA in South Africa.
Velocity Trade keeps client funds in segregated accounts, as per the regulatory requirements, separate from the broker’s funds in ensuring client fund security and ensuring funds are only used for trading activities, and not any other purposes.
Velocity Trade Pros and Cons
| ✔️ Pros | 🔴 Cons |
| Well-regulated by multiple regulatory entities | High spreads |
| Keeps client funds in segregated accounts | No information on trading or non-trading fees |
| Part of a Global Group | No education |
| Adequate portfolio of financial instruments | No research |
| Islamic Account option offered | Limited payment methods |
| No demo account |
Velocity Trade Leverage
Leverage is an extremely useful tool which can be used to increase the chance of gains and profit by allowing traders to open positions much larger than their initial deposits. Taking into consideration that Velocity Trade is regulated and authorized by numerous entities, certain clients have access to higher leverage than others. Some brokers are often restricted by regulatory entities due to the risks involved with leverage.
EU and European clients have access to restricted leverage of 1:30 while Australian entities, for instance, allow higher leverage of up to 1:500, South Africa, and New Zealand up to 1:200, and Canada up to 1:40.
Velocity Trade Account Types
There is not a lot of information on the Velocity Trade website pertaining to the types accounts offered, but from what can be derived from previous reviews on this broker, there is only one live trading account offered, with a substantial lack of information.
The Standard trading account does not have a minimum deposit indicated but has a minimum trading size of 0.01 lots with the lowest margin requirement being 1.30% and spreads which start from 3 pips. There is no information pertaining to any other account information pertaining to the exact leverage or commissions that are charged on trades.
Previous reviews mention that MAM and/or PAMM Accounts are provided to institutional and professional clients, but there is no information pertaining to this, thus the information can not be confirmed or denied.
One of the most crucial things when traders evaluate brokers is a comprehensive fee breakdown so that traders can evaluate it and compare it to their financial objectives, situation, and any limitations they may have. Brokers need to provide substantial information which will enable traders to make an informed decision on which brokers better cater for their needs.
There is no mention of a demo account, although an Islamic account is offered to Muslim traders who follow the Sharia law, which dictates the prohibition of paying interest, such as overnight fees, which are seen as wasteful and exploitive.
Demo accounts serve several purposes, of which one is that it can be used as a practice account for beginners, a way through which traders can explore the broker’s offering, and as a risk-free account to test trading strategies.
Velocity Trade Market Instruments
Velocity Trade offers over 200 tradable financial instruments which includes:
Forex
Equities
Shares
Options, and
Metals
Min Deposit
USD 0
Regulators
FCA, IIROC, ASIC, FSCA, FMA
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Velocity Trade Fees
There is extraordinarily little information regarding the trading or non-trading fees which Velocity Trade charges, apart from the wide spreads which start from 3 pips. This would indicate that the fees are not transparent, which puts Velocity Trade at a great disadvantage when compared to other brokers who have a comprehensive breakdown on their trading and non-trading fees.
Traders will need to evaluate this broker adequately and in great detail before considering using the services offered through which trades can be facilitated as the failure in doing so may lead to substantial losses.
Fees that traders have to consider when evaluating brokers include, but is not limited to:
Minimum deposit requirements
Spreads and commissions
Margin requirements
Account maintenance and management
Deposit and withdrawal fees
Inactivity fees, and
Currency conversion fees, amidst others.
Velocity Trade Deposit and Withdrawal
Velocity Trade supports the following payment methods through which deposits and withdrawals can be made:
Bank Wire Transfer, and
Credit/Debit Cards
Although not indicated, it can be assumed, based on the jurisdictions in which Velocity Trade may legally offer its services, that the following deposit currencies will be supported:
USD
CAD
AUD
NZD
ZAR
EUR, and
GBP, if not more.
Velocity Trade Trading Platforms
Velocity Trade supports the use of one of the most popular, reliable, reputable, advanced, and user-friendly trading platforms, namely MetaTrader 4 through which trades can be executed. MetaTrader 4 hosts an array of features that provide traders with the best trading environment along with a unique, comprehensive trading experience.
Both MetaTrader 4 can be downloaded onto the following devices:
Desktop PCs that run either Windows, Linux, or Microsoft.
Mobile devices that run Android or iOS operating systems, or alternatively,
The trading platforms can be accessed through any web browser.
How to open a Velocity Trade account
The account opening process with Velocity Trade features the completion of an online application which requires a substantial amount of information from traders pertaining to:
Basic information
Contact details and residential information
Employment and income information, and
Trading experience and exposure, amidst other things.
As soon as traders have completed and submitted the application form, traders need to acknowledge that such well-regulated brokers follow a strict ‘Know Your Client’ process where supporting documents proving the trader’s identity and residence must be provided.
Once the application has been completed and the required documentation submitted, the application will undergo a verification and approval process which can take anything from a business day, to a few business days, depending on the broker’s process.
As soon as the trader has been provided with feedback indicating their account’s approval, the trader will be expected to pay the minimum deposit amount, after which trading can commence.
Velocity Trade Customer Support
Traders can get into contact with Velocity Trade customer support by selecting the relevant jurisdiction from the homepage which will redirect the trader to the specific jurisdiction’s contact page. Traders can contact customer support either by telephone, email, or by completing the online request from provided on the website.
Velocity trade Education
Velocity trade does not provide educational tools or resources such as glossaries, training centres and academies, guidelines, tutorials, or any other form of education which can assist beginner traders in their journey to becoming more advanced traders.
Velocity Trade Research
Velocity Trade does not provide any research tools or research sources such as market news, analytics, market watch, calculators, or an economic calendar, amidst various other research tools.
Velocity Trade Awards
There are no rewards indicated for Velocity Trade on the broker’s website or on previous reviews.
Min Deposit
USD 0
Regulators
FCA, IIROC, ASIC, FSCA, FMA
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Conclusion
Velocity Trade is claimed to provide a comprehensive offering with trading conditions that suit the needs of various traders, but this cannot be ascertained as there is no substantial information available on the broker, or the trading conditions offered.
What can be derived from information available is that Velocity Trade does not appear to cater for beginner traders, but traders who have substantial experience, knowledge, and skill in trading. Velocity Trade is at a disadvantage due to the lack of transparency with regards to fees along with not providing any education or research tools or resources.
In addition to this, there is a limited amount of payment methods provided and again, there is no existing breakdown of possible fees traders can expect in using this broker to facilitate trades. Traders are warned to proceed with caution and advised to adequately evaluate this broker before merely selecting the option of opening an account as it may lead to substantial losses that may and can exceed the initial deposit of the trader.
Disclaimer
Velocity trade warns traders about the risks involved in trading leveraged and margined CFDs, Forex and other financial instruments as it may lead to substantial losses that may exceed the trader’s initial deposit.
Traders are advised to adequately evaluate their risk exposure, their willingness to be exposed to risk and to which degree they can compensate for losses that may threaten their entire initial deposit, if not more. Traders need to ensure that they understand the risks and that they are adequately able to mitigate and minimize such risks through effective risk management protocols.
Frequently Asked Questions
What are the advantages of trading with Velocity Trade?
Velocity Trade is well-regulated by multiple regulatory entities and keeps client funds in segregated accounts. Velocity Trade is part of a Global Group and has a adequate portfolio of financial instruments, a Islamic Account option is offered.
What are the disadvantages of trading with Velocity Trade?
Velocity Trade does not offer education, research or a demo account. Velocity Trade has high spreads, no information on trading or non-trading fees and limited payment methods.
How many instruments can I trade with Velocity Trade?
You can trade over 200 financial instruments with Velocity Trade, including:
- Forex
- Equities
- Commodities
- Shares
- Options, and
- Metals
Which platforms are supported by Velocity Trade?
Metatrader 4.
Is Velocity Trade regulated?
Yes. Velocity Trade is well-regulated through ASIC, FCA, IIROC, FSCA, and FMA.
Is Velocity Trade a recommended forex trading broker for experts and beginners?
No. Velocity Trade is not recommended due to the substantial lack of information available on this broker and its trading conditions.
What is the overall rating out of 10 for Velocity Trade?
3/10
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