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Experience with Velocity Futures?


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Experience with Velocity Futures?

  #271 (permalink)
 SARdynamite 
Belgium
 
Experience: Advanced
Platform: SaxoTrader
Broker: SaxoBank
Trading: ESTX
Posts: 289 since Dec 2009
Thanks Given: 243
Thanks Received: 110

Using the combo Velocity / TT / Sierra, can you please tell if when trading the FDAX on Eurex :
- the open position is reported instantaneously on the web portal ... or is the report delayed by a few minutes or not updated at all outside US RTH hours ?
- if carrying an overnight position, will my position be reset for the next electronic day session or will I see it on Sierra next day ?

Thanks

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  #272 (permalink)
 SARdynamite 
Belgium
 
Experience: Advanced
Platform: SaxoTrader
Broker: SaxoBank
Trading: ESTX
Posts: 289 since Dec 2009
Thanks Given: 243
Thanks Received: 110


SARdynamite View Post
Using the combo Velocity / TT / Sierra, can you please tell if when trading the FDAX on Eurex :
- the open position is reported instantaneously on the web portal ... or is the report delayed by a few minutes or not updated at all outside US RTH hours ?
- if carrying an overnight position, will my position be reset for the next electronic day session or will I see it on Sierra next day ?

Thanks

Anyone ? I do prefer to refer to user-ended practical experience than a salesperson speech. Thanks in advance

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  #273 (permalink)
LEscoffie
Houston, TX
 
Posts: 1 since Dec 2011
Thanks Given: 0
Thanks Received: 1



SARdynamite View Post
Anyone ? I do prefer to refer to user-ended practical experience than a salesperson speech. Thanks in advance

The customer portal has 2 tabs, one that will show you your position with a small lag typically of a minute or less (it will show you the last time it was updated) and another tab with your positions in Real-Time, but this is still in Beta mode.

Sierra will show you positions you held overnight, the position will be marked to market to the latest settlement price, it will not show your original entry.

If you are ever unsure of your position, or cannot access your portal, or believe you see a discrepancy, you can call the desk any time the market is open.

Hopefully this wasn't too sales-y and other people can weigh in with their individual experiences with our portal/Sierra/FDAX.

Luis Escoffie
Velocity Futures LLC

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  #274 (permalink)
Steve77
Arlington Va
 
Posts: 1 since Sep 2010
Thanks Given: 0
Thanks Received: 1

I too can tell you Velocity is a TERRIBLE company run on a shoe string. They are not worth the discount. I had them for two years and Velocity made many mistakes which cost me quite a bit of capital. Long story short, I moved on. I recall one time they raised margin rates in the middle of the day and ripped me out of position.. cost me thousands. I called to complain and reps are rude, and the company really cares very little about their customers. Their answers is they can do what they want, and they felt volitility was too high so they flipped the switch to overnight margin. No warning, now calls, screw how it affects the customer. This is an example of how they deal with customers. They will ruin you in a minute without a concern about your as a customer. Never been treated so poorly by a broker in my life. MY suggestion. DON"T USE THEM. The savings initially will cost you huge in the long run. They also have a second website called futuresbroker.com. Same company.

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  #275 (permalink)
TheDude
london
 
Posts: 165 since Jan 2012
Thanks Given: 43
Thanks Received: 162


Steve77 View Post
I too can tell you Velocity is a TERRIBLE company run on a shoe string. They are not worth the discount. I had them for two years and Velocity made many mistakes which cost me quite a bit of capital. Long story short, I moved on. I recall one time they raised margin rates in the middle of the day and ripped me out of position.. cost me thousands. I called to complain and reps are rude, and the company really cares very little about their customers. Their answers is they can do what they want, and they felt volitility was too high so they flipped the switch to overnight margin. No warning, now calls, screw how it affects the customer. This is an example of how they deal with customers. They will ruin you in a minute without a concern about your as a customer. Never been treated so poorly by a broker in my life. MY suggestion. DON"T USE THEM. The savings initially will cost you huge in the long run. They also have a second website called futuresbroker.com. Same company.

Do you know what the next step will be?

You will get a threat of legal action from their lawyer for your post above. I'm not kidding.

Thats exactly what I got from my statements of FACT here on these forums about velocity. They sent some drivel about how I was putting their business in a bad light and this was potentially libellous or words similar to that! I ignored the fool. How can informing other people of bad service be illegal?

Velocity is a JOKE BROKER. They really are.

If I get any more silly correspondence from them, I will post it here for all to see. Name and Shame. Thats my policy. And if it gets deleted, I will make issues worse by posting the same on ET too - they are more liberal that futures.io (formerly BMT) and have a wider audience.

Telling people about bad experience is not against the law. Who do these jokers think they are? LOL!!!

What really bugged me though is theat I got a PM from BigMike following my TRUTHFUL posts asking if he could pass on my personal email to velocity so they could address my concerns. I asked him NOT TO. Nevertheless the following days I got the correspondence from velocity. hmmm. Can I trust this board to keep by ino private? Thats why I dont post here at all (a part from this post of course).

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  #276 (permalink)
TheDude
london
 
Posts: 165 since Jan 2012
Thanks Given: 43
Thanks Received: 162

Id just like to say that since leaving velocity I am now with another broker and it is a different world!

Staff are polite.

Orders are executed promptly if you have to call the desk

Staff are knowledgeable about the industry

On the very rare occasion they make a mistake, they put their hands up, and correct it immediately.

Whats more they are CHEAPER than velocity.

It's a breath of fresh air!

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  #277 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,536


TheDude View Post
What really bugged me though is theat I got a PM from BigMike following my TRUTHFUL posts asking if he could pass on my personal email to velocity so they could address my concerns. I asked him NOT TO. Nevertheless the following days I got the correspondence from velocity. hmmm. Can I trust this board to keep by ino private? Thats why I dont post here at all (a part from this post of course).

If you asked me not to, then I did not. If you don't trust me or if you don't like the forum, leave and don't come back.

Mike

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  #278 (permalink)
TheDude
london
 
Posts: 165 since Jan 2012
Thanks Given: 43
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Big Mike View Post
If you asked me not to, then I did not. If you don't trust me or if you don't like the forum, leave and don't come back.

Mike

Thanks for the reply.

If you say you didn't then I believe you. I'm sure you can understand a degree of suspicion on my part given the close time difference between events.


The reason I didn't want my details passed on to them is because I have pretty much washed my hands with them. I have no issue telling people about how I was treated however as I dont want anyone else to have a similar experience. Other than that, it really is good riddance from me as far as they go. I understand that others havent been as unfortunate as I was with them, and they think velocity are great. I respect that.

Anyway, water under the bridge as they say.

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  #279 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,536


TheDude View Post
Thanks for the reply.

If you say you didn't then I believe you. I'm sure you can understand a degree of suspicion on my part given the close time difference between events.


The reason I didn't want my details passed on to them is because I have pretty much washed my hands with them. I have no issue telling people about how I was treated however as I dont want anyone else to have a similar experience. Other than that, it really is good riddance from me as far as they go. I understand that others havent been as unfortunate as I was with them, and they think velocity are great. I respect that.

Anyway, water under the bridge as they say.

I would imagine they determined who you were based on your comments. I don't think it is unusual for a company to try and reach out to solve a problem. In this case, you didn't want them to do that it would seem. I would imagine they would have no way of knowing that unless in your private communication with them you told them you didn't want them to respond.

Mike

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  #280 (permalink)
TheDude
london
 
Posts: 165 since Jan 2012
Thanks Given: 43
Thanks Received: 162



Big Mike View Post
I would imagine they determined who you were based on your comments. I don't think it is unusual for a company to try and reach out to solve a problem. In this case, you didn't want them to do that it would seem. I would imagine they would have no way of knowing that unless in your private communication with them you told them you didn't want them to respond.

Mike

LOL. 'Solve the problem' by threatening legal action for informing others of experience! Perhaps you should offer them your services as head of customer relations? Someone who seeks to resolve issues would probably be a very healthy addition to a business that seems not to care about its customers.

Perhaps they have realised the errors of their ways and are rebranding themselves with this futuresbroker.com outfit - it that is indeed them.

Anyway - enough from me on this. Lets see if there is anyone out there with positive experiences of velocity.... I'm sure there must be one or 2 good people in that place...... (Im not holding by breath though!)

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Last Updated on October 26, 2013


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