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Velocity Futures charged Maintenance Fee. Need new broker recommendation
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Velocity Futures charged Maintenance Fee. Need new broker recommendation

  #11 (permalink)
Elite Member
La Jolla, CA
 
Futures Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
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torroray View Post
How do you define fair?

That's obviously up to your personal preferences. I would say a firm that offers competitive pricing with competent brokers that are supportive and knowledgeable while offering the best trading and data available with reasonable prices. Remember, you pay for what you get. If you're only concern is pricing, it's out there but expect to receive lower tier service and vice versa.


torroray View Post
I dont like to jump from one broker to another so I could concentrate on trading but Velocity did surprise him by charging a fee.

I realize that but again, wouldn't it make more sense to just call your broker and ask them to waive it? If they made a big deal over reversing the fee than, hey, maybe it is time to see what else is out there. Changing brokers is a major headache and can create all sorts of unpleasant surprises.


torroray View Post
How do you evaluate a broker that fit your need so if something like this happen you cant be bothered and effect your trading?

Simple, just ask them upfront. See how flexible they are about certain things. Learn everything you can about the firm and go from there. There are a lot of brokers out there that want your business. It's up to you to decide which one seems right for you but you have to do your due diligence.

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  #12 (permalink)
Elite Member
new york
 
Futures Experience: Beginner
Platform: SC, NT
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The problem here is lack of communication.

They did made a change to their site, but how often do you check a broker's website?

Is it cost them too much to ask to send out a communication email to their clients?

If they can $30/25rt without communicating to the customer, what is stopping them to change other thing?

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  #13 (permalink)
Trading for Fun
new york,ny
 
Futures Experience: Intermediate
Platform: sc
Favorite Futures: er2
 
Posts: 50 since May 2010
Thanks: 12 given, 38 received


When bank of america tried to implement a debit card charge the little guy spoke up, walked, or threatened to walk. If the same thing is done here the offending brokers will take notice, but probably after its too late for them. Open your new acct, close the old one when you're up and running.

Optimus and DDT don't charge, there are others too.

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  #14 (permalink)
Elite Member
Malaysia
 
Futures Experience: Beginner
Platform: Multichart DT
Broker/Data: MB Trading
Favorite Futures: Fx
 
torroray's Avatar
 
Posts: 273 since Nov 2009
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Private Banker View Post
That's obviously up to your personal preferences. I would say a firm that offers competitive pricing with competent brokers that are supportive and knowledgeable while offering the best trading and data available with reasonable prices. Remember, you pay for what you get. If you're only concern is pricing, it's out there but expect to receive lower tier service and vice versa.



I realize that but again, wouldn't it make more sense to just call your broker and ask them to waive it? If they made a big deal over reversing the fee than, hey, maybe it is time to see what else is out there. Changing brokers is a major headache and can create all sorts of unpleasant surprises.



Simple, just ask them upfront. See how flexible they are about certain things. Learn everything you can about the firm and go from there. There are a lot of brokers out there that want your business. It's up to you to decide which one seems right for you but you have to do your due diligence.

Kind of hard to get it right the first time around.

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  #15 (permalink)
Elite Member
Malaysia
 
Futures Experience: Beginner
Platform: Multichart DT
Broker/Data: MB Trading
Favorite Futures: Fx
 
torroray's Avatar
 
Posts: 273 since Nov 2009
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cw30000 View Post
The problem here is lack of communication.

They did made a change to their site, but how often do you check a broker's website?

Is it cost them too much to ask to send out a communication email to their clients?

If they can $30/25rt without communicating to the customer, what is stopping them to change other thing?

Very rare I guess. Once you open an account you concentrate on trading

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  #16 (permalink)
Elite Member
La Jolla, CA
 
Futures Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
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torroray View Post
Kind of hard to get it right the first time around.

Your comment makes no sense. Please be a little more descriptive.

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  #17 (permalink)
Elite Member
NY, NY
 
Futures Experience: None
Platform: T4, NinjaTrader
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Posts: 235 since Mar 2012
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Amp has no account matenince fees. Amp has a great trade desk, and they respond to emails within minutes during ETH session (24 hours minus Friday night, Saturday and Sunday morning). The brokers seem to have worked at institutions before and are clearly savvy guys. They also don't like to ramble, a positive IMO.

I'd definitely recommend Amp, but would also suggest to have at least one other broker because anything outside of equities and (sometimes) cash is not insured by FDIC or SPIC. Who's to say some small firm is not playing Corzine-charades.

"A Jedi's strength flows from the force."
-Yoda
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  #18 (permalink)
Trading Apprentice
Walhalla, SC
 
Futures Experience: Intermediate
Platform: Sierra
Favorite Futures: YM, 6E
 
kareninsc's Avatar
 
Posts: 9 since Jan 2012
Thanks: 3 given, 5 received

I am a Velocity customer too and they did give notice of the new maintenance fee. They are providing Sierra for free and they said it costs them around $25-30 a month. Hence the fee if not enough trades.

I have never had any problem with Velocity, but I am concerned about their very low Atlas ranking as highlighted in a recent ZeroHedge post called First MFG(lobal), Now PFG: Who Is Next?

"It would seem account holders at Pioneer Futures, Rosenthal Collins Group, Crossland, Forex Capital Markets, and Velocity Futures should be checking in on those funds?"

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  #19 (permalink)
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kareninsc View Post
I am a Velocity customer too and they did give notice of the new maintenance fee. They are providing Sierra for free and they said it costs them around $25-30 a month. Hence the fee if not enough trades.

I have never had any problem with Velocity, but I am concerned about their very low Atlas ranking as highlighted in a recent ZeroHedge post called First MFG(lobal), Now PFG: Who Is Next?

"It would seem account holders at Pioneer Futures, Rosenthal Collins Group, Crossland, Forex Capital Markets, and Velocity Futures should be checking in on those funds?"

What about Ninja users?

"A Jedi's strength flows from the force."
-Yoda
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  #20 (permalink)
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Futures Experience: Advanced
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Broker/Data: Mirus Futures/Zen-Fire
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kareninsc View Post
I am a Velocity customer too and they did give notice of the new maintenance fee. They are providing Sierra for free and they said it costs them around $25-30 a month. Hence the fee if not enough trades.

I have never had any problem with Velocity, but I am concerned about their very low Atlas ranking as highlighted in a recent ZeroHedge post called First MFG(lobal), Now PFG: Who Is Next?

"It would seem account holders at Pioneer Futures, Rosenthal Collins Group, Crossland, Forex Capital Markets, and Velocity Futures should be checking in on those funds?"

@kareninsc


I understand your concerns but....



Who is Atlas, what is their standing in the industry how much validity does their opinion have? I don't have those answers and I never heard of them before the article you read.

According to Atlas your only choices would be limited to Tradestation, TD Ameritrade or Interactive brokers.

Regardless who you choose, you still have to ask yourself... what are their margins ,commissions, minimum requirements ...what are their available platforms ... what is their reputation for customer service and support ....

I have no affiliation or experience with Velocity and I wish you luck in your endeavor...

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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