Velocity Futures charged Maintenance Fee. Need new broker recommendation - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


Velocity Futures charged Maintenance Fee. Need new broker recommendation
Updated: Views / Replies:11,803 / 57
Created: by cw30000 Attachments:2

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 2  
 
Thread Tools Search this Thread
 

Velocity Futures charged Maintenance Fee. Need new broker recommendation

  #51 (permalink)
Elite Member
denver, colorado
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: ZS
 
Surly's Avatar
 
Posts: 704 since Mar 2011
Thanks: 628 given, 1,242 received


cunparis View Post
Well I got socked with a 30 euro fee from Velocity this month. I'm doing consulting work full time right now and trading only the only the last 90min of the day and didn't meet the 25 trade minimum. I did a lengthy chat with them about this and there is no leeway. I told them this is not competitive. I paid over $5.50/trade this month! Their response was that I should deactivate my platform to avoid the fee next month, which implies trading with another broker. Which is what I did.

This doesn't make any sense to me as I've generated thousands in commissions over the past several years. Why they are willing to risk making zero commissions in order to try and get an extra 30 euros out of me is illogical.

I will trade with Mirus for a while.

see my post in the other velocity thread - I detailed some negative experiences with Velocity a few days ago and got this email out of the blue yesterday (I have been trading with velocity for almost 2 years):

Effective immediately, your account with Velocity Futures is being closed for Business and Risk reasons exclusive to Velocity Futures.

Your funds will be forwarded to you immediately upon receipt of wiring instructions as to where you would like them sent.

Thank you for trading with Velocity Futures and good luck and continued success in your future trading.


caveat emptor...

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
Reply With Quote
 
  #52 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,028 received


eudamonia View Post
@cunparis

Are you using X Trader with them or one of the other platforms?

Ninjatrader

Reply With Quote
 
  #53 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,028 received



Surly View Post
see my post in the other velocity thread - I detailed some negative experiences with Velocity a few days ago and got this email out of the blue yesterday (I have been trading with velocity for almost 2 years):

Effective immediately, your account with Velocity Futures is being closed for Business and Risk reasons exclusive to Velocity Futures.

Your funds will be forwarded to you immediately upon receipt of wiring instructions as to where you would like them sent.

Thank you for trading with Velocity Futures and good luck and continued success in your future trading.


caveat emptor...

I read that thread and it doesn't surprise me. I guess velocity has enough customers and don't care to let a few loyal long term (2 years for both of us) go. that's business for you. I've always had great service from Mirus.

Reply With Quote
The following user says Thank You to cunparis for this post:
 
  #54 (permalink)
Elite Member
NY, NY
 
Futures Experience: None
Platform: T4, NinjaTrader
Favorite Futures: All!
 
patbateman's Avatar
 
Posts: 235 since Mar 2012
Thanks: 113 given, 193 received

Velocity Futures

Just as a heads up, Velocity is a very small firm that has had numerous NFA violations. Their website implies them to be a large brokerage, however they don't even come up on a Bloomberg terminal. I think their capital is $1.6 million. Clearly they have no hedge funds, which is what their front page implies.

Nothing wrong with this, every firm has to start somewhere. I will never use them. I guess they will be bought out someday, or the firm's owner will maybe see a successful trader in action - and also get a ton of orderflow in the process.

"A Jedi's strength flows from the force."
-Yoda
Reply With Quote
 
  #55 (permalink)
Elite Member
La Jolla, CA
 
Futures Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
Favorite Futures: CL, NG
 
Private Banker's Avatar
 
Posts: 1,040 since Jul 2010
Thanks: 1,713 given, 3,759 received


patbateman View Post
Just as a heads up, Velocity is a very small firm that has had numerous NFA violations. Their website implies them to be a large brokerage, however they don't even come up on a Bloomberg terminal. I think their capital is $1.6 million. Clearly they have no hedge funds, which is what their front page implies.

Nothing wrong with this, every firm has to start somewhere. I will never use them. I guess they will be bought out someday, or the firm's owner will maybe see a successful trader in action - and also get a ton of orderflow in the process.

The "capital" in which you're referring to here is most likely the assets separate and aside from their seg. funds. Their seg. funds. are far greater to the tune of $85MM according to the Top 50 Brokers report from last year. That would indicate that there are potentially some small funds included within their client mix.

Not sure why they aren't appearing on Bloomberg. Did you search correctly? I can't imagine a firm that is listed as a top 50 futures broker not showing up. Did you try searching under the CEO's name?

As for the NFA violations, they appear to be silly anti-money laundering (AML) procedures. This is a pain in the rear for all firms since the Patriot Act came about. If you don't follow everything to the last detail, you get fined.

I'm not looking to defend this firm nor do I have anything to do with them but just wanted to respond because your post was a bit vague. Having been in the business for so long, I've seen both sides of the table here. Public (retail) perception can be way off many times because they're not looking into the details.


Last edited by Private Banker; August 12th, 2012 at 12:07 PM. Reason: Typo
Reply With Quote
The following user says Thank You to Private Banker for this post:
 
  #56 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: TF
 
ThatManFromTexas's Avatar
 
Posts: 2,302 since Feb 2010
Thanks: 1,208 given, 4,293 received


Private Banker View Post
As for the NFA violations, they appear to be silly anti-money laundering (AML) procedures. This is a pain in the rear for all firms since the Patriot Act came about. If you don't follow everything to the last detail, you get fined.

@Private Banker

I dunno ... this looks pretty serious to me.....

About VELOCITY FUTURES,LLC HOUSTON TX | Scambook

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Back to reality ....

Founder Bio

Jack E. Earnest, Jr., Founder & CEO

"From building trading floors and systems from scratch to developing custom software and risk solutions for use in new markets, Jack brings robust utility to complex trading operations. Especially in new and complex markets it is functionality that makes traders comfortable and potentially more profitable."

Jack E. Earnest, Jr. is the founder Velocity Futures LP., a Futures Commission Merchant registered with the CFTC and the NFA to address the needs of active commodity traders.

Prior to founding Velocity Futures, LLC. , in 1995 Mr. Earnest founded Momentum Securities, Inc., an NASD and SEC registered broker/dealer and CSI.NET, a software development company which developed several diverse products for high frequency trading in the equity markets. Momentum went on to become one of the largest professional equity trading organizations in North America, second only to Charles Schwab in terms of daily transaction volume. In 1999, Momentum and CSI.NET were acquired and are now owned and operated by E-Trade under the name E-Trade Professional. Prior to founding Momentum Securities and CSI.NET, Mr. Earnest worked as an accountant with KPMG Peat Marwick.

In October 2007, together with Mark Schwausch, Mr. Earnest formed Velocity Merchant Energy LP, a private investment manager dedicated to providing investment management globally to institutions and sophisticated investors specifically in the areas of North American power and natural gas. In March of 2006, Mr. Earnest became a founding partner of Velocity Energy Trading, a private energy trading firm, and is the architect responsible for developing the trading floor, proprietary software, technology and risk management used by Velocity Energy Trading today.

Jack holds a BBA from the University of Texas at Austin in Finance with a second major in Accounting.

Disclaimer: I am not a customer of nor do I have any financial or business interests in Velocity Futures or any of their associated companies.

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

My daddy always said, "Every day above ground is a good day!"
Reply With Quote
The following user says Thank You to ThatManFromTexas for this post:
 
  #57 (permalink)
Trading for Fun
Los Angeles
 
Futures Experience: Advanced
Platform: x_trader
Favorite Futures: Stocks
 
ReaM's Avatar
 
Posts: 127 since Mar 2011
Thanks: 96 given, 95 received

hmmm I knew about the maintenance fee, I could not just not see it when I opened the account.
Fee Schedule | Velocity Futures


interesting links in this thread. That Atlas thing.

I thing people don't understand one thing in life: if somebody wants to screw them up, they will. You will never be able to protect yourself from it.

Similarly if to ban all weapons in a country, there will still be those who can take a chair and smash you on the head or stab you in the eye with a pen. Banning weapons does not protect people at all. Laws don't protect you, anybody could kill you if they wanted whether there is law or there is none. There is no difference betwen law being there and not being there.

Good rankings do not guarantee anything and they do not protect you from anything. Just relax and let go of what you can't really control.


Last edited by ReaM; August 13th, 2012 at 08:47 AM.
Reply With Quote
 
  #58 (permalink)
Elite Member
NY, NY
 
Futures Experience: None
Platform: T4, NinjaTrader
Favorite Futures: All!
 
patbateman's Avatar
 
Posts: 235 since Mar 2012
Thanks: 113 given, 193 received


Private Banker View Post
The "capital" in which you're referring to here is most likely the assets separate and aside from their seg. funds. Their seg. funds. are far greater to the tune of $85MM according to the Top 50 Brokers report from last year. That would indicate that there are potentially some small funds included within their client mix.

Not sure why they aren't appearing on Bloomberg. Did you search correctly? I can't imagine a firm that is listed as a top 50 futures broker not showing up. Did you try searching under the CEO's name?

As for the NFA violations, they appear to be silly anti-money laundering (AML) procedures. This is a pain in the rear for all firms since the Patriot Act came about. If you don't follow everything to the last detail, you get fined.

I'm not looking to defend this firm nor do I have anything to do with them but just wanted to respond because your post was a bit vague. Having been in the business for so long, I've seen both sides of the table here. Public (retail) perception can be way off many times because they're not looking into the details.

I didn't know about the seg accounts - that definitely sounds better.

Rechecked bloomberg, no cigar.

"A Jedi's strength flows from the force."
-Yoda
Reply With Quote

Reply



futures io > > > > Velocity Futures charged Maintenance Fee. Need new broker recommendation

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

Dec 7

Linda Bradford Raschke: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Experience with Velocity Futures? Gary Reviews of Brokers and Data Feeds 303 October 26th, 2013 06:57 PM
Recommend futures, options Broker? sam1197 Reviews of Brokers and Data Feeds 17 March 27th, 2013 01:42 AM
Webinar: Sierra Chart w/Velocity Futures Big Mike Sierra Chart 21 December 29th, 2012 12:15 PM
Futures Broker v CFD Provider for trading futures rcampbell Reviews of Brokers and Data Feeds 3 January 5th, 2012 01:53 PM
Multicharts compatible with Velocity Futures? josh MultiCharts 30 September 12th, 2011 07:31 PM


All times are GMT -4. The time now is 03:49 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-11-18 in 0.13 seconds with 20 queries on phoenix via your IP 54.224.168.206