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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

  #1 (permalink)
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Velocity Futures charged Maintenance Fee. Need new broker recommendation

Just got my March monthly statement and notice a $30 Maintenance fee for the Month of February. Upon chatting with them, they informed me the $30 fee will be apply if there is less than 25 rt/month

I am really dis-satisfied with this because

1) there were no communication on this fee. I look through my statement and there was no mentioned of this.

2) I made few hundreds trade per month on average since I been with them. Took last 2 months off and I got this.

3) They are holding my money interest free. That's more than enough to cover this $30 fee even at 1% interest per annual.

I would like to give my business to other broker. Really upset on this.

Thanks.

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  #2 (permalink)
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  #3 (permalink)
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cw30000 View Post
Just got my March monthly statement and notice a $30 Maintenance fee for the Month of February. Upon chatting with them, they informed me the $30 fee will be apply if there is less than 25 rt/month

I am really dis-satisfied with this because

1) there were no communication on this fee. I look through my statement and there was no mentioned of this.

2) I made few hundreds trade per month on average since I been with them. Took last 2 months off and I got this.

3) They are holding my money interest free. That's more than enough to cover this $30 fee even at 1% interest per annual.

I would like to give my business to other broker. Really upset on this.

Thanks.

Mirus Futures actually does the same with my Dorman account, but they announced this correctly some months ago.
They only charge a fee of $25 if you connect to your live account during the month of inactivity.

So, if you take 2 months off and don't connect to your account during this time you will not be charged.

The inactivity fee will not be charged if you have at least 5 trades rt per month.


Last edited by Daytrader999; April 3rd, 2012 at 11:09 AM.
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  #4 (permalink)
Just a boy
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Ditto


Daytrader999 View Post
Mirus Futures actually does the same with my Dorman account, but they announced this correctly some months ago.
They only charge a fee of $25 if you connect to your live account during the month of inactivity.

So, if you take 2 months off and don't connect to your account during this time you will not be charged.

The inactivity fee will not be charged if you have at least 5 trades rt per month.

Same for me as well with Mirus>Dorman>ZenFire

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  #5 (permalink)
Market Wizard
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cw30000 View Post
I would like to give my business to other broker. Really upset on this.

Try Matt at Optimus Futures.

Good data and nice guy.

(p.s. I don't have any connection to them other than a client)

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
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  #6 (permalink)
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cw30000 View Post
Just got my March monthly statement and notice a $30 Maintenance fee for the Month of February. Upon chatting with them, they informed me the $30 fee will be apply if there is less than 25 rt/month

I am really dis-satisfied with this because

1) there were no communication on this fee. I look through my statement and there was no mentioned of this.

2) I made few hundreds trade per month on average since I been with them. Took last 2 months off and I got this.

3) They are holding my money interest free. That's more than enough to cover this $30 fee even at 1% interest per annual.

I would like to give my business to other broker. Really upset on this.

Thanks.

I realize how annoying it may be to discover a fee like this but you need to step back and evaluate the pluses and minuses with your broker before changing. 25 RT is a very, very low number and is almost laughable but I think they're imposing that to keep a tight ship. All brokers find ways to nickel and dime those who aren't using their services as expected. Example being, parked money. Sure they may make a few cents in interest but that's not their business plan obviously.

I don't know how Velocity operates but in speaking with vast experience with such issues and dealing with brokers, you have to remember, you're the client not them. Given your situation, wouldn't it make sense to simply call your broker and tell them your concerns based on how you see it. If you really do transact as much as you mentioned, they will undoubtedly reverse the fee out. I can't tell you how many times I've had my brokers reverse out fees, etc. You have the money so you're in charge. Put a better way, you're the guy on the other side of the desk which gives you negotiating power.

One of the biggest mistakes new(er) traders make is the continual bouncing around to different brokers. Don't do it! The grass is always greener on the other side. Find a broker who is fair that allows you to build a good relationship with them and stick with them. From what I've seen talked about on this forum, many view Velocity as an excellent broker. I don't do business with them but that's because I've been with my broker for a long time.

Any way, I hope that provides a different perspective as I've seen countless people continually bouncing around to different brokers. Just remember, you're the one in control because you have the capital.

Cheers,
PB

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  #7 (permalink)
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Private Banker View Post
I realize how annoying it may be to discover a fee like this but you need to step back and evaluate the pluses and minuses with your broker before changing. 25 RT is a very, very low number and is almost laughable but I think they're imposing that to keep a tight ship. All brokers find ways to nickel and dime those who aren't using their services as expected. Example being, parked money. Sure they may make a few cents in interest but that's not their business plan obviously.

I don't know how Velocity operates but in speaking with vast experience with such issues and dealing with brokers, you have to remember, you're the client not them. Given your situation, wouldn't it make sense to simply call your broker and tell them your concerns based on how you see it. If you really do transact as much as you mentioned, they will undoubtedly reverse the fee out. I can't tell you how many times I've had my brokers reverse out fees, etc. You have the money so you're in charge. Put a better way, you're the guy on the other side of the desk which gives you negotiating power.

One of the biggest mistakes new(er) traders make is the continual bouncing around to different brokers. Don't do it! The grass is always greener on the other side. Find a broker who is fair that allows you to build a good relationship with them and stick with them. From what I've seen talked about on this forum, many view Velocity as an excellent broker. I don't do business with them but that's because I've been with my broker for a long time.

Any way, I hope that provides a different perspective as I've seen countless people continually bouncing around to different brokers. Just remember, you're the one in control because you have the capital.

Cheers,
PB

How do you define fair?

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.

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

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  #8 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
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Private Banker View Post
One of the biggest mistakes new(er) traders make is the continual bouncing around to different brokers. Don't do it! The grass is always greener on the other side. Find a broker who is fair that allows you to build a good relationship with them and stick with them. From what I've seen talked about on this forum, many view Velocity as an excellent broker. I don't do business with them but that's because I've been with my broker for a long time.

I've been with IB since the late 1990's.
I also have had an Amp Futures account for a few years.

I have tried many brokers. Each give varying degrees of good/bad service.

Over the years I have tried 10 or so brokers.
I find that swapping to another brokers is not any different that changing the place I purchase fuel. If I get good service, and a quality product and the people that work there a happy to see me, I stay a loyal customer for years or until something changes.
(like they raise prices higher than the place next door).

The ones that are only out for a buck, and have bad coffee don't retain my business.

Brokers increasing rates without notice is totally unacceptable (imo).

If the reason you increase rates is to give better service, then I can understand the increase.
But in today's economy, increasing rates when your competition does not is very unwise.
Especially when the place next door has not.
If they can be efficient and charge less, I think I should take advantage of that also.

It seems that most Zenfire brokers have decided to 'pass a long' a fee to their clients.
The fee does not seem to reflect an increase in customer service, features, or quality of data.

If the broker has issues with running an efficient operation,
I don't think it is my responsibility to be the one paying for that inefficiency.

I did not 'need' a new broker I had two already, but I recently opened an account with Optimus Futures.
I did this because I see a trend with brokers to be more interested in the $$ than in supplying a great brokerage experience. From the posts here on futures.io (formerly BMT) it seems that Matt and Optimus are interested in the customer and providing a better brokerage service.

I don't see anything wrong with eating the freshest, greenest grass available.
Why would I want to stay in a pasture where the grass is brown, the coffee is bad and the farmer wants to charge me more for brown grass than the one on the other side of the fence?


Private Banker View Post
Any way, I hope that provides a different perspective as I've seen countless people continually bouncing around to different brokers. Just remember, you're the one in control because you have the capital.

PB

You are correct, it is YOUR money.
Put it where it is most efficient.
Sometimes that means jumping the fence to get into a greener pasture.

My father once told me this:
"Quality is like buy oats.
If you want nice clean fresh oats...
you must pay a fair price.
However, if you can be satisfied with oats that have been through the horse...

That comes a lot cheaper."

Find the pasture that has the greenest grass and uses the finest oats.
Life is too short to dance with ugly women or to eat brown grass.

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
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  #9 (permalink)
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Velocity did have the notice of new fees on their website for about 2 months beforehand. I agree they probably should have included it on the statements, for those who were out on vacation.
With all that being said, they are an excellent brokerage. Their RT commissions can't be beat and the platforms & customer website are awesome. I rarely if ever have to talk to them, which to me is a good sign.

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  #10 (permalink)
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I received notice a while back also. It seems like complete BS to me, but I don't really know how much an inactive account costs them in terms of data feed, excess server capacity, administration, etc. That said, 25rt doesn't affect me, so I haven't dusted off the old guillotine yet, but they start increasing that number and I may have to.

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