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Experience with Velocity Futures?
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Experience with Velocity Futures?

  #191 (permalink)
10 out of 10
Sacramento, CA
 
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cignal View Post
Velocity has a disturbing provision in their customer agreement:



This is from: Individual Account Agreement | Velocity Futures


I just noticed they added a maintenance fee on their website. They should at least send an email. If they go bankrupt like MF, they could just change their withdrawal fee to everything in your account if they wanted to.

Does this seem strange or do all brokers do this?

You receive daily electronic statements which send you to your login. I had a month of seeing that I would be charged the maintenance fee before it was ever applicable.

I think you might be reading a bit too much into it.

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  #192 (permalink)
Trading for Fun
Vienna Austria
 
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After 3 Years of dealing with MT4 Broker bucketshops and Interactive brokers horrible execution i will be moving to Velocityfutures and my client accounts there starting april/may. This thread has been tremendously helpful in making my decision to switch to Velocity and i just wanted to state my appreciation.

Will write a detailed experience with velocity once i have performed the switch.

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  #193 (permalink)
Elite Member
Bedford, UK
 
Futures Experience: Beginner
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Amnesia View Post
After 3 Years of dealing with MT4 Broker bucketshops and Interactive brokers horrible execution i will be moving to Velocityfutures and my client accounts there starting april/may. This thread has been tremendously helpful in making my decision to switch to Velocity and i just wanted to state my appreciation.

Will write a detailed experience with velocity once i have performed the switch.

I've just moved from TradeStation as well. Will post my experiences.

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  #194 (permalink)
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Nasty experience with Velocity


keymoo View Post
I've just moved from TradeStation as well. Will post my experiences.

I had a nasty experience with Velocity, which at the time of writing is still unresolved. I placed a buy limit at 1336.25 on Sep ES this morning. When the order was placed I got an error in the Trade Service Log:


 
Code
Received a business-level reject message.  Reason: Empty value (Tag 200) | 2012-06-18  08:57:12
I then tried to cancel the order and got this message:

 
Code
Unable to cancel order without a Service Order ID.  Internal Order ID: 326 | 2012-06-18  08:57:54
I tried again and again on my platform. I call Velocity at 9am UK time and they did not answer for 5 minutes. I then got a voicemail message, some beeping and the call disconnected. On my platform I had conflicting information as to what my position is. See screenshot:

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I called Velocity a further three times and got the same experience. At this time my bid level is being traded in the market and I don't want to be filled so I just have to sit here and panic. I then send an email to operations. I phone them again. No answer. I email operations again. No response. Online chat is not working either. It seems there simply is NO-ONE there! Unbelievable.

I am still sat here wondering if I've been filled at 1336.25 with the market having gone six handles against me and my broker cannot help me.

If anyone knows of a good, reasonably priced broker with good service that offers Sierra Chart please let me know. This level of service from Velocity is totally unacceptable. I know I am in the European morning, but they offer Eurex products and Globex is open anyway, so they should support it and I'm getting ZERO support.

I think I may know what the issue is. Notice in the top left the symbol name is ESU2. This is because I was connected to the SC Historical Intraday service at the weekend because TT feed was down at the weekend. Fair enough. I configured my Chart Settings like this:

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I'm wondering if the ESU2 is causing the order server to reject my message even though I have ES-201209-CME configured as well. I may never know because Velocity are not contactable. I disconnected from TT removed the ESU2 symbol and then connected again and it says I have no open orders. My portal says no open orders either but I don't know if I can trust any of it.

I have now seen a setup on the ES that I want to take but I don't trust the platform or my broker to place the order. This is an opportunity cost that I am not happy about. Very upset and frustrated.


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  #195 (permalink)
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Germany / Italy
 
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sorry to hear about that keymoo, but for a business level reject I would intuitively expect no order being placed at all...but then not an expert on the setup, contact them to verify further.

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  #196 (permalink)
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Bedford, UK
 
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wavey View Post
sorry to hear about that keymoo, but for a business level reject I would intuitively expect no order being placed at all...but then not an expert on the setup, contact them to verify further.

I am 99% confident an order wasn't placed but I wanted to contact them to be sure. The more worrying problem is the complete lack of support during the European morning. This is now my major concern. I still cannot contact them 2 hours later... I am lost for words, frankly.

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  #197 (permalink)
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Manchester Center, Vermont
 
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Broker/Data: Transact/Infinity Futures
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I can highly recommend Inifinity Futures - talk with Patrick Zielbauer.

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  #198 (permalink)
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SeanZ View Post
I can highly recommend Inifinity Futures - talk with Patrick Zielbauer.

Yes they were my first choice, however their data is filtered (and slow to backfill) and the commissions are higher. Look how many candles are on their 2000 tick chart compared to TT:

Infinity (TransAct feed)
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Velocity (TT feed)
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I use tick charts so an unfiltered data feed is important to me. I have been speaking with Patrick extensively about this and he is looking into it, but no solution as yet...

For example on 14th June 2012, Sep ES had 197 candles with TransAct feed, but with the TT feed there were 254 candles, so that's (254-196)*2000 = 118,000 less ticks. A pretty substantial number (22% less). I had no idea finding a decent broker that meets my requirements would be so difficult.

BTW, it is now 4 hours since my difficulty in finding out whether my order was placed or not and I still have not received a response from Velocity. Has anyone else experienced this level of "service"?


Last edited by keymoo; June 18th, 2012 at 09:05 AM. Reason: Velocity update
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  #199 (permalink)
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If backfill is important, then just get IQFeed. You can get special discounts thru futures.io (formerly BMT) Elite Member program and CME exchange fee waiver, its a no brainer.

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  #200 (permalink)
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Big Mike View Post
If backfill is important, then just get IQFeed. You can get special discounts thru futures.io (formerly BMT) Elite Member program and CME exchange fee waiver, its a no brainer.

Mike

Not especially Mike, it's the real-time data I'm concerned about.

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