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Experience with Velocity Futures?
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Experience with Velocity Futures?

  #221 (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


Amnesia View Post
@Surly

Could you state some examples of disagreements you had?

I'm having difficulty with this reply because I'd like to help but I'm conflicted about giving specifics...

some examples:

When I was trying to put a daily loss limit in place, they were very inconsistent between what they represented to different customers telling some they offered that service and others that they didn't. Also, after they allowed me to establish a daily loss limit they were very difficult about it.

I received incorrect information from a rep about an open position after losing my trade server connection (as far as I know the disconnect wasn't on my end) - the rep clearly made a mistake. The way they handled this was unacceptable - they were clearly in the wrong but rather than simply acknowledge this they became indignant.

I tried to keep these stories general - in fact that details are much more egregious. In general I have had a very negative customer experience with velocity. That said, I have had no major problems with the data, fills, etc - had my customer experience been better I'd still trade with them.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #222 (permalink)
Student Of The Markets
New York
 
Futures Experience: Intermediate
Platform: Sierra Charts, TOS
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Surly View Post
Just wanted to post my experience here. I have used Velocity for a couple years or so. I have been happy with their data feed (trading tech) and commission rates ($3.52/rt for the ES).

I dislike the fact that the only way they will allow you to fund or refund your account is via a wire. This costs $30 anytime you want to add funds or withdraw funds - their stated reason for this is that only wires provide a secure transaction. I don't find this reason compelling.

Over time I have been dissatisfied with their customer service - most of the time it is OK except when there is a problem in which case I have been disappointed with the way they've chosen to handle disagreements or problems. The final straws occurred the last couple days and I'm transferring my business to AMP.

I think it is easy to get good commissions, margin structures, and data feeds from a multitude of brokerages and therefore I can't recommend Velocity, life is too short to deal with a broker that is difficult to deal with.

Can I ask why you chose AMP and did you consider Mirus? I have been Velocity for just over a year and I understand and agree with your thoughts. I also found some disturbing info regarding Velocity and have been hesitant to post it. If someone would like the info I found PM and I will send it.

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  #223 (permalink)
Elite Member
denver, colorado
 
Futures Experience: Intermediate
Platform: NT
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itrade2win View Post
Can I ask why you chose AMP and did you consider Mirus? I have been Velocity for just over a year and I understand and agree with your thoughts. I also found some disturbing info regarding Velocity and have been hesitant to post it. If someone would like the info I found PM and I will send it.

I was interested to read that you'd had similar experiences or opinions with Velocity. That was confirming for me so thanks for posting. I will not miss Velocity.

I called mirus and they only offered a $4.22/rt on the ES. Amp matched my velocity rate right away. I searched futures.io (formerly BMT) for info on AMP and saw several people say they were good including some members I respect - that was enough for me.

Let me know if you have any more q's.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #224 (permalink)
 Vendor: www.velocityfutures.com 
Houston Texas USA
 
Futures Experience: Advanced
Platform: X_TRADER
 
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Surly View Post
I was interested to read that you'd had similar experiences or opinions with Velocity. That was confirming for me so thanks for posting. I will not miss Velocity.

I called mirus and they only offered a $4.22/rt on the ES. Amp matched my velocity rate right away. I searched futures.io (formerly BMT) for info on AMP and saw several people say they were good including some members I respect - that was enough for me.

Let me know if you have any more q's.

Hi Surly,

When requesting your funds please include I said the wire fee should be waived.

Best regards,

Dale

If you have any questions about our services at Velocity Futures please send me a private message.
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  #225 (permalink)
Elite Member
denver, colorado
 
Futures Experience: Intermediate
Platform: NT
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Posts: 704 since Mar 2011
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Dale Box View Post
Hi Surly,

When requesting your funds please include I said the wire fee should be waived.

Best regards,

Dale

That's very kind of you Dale, thank you.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #226 (permalink)
Elite Member
denver, colorado
 
Futures Experience: Intermediate
Platform: NT
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Posts: 704 since Mar 2011
Thanks: 628 given, 1,242 received

Great. I posted my experience about Velocity on this forum and here's the thanks I get:

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.


I got that email yesterday - you can decide if you want to do business with a company who will pull this sort of thing.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #227 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Master
Platform: ninjatrader, r-trader
Favorite Futures: CL, NG, TF, NQ, YM, GC, ES
 
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Surly View Post
Great. I posted my experience about Velocity on this forum and here's the thanks I get:

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.


I got that email yesterday - you can decide if you want to do business with a company who will pull this sort of thing.

Wow. Would never open an account with them after reading that email.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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  #228 (permalink)
Fiddler
Nashville, TN
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IB
Favorite Futures: NQ ES
 
Posts: 468 since Feb 2011
Thanks: 323 given, 542 received


Surly
I was interested to read that you'd had similar experiences or opinions with Velocity. That was confirming for me so thanks for posting. I will not miss Velocity.

I called mirus and they only offered a $4.22/rt on the ES. Amp matched my velocity rate right away. I searched futures.io (formerly BMT) for info on AMP and saw several people say they were good including some members I respect - that was enough for me.

Let me know if you have any more q's.


Dale Box View Post
Hi Surly,

When requesting your funds please include I said the wire fee should be waived.

Best regards,

Dale

You said you were leaving, they just made it easy on you. Went ahead and closed your account, just waiting on the wire instructions to get your money out the door. No wire fee either.

I would have done the same thing if I could match up a public forum post to a user account. If they ready to go, kick 'em to the curb.

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  #229 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Master
Platform: ninjatrader, r-trader
Favorite Futures: CL, NG, TF, NQ, YM, GC, ES
 
liquidcci's Avatar
 
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Luger View Post
You said you were leaving, they just made it easy on you. Went ahead and closed your account, just waiting on the wire instructions to get your money out the door. No wire fee either.

I would have done the same thing if I could match up a public forum post to a user account. If they ready to go, kick 'em to the curb.

@Luger really you would kick out a customer because they expressed dissatisfaction on a forum. Sounds like horrible customer service. How about read the complaint and do everything you can to win the customer back. I have no interest in battle with Velocity since I am not a customer and never have been. But I hate companies who treat customers bad. To me it is indicative of a companies internal culture that is something I could not trust especially in today's environment.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."

Last edited by liquidcci; August 1st, 2012 at 12:24 PM.
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  #230 (permalink)
Fiddler
Nashville, TN
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IB
Favorite Futures: NQ ES
 
Posts: 468 since Feb 2011
Thanks: 323 given, 542 received


If they had already made the plans to leave, evaluated competitors, and gotten a deal. Yes, I would have done the same thing feeling like I had done them and me a service. To me it looks like he had already signed up for AMP, so he can just get the money wired there.

Cut that customer loose, and work harder on keeping the others happy.

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