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Experience with Velocity Futures?
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Experience with Velocity Futures?

  #231 (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
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.

Who cares if they already signed up for AMP (maybe they want accounts at different brokerages). Until customer requests an account be closed it is just a snotty pouting customer service rep who would read a message board then close someones account. Horrible and childish in my opinion.

I run a business outside of trading and even when customers at times are unreasonable and treat me badly I take it. I act like a gentleman and try to win customer over. I don't throw temper tantrum and close customers account. If I had a rep that did that to one of of our customers I would actually fire them because in my opinion they either have character or maturity issues. I would not fire the customer because they don't work for me I work for them.

"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 12:43 PM.
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  #232 (permalink)
Fiddler
Nashville, TN
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IB
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A rep should not be able to make that decision, I agree with that. But who knows, who actually pulled the plug on the account. They may be culling accounts anyways and his got chucked in there, maybe because he was mad maybe not.

Also, from my theoretical perspective in my imaginary business I would be providing great service so as to minimize problems like this...

Sorry for entering the thread out of boredom...

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  #233 (permalink)
Elite Member
las vegas
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: Velocity/IB
Favorite Futures: 6E
 
Posts: 1,147 since Feb 2010
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I hear what you are saying, but they have always been very helpful and responsive to me. But even if I received crappy customer service, the cheap commissions, free Sierra Chart, reliable and high quality data feed, excellent fills, and the fact I hardly ever need customer service in the first place, make Velocity a no-brainer in my opinion. Sierrra Chart and Velocity simply work in the best and most affordable combo I have found. As I've said before, my only real complaint is the annoying lack of ACH transfer capabilities, which hopefully they will address at some point.

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  #234 (permalink)
Elite Member
denver, colorado
 
Futures Experience: Intermediate
Platform: NT
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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.

I agree with you - doing exactly as you suggested is what a company who doesn't value their customers much would and should do. Of course if you valued your customers then simply waiting until they closed their account and requested a wire would be more appropriate.

I don't think I've been unfair on this forum - but if folks want information on different brokerages I think my story would be of interest to anyone considering where to clear their trades.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #235 (permalink)
Trading Apprentice
Kansas City, KS/USA
 
Futures Experience: Intermediate
Platform: Sierra Charts
Favorite Futures: ES, EURUSD
 
Posts: 14 since Jul 2012
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Surly,

Thank you for the information you have shared in this thread. I am looking for a futures broker and had considered Velocity. I noticed a bit of that customer service abrasiveness during the "demo" process which gave me some concern. This thread confirms my suspicion that something is not quite right. The commissions look great, but in the end that does not make up for a broker treating its customers with disrespect. Why a broker would ever want to jeopardize their relationship with the ones who make it possible to keep the doors open is beyond me. They should realize that for every customer they disrespect, they just lost at least 10 other potential customers. I guess they are fine with playing the numbers game. Sooner or later that will catch up with them.

Really appreciate you exposing your experience so others can understand what really goes on behind the doors of this firm and better make a choice as to who they should do business with. I had heard others here mention a good experience with AMP as well. I will give them a look. Anyone in particular over there you are dealing with?

Thank you.


Bowie

ps - also thanks to liquidcci for the great post concerning the company/customer relationship

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  #236 (permalink)
Elite Member
Phoenix AZ USA
 
Futures Experience: Advanced
Platform: SierraChart
Broker/Data: TradePro/TransAct
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vegasfoster View Post
I hear what you are saying, but they have always been very helpful and responsive to me. But even if I received crappy customer service, the cheap commissions, free Sierra Chart, reliable and high quality data feed, excellent fills, and the fact I hardly ever need customer service in the first place, make Velocity a no-brainer in my opinion. Sierrra Chart and Velocity simply work in the best and most affordable combo I have found. As I've said before, my only real complaint is the annoying lack of ACH transfer capabilities, which hopefully they will address at some point.

I also think the Velocity/Sierra is a great combo. My experience is similar. But here's another like/dislike:

Like:
Customer Portal on their website where you can see your current positions, acct balance, platform settings, statements, and other useful things.

Dislike:
The TT feed uses the daily average price to calculate your current average price when in a trade, instead of using the flat to flat average price. This is an erroneous value when in a trade, but is accurate when flat.

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  #237 (permalink)
Elite Member
Houston,Tx
 
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Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
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liquidcci View Post
Who cares if they already signed up for AMP (maybe they want accounts at different brokerages). Until customer requests an account be closed it is just a snotty pouting customer service rep who would read a message board then close someones account. Horrible and childish in my opinion.

I run a business outside of trading and even when customers at times are unreasonable and treat me badly I take it. I act like a gentleman and try to win customer over. I don't throw temper tantrum and close customers account. If I had a rep that did that to one of of our customers I would actually fire them because in my opinion they either have character or maturity issues. I would not fire the customer because they don't work for me I work for them.


vegasfoster View Post
I hear what you are saying, but they have always been very helpful and responsive to me. But even if I received crappy customer service, the cheap commissions, free Sierra Chart, reliable and high quality data feed, excellent fills, and the fact I hardly ever need customer service in the first place, make Velocity a no-brainer in my opinion. Sierrra Chart and Velocity simply work in the best and most affordable combo I have found. As I've said before, my only real complaint is the annoying lack of ACH transfer capabilities, which hopefully they will address at some point.

How we handled rude behavior back in my day....


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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  #238 (permalink)
Trading for Fun
london
 
Futures Experience: None
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Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
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I'd like to point out to people that I used to be a Velocity customer for well over a year. I suggest you stay well away.

The staff I found to be quite rude. One (an Asian woman) would regularly talk over you and refuse to listen to issues at hand.

Senior management lied on occasion too.

Position reporting was wrong on several occasions - more than twice in one day!

Do a search on the NFA website and see for your self how often they have been fined for bad practice.

I used TT with them and it is clear (TT v DTN IQ Feed) they are throttling prices. Ive used TT with other FCM's and found it to keep up or surpass (just) IQ fine - so it wasnt TT, but Velocity's implementation.

These folk are cowboys. There are also way cheaper places too.

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  #239 (permalink)
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Georgia, US
 
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TheDude View Post
Ive used TT with other FCM's

Which ones?



TheDude View Post
There are also way cheaper places too.

Which ones? I have found one but admit I have not looked exhaustively.

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  #240 (permalink)
Elite Member
Seattle Wa
 
Futures Experience: Intermediate
Platform: Market Delta, Sierra, Ninjatrader
Broker/Data: Howard Lender /TT, DTN
Favorite Futures: CL, NQ
 
Posts: 19 since Dec 2010
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TheDude View Post
I'd like to point out to people that I used to be a Velocity customer for well over a year. I suggest you stay well away.

The staff I found to be quite rude. One (an Asian woman) would regularly talk over you and refuse to listen to issues at hand.

Senior management lied on occasion too.

Position reporting was wrong on several occasions - more than twice in one day!

Do a search on the NFA website and see for your self how often they have been fined for bad practice.

I used TT with them and it is clear (TT v DTN IQ Feed) they are throttling prices. Ive used TT with other FCM's and found it to keep up or surpass (just) IQ fine - so it wasnt TT, but Velocity's implementation.

These folk are cowboys. There are also way cheaper places too.



I would be interested in which brokers have similar commissions to Velocity that you would recommend?

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