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Experience with Velocity Futures?


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Experience with Velocity Futures?

  #281 (permalink)
 jimjones26 
Tulsa OK
 
Experience: Beginner
Platform: NinjaTrader/Jigsaw Tools
Broker: Deep Discount Trading/TT
Trading: ZN, ZB
Posts: 162 since Jul 2009
Thanks Given: 138
Thanks Received: 207

I just found out Velocity is raising their commissions on the X-Trader free account $2 per trade! Now instead of $3.49 per trade, I am going to have to pay $5.49 per trade on ZN! Needless to say I am pretty pissed off right now. This sort of move all but guarantees me paying up for the monthly license and going to a different broker. I don't get mad that easy but this really pisses me off.

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  #282 (permalink)
paulg
NY
 
Posts: 90 since Sep 2009
Thanks Given: 54
Thanks Received: 23

And don't forget to read the latest email they sent you.

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  #283 (permalink)
ReaM
Los Angeles
 
Posts: 132 since Mar 2011
Thanks Given: 97
Thanks Received: 112


I think they are screwing everyone right now. It may be the TT fault not their.

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  #284 (permalink)
 
keymoo's Avatar
 keymoo 
Bedford, UK
 
Experience: Beginner
Platform: SierraChart/TT Feed
Trading: NQ
Posts: 129 since Mar 2012
Thanks Given: 212
Thanks Received: 215

If you trade Eurex with TT/Velocity you should read the latest email.


Quoting 
Effective Friday, 6/14/2013, we will no longer offer EUREX via Trading Technologies (TT) connection. The platforms connecting via TT connection include X_TRADER, Sierra Chart, Ninja Trader and TT Fix Adaptor/TT fix connection. If your current trading platform is one of those, please make all necessary changes on trading prior to the close of Thursday, 6/13/2013.

We will still offer Eurex access with CQG data feed. An additional monthly fee will be charged if you require access to Eurex Exchange via either CQG or QST. Eurex is $72 per month Professional and $23 per month for Non-Professional with signed Non-Professional Status form.

Please contact us for more information regarding Eurex via the CQG Trader platform.


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  #285 (permalink)
TheDude
london
 
Posts: 165 since Jan 2012
Thanks Given: 43
Thanks Received: 162

Can we run a book on how much longer Velocity remain in business?

I give them 6 months top.

I'm 5 bid at 8. Any takers?


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  #286 (permalink)
 Sawtooth 
Prescott AZ USA
 
Experience: Advanced
Platform: SierraChart
Broker: Stage5, FCM:Dorman, Data:Denali, Routing:Teton
Trading: YM ES NQ
Posts: 474 since Nov 2009
Thanks Given: 219
Thanks Received: 603

This is the latest disappointment from Velocity.

Feb 2012 : added monthly maintenance fee (<25 RT)
Feb 2013 : increased most commissions $0.13 RT
Feb 2013 : Withdrawals only by wire transfer, $30 fee.
Jun 2013 : No longer providing EUREX data feed via TT.

The latter is the most disappointing. It is the result of their clearing firm, and it affects all introducing brokers of Velocity.

deepdiscounttrading.com is not dropping EUREX from their TT feed.

Looks like it's time to make a move...

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  #287 (permalink)
ReaM
Los Angeles
 
Posts: 132 since Mar 2011
Thanks Given: 97
Thanks Received: 112

Instead of dropping Eurex, they should've at least considered raising commissions 10c per side per contract or whatever is needed to cover the costs.

Yeah, I've been looking for a new broker all day.

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  #288 (permalink)
 addchild 
Bay Area California
 
Experience: None
Platform: TT T4
Broker: Phillip Capital
Trading: Futures
Posts: 809 since Nov 2011
Thanks Given: 926
Thanks Received: 898


TheDude View Post
Can we run a book on how much longer Velocity remain in business?

I give them 6 months top.

I'm 5 bid at 8. Any takers?



+1

TT lower the cost of their retail platform velocity tried to increase their "free TT" commissions. I think now they dropped it all together.

Increasing costs to customers while cutting services, sounds like a company on life support.

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  #289 (permalink)
 jimjones26 
Tulsa OK
 
Experience: Beginner
Platform: NinjaTrader/Jigsaw Tools
Broker: Deep Discount Trading/TT
Trading: ZN, ZB
Posts: 162 since Jul 2009
Thanks Given: 138
Thanks Received: 207

I got rid of them several months ago and couldn't be happier.

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  #290 (permalink)
 vegasfoster 
las vegas
 
Experience: Intermediate
Platform: Sierra Chart
Broker: Velocity/IB
Trading: 6E
Posts: 1,145 since Feb 2010
Thanks Given: 304
Thanks Received: 844



TheDude View Post
Can we run a book on how much longer Velocity remain in business?

I give them 6 months top.

I'm 5 bid at 8. Any takers? y

Is that speculation based up your dissatisfaction or do you know something we don't know?

I have no problems with them other than mandatory wires are ridiculous IMO. But the cost of one transfer per month is the same as the SC platform fee, so unless you do more than that then it's basically a wash. Deep Discount does seem to offer pretty low commission though, so I think I'm gonna look into it.

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Last Updated on October 26, 2013


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