Today’s review is about a broker called Velocity Trades Markets. Traders who are not familiar with Velocity trades services want to know whether they are a scam or not. We’ll therefore begin the review with details of their trading conditions and move on to discuss the company behind Velocity Trades Markets.
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How different is Velocity Trades Markets from brokers like Ogam Forex, Nexo-Group, Crypt FX Pro and many others?
Velocity Trades Markets Review
Velocity Trades’ marketing materials proclaim that they are giving traders a chance to ‘explore the FX market’.
They also claim that we can trade on their platform without any limits. They boast of providing flawless trading execution, tight spreads, rebate system and a white label system (for those who want to start own brokerage).
Velocity Trades Markets offers a number of trading instruments ranging from currency pairs to Commodities and Indices. They also want traders to know that they’re purely an STP broker (straight through processing).
Velocity Trades Review: Account types
They offer 4 different account types for trading. Details of the account types have been listed below:
[tabs][tab title=”Cent Account”]Minimum deposits: $10
Spreads: 1.8 pips
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[/tab] [tab title=”Classic Account”]Minimum deposit: $20
Spread: 1.5 pips
Leverage: 1:400[/tab] [tab title=”Standard Account”]Minimum deposit: $100
Spread: 1.2 pips
Leverage: 1:400[/tab][/tabs][tab title=”ECN Account”]Minimum deposit: $500
Spread: 0.4 pips
Also, Velocity Trades claims that all types of trading strategies are allowed on their platform.
Velocity Trades Review: Trading platform
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The broker does not seem to provide the legendary MT4 trading platform. Instead, they provide platforms called Desktop Trader and Mobile Trader. These two platforms are never the industry standard and cannot be compared to the good old MT4 platform which most Forex traders are familiar with.
MT4 trading platform is robust in its charting capabilities and the market has also prepared very good automated trading programs for the MT4 trading platform. This cannot be said about the other trading platforms in the market.
Velocity Trades Markets review: Company details and licensing
This broker is owned and operated by a company called Velocity Trades Limited. This company is incorporated in the St. Vincent & the Grenadines, which is a popular destination for many shady offshore Forex brokers.
While this page has a title written “company license and registration” no actual licensing details have been published. In other words, Velocity Trades Markets is not regulated.
You already know the dangers of trading with an unregulated brokers. Most of the time they intend to scam you by not letting you withdraw your equity. They bring up all kinds of excuses to ensure that you’re not going to get your money back.
They also don’t provide any guarantee that investors will be compensated in case the company goes under with funds of their clients. They tend to mix their clients funds with those of the company. This creates all sorts of problems which might interfere with their reputation.
We discourage trading with unregulated brokers.
Velocity Trades Markets does not provide a demo account for trading. It seems this broker will force you to test their platform by depositing $10 first. This will mean choosing the most basic form of their trading account which doesn’t come with the best features. It is therefore hard to get the real feel of their trading conditions.
The bottom line is that we don’t recommend trading with Velocity Trades Markets. Thanks for reading our review.