Velocity Futures

[Doomberg]

I currently trade EUR/USD, Dax and the Dow Jones on SB and i'm eventually looking to move over to a DMA broker, after doing some research it seems that these seem good? Any experiences?

 

[gedward3]

I currently trade EUR/USD, Dax and the Dow Jones on SB and i'm eventually looking to move over to a DMA broker, after doing some research it seems that these seem good? Any experiences?

Have a look on Big Mikes Trading website as they have good reviews along with loads of other DMA brokers.

 

[Doomberg]

Thanks, they look good but i seen a few people moaning that they are only worth 750k and only have 1000 clients and could go pop any time soon? How safe is our money with a firm like that?

 

[timsk]

Thanks, they look good but i seen a few people moaning that they are only worth 750k and only have 1000 clients and could go pop any time soon? How safe is our money with a firm like that?

Hi Doomberg,
I can't speak for Velocity, but in Infinity Futures case, they have segregated client accounts so that if they go belly up - clients don't lose their money. By far the best broker I've ever used and well worth checking them out, IMO.
Tim.

 

[pboyles]

Hi Doomberg,
I can't speak for Velocity, but in Infinity Futures case, they have segregated client accounts so that if they go belly up - clients don't lose their money. By far the best broker I've ever used and well worth checking them out, IMO.
Tim.

But have they segregated them or just said they segregated them? Theyre all supposed to but the ones that recently went bust didn't despite claiming they did.

 

[timsk]

But have they segregated them or just said they segregated them? Theyre all supposed to but the ones that recently went bust didn't despite claiming they did.

Hi pb,
I'm basing my comments on the answer given to me in writing via Skype IM from the broker who managed my account. I have no reason to disbelieve him. Everyone has to conduct their due diligence to a level that satisfies them. His assurances satisfied me - but I guess they wouldn't satisfy you - which is fair enough. Like most things, it's horses for courses I guess.
Tim.

 

[isatrader]

I've read a fair few threads with people moaning about the $30 a month inactivity account maintenance fee that was introduced this year if you trade less than 25 R/T a month on Big Mikes like this one: Velocity Futures charged Maintenance Fee. Need new broker recommendation - Brokers and Data Feeds - Page 6

I've been looking into it as well recently and of the discount futures brokers Amp haven't had very good reviews either. The only one that doesn't have too many gripes seems to be the Mirus Futures combination with Zenfire data and clearing at Rosenthal Collins (RCG). Here's a link to a thread on that AMP Futures and Mirus, which one is better - Brokers and Data Feeds - Page 32

 

[Doomberg]

I'm interested in Velocity as they have free Ninja Trader and low commissions...

I spoke to them and they said that they also have segregated accounts?

 

[robster970]

I use Velocity and find them excellent both via internet and on phone from time to time.

As a general rule, don't load up all your cash into your brokerage account. Find the margin+fat amount you need to trade off and keep the rest in a USD account for transfer in/out as you need to.

 

[Liquid validity]

I'm interested in Velocity as they have free Ninja Trader and low commissions...

I spoke to them and they said that they also have segregated accounts?

First off, I don't use Velocity, so I may be talking utter bo11ox so
someone correct me if I'm wrong :cheesy:

From what I can see though, aren't they just redistributing free NT?
NinjaTrader | Velocity Futures
Free for analytics and trade simulation
Please provide your contact information below if you are interested in a free simulator.

Trading Platforms | Velocity Futures
Monthly Pricing And Features Comparison - scroll to bottom of table,
says call ninja.

That suggests to me you get the free version, but if you want to execute via NT
the usual fees apply:
NinjaTrader stock, futures and forex charting software and online trading platform. Purchase. Lease.
NinjaTrader stock, futures and forex charting software and online trading platform. Purchase. Own.

 

[Liquid validity]

I use Velocity and find them excellent both via internet and on phone from time to time.

As a general rule, don't load up all your cash into your brokerage account. Find the margin+fat amount you need to trade off and keep the rest in a USD account for transfer in/out as you need to.

Don't they offer multiple account base currencies?
IB do, I know MB do for forex, not sure about futures:
http://ibkb.interactivebrokers.com/node/57
Unless its just margin likely to be used within a few days,
I'd prefer to have a float in GBP.

 

[robster970]

Don't they offer multiple account base currencies?
IB do, I know MB do for forex, not sure about futures:
http://ibkb.interactivebrokers.com/node/57
Unless its just margin likely to be used within a few days,
I'd prefer to have a float in GBP.

Do you know what? It never even occurred to me to ask and I don't remember specifying it when I set the account up and went through compliance!

I keep half of total funds in USD, split between brokerage (margin+fat) and USD cash. The remainder I keep in GBP cash.