Note: For some unknown reason, we cannot open VeloCityTradeFXs official site (https://velocitytradefx.com/) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.
General Information & Regulation
VeloCityTradeFX is allegedly a forex broker registered in the United Kingdom that claims to provide its clients with flexible leverage up to 1:500 and spreads as low as 0.1 pips on the Web trader trading platform, as well as a choice of three different live account types.
As for regulation, it has been verified that VeloCityTradeFX does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.13/10. Please be aware of the risk.
Market Instruments
VeloCityTradeFX advertises that it is a forex broke that mainly offers forex trading. However, more specific information about tradable assets cannot be found on the Internet.
Account Types
VeloCityTradeFX claims to offer three types of trading accounts, namely Smart, Expert and Financial Guru. The minimum initial deposit amount is extremely high-$5,000 for the Smart account, while the other two account types have much higher minimum initial capital requirements of $20,000 and $50,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Smart account can experience leverage of 1:200, the Expert account holders can have a leverage of 1:300, while only the Financial Guru account members can enjoy the maximum leverage of 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
VeloCityTradeFX claims that the spread is as low as 0.1 pips on major forex currency pairs and these are either heavily commissioned.
Trading Platform Available
The platform available for trading at VeloCityTradeFX is Web trader. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
VeloCityTradeFX says to accept deposits and deposits via wire transfers and credit cards. The minimum initial deposit requirement is said to be as high as $5,000, while there is no mention of what the minimum withdrawal amount is. The broker also charges some fees, the Terms and Conditions specify quite high withdrawal fees, up to $50. On top of that, if a client hasnt executed more than 200 in turnover, withdrawals are charged with a levy of 10% of the withdrawal amount.
Bonuses & Fees
VeloCityTradeFX claims to offer some bonuses, however, the bonus can only allowed after reaching a minimum traded volume equal to 30 times the deposit amount plus the bonus.
In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.
Also, the broker also charges an inactivity fee, accounts that are inactive for 6 months become dormant and will be subjected to a 10% monthly fee.
Customer Support
VeloCityTradeFXs customer support can be reached by telephone: +442080028760, email: support@velocitytradefx.com. Company address: 1 Lime St, London EC3M 7HA, 100 Adelaide St W, Toronto, ON M5H 0E2.
Risk Warning
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
