Is Velocity Trade a Scam or a Legit Trading Platform? Read This Comprehensive Review to Find Out!

Insights into the Trade Market at Breakneck Speed

The digital trading platform that is used all over the world is owned and operated by Velocity Trade Limited. It was established in 2007. Australia is the location of Velocity Trade Limited’s headquarters. It operates as a global broker with headquarters in several countries, including Canada, New Zealand, South Africa, and the United Kingdom. Since it was founded 15 years ago, Velocity Trade has been steadily expanding, and it has done so by giving its clients access to the most lucrative opportunities in the foreign exchange market. In addition to that, it offers its customers services in the field of share dealing and trade. It is helpful to its customers because it provides a variety of trading instruments and strategies that can be used in a number of different markets.

The following are a few of the broker’s distinguishing characteristics that contribute to the firm’s status as a reliable one for its clientele.

The Different Types of Accounts

The requirements of individual traders, the bodies that regulate the broker, and the country in which the broker is based all play a role in determining the different types of accounts that a broker makes available to their customers.

Trading is only available on a live Standard account, which is the only type of account that Velocity Trade provides to its customers. After filling out an online application form and providing evidence of all of the necessary personal credentials, a person is able to open a bank account. In addition to this, the broker provides its Muslim customers with access to Islamic Bank Accounts, which are financial services governed by the principles of Sharia law.

Security

Checking that a broker is subject to regulation by a higher authority that is authorized to do so ought to come before signing up with that broker. The watchdog that oversees a company establishes the standard of safety for that company.

Numerous regulatory agencies all over the world keep an eye on Velocity Trade and make sure it stays in compliance. These regulatory bodies include the Australian Securities and Investment Commission in Australia, the Financial Conduct Authority in the United Kingdom, the Investment Industry Regulatory Authority in South Africa, and other regulatory authorities with a similar mandate in Canada and New Zealand.

Deposits and Cash-Outs

Even though the specific methods for moving money are not shown on the official website of the broker, customers are still able to make deposits and withdrawals using the standard methods. These may consist of debit cards, credit cards, Neteller, Skrill, and bank wire transfers. There are no particular conditions, such as a required minimum deposit amount, that Velocity Trade imposes on its customers with regard to their bank accounts.

Leverage

Although traders have a greater chance of making a profit when using leveraged assets, they also have a greater risk of incurring a loss when using these assets. Therefore, one should make the most of this opportunity.

Customers located in various parts of the world have access to a variety of different leverage ratios. Customers residing in the European Union, for instance, are only permitted to use regulated leverage of up to 1:30, whereas customers residing in Australia are permitted to use leverage of up to 1:500.

Bonuses

The brokerage firm uses bonuses as a method to entice an increasing number of clients to open accounts with them.

Because offering bonuses to customers in violation of ESMA regulations is prohibited, Velocity Trade does not offer any bonuses to its clients, including welcome bonuses, deposit bonuses, and others.

Compensation and Costs

Commission is the name given to the charge that the broker firm will make to the trader’s account whenever they carry out trading operations on the trader’s behalf. The commission charged by the broker is proportional to the services rendered and the product being traded.

The fees charged by Velocity Trader are also dependent on the region and asset being traded. However, when measured against the fees of other online brokers, the costs associated with trading through Velocity Trade are more manageable. However, they have relatively greater non-trading expenses.

Financial Instruments and the Market

Trading opportunities are made available to customers of Velocity Trade for a diverse assortment of financial instruments. They provide over 200 tools that can be exchanged. Commodities, Forex trading, margin products, indices, equities, and futures may be among these instruments.

Customer Service

Before initiating a trade with a brokerage firm, one must ensure that it provides traders with efficient customer service. Velocity Trade offers its customers a reliable service that responds quickly to resolve any questions or concerns they may have twenty-four hours a day, six days a week. In addition, the company does everything in its power to provide the highest level of service to its clients. As they do not offer a live chat option, the only way to contact them is via the online application form.

Conclusion

Customers of Velocity Trade have access to a user-friendly trading platform on which they are able to conduct business effectively, making the most of all the most recent trading tools and strategies, and thereby maximizing their profits.