Velocity Trade Review
Velocity Trade (South Africa) offers its retail clients a single commission-free account type with the lowest margin available for FX being 1.30%. Its clients have Direct Market Access (DMA) to the Johannesburg Stock Exchange (JSE) and global financial markets from one interface.
Unfortunately, we could not figure out what is the minimum investment amount required to open an account with Velocity Trade. Most South African brokers require R5 000 as a start.
As regards the broker’s spreads, they are quite high, amounting to 3 pips on EUR/USD, while the average for the forex market is 1 – 2 pips for this pair. For further information and comparison, you may check out real-time spreads of 15 major brokers at our dedicated page.
Apart from the wide spreads, additional taxes are charged on share transactions and 0.0002% fee (Excluding VAT) on all trades (being the FSB Investor Protection Levy).
The Company. Security of Funds
Velocity Trade Limited
Velocity Trade Limited
Velocity Trade Holdings Ltd.
Velocity Trade Financial Services (Pty) Ltd.
Established in 2007, Velocity Trade is a global multi-asset broker servicing mainly institutional clients that has international offices located in North America, Europe, Australasia and Africa. We found out that its South-African unit accepts retail clients, so the present review focuses on the offering of velocity.tradedesk.co.za website.
Licensed by the relevant authorities in New Zealand, Australia, and Canada, in 2011 Velocity Trade penetrated the South African market by opening an office in Cape Town. Six years later the broker opened an office in Johannesburg. Velocity Trade’s South African subsidiary, Velocity Trade Financial Services (Pty) Ltd., is licensed to provide investment and brokerage services by the local financial regulator, the Financial Services Board (FSB).
As the market potential for forex and related services in South Africa seems great, forex and binary options brokers are flocking to the country lately. Financial regulation there is rather liberal with relatively few limitations, such as the investment limit of R5 million.
Judging from some broker reviews on various websites, It seems that Velocity Trade supported the popular MetaTrader 4 (MT4). However, the South African branch currently offers its clients Protrader platform, created by software developer PFSOFT. Only mobile apps are available for download.
This is a multi-asset trading platform features a wide array of trading tools, alerts, watch lists, smart chart trading with multiple chart types, drawings and studies, as well as fully customizable interface. What is more, Protrader can be integrated with various functional APIs, with an unlimited number of liquidity providers and data feeds.
Methods of Payment
Clients of Velocity Trade are able to make deposits and withdrawals via credit or debit card payments, and bank transfers.
Withdrawals are charged with R20.00 – R150.
We reviewed South African retail brand Velocity Trade, part of the global Velocity Trade group. It offers wide range of instruments to trade on Protrader platform, and provides DMA access to JSE and global financial markets. However, its spreads are very high and some additional charges apply.
Velocity Trade Review Conclusion
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