Velocity Trade brokerage operations detailed review and feedback
Velocity trade Forex broker does not do much in terms of showing who they are and how they do what they do. While some people may simply consider this as strange, most of us on the team also consider this to be rather alarming. While we are not aware of the details of the company’s inner workings or how they do what they do, it seems they are not a scam, or at least they have gone through great lengths to not be.
The company seems to have presence globally, with some of the locations it is registered in, other than South Africa, being Canada, United Kingdom, New Zealand and a number of others. While the number of locations is high and the number of licenses is also high, it seems that the company does not do much to promote itself other than sponsor the Canadian rugby team. There are so many strange things about this company, and yet we hesitate to call it a scam because we do not have conclusive evidence.
The Velocitytrade.co.za review is not possible since the only thing available is velocitytrade.com. It is a global website and a South African website. Actually, it has a different website (though they are all the same) for every part of the world that they operate in. Though, no matter which one you go to, you will not be able to learn much about the company. The page is very simple and kind of bland, seemingly designed to stand in as a banner and look really unattractive. The first thought anyone visiting the website will get, even the most beginner traders is that Velocity trade scam is a possibility.
And it certainly looks that way! Looking at the company details, history and the way they describe how they trade and who they trade with, you cannot help but wonder what is going on. The information provided on the website is extremely limited and navigation is only possible to several pages that are given in the navigation bar. All of these pages simply provide the type of information that most other FX companies would be providing on their homepage, and nothing more. There is no educational page, no page dedicated to the platform or even a registration page. So far so odd.
Most Forex brokers will offer you a way to communicate with them in an easy manner, such as online chat, phone call or email. Some of them may take longer to respond, but most honest ones will do their best to establish a communication bridge with you. The problem with Velocity trade is that they don’t. They only offer one way of communicating with you, which is that they ask you to give them your number so they can call you back. No email, no live chat. While this is not necessarily the worst way to communicate, combined with everything else with the company, it leads us to believe that this is a lead generation tool they might be using for their call centers or other call centers. The thing is, they also say they do not sell your information on their privacy statement, so it is possible they simply don’t look at the information at all. We haven’t gotten a call from them yet, so who knows what is up with this.
The strangest thing about this website is the fact that there is no real way to register with them. There is no page, no link and no mention of a registration process. This is what leads us to believe that the website is not a scam. Most scammers, or legitimate companies, will try their hardest to get you to register with them. These guys don’t. It almost feels like they don’t want you registering with them at all. So if they are not a scam, what are they? If they have remained operational, there must be some way they get new users. It is possible that you need to get a callback from them. Or it is also possible that only those with special access or special knowledge might be able to register for the website. All of this speculation leads one of the people on our team to the Velocity trade opinion that the enterprise could be a money laundering scheme that simply existed to clean up money for criminals worldwide. We are not going to push these accusations, this is merely a conspiracy theory. But whatever they are, we don’t know and can’t be sure, but so far we have no idea how to work with them. Whatever it is, the broker is not suitable for beginners, experienced traders or anyone, really.
There is very limited information available about the company’s background. All we know is that it was founded in 2007, somewhere in Canada, possibly. We also know that the enterprise is partially owned by other companies, but is mostly owned by employees and founders. They promote this as a way for the company to be more dedicated to the user’s experience. Unfortunately, we have no idea what kind of experience a user has, so we have no way of confirming or debunking this.
The company claims to have been licensed in New Zealand, South Africa and all of the countries that they operate in. This is where most of us got extremely excited, as we started believing that hey, their licenses will be a lie, which is why we will be able to call them a scam. Except the licenses check out, which drove one of my teammates to get up from the discussion table and leave, because he could not be any more frustrated by them. Well, at least, if you ever get to trade with them, you know that the Velocity trade fraud is not necessarily true. Though we would still recommend staying away (with the information we currently have) because, you know, they are extremely suspicious.
The company has existed since 2007, with global reach. This means that it must have had a number of customers over the years, enough to have produced at least a few happy or unhappy clients. The thing is, we are unable to find anything on the company and the way they practice, and that includes reviews by users. There is not a single person we can ask “is Velocity trade trustworthy” and get a straight answer. The other reviewers around the world seem to be the same way: they cannot pinpoint whether it is a scam or figure out anything about them. So we are all kind of stuck here, huh. The lack of reviews is especially sketchy since a long-standing company with global coverage should have some users. And we are sure that they are operating since they were able to sponsor a Canadian rugby team recently. So why are there no reviews? If you know anything, please go ahead and get in touch with us, tell us more.
In this Velocity trade review, we wanted to give you all of the information available to us. Except there is barely any information available about the company. Apparently several years ago Velocity trade used to operate on Meta Trader 4. Things must have changed since then because we are unable to find any mention of the Velocity Trade MT4. One of our teammates was able to dig up info about the company working with Webtrader, a custom app that can be highly customized to the needs of the broker and trader. The problem is, we were unable to find where to download this app from. And since there is no registration, we are going to assume that the company does not want you working with them in the first place. Not unless you get in direct touch with them or you have some kind of info that others don’t. If you do, give that info to us so we can share it with the world.
Spreads, account types, anything?
We want to determine is Velocity trade legit or not. The thing is, we cannot even determine whether they have spread. They have no information regarding this on their website. They have no account types, no spreads, no pips not a single mention of minimum deposits or anything at all. They could at least give us a call back to tell us what their rates are. This is so strange to us since all Forex brokers are supposed to provide this information in some form, but they have nothing. At this rate, we are even doubting the Velocity trade FX brokerage status. Maybe they are rebranding into something else? Maybe they are trying to become a rugby management group and simply are trying to avoid getting any more new clients before they drop the old ones in lieu of the new business? Whatever it is, the teammate who left the table has yet to come back.
Velocity trade Withdrawal
Is there even a point in asking about a company’s withdrawal policy, if you are unable to deposit in the first place? Well, apparently not. Because they have no information on this either. There is no information on anything within the confines of this company’s name. It is as if the company exists only as a website.
Velocity trade rating
We as a team hesitate giving Velocity trade opinions. This is because there is almost nothing to have an opinion about. As far as we are concerned, the company might as well be a scam. They have no information about anything regarding their operations, their terms, conditions, or the way they operate. There isn’t even a way to register! So maybe our conspiracy-minded teammate is right and there is something nefarious happening behind the closed links of this website. Whatever it is, we are going to tell you to avoid this company at all costs.