My bad exp. with Velocity

Discussion in 'Retail Brokers' started by Zastaber, Oct 12, 2006.

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  1. I replied to the following here on ET:

    "Anyone here using Velocity Fut. or Global Fut.?"

    If anyone wants to give us a try PM me and I'll give you a couple months at our level 5 rates (eminis at 2.82 a rt) while you evaluate us.

    XXXX, Velocity Futures

    Heres a resume of our communication:

    I am an active ET member.
    I have done a registration at your place, and I was in fact thinking of testing you out.
    If I could get a couple months at 2.82 RT in ES I will wire in some starting funds right away.
    My account # : XXXXX
    I will send you an automated from our operations email giving you level 5 rates for 2months.
    You will see it shortly.
    It seems to me I have been charged way more commission and fees than what we agreed?
    You selected the free xtrader which level 0 that offer was for the regular xtrader.
    In order to get level 5 you need to be on the subscription xtrader
    I had no information whatsoever that I would have to pay to get an offer.
    I would not have been scalping ticks if I had no 2.82 offer.
    This is a little strange XXXX, because I have not recieved any information that this offer would not stand. What do we do?
    Let me talk it over with the sales team and see what they want to do.
    I will get back to you.
    Ok, that sound good.
    Maybe we can shake hands on that if I get the trades I have done until now to the price 2.82, I can pay the price you want for the rest of the period?
    Or something like that. Does that sound fair?
    We looked at the post on elite trader and at the email I sent you.
    I didn’t mention xtrader would be free.
    Level 5 is only available with subscription xtrader.
    Therefore we can only give you the level 5 deal (the 20K contract rate) if you pay the xtrader license fee.
    I understand what you say, but:
    - I have never agreed to pay for an offer.
    - I got a written confirmation the offer was valid.
    - I have NOT got ANY information telling me the offer is NOT valid.
    This makes me very disappointed.

    After this they refuse to answer my mails or even talk to me.
    Great support! :mad:
  2. jearnest

    jearnest Velocity Futures

    This post needs some clarification...

    The way that the commissions work at Velocity is that you can either have the "FREE" X_TRADER where the commissions cover the cost of the "FREE" X_TRADER OR you can have a volume discount for X_TRADER Subscription (the kind you pay monthly for).

    What this means is that the Subscription is exactly $2 less than the FREE. In the end that means that if you do more than 250 RT in a month (not a lot) then you will pay more than what you would pay on subscription. If you do <250 RT per month you should take the FREE.

    Our guys can only offer deals on the Subscription X_TRADER and when we made you that offer we assumed that you were a Subscriber customer (ie >250RT month). We are just getting used to handling the lower volume traders and probably assume that most traders we speak with do more than they do. There are some deals offered on FREE X_TRADER but they are usually for groups.

    We are not out to "scam" you in any way and I appoligize if that is what you feel happened and I will be happy to give you another deal at level 5 for 60 days but it will have to be on a subscription for X_TRAER. We do now offer ninja and strategy runner also that can be alot cheaper monthly than X_TRADER.

    Sorry for your bad experience, give us a chance to fix if it.

  3. Ok, my little issue have been solved now.

    Jack took charge, he called me and sorted this misunderstanding out in a professional way.

    Happy trading all
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