Credit Card Transfer and Refund Policy

Velocity Trade will accept deposits via Visa or MasterCard credit cards. Where we accept funds transfers from a credit card account, restrictions may apply and you will incur additional fees, as set out below:

• The credit card must be in the name of the trading account holder.
• There wil be no cash re-imbursements.
• Velocity Trade will not payout to any 3rd party credit card accounts.
• Velocity Trade will run a monthly audit of credit card usage and we reserve the right to refuse to accept credit cards without notice.
• As Part of credit card fraud control program Velocity Trade has the right suspend drawdown of collateral from credit card funded accounts for a period of up to 120 days from initial posting.

Fees

Velocity Trade will make the following charges for deposits via credit card.

• A 3% fee is charged for each deposit made via credit card to your Velocity Trade account.  For example if you deposit $5,000 you will incur a $150 fee which will be deducted from the amount you depost..  
• You are advised to contact your credit card provider to determine whether they will apply any charges to such transfers, and confirm whether such transfers are considered "cash advances".

Refunds

Funds deposited via your credit card will be applied to your trading account as cleared funds and once applied will be available for trading. Once the funds have been applied to your trading account they form part of your margin trading balance and you will not be able to obtain a refund. To withdraw funds from your trading account you should follow the normal withdrawal process.

Velocity Trade may also, at its own discretions, refund funds to your card as part of a withdrawal process when it is able to do so. For example if you have deposited funds that have not been used for trading at the point you do a withdrawal. It may also refund funds to your credit card if it deems that you have deposited funds in breach of these conditions such as making a deposit from a third party card.

Warning - Double Margining

We provide the facility to deposit via credit card for your convenience as this is fastest way to transfer funds, particularly if you need to meet a margin call. However if you transfer funds, including your initial margin, by using your credit card, you run the risk of “double-margining”. This refers to the fact that you are leveraging your CFD and FX trade and you are borrowing from your credit card provider to make the payment. You should be very confident of your trading abilities before transferring a margin using a credit card. You should avoid using borrowed funds when margin trading because of this effect. Use your credit card only as a mechanism to make payments quickly and not as a way to borrow funds from your credit card provider to trade.