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Margin FX & CFD Trading 

  

Global currency transfers

 

Margin FX & CFD trading

a) General questions:

1. Is margin FX and CFD trading suitable for me?
Margin trading involves significant financial risk: which can also make trading exciting and rewarding. But the inherent leverage can result in losses that exceed your initial deposit, so trading is not suitable for everyone. Please ensure that you fully understand the risks involved by reading our Product Disclosure Statement and Client Agreement.

You should consider the following factors before deciding to start trading:

  • Only trade with money you can afford to lose. The margin represents a small part of the positions you can trade, so you can lose more than the balance in your account. Set yourself a limit in terms of total exposure and make sure that this is disposable income.
  • Never trade with credit. We allow you to deposit funds using your credit card for convenience and speed, but margin trading is already significantly leveraged, and trading with borrowed money increases your leverage.
  • Understand how to limit your risks with stops and always place stops on all your positions when you open them.
  • Understand the psychological impact of trading; the excitement can have an impact on your judgement. Successful traders tend to be very systematic and unemotional in their trading: emotions can distort good intentions.
  • It takes time to learn how to trade successfully. Don’t get fooled by get-rich-quick schemes on the internet.
  • Invest in your trading tools. At the least, you should invest in a good high-spec computer with a large screen or even multiple screens, and the best internet connection. This makes it much easier to simultaneously see all your charts, run complex indicators and run companion software.

FX trading can be a great hobby or full-time occupation for those who enjoy some risk and have net available assets.

2. What are the fees and costs of trading Margin FX & CFDs?
There are two costs: the spread between the buy and sell price which are included in the price when you buy or sell a position, and the cost of carry (the cost of borrowing money from us to trade). For the cost of carry, each night we will roll your positions to the next trading day and deduct or credit the swap points plus a small Velocity Trade haircut for the currencies you hold. These will be shown on your account statement each night. See our product schedule for overnight financing.

We charge no fees.

b) Opening an account

1. What should I do before I decide to apply for a trading account?
Make sure you have read and understood our Margin FX & CFD Trading Terms & Conditions defined in the Product Disclosure Statement & Financial Services Guide (Margin) and in the Client Agreement. 

2. What do I do if I want to try trading but don’t want to commit any real money?
We offer demo accounts that gives you access to our platform and $10,000 virtual dollars to trade with on the actual market, so you can practice trading without committing your own money. This account is acquired by signing up for a demo account to which we will then provide you with a username and password that allows you to trade on this demo account for 30 days. Once you are comfortable with the platform and want to trade with real money, you simply apply for a live account.

3. How do I open a live account?

Three easy steps:

  1. Complete the online application form for either MT4 or Terminal Velocity. We'll email you to let you know you've been accepted as a Velocity Trade client.
  2. Deposit money into your Velocity Trade Client Account.
  3. As soon as your deposit is cleared, we'll email you and provide you with your account password.

4. Why can't I complete the application for a joint, trust or company account online?
The identity and signature requirements under New Zealand law make it impossible. However, we have made it as easy as possible by allowing you to enter all the details online and then we will email you the form to sign and send back in. You can also find a PDF of these forms in our document repository.

5. What is the cost to open a trading account?
There are no costs related to opening or maintaining a trading account with us.

6. What information and documents will I need to open an account?
You will need two forms of I.D.

  • Photo form of ID (drivers' licence or passport)
  • Proof of residential address (e.g. Bank statement or utilities bill)

7. How long will it take for my account to be opened once I submit my forms?
Within 24 hours from receipt of ID and initial deposit.

8. Why do you need my personal information?
We are required to verify your identity before opening an account in your name. Under the Financial Transactions Reporting Act (1996) we are obliged to positively identify you before opening a facility or undertaking a transaction. We also use this information for your security - to ensure we only provide your account information to you. 

9. Why do you need my bank account details?
Once you've opened a Velocity Trade Client Account, you can make withdrawals direct from our website or by emailing us a withdrawal form. This will be done via electronic transfer to the bank account you nominate now. You will be able to change your destination account (for example, if you decide to close the account you nominate now) by completing this form, this normally takes between 1-3 business days.

10. Why do you need my phone number?
To give you great service. If you phone Velocity Trade from one of the numbers you provide, our system will automatically bring up your file, so we will be ready to help you. 

11. Why do you need my employment details?
To satisfy our prudential standards and our Know-Your-Client policy.

12. Why do you need my email address?
Email is the primary way we communicate with you. We use your email address to inform you of when your account has been opened, to provide you with your login information and to send you your trading software.

Under the Unsolicited Electronic Messages Act 2007 we are obliged to inform you that by giving Velocity Trade your email address you are giving us permission to contact you in relation to other products and marketing material from Velocity Trade. If you do not want to receive this information, click unsubscribe at the bottom of the email.

13. If I don't allow you to send me marketing information, can I still open an account?
Yes, but you may miss out on information that would benefit you as a trader. We have no intention of bombarding you with irrelevant information, but under New Zealand law we need your permission to send you any additional information at all.

c) Depositing & Withdrawing Funds

1. How do I deposit funds?
Once you have opened a trading account, we will email you all the details of our client bank account. You can then simply do a bank transfer to deposit the moneysend a cheque, or deposit money at a bank branch. If you are using Terminal Velocity, you can also deposit money with your credit card, which is instant.

Click here to see how to deposit and withdraw margin funds 

2. How long will it take for funds to show up in my account so I can start trading?

  • Payments made by credit card will show up immediately.
  • Payments made in NZD from an ASB account or an AUD payment from a CBA account are processed intra-day and should be credited to your trading account in 2-3 hours.
  • Transfers from other NZ banks are transferred overnight and should show up in your trading account the next morning.
  • International transfers made via SWIFT can take one or more days for us to receive the cleared funds, depending on your bank and what correspondents they use. Your bank will likely charge you for this service, please check with them for a list of fees and charges.

We recommend funding your account by credit card so you can start trading immediately. Other forms of payment may mean a delay in clearing funds.

3. How do I withdraw funds?
You can make withdrawals direct from our website by submitting an online withdrawal form. By default, the funds will be transferred electronically to the bank account you have nominated. You can change your destination account and nominate a new bank account by completing this form. 

4. How much can I withdraw at any one time?
There is no maximum withdrawal amount and you can withdraw any funds not required for margining. Note that if you withdraw money from your account and leave insufficient margin, then your positions could automatically be closed out.

d) How Velocity Trade handles your money

1. How does Velocity Trade handle my money?
We adhere to stringent audited process for handling your money, to ensure security and accessibility. We operate a segregated fund accounts with major international banks where client funds are separated from Velocity Trade's working capital under Regulation 4(1) of the Futures Industry (Clients funds).

2. Where is my money held?
Your money is held in a client trust account with a major registered bank in the relevant countries we operate in. When you make a deposit, your money goes into the segregated funds account at a top-tier registered bank.

3. How does the segregated fund account work?
When you open a trading position, a margin for this transaction is deducted from the segregated funds account and posted with our liquidity provider for the duration of the trade. Profits or losses are credited to or debited from your Velocity Trade Client Account according to daily mark-to-market valuation of your position. Upon close-out of your position, any profit or loss is credited or debited from your Velocity Trade Client Account and the margin that was used for this trade is returned to your Velocity Trade Client Account.

4. How do I monitor the money in my Velocity Trade Client Account?
Via the Terminal Velocity or MT4 trading platforms.

In the Terminal Velocity platform, click on the Trading Terminal tab at the very top, then on the Accounts tab at the top left to view current account balances and to see detailed reports such as deposits and withdrawals. Click on the Reports tab at the top, select the type of report you would like to see, and then click Get Report.

In the MT4 platform, deposits, withdrawals and other account balances can be seen at the bottom of the screen by clicking on the Account History tab at the bottom of the page.

5. How does Velocity Trade hedge its positions?
Velocity Trade hedges every position directly in the market immediately when you do a trade. We never trade against clients and never run our own positions. This means we have no market exposure and there is no counterpart risk for you. This is the safest model for clients. Click here to find out more.

6. How does Velocity Trade manage its liquidity?
As we are regulated in New Zealand and Australia, we diligently apply the capital requirements of both countries. In addition, unlike many other brokers, we use external auditors to specifically monitor our compliance with capital requirements and report those to management and the New Zealand regulators. We make sure we have plenty of our own capital as surplus liquid funds at all times and have strict internal and external controls in place to make sure that these are monitored. Being part of the Velocity Trade International group means we have the backing of an international parent that is regulated by a number of global regulators, including the UK FSA. Unlike some brokers, we do not allow clients to run credit accounts, which helps protect other clients from one client’s default. These measures mean your counterpart risk is much lower than with many other brokers or providers.

e) Your Client Account 

1. Do I earn interest on the balance in my Client Account?
Yes. For the criteria to receive interest and the rate at which interest is paid, see our rates schedule. 

2. Do you pay interest on account balances?
Yes. For the criteria to receive interest and the rate at which interest is paid, see our rates schedule.

3. What about tax?
We cannot provide any tax advice. Tax implications are dependent on your personal circumstances and country of residence, and you should consult your accountant or tax advisor.

However, as a general guideline, profits from trading can be considered income and should be reported as such on your tax return. Some people trade using a company or a trust rather than as an individual which means any profits are charged at the company or trust tax rate, and any losses may be offset against your income in certain circumstances. In some situations, trading profits may be considered as capital gains instead of income, and taxed accordingly. You should consult your accountant or tax advisor to understand how this applies in your circumstances.

Trading margin FX and CFDs does not attract GST in New Zealand, so no GST or sales tax will be deducted.

If you receive interest from us for the balance in your account and you are a New Zealand resident, we are required to deduct Resident Withholding Tax (RWT) from the interest payments. If you provide us your IRD number, you can nominate the rate to apply.

4. What is annual household income?
Annual household income is the total amount of financial gain derived by all members of your household - from any source, including salary, investments, annuities and royalties.

5. What is net worth?
Net worth is the difference between the total value of all your assets and the total value of any debts that you owe. 

f) Trading Margin FX: trading terms & concepts defined

1. What happens when I am in margin call?
The trading platform will show the margin required for the positions you have open. When the amount of money in your trading account falls below the minimum margin level required for your positions, you are in margin call. This is shown on the platform and the platform will also send you a margin call email. However as markets move very fast this can happen very quickly and you may be at liquidation level before you have time to see the margin call email.

It is always your responsibility to make sure that you have enough margin in your account to cover your positions. If your account reaches zero - liquidation level - we may close some or all of your positions without further notice. If this happens, it will be at the current market price, which could mean significant losses for you. If you are in margin call you should immediately deposit more funds into your account or close some of your positions. Note that depositing funds can take time, and we can only accept cleared funds. If you are in margin call and you intend to deposit funds to your account, we advise that you call us to discuss how best to deposit funds. In many cases the only way to deposit funds very quickly is by using your credit card, as these are processed and cleared instantly. However you should try to manage your account so that you have enough surplus funds to avoid getting into margin call.

2. What does DMA mean?
DMA: Direct Market Access is a model where every trade made by a client is immediately passed into the underlying market. This is in contrast to a Market Maker model, where the provider or broker runs his own positions and may end up trading against you. DMA uses anonymous trading with no re-quotes, making it conflict-free and the most robust trading structure. Click here to learn more about DMA.

3. What is a market maker? 
Market makers have dealing desks that act as middlemen to a trade. They set prices that they show to customers that are not actual prices of the interbank market or real pricing of FX markets. They run their own trading book and may hold your order and trade against you by going short when you go long and vice versa, since they make profit when you make a loss. Click here to learn more about market makers.

4. What if my provider says they have no dealers?
A true DMA model will mean that there are no exceptions as to which trades are hedged. Make sure your provider runs a true DMA model and read the small print to ensure that your account is not excluded from their DMA service. 

5. What is stop hunting? 
Stop hunting is when dealers monitor your trades and in order to pull you out of a trade when the respective currency reaches your stop price, preventing you from profiting if the price rises again. The price they show you may in fact be different from that of the underlying market. 

If you have traded with a Market Maker then you may have experienced a stop being hit as soon as the price touches it, and wondered why a limit that is locking in profit seemed not to get hit even when the prices reached it. If a trade has moved in your favor and you try to get out of a winning position, they will often re-quote you.

6. What does it mean if an order expiry is set to be 'good till cancelled'?
The order remains active on the system until it is filled or cancelled by you.

7. How would you set an order to expire at a particular time?
By defining an order expiry time on the order entry screen.

8. What is a TP order?
A Take Profit order is an order placed to close your trade once it reaches a certain level of profit. When your take profit order is hit on a trade, the trade is closed at the current market value. Take profit orders are also sometimes referred to as limit orders.

9. What is an SL order?
A Stop Loss Order is an order placed to close your trade to prevent it from falling below a certain price level.

10. What does OCO mean?
A One Cancels the Other order is placed stipulating that if one part of an order is executed, the other is automatically cancelled. 

11. What causes rates to go indicative (grey)?
Your free margin ratio has fallen below the warn %.
This could be caused by:

  • a) increased MTM unrealised losses (due to adverse exchange rate movements against your own position),
  • b) position closeouts causing increase in realised losses and therefore a reduction in the cash collateral,
  • c) withdrawing cash from collateral balance,
  • d) rates from rates source being marked as indicative.

Account Administration Support

g) Technical Support

1. I've forgotten my password or my password doesn't work.
Simply call us and we will verify your identity by asking you the security question you selected in the account opening process and issue you a new password.

New Zealand: 0800 872 3464 (0800 TRADING)
International: +64 9 918 8800
Email: trading@velocitytrade.co.nz

2. I have not received my Velocity Trade client number and user name confirmation e-mail.
Your spam filters may have blocked our email. To avoid this, add 'admin@velocitytrade.com' to your address book. This will allow emails from us to get through. If you suspect this has happened, request a resend by us by phone on 0800 TRADING or by email to admin@velocitytrade.com.

3. I can't connect to the trading platform.
Are you trying to connect from home?

  • Check that your internet connection is running by starting a search in your web browser.
  • If you have anti-virus software (Norton, Kaspersky, AVG, MacAfee, etc.) installed or you are behind a firewall you could be denied access to the software. Please configure your firewall or antivirus to allow outside connections on port 443.
  • If you are connecting via a proxy server ask your ISP (Internet Service Provider) for help in configuring the proxy.
  • Ensure no P2P or other bandwidth intensive software is open as these can cause unexpected disconnections.

Are you trying to connect from the office?

  • Your office may be blocking connections on the ports required by the trading platform so you may need your network administrator to open port 443 and give you access.
  • Your company may be running a proxy server, ask your IT support team to help you configure the proxy.
  • If none of the above work, try connecting from home first.
  • Are you trying to connect via mobile application (laptop)?
  • Check the speed and reliability of your internet connection. The trading platform needs a good connection as it streams live prices. You can use 3G wireless internet connections, such as Vodems, but reception can be poor in some areas which may affect the trading platform. Speak to your ISP about this.

4. My connection with the server has been lost.

  • Please close the window and log in again.
  • Please note that you cannot log in more than once at the same time with one login as a security measure. The original screen you had opened may not have been totally disconnected and the server may still think you are logged on. The simplest way to solve this is to restart your computer.

Global currency transfers

a) How it works

1. How does Velocity Trade transfer my money around the world?
We transfer your money around the world using our LatitudeGT money transfer platform. This platform is connected to some of the world’s largest banks to which we are linked, that provide you with top security and with the best exchange rates when transferring your money. The platform works like a bank’s transfer system in that you deposit the money you would like to transfer into a Velocity Trade account and the money is then sent to the bank account that you have nominated. Our system is efficient so we can absorb any transfer fees to transfer the money to us and those that banks typically charge for international transfers, nor do we apply a large mark-up to the exchange rate.

2. Who should use the LatitudeGT platform?
Anyone who needs to transfer money to a bank account in another country can benefit from using the services we offer. Our clients include large multi-national corporations, together with, small businesses who need to pay offshore suppliers. Clients also include individual expatriates sending money back home, international homeowners, and international students. Whether it's a small amount of money transferred frequently or a larger one-off transaction, you're better off with our LatitudeGT platform. * Minimum transaction size is NZD$4,000 or equivalent in other countries.

3. Why is Velocity Trade better than a bank?

  1. Cheaper Banks typically make money from global transfers by charging large transfer fees, and adding a hefty margin to the exchange rate they offer you. Velocity Trade charges no direct fees and applies only a very small margin on the exchange rates we offer you, which means you save money.
  2. Easier and faster Our online system makes it a lot easier and a lot faster for you to make global transfers.
  • Standard bank experience: Wait for the bank to open, fill out multiple forms and stand in line or keying your way through the bank's automated phone system and being told how much they value your call while you wait on hold indefinitely. It can take you up to an hour or more to finalise one simple currency transfer transaction.
  • The Velocity Trade experience. Go online at your convenience, pick the currency and book a transfer in a few easy steps. The entire process usually takes less than two minutes, and once it's complete you can track its progress online at any time.

4. How does the LatitudeGT platform work?
Transferring money around the globe should be as easy as making a booking at a restaurant. With LatitudeGT, it is. Once you've set up your account with us, you can go online anywhere and anytime, enter your username and password and book a transfer in four easy steps.

1. Choose the rate you get when the rate is best! When the platform is showing a favourable rate, click Accept to lock it in or put in an order with us to execute your transfer when a certain rate you want is acheived.

2. Then set up the transfer by telling the LatitudeGT platform what you're sending, where it's going, who it's going to and the platform.

3. Send the money to our Velocity Trade account- based on which currency you are transferring, the LatitudeGT platform will tell you which of our on-shore accounts to send your money to (at no cost).

4. When we receive your money in our account, we immediately transfer it to its destination as previously specified by you (at no cost), and the money is received at its final destination!

We monitor the transactions to ensure security and we can assist you in executing any of your transactions. We confirm all your transactions by e-mail or online as well as you can track the progress of your transactions online in real time.

See more about how it works here

b) Getting started: opening a LatitudeGT account

1. What do I need to do before I can make a currency transfer?
To make a currency transfer, you need to first set up an account with us. 

  1. You must have read, understood and agreed to the Currency Transfers Terms and Conditions of the Velocity Trade: 
    Product Disclosure Statement (Physical)
    Financial Services Guide
    Client Agreemennt
  2. You must complete the online LatitudeGT application including providing us with your Proof of Identity and Proof of Address and have had a brief discussion with a Velocity Trade Client Service Representative, either by phone or in-person.

 2. How do I set up an account?

  1. Online form. Click on the Open Account button and follow the instructions to complete the online application form including uploading one copy of proof of identity (driver's license, passport) and one copy of proof of address (utility or phone bill). It shouldn't take you more than 5 minutes but please take care to fill in the form as accurately as possible, as this will enable us to process your application more efficiently.
  2. Identification. Once we have received your application and documents of identification, we will call you to discuss with you your individual requirements in order for us to satisfy our Know-Your-Client policy for the safety of both the client and of Velocity Trade. 
  3. Confirmation. Once approved as a Velocity Trade client, you will receive an email and/or a call from a Velocity Trade Client Service Representative to help you get started. We will also provide you with your username and password which gives you secure access to the LatitudeGT - Global Transfer platform.

3. What information and documents are required to open an account?
If you are opening an account, you will need to provide a copy of two forms of identification:

  • Proof of identity (e.g. drivers licence, passport)
  • Proof of residential address (e.g. phone bill, utility bill)

4. How long will it take once I submit my form to have an account?
Normally within 24 hours from receipt of ID & proof of residential address.

5. When can I start making transfers?
Once your ID is confirmed and your Velocity Trade Client Service Representative has processed your account opening form, you can start transferring funds immediately.

6. Why do you need so much information about me?
We are required by law to ensure we know enough about you to ensure the products and services we offer you are appropriate. We are also governed by Anti-Money Laundering and Counter Terrorism Financing Regulations that require us to precisely identify you before opening your account.

7. Why does Velocity Trade need so much information about payees?
A payee is a bank account in which you are sending money to. We ask only for the minimum information we need in order to ensure we can perform the transfer efficiently and to fulfill our legal obligations.

8. Why do you need my email address?
Email is the primary way we communicate with you. We use your email address to tell you when your account has been opened, to provide you with your login information and to send you your trading software. Under the Unsolicited Electronic Messages Act 2007 we are obliged to inform you that by passing us your email address you are giving us permission to contact you in relation to other products and marketing material from Velocity Trade. If you do not want to receive this information click un-subscribe at the bottom of the e-mail.

9. Why do you need my telephone number?
To give you great service. If you phone us from one of the numbers you provide, our system will automatically bring up your file, so the person you speak to will be ready to help you. This also gives us another point of contact to discuss urgent requirements, should it be necessary.

10. If I don't agree to allow you to send me marketing information, can I still open an account?
Yes, you can still open an account, but you may miss out on information that is beneficial to you. We have no intention of bombarding you with irrelevant information, but under New Zealand law we need your permission to send you any additional information at all. 

c) Making a global currency transfer

1. How much does it cost to make a currency transfer?
We charge no fees to execute your transfer or to run your LatitudeGT account. Our costs are covered by the small margin that is placed on the exchange rate we offer you.   

2. What is a margin?
Velocity Trade has access to wholesale interbank pricing which provides us with the most competitive exchange rates around that we then offer to you. Our revenue comes from a small margin that is applied to the exchange rate depending on the size of the transfer and the currency pair. The margin we apply is on average about 0.3% which is much smaller than the margin applied by banks which is about 2.5%. Our online platform allows us to operate efficiently with little overhead which is how we are able to execute international money transfers at such low costs and pass these savings on to you.

3. Is there a monthly fee or any other fees?
There are no monthly fees or any other fees; once the funds are within our network there are no fees charged by Velocity Trade.

4. Is my money safe with Velocity Trade?
Yes. In order for us to deliver the money you want to transfer; you must first deposit the required funds in to your Velocity Trade client account. We've established the best possible system for handling your money, providing both security and accessibility. Your account can only be used by us to exchange currencies, and only in accordance with your instructions. Read more on how we handle your money here

5. Can I send money to my own bank account in another country?
Yes. You simply have to set up your overseas account as a payee.

6. How long do transfers take?
The time it takes to complete a transfer depends on the banks around the world that process it. Generally speaking, transactions during business hours will take 2-3 business days from when you send us your funds. We can't guarantee transfer times so we do advise our clients to set up transfers well ahead of any deadlines. See more on tracking your currency transfers here

7. Can I set up urgent transfers?
Velocity Trade does not offer urgent transfers at this time. We may be able to facilitate a faster transfer than normal but it will rely on you getting your cleared funds to our account as soon as possible.

8. What happens if I make a mistake when I make a deal?
Our system has been designed to minimise the chance of making a mistake. You'll always be prompted as to whether to accept or decline the exchange rates we offer you. When you accept, however, you enter into a binding contract. If you make a mistake you will then need to make an equal and opposite deal to cancel the mistake. If you have any further questions please contact us. For full details and further explanation please refer to our Currency Transfers Product Disclosure Statement (Physical).

9. Can I also do currency transfers by phone?
With Velocity Trade, the choice is yours. You can trade online or over the phone during opening hours, all at the same great rates, and of course with no fees.

10. Can I get a third party to deposit the funds required to make a transfer?
Yes. We require you to confirm the third party that will be depositing funds on your behalf; and according to our Know-Your-Customer policy, we require the third party to provide proof of identity and proof of residential address. 

11. In which currencies can Velocity Trade arrange my transfer?
We offer all commonly traded currencies. For a full list see what we offer.

d) Depositing & Arrival of Funds 

1. How do I deposit funds?
Once you have opened an account and put through a deal for a currency transfer, the LatitudeGT platform will inform you of which of our bank accounts to transfer your funds to. This bank account will depend on the currencies in which your deal is made. You can transfer your money to this account by doing a bank transfer, sending a cheque or depositing money at a bank branch. Learn more

2. When will payment be transferred?
Once your money has been received at our Velocity Trade bank account it will then be transferred via SWIFT to the receiving bank account as nominated by you.

3. How do I know when Velocity Trade has received my money?

  • Payments made in NZD from an ASB or BNZ account or an AUD payment from a CBA account are processed intra-day and should be credited to your trading account in 2-3 hours.
  • Transfers from other NZ banks are transferred overnight and should show up in your trading account the next morning.
  • International transfers made via SWIFT can take one or more days for us to receive the cleared funds, depending on your bank and what correspondents they use. Your bank will likely charge you for this service, please check with them for a list of fees and charges.

4. How long will it take to make the global currency transfer?
In our experience, most payments take 2-3 business days to be transferred. NZD and AUD transfers can take less, sometimes with overnight arrival. We cannot guarantee exact transfer times as transfers are made overseas by various banks and so the exact arrival of your funds is determined by the speed and relationships of the two banks involved in the currency transfer. We recommend that you set up transfers well in advance of any payment deadlines to ensure timely arrival of your funds.

5. How do I know when the payee has received my transferred funds?
If the final receiving account is an account held by you, simply check your receiving account to see if the funds have arrived. If the final receiving account is an account not held by you but instead held by another person or company, and the funds have not been received after 3 days, please have someone contact us please call us at +64 9 918 8310 or email at admin@velocitytrade.co.nz and we will locate your funds immediately. 

Learn more about tracking my money transfer here 

e) General questions about foreign exchange

1. What is a Foreign Exchange contract?
A foreign exchange contract (also referred to as FX or Forex) means a contract to buy or sell currency or to exchange one currency for another by simultaneously buying one currency and selling another. The foreign exchange market, where foreign exchange contracts are traded, is the largest financial market in the world, and is central to cross-border transactions and country-to-country business.

2. Who are the participants in the FX market?
The FX market has historically been dominated by the banks, including central banks, commercial banks, and investment banks. However, the number of other participants is growing rapidly, and now includes large multinational corporations, global money managers, futures and options traders, and private speculators. Velocity Trade gives you and your business the ability to be a participant in this market too. With tight pricing and zero fees, Velocity Trade gives you access to our great exchange rates for all your Forex requirements.

3. When is the FX market open for trading?
The FX market trades 24 hours a day from Monday 7.00am NZT 5.00am AEST to Friday 5.00pm New York time.
FX trading begins each day in Australia/New Zealand, and moves around the globe as the business day begins in each financial centre: first to Tokyo, then London, then New York. Unlike other financial markets, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night. Velocity Trade's online trading hours are slightly varied between summer and winter months. Opening hours are Monday NZT 8.00am (6.00am Sydney) to Saturday NZT 11.00am (9.00am Sydney).

4. What factors determine currency prices?
Currency prices, also known as exchange rates, are affected by a wide variety of economic and political conditions. The most important factors are interest rates, inflation and political stability. Due to their relatively small economies, Australia and New Zealand have difficult markets in terms of liquidity, so spreads and volatility may be significant during these sessions. Any of these factors, as well as large market orders, can cause high volatility in currency prices. However, the size and volume of the FX market makes it impossible for any one entity to affect the market significantly for any length of time.

5. How often do currency prices change?
In the foreign exchange market, exchange rates change continually. Traditionally, however, money transfer companies - banks included - set their exchange rate only once a day, adding a large margin on what they pay to cover any price movements that occur during the rest of the day. By contrast, Velocity Trade's exchange rates are live, fluctuating on a real-time basis throughout the day, reflecting the underlying market activity. So, to make a transaction profitable to us (and cover our costs) we only need to apply a small margin to the rate in the underlying market at the minute you transact. You reap the benefits.

6. What kind of global transfer deals does Velocity Trade support?

Spot - buying a foreign currency at a rate being offered now, for immediate transfer. You then have up to two days to settle (pay the full amount) at this rate. Once cleared funds are received, the transfer process will be initiated.

Forward - buying foreign currency at a rate offered now, but to be transferred at a later date. In this case you are normally required to make partial payment (typically 10%) within two days, and then pay the remainder at the time of transfer. However, if there is an adverse movement in the value of your outstanding forward contract, your pre-payment or deposit may need 'topping up' before the transfer date. We will contact you in this event, if you have any further questions please contact us.

7. How are forward rates calculated?
The forward exchange rate is calculated by using the current exchange rate and interest rates for the two currencies and the time or length of the contract. The forward exchange rate is a function of the current exchange rate and interest rates of the two currencies involved and is not a forecast of the future direction of the exchange rate.

f) Technical Support: LatitudeGT

1. I've forgotten my Latitude GT password or my password doesn't work.
Simply call us and we'll verify your identity by asking you the security question you selected in the account opening process and re-issue you a new password.

New Zealand: 0508 287 736 (0508 CURRENCY)
International: +64 9 918 8312
Email: admin@velocitytrade.co.nz

2. I have not received my Velocity Trade client number and user name confirmation e-mail.
Your spam filters may have blocked or filtered out our email. To avoid this, add 'admin@velocitytrade.com' to your address book which will allow emails from us to get through. If you suspect this has happened, request a resend from us by phone on 0508 CURRENCY (0508 287736) or by email to admin@velocitytrade.co.nz.