Veracity Markets Broker Review

In 2020, Veracity Market was founded as an online forex trading platform. The South African-based platform aims to empower clients by improving their confidence in trading, regardless of their experience level. In addition, veracity Market has a trader-focused platform built to facilitate the market-navigation process.

Veracity Markets does not doubt at the moment a lot going for it. However, since the company still has a short track record, investors may be concerned about its functionality or security. The company, however, claims the products it offers are of the highest quality.

Veracity Markets aims to become the one-stop shop for trading across a wide array of financial instruments with multiple types of trading accounts and a wide assortment of trading pairs.

With Veracity markets, traders have access to MT4 trading platforms via mobile, desktop, and web. It is a South Africa-registered and incorporated company. The registered number is 2018/515174/07. The company is the appointed representative of Nirvesh Financial Services (Pty) Ltd (Reg.No:2014/214417/07).

You can find our transparent Veracity Markets review below. Broker reviews are updated frequently!

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Regulation

Upon obtaining their license and observing the Financial Sector Conduct Authority regulations in South Africa (FSCA), Veracity Markets, Pty Ltd became a regulated financial service provider in South Africa. In June 2022, FSCA closed Veracity markets until further notice. So the question is, what happened with Veracity Markets? They were instructed by the FSCA to immediately stop clients from signing up and executing trades and withdrawals. The operation has been put on hold until the FSCA instructs otherwise.

As the highest financial regulator in Africa, the Financial Sector Conduct Authority of South Africa supervises all non-banking financial services, including brokerage firms.

Reliability

Trading accounts at Veracity Market are protected from negative balance, meaning that if your capital drops, Veracity Market will refund you. Furthermore, Veracity Markets hold clients’ funds in separate accounts, separate from the company’s funds. AML audits are also conducted regularly by Veracity Markets as proof that they adhere to their policies.

Tradeable products

Among the benefits of using Veracity, Markets is accessing a wide range of financial instruments. The classes of financial instruments include:

Metals

The users of Veracity Markets can trade various precious metals and materials. Minerals such as gold, silver, palladium, crude oil, and petroleum belong to this category.

Silver and gold can be traded online on Veracity Markets without requotes. The markets are extremely liquid, which makes buying and selling possible right away. Additionally, you may use a single account to go long or short on an asset.

Indices

Generally speaking, indices are representations of a wide array of stocks in a specific sector of the market. In addition to providing excellent diversification opportunities, index trading also enables traders to capture changes in a group of stocks.

There are several top stock indices available on Veracity Markets. Among them are the NASDAQ 100, France 40, and the UDA 500. In addition, the platform offers leverage of up to 1:500, meaning that you can maximise your profits with leveraged trading.

Derivatives

Forex traders use Veracity Markets’ derivatives trading service to trade currencies any time of the day. There are several benefits to trading with Veracity Markets, including access to over 55 trading pairs (including major assets, crosses, and exotic pairs).

Trades can be made 24 hours a day, and you won’t receive requotes on trades either. You also benefit from leverage up to 1:500 on indices. In addition, you will not be charged with hidden fees or extra charges for your account, and you will have access to a 24-hour market that is available at all times.

Account Types

Three types of accounts are available on Veracity Markets. They include:

• Standard Account
• Fixed Account
• ECN Account

Several facets determine which account type to choose – including spreads, recommended deposits, trading platforms, order volume, and so on. Veracity Markets also provides demo accounts for beginners to try out the platform before committing. Listed below are the differences between the three platforms available:

Account Type/Parameter	Standard Account	Fixed Account	ECN Account
Recommended Deposit	$250	$250	$250
Spreads	1.6 pips	2 pips	0 pips
Commissions	0	0	$7 per lot on Forex and metals only
Swap Free	Available	Available	Available

There are some similarities between the accounts as well. Here are some of them.

• Leverage is limited to 1:500
• The order value ranges from 0.01 to 250 (lot).
• Trading is supported on the MT4 platform
• Open positions without Limit
• Expert advisors are available to you
• All accounts are eligible for market execution

Account Currencies

Veracity Markets offers its customers 12 different options for account base currencies. Your deposits and withdrawals will be converted to the account base currency you select.

You have the choice of 12 base currencies:

• USD
• EUR
• GBP
• AUD
• NZD
• CHF
• ZAR
• JPY
• CAD
• NOK

Trading platforms

In Veracity Markets, you can choose one type of trading platform, MetaTrader4, the most common trading platform worldwide. The free, open-source software can be run on any computer and mobile device, suitable for novice and experienced traders.

MetaTrader4 comes with a variety of platform options that you can access with this Veracity Markets review.

Web Trading Platform

There are four pending orders on the MetaTrader4 web trading platform: Buy Stop, Sell Stop, Buy Limit, and Sell Limit. There is no doubt that these are the four most fundamental and essential kinds of orders.

MT4 web trading platform Veracity Markets does not have two-step authentication due to its lack of that option. In addition, you will be able to get a detailed analysis of your trading history. This includes past trades, fee reports, and trading portfolios.

Desktop Trading Platform

There are four pending options on the MetaTrader4 desktop platform, and those four options are the most important and most basic of any trading platform. Among the pending orders are these: Buy Stop, Sell Stop, Buy Limit, and Sell Limit.

Unfortunately, you will not be able to find a two-step authentication process. Therefore, your responsibility is to ensure your funds and personal information are protected only by the initial login process. However, the desktop trading platform is capable of scalping and hedging and Expert Advisors (EAs).

Mobile Trading Platform

MetaTrader4 provides its mobile traders with four types of pending orders: Buy Stops, Sell Stops, Buy Limits, and Sell Limits.  Mobile applications like this are good for traders who love to trade on the move rather than at a fixed location.

You will not use a second login method such as facial recognition or fingerprint recognition with Veracity Markets MT4 mobile application. Instead, you will need to log in to the account using your username and password. To compensate, you can always view your performance history, including past trades and portfolios, fee reports, and trade history.

Spreads and Commission

Due to the floating spreads of Veracity Markets’ live trading accounts, you will be affected by fluctuations in the market. In contrast, ECN Accounts have spreads that start at zero.

Spreads for the Standard Account start from 1.6 pips, while for Fixed Accounts, they start at 2.0 pips. In the Standard and Fixed Accounts, you will not be charged commissions. In the case of the ECN Account, the standard trading fee is 7USD per lot for items such as forex and metals. The spreads on major currencies for the standard account are as follow

Average Standard Account Spreads on Majors

• EUR/USD: 2.3
• GBP/USD: 2.6
• USD/JPY: 2.2
• AUD/USD: 3.1

Fees

You can trade with Veracity Markets without having to worry about hidden fees or charges. Non-trading fees are not charged, so you won’t have to worry about them. However, the ECN Account will have commissions per lot that you need to consider regarding trading fees.

We have provided all the fees associated with Veracity Markets as well as non-trading fees you’ll need to consider in this Veracity Markets review.

Non-Trading Fees

Veracity Market doesn’t charge fees for deposits and withdrawals. There are also no hidden fees or charges associated with transactions. Inactivity fees apply, however, if your account has been inactive for more than a year.

Deposit & Withdrawal

For their trading account, active traders have a choice of 12 different currencies from which to choose. When you deposit money into your trading account, there will not be a deposit fee, and the money will be transferred within a short period. Several types of payments can be made, but electronic payments are the fastest because the transaction takes place instantly.

The two-step verification process, which Veracity Markets offers, will be worth both your time and dollars as an active trader. You must complete the first step of the two-step verification process, which is the deposit order.

The second step is an email or phone call from our support team confirming your deposit order. Ensure that you have indeed made the deposit order and are the owner of the trading account.

In Veracity Markets, withdrawing funds is the same process as depositing funds. Withdrawal requests are processed within 24 hours, and you will not have to pay a fee. You can choose from 12 different currencies when you use Veracity Markets as a trader, as well as several payment methods.

Veracity Markets will require you to do additional verification during the withdrawals request and verification process. Initial confirmation is via email or by phone to confirm your withdrawal request.

Education and research

You can access various educational resources through Veracity Markets, including how-to guides, videos, and a Demo Account. Veracity Markets is covered here in a variety of ways.

These resources are helpful and provide sufficient data on Veracity Markets, but they are approached differently. This section can find all the options available to you as educational resources to better understand this Forex platform.

Customer Service

Veracity Markets’ customer service is available 24 hours a day, 7 days a week to all active traders. Their phone number can be reached through several means. Their contact information includes a phone number, email, message board, live chat, and two different addresses.

You’ll learn all the different ways to contact Veracity Markets customer support during this Veracity Markets review.

A great feature of Veracity Markets is the customer service, where you can get in touch with them at any time of the day. Several ways of contacting them are available, and they normally respond quickly.

The staff will answer any questions you may have, who will guide you step-by-step until you are satisfied with the results.

Bonuses and promotions

New and existing customers can receive a 100% bonus at the Veracity market. In contrast with other forex trading brokers, Veracity markets allow withdrawals of both bonuses and profits. To unlock this bonus in writing, you need to open a live trading account and deposit a minimum of R2000.

Your account will automatically be credited with the 100% bonus once your deposit has been confirmed. Market bonuses are available to Standard Accounts only for USD and ZAR.

No Deposit Bonus

The regulated broker offers no no-deposit bonus. Instead, it provides a demo account, so you can learn to trade.

A maximum of 200 positions can be opened simultaneously, and users can also watch the price movement in real-time, like when trading live. Furthermore, Veracity Markets provides users with a whopping $10,000 for learning purposes.

Broker FAQ

Thinking of Trading with Veracity Markets?

How Long Do Veracity Markets Withdrawals Take?

The withdrawal process in Veracity Markets is completed within 24 hours, and the withdrawal is received within 2 business days.

What Is The Minimum Deposit For Veracity Markets?

All three types of trading accounts require a minimum deposit of 250USD or the equivalent in other currencies for the Standard, Fixed, and ECN accounts.

What happened to Veracity Markets?

All Veracity clients have the same question on their minds, what happened to veracity market? The FSCA closed down Veracity Markets until further notice.

Our Verdict

Since its founding in 2020, Veracity Markets has been a Forex trading broker in South Africa. The FX broker represents Nirvesh Financial Service Pty Ltd, a regulated Financial Services Provider per the Financial Advisory and Intermediary Services Act No. 37 of 2002 – FSP4401 under the Financial Advisory and Intermediary Services Act. The funds that you deposit with Veracity Markets are held in segregated accounts.

A Standard Account, a Fixed Account, and an ECN Account are among the different trading accounts available. In addition, you may use the Demo Account, which is offered free of charge to anyone, to get hands-on experience and learn with a practical approach.

They also offer 24/7 customer support in multiple languages, as well as multiple methods of contact.

Bottom line

In summary, Veracity Markets are a highly regarded Forex broker and an up-and-coming brokerage firm with great potential. You won’t have to worry about any fees other than those associated with trading, and there will be no fees to consider on deposits or withdrawals. With its easy and convenient trading platform, Verasity Markets is highly acceptable among traders of South Africa.

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