Veracity Markets Minimum Deposit
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IMPORTANT NOTICE: Veracity Markets have been issued by the FSCA to immediately cease conducting any new business. Until further notice by the FSCA, clients can’t join Veracity Markets. We recommend you to sign up with the Top Traders Choice Broker below:
In 2020, Veracity Markets was established in Cape Town and Sandton as a private South African company. The company acts as an execution-only intermediary and uses regulated liquidity providers to clear its clients’ trades. Let’s dig out further about Veracity Markets minimum deposit.
This broker deals with both South African and international traders. Currently, the company provides the best service to more than 300,000 trading accounts worldwide.
Veracity Markets offer dynamic leverage: its value automatically changes in correlation with the used margin and volume of trading of a financial instrument.
The margin percentage also increases as the trading volume increases according to the dynamic value of leverage. Our clients can choose from a wide range of trading accounts with floating spreads ranging from cent accounts to ECN accounts.
All accounts require a $250 minimum deposit.
There are 12 different currencies active traders can choose from when setting up their trading accounts. Money will be transferred to your trading account within a short time frame after you deposit money into your trading account.
Several types of payments are available, but electronic payments are the fastest since they occur instantly.
As an active trader, Veracity Markets’ two-step verification process will be worthwhile both in terms of your time and dollars. But, first, you must complete the deposit order, which is the primary step of the two-step process.
Next, our support team will eventually send you an email or call to confirm your deposit order. Finally, verify that you have placed the deposit order and own the trading account.
The process of fully withdrawing funds from Veracity Markets is the same as depositing funds. You will not be charged a fee for withdrawal requests processed within 24 hours.
You have the option of choosing from 12 different currencies when you use Veracity Markets as a trader, in addition to several payment methods.
Veracity Markets will require you to complete additional verification during the withdrawal request and verification process. Veracity Markets will confirm your withdrawal request via email or by phone.
What is the minimum deposit?
|Fees for Withdrawal||None|
|Fees for Deposit||None|
|Account Base Currencies||USD, EUR, JPY, NZD, CHF, GBP, AUD, NOK, CAD, ZAR|
$250 is the total minimum deposit.
The following methods can be used for deposits: Skrill, as well as First National Bank, Neteller, or the ABSA. According to the legal documentation and website, these funding methods differ from those supposedly offered as payment gateways.
It is advisable to process all deposits right away, except those made through a bank. You may have to wait up to almost three days for the bank deposits.
ZAR, KWD, and USD, and GBP are the four base currencies.
Deposits do not incur any fees.
Do veracity markets charge any deposit fees?
Veracity Markets charges trading commissions and non-trading commissions based on the detailed analysis of its account terms. The broker only charges you spread as a trading commission on Fixed, Standard, and Standard Cent accounts.
A commission per lot is also charged on the ECN account, but only for forex and metals trading. It is $3.50 for opening trade and $3.50 for closing it.
Deposits and withdrawals to South African bank accounts at Veracity Markets are free of charge.
Skrill and Neteller withdrawals are subject to a 2% fee. Inactivity fees, account fees, and platform fees do not apply.
What are funding methods used for deposit and withdrawal?
There are five ways to fund the account: First National Bank, ABSA Bank, Ozow Instant EFT, Skrill, Neteller, and Bitcoin. Unfortunately, payments cannot be made directly to the account.
With Veracity Markets, no withdrawal fees are charged, and no minimum withdrawal amount is specified. However, after three months of inactivity, an account becomes dormant and is subject to a 50 USD quarterly fee.
There are currently no bonuses available. However, three different partnership programs are available- Introducing Broker (IB), Multi Account Manager(MAM), and White Label.
Why should you trade with the veracity market?
Broker Veracity Markets provides a wide range of trading assets to its clients in South Africa.
There are many assets to trade (majors, crosses, exotics), CFDs on 150 stocks, precious metals (gold, silver, platinum, and copper), commodities, and cryptocurrencies with dynamic leverage.
You can trade nine popular stock indices through this broker, including the NASDAQ 100, the USA 500, and the France 40. Besides automated trading and scalping, Veracity Markets allows you to hedge your positions.
Figures on Veracity Markets:
- There are more than 250 trading instruments.
- There are 50 languages on the website.
- A total of 8 live account types are available.
- Demo accounts come in ten types.
- Four account currencies.
Comparison of veracity markets minimum deposit with other brokers
Comparison table of eToro minimum deposit with other brokers is discussed in detail below:
|Features||Veracity markets||IG Markets||Plus500|
|Account Currencies||USD, EUR, JPY, NZD, CHF, GBP, AUD, NOK, CAD, ZAR||EUR, GBP & USD||USD, EUR, AUD, ZAR & GBP|
Which currencies can you use to deposit in veracity markets?
Customers of Veracity Markets can choose 12 different currencies for their accounts. The currency you select for your account base currency will be used to convert deposits and withdrawals.
There are around 12 base currencies which you can choose for the deposit, which are: USD, EUR, JPY, NZD, CHF, GBP, AUD, NOK, CAD, ZAR
Different account types in veracity markets for trading
- Standard Account
- Fixed Account
- ECN Account
1. Standard Account
Standard Accounts need a minimum deposit of 250USD to open, which is the first type of trading account. After that, trading with MT4 will allow you to access floating spreads as low as 1.6 pips, and you won’t be charged any commissions.
There is no limit to the number of open positions for the Standard Account, with a maximum leverage level of 1:500. Trading with Expert Advisors (EAs) can be done using the MetaTrader4 platform.
2. Fixed Account
The Fixed Account requires a minimum deposit amount of 250 USD as well. You’ll discover that floating spreads start as low as 2 pips, and there are no trading commissions.
You can open unlimited open positions with the Fixed Account, with a maximum leverage level of 1:500. In addition, a Swap-Free Account and Expert Advisors (EAs) can be used with the MT4 trading platform.
3. ECN Account
ECN accounts require a minimum deposit of 250 USD and are the third type of trading account. Starting at the 0.0 pips, floating spreads are also available.
If you trade with Forex and Metals, you will be charged a commission of 7USD per lot. Additionally, this forex trading account does not offer the option of having a Swap-Free account. But you will be able to fully trade with 55 currency pairs and the two significant metals.
A quick detail about veracity markets fees & commissions
You can trade in the Veracity Markets without having to at all worry about any hidden fees or extra charges. There are no non-trading fees, so you won’t have to worry about them. You’ll have to pay commissions based on the lot size when you open an ECN Account regarding trading fees.
You will learn all about the fees you will be charged and the non-trading fees you need to consider in this Veracity Markets review.
Floating spreads are available on their three live trading accounts at the Veracity Markets. In this way, a trader will be impacted by the market volatility. In contrast, ECN accounts have then spread that start from the ratio of 0 pips.
Spreads start at 1.6 pips on their Standard Account and 2.0 pips on their trading Fixed Account. In addition, standard Accounts and Fixed Accounts will not charge you commissions.
However, trading with Forex and Metals with an ECN Account will cost you 7USD per lot.
What is the processing time of deposit & withdrawal with veracity markets?
Once your international wire transfer has been processed within our 24 – 48 hour processing window, it typically takes 5 – 10 business days for it to reach your bank account.
Withdrawals made with Credit / Debit Cards are free of charge. It may take up to 10 business days for Credit/Debit Card withdrawals to reach your account. However, please be aware that in rare instances, this can sometimes take up to 10 business days, depending on your bank.
Withdrawals from Neteller, Skrill, and AstroPay must be made to the same account from which they were sent. Upon processing within 24 – 48 hours, these transactions are free and instant.
Purchasing from your bank account is free of charge and takes between 24 and 48 hours to be processed. However, it may take up to one business day for it to be cleared to your nominated bank account, depending on your bank.
Skrill accounts funded with bitcoin deposits, or bitcoin withdrawals can incur extra fees. The funds must be verified three times on the BTC network after processing within 24 – 48 hours via BTC to reach your BTC wallet.
You will need to use another deposit method you have used in the past or a bank wire transfer option if you plan to withdraw an amount greater than the amount deposited using Verified by Visa / MasterCard Secure Credit/ Debit Card.
What else do you need to know about veracity markets?
During the London session, the EUR/USD spread on demo mode ranged from 1.6 to 2.2 pips, which isn’t too bad but larger than its European competitors.
Forex brokers regulated by CySEC and FCA will often offer EUR/USD spreads as small as 0.1 during London and New York sessions.
With Veracity Markets, you can adjust the leverage up to 1:500, according to your preferences. Using such an insane ratio is very risky for your funds. A 1:500 ratio is gambling, not trading.
With Veracity Markets, you can choose from Standard, Fixed, or ECN accounts. ECN accounts differ from traditional accounts in terms of leverage, but leverage is the same regardless of account type.
It is said that the spread is 0.00, which is, in fact, a prevalent and seen difference in an ECN environment. A 7$ commission per lot is charged.
24/7 customer service in veracity markets
The customer support team at Veracity Markets is available 24/7, 7 days a week. Several methods are available for contacting them. Their contact information includes an email address, a message board, a live chat window, and two different phone numbers.
This Veracity Markets review will show you all the different ways to reach Veracity Market’s customer service.
Customer service is one of the best features of Veracity Markets, where you can contact them any time of day. It is possible to get them in several ways, and they usually respond quickly.
The staff will answer any questions you have and will guide you until you are satisfied with the outcome.
1. Veracity Markets: Is it a scam?
Not at all! The platform is not a scam, even though Veracity Markets is a new player in the trading industry. The FCSA regulates it. It ensures that funds belonging to clients are kept in separate accounts from those belonging to the company.
2. Is there a Veracity Markets demo?
With Veracity Markets’ MT4 web-trader, users can learn to trade using a demo account. Before funding an account with money, traders can first-hand experience trading on the platform.
3. What is the bonus agreement for Veracity Market?
To qualify for a 100% deposit bonus, users must deposit a minimum of R2000. Profits can be withdrawn as well as the bonus.
4. What is the minimum deposit at Veracity Markets?
Veracity Markets requires a minimum deposit of $250.
Founded in place of South Africa in 2020, Veracity Markets is offering great and reliable Forex trading services. Non-trading fees are practically non-existent, and there are no such restrictions on the deposits and withdrawals.
Several types of forex trading accounts are available, including the Standard Accounts, Fixed Accounts, and ECN Accounts. To get hands-on experience, you also have the option of using the Demo Account that anyone can use free of charge.
Furthermore, they offer a 24/7 customer support service with multiple languages and different communication methods. All in all, Veracity Markets is a decent Forex broker with great potential.
Jason Morgan is an experienced forex analyst and writer with a deep understanding of the financial markets. With over 13+ years of industry experience, he has honed his skills in analyzing and forecasting currency movements, providing valuable insights to traders and investors.
Forex Content Writer | Market Analyst