Veracity Markets Review

Online access to trading Forex and CFD instruments has been provided by Veracity Markets since 2020. Traders from African countries are focused on by the broker, although clients from all over the world are accepted. 250+ instruments for trading, a variety of accounts, 24-hour support, and popular trading platforms MT4 and MT5 are offered by the broker. The operation of Veracity Markets is regulated by the Financial Sector Conduct Authority (FSCA, 49924). So, in this comprehensive review, whether Veracity Markets would be summarized as a trustworthy broker or not will be discovered!

What is Veracity Markets?

Veracity Markets is an online broker for Forex trading. It provides over 250 trading instruments across different types of assets like Foreign Exchange, precious metals, energies, equity indices, stocks, and more. Established in 2020, the company is operated under the authorization and regulation of the South African Financial Sector Conduct Authority (FSCA), which makes sure it follows the rules. Also, the broker offers its services to clients across the African region, serving a larger area.

According to our research, Veracity Markets is a good choice for traders of all skill levels because it offers competitive trading services and a variety of trading account options.

🏢 Headquarters Cape Town, South Africa
📅 Year founded 2020
🗺️ Regulation FSCA
💻 Trading platform: МТ4 (Desktop, Mobile), МТ5 (Desktop, Mobile)
💰 Account currency: USD, GBP, ZAR, KWD
📊 Accounts: Demo, Standard Cent МТ4, Standard МТ4, Standard МТ5, Fixed MT4, Fixed MT5, ECN MT4, ECN MT5, Islamic Swap Free
💵 Withdrawal: Local deposits/transfer options offered by banks such as absa bank, investec, nedbank, standard bank, capitec, fnb, tymebank and african bank.
Debit cards, Credit cards, Instant eft, Ozow, Neteller, Skrill
🚀 Minimum deposit: $250 / ZAR R4 000
⚖️ Leverage: From 1:100 to 1:500
☪️ Islamic account (swap free) Yes
🎮 Demo Account No
💱 Spread: from 2 pips (Fixed), from 1.6 pips (Standard and Standard Cent), from 0.0 pips (ECN)
🔧 Instruments: Currency pairs, CFDs on precious metals, commodities, indices, futures, stocks, cryptocurrencies
📋 Orders execution: Market Execution, Stop Loss, Limit Orders
☎ Customer Support 24/7
📚 Education Not Provided
🌐 Countries not accepted for trade United Kingdom, Australia, Belgium, France, Iran, Japan, North Korea, and the USA

Is Veracity Markets Safe or Scam?

Veracity Markets is not a scam. It is operated as a regulated brokerage company under the oversight of the South African Financial Sector Conduct Authority (FSCA). This means that the company operates within the law and follows certain industry standards.

Veracity Markets Pros and Cons

Veracity Markets have been found to have both pros and cons for traders to think about.

Pros Cons
A wide range of trading accounts is offered for both retail and professional traders. Novice traders may find the conditions less appealing: the minimum deposit required is $250 and the spreads are high, ranging from 1.6 to 2 pips in calm market conditions.
Re-quotes are not experienced; trading is conducted without a dealing center, with direct prices provided by liquidity providers. Educational resources such as informational materials, video tutorials, or a glossary are not provided on the broker’s website.
Both desktop and mobile versions of the trading platforms MetaTrader 4 and MetaTrader 5 are available. The company does not offer analytics, research tools, or news updates.
High leverage of 1:500 is provided across all account types. Commission charges in ecn account.
24-hour support is offered via Live Chat on the website and in the Personal Account. One has to pass verification in order to fund a trading account.
The option to withdraw funds to popular electronic wallets such as Bitcoin, Skrill, and Neteller is available. The function of depositing and withdrawing with the cards is missing.
Clients’ deposits are held in segregated accounts at major banks. The company does not provide education and research for the users.

Is Veracity Markets Legit?

We’re uncertain about the broker’s legitimacy, but Veracity Markets is regulated. Additionally, the company is authorized and regulated by the FSCA South Africa, which is seen as a reputable regulatory body in the financial industry, although it’s not top-tier like FCA or ASIC.

However, recently, it has been put on the Forex Broker Blacklist for the following reasons: multiple complaints have been filed against Veracity Markets by traders claiming the broker failed to fulfill its obligations, including processing withdrawals; the Veracity Markets website is either down, not updated, or operates with clear errors, with some features not available; Veracity Markets has been blacklisted by the regulatory authority, and a warning has been published on the regulator’s website.

Leverage

Veracity Markets has dynamic leverage. Low leverage up to 1:30 for major currency pairs can be used by trades from South Africa. However, higher leverage of up to 1:500 may be permitted by the website. Understanding the implications and risks associated with leverage is crucial before decisions about its use in trading are made.

Account Types

Different types of accounts are offered by the broker. These include Standard, Fixed, and ECN accounts. All account types need an initial deposit of $250. Clients can choose swap-free trading for both Standard and Pro accounts.

Standard МТ4 and Standard МТ5 are STP accounts. They have floating spreads starting from 1.6 pips and no extra trading fees. Holders of these accounts get negative balance protection and can use an automated risk management system.

Fixed MT4 and Fixed MT5 are for professional traders. They offer priority deposit and withdrawal. The spreads are floating, starting from 2 pips.

ECN MT4 and ECN MT5 are for professional trading without re-quotes. They have spreads starting from 0.0 pips. The broker charges a $7 commission per lot for opening and closing orders on transactions involving currency pairs and precious metals.

Trading Instruments

Access to over 250 popular trading instruments, including Forex, Metals, Energies, Equity Indices, Commodities, Shares, Stocks, and more is provided by the broker. Also, a wide range of options to diversify portfolios and participate in different markets based on preferences and strategies is given to traders.

Veracity Markets Fees

The fee structure at Veracity Markets was examined, and it was found that they offer competitive prices for most trading services. Commissions are not charged on trading accounts, except for ECN accounts, where a commission of $7 per lot is applied for Forex and metals trading.

Moreover, charges might be linked to deposits and withdrawals, depending on the chosen funding method. Hence, it is recommended that the broker’s fee structure and terms and conditions be thoroughly reviewed to fully understand the applicable charges and how they might affect trading activities.

Spreads

From our test trade, it was found that tight and variable spreads are offered by Veracity Markets, with an average spread of 23 pips for the EUR/USD currency pair in the Forex market. However, spreads can be different based on market conditions, volatility, and liquidity, so the broker’s website should be checked or their customer support should be contacted for detailed information on the spreads offered for specific instruments and account types.

Deposits and Withdrawals

Various payment methods are available for traders to use in depositing funds into their trading accounts. This is a benefit. Methods include Bank Wire, Credit/Debit cards, Skrill, and Neteller. However, specific requirements or restrictions may exist for some payment methods, depending on the client’s bank or other financial institutions.

Deposits To open a live trading account with the broker, clients are required to deposit an initial amount of $250 for all account types. This is considered a good offering.
Withdrawals It was found that withdrawing funds from your account is easy and fast. Withdrawals are processed on weekdays, Monday to Friday, from 9 am to 5 pm. Typically, your withdrawal request will be processed within 24 to 48 hours.

Trading Platforms

At Veracity Markets, trading can be done using the popular MT4 and MT5 trading platforms. These platforms are known for their strong features, easy-to-use interface, advanced charting tools, and extensive trading capabilities. They can be accessed on both desktop and mobile devices, giving traders the flexibility to choose the option that fits their trading preferences and strategies.

Customer Support

Veracity Markets offers 24/7 customer support through a phone to make sure help is available all the time. Also, 24/5 email support is given by skilled trading experts. Technical questions, analysis recommendations, general queries, and operational issues can be assisted by this support team. However, the downside is that there is no live chat option available.

Education

Educational materials, research resources, seminars, or webinars are not provided on the broker’s website, which is seen as a disadvantage. Traders’ skills and knowledge could be improved with comprehensive educational resources.

However, to make up for this drawback, a demo account feature is offered by the broker. Traders can practice and refine their trading strategies in a risk-free environment without using real money.

Our View

It’s clear that Veracity Markets is not regulated. However, the best trading conditions aren’t offered by the company compared to competitors. Additionally, multiple complaints have been filed against Veracity Markets by traders claiming the broker didn’t fulfill its obligations, including processing withdrawals. These include the lack of educational resources on the website and the limitation of holding only one regulatory license, along with past issues with the regulator. If you still wish to proceed with this broker, carefully review the broker’s offerings, fees, and terms and conditions, and also consider alternative brokers with more extensive educational resources, especially for beginners.

FAQs

Is Veracity Broker regulated?

Veracity is regulated by the South African Financial Sector Conduct Authority (FSCA), operating from offices in Cape Town and Johannesburg in South Africa.

Who owns Veracity Markets?

Veracity Markets is owned by Shelley du Plessis, a Johannesburg businesswoman, who is the CEO and co-founder, along with Dane A. Mesane (COO). 

Which platforms are supported by Veracity Markets?

Metatrader4 and Metatrader5 are supported by Veracity Markets.

Is leverage offered by Veracity Markets?

Yes, leverage of up to 1:500 is offered by Veracity Markets.

What spreads can be expected with Veracity Markets?

Floating spreads starting from 0 pips on the ECN account, spreads starting from 1.6 pips on the standard account, and spreads starting from 2.0 pips on the fixed account can be expected with Veracity Markets.

What is the minimum deposit for Veracity Markets?

The minimum deposit for Veracity Markets is $250 / ZAR R4,000.

Veracity Markets Review