Veracity Markets Review 2024
Website: www.veracitymarkets.com
Min. Deposit: US$ 250
Leverage: 1:30 | 1:500
Trading Platforms: MT4, MT5
Regulation: FSCA
Headquarters: South Africa
Founded: 2020
Regulatory Licenses:
- Veracity Markets (Pty) Ltd - authorized by FSCA (South Africa) FSP no 49924
Updated on April 29, 2024
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In our comprehensive review of Veracity Markets, we delve deeply into the broker's offerings, regulations, and overall performance. By comparing it against a rigorous set of criteria and over 1000 brokers, we aim to provide a clear picture of what traders can expect. Our evaluation includes examining the broker's regulatory status, trading conditions, platform offerings, customer support, and additional services. This methodical approach ensures that our review is both thorough and unbiased, giving potential traders all the necessary information to make an informed decision.
Veracity Markets is a dynamic online Forex broker, offering access to over 250 trading instruments across a variety of asset classes including Forex, precious metals, energies, equity indices, and stocks. Founded in 2020, Veracity Markets operates under the strict regulation of the South African Financial Sector Conduct Authority (FSCA), ensuring compliance with stringent regulatory standards. The broker extends its services to clients throughout the African continent, reaching traders in countries such as Nigeria and Kenya, thereby broadening its geographical footprint.
Veracity Markets Pros and Cons ▲
Pros
Offers a diverse range of popular financial instruments
Competitive trading solutions with a low minimum deposit requirement
Services available to traders from the African region
Cons
Previous issues with the FSCA regulatory body
Lack of dedicated research and education sections on the website
Only regulated by one regulatory body, limiting account opening with multiple regulatory authorities
Is Veracity Markets Safe or a Scam? ▲
Veracity Markets operates as a fully regulated broker under the watchful eyes of the South African Financial Sector Conduct Authority (FSCA). This regulatory oversight indicates that Veracity Markets adheres to legal and industry standards, offering a level of security to its clients. Despite being regulated by a single authority and not holding any top-tier licenses, the broker's commitment to regulatory compliance under the FSCA provides a measure of trustworthiness and operational integrity.
Leverage trading with Veracity Markets offers the potential for significant market exposure through a relatively small initial investment. However, understanding the inherent risks of leverage is essential. According to FSCA regulations, South African traders can utilize leverage up to 1:30 for major currency pairs, although Veracity Markets' website suggests the possibility of higher leverage up to 1:500. This discrepancy highlights the importance of thoroughly understanding leverage's implications and risks before engaging in leveraged trading activities.
Account Types
Based on our comprehensive analysis, this broker provides clients with three distinct account options: Standard, Pro, and ECN. Each of these account types requires a minimum initial deposit of $250. Additionally, the broker offers the flexibility of swap-free trading for both Standard and Pro accounts, catering to a diverse range of client needs and preferences.
Opening Veracity Markets Trading Account
The process to open an account with this broker is straightforward and can be completed swiftly. By following the steps outlined below, prospective clients can register and begin trading with Veracity Markets in a matter of minutes:
Navigate to and select the “Open Account” option on the website.
Fill in the necessary personal information (Name, email, phone number, etc.)
Upload documents for verification of personal details (proof of residence, ID, etc.)
Complete an electronic assessment to confirm your trading knowledge and experience.
Following successful activation and verification of your account, you can proceed with depositing funds.
The broker offers an extensive array of over 250 popular trading instruments. This collection includes a diverse range of options such as Forex, various Metals, Energies, Equity Indices, an assortment of Commodities, Shares, Stocks, and more. This breadth of choices provides traders with ample opportunities to diversify their investment portfolios. It allows them to participate in different markets according to their individual trading preferences and strategies, thereby catering to a wide range of investment styles and goals.
In our evaluation, Veracity Markets has earned a commendable Markets Range Score of 8 out of 10 for its selection of well-known trading products. This score reflects a robust and varied offering, positioning the broker as an attractive choice for traders seeking access to a broad spectrum of mainstream trading instruments.
Veracity Markets Fees
Our research into the fee structure of Veracity Markets reveals that this broker offers competitive rates for most of its trading services. Notably, trading accounts are generally exempt from commissions, except for ECN accounts where a commission of $7 per lot is levied for trading Forex and metals. It's important to note that there may be additional fees related to deposits and withdrawals, contingent upon the payment method selected. Consequently, traders are encouraged to thoroughly examine the broker's fee schedule and terms of service to fully understand all applicable charges and their implications on trading operations. Veracity Markets' fees are deemed average, scoring 3.8 out of 5 when evaluated against over 1000 other brokers.
In our practical trading test, we noted that Veracity Markets offers competitive and fluctuating spreads, with an average of 2.3 pips for the EUR/USD currency pair in the Forex market. Nonetheless, it's crucial to acknowledge that spreads may fluctuate in response to changes in market conditions, volatility, and liquidity levels. For precise information on the spreads available for specific instruments and account models, it's advisable to consult the broker’s website directly or reach out to their customer service team. Despite the Forex spread for the EUR/USD pair being above the typical industry benchmark of 1.2 pips, the spreads for other financial instruments are considered to be market-competitive. Veracity Markets' spreads receive an average rating of 3.8 out of 5, based on our comparative analysis with other brokers.
Veracity Markets stands out with its wide array of payment options, which include Bank Wire, Credit/Debit Cards, Skrill, and Neteller. This diversity is certainly a plus for traders seeking flexibility in funding their accounts. Nevertheless, it's crucial to note that certain payment methods may come with specific constraints or requirements dictated by the client's banking institution or other financial entities involved.
Veracity Markets funding methods received a commendable score, achieving an 8.5 out of 10. This score reflects the low fees and the benefit of having multiple account-based currencies at one's disposal.
Here are the pros and cons of Veracity Markets funding methods discovered:
Pros
The initial deposit requirement is relatively low at $250 for all account types, offering an accessible entry point compared to the industry standard of $500.
Withdrawal processes are straightforward and swift, with requests typically processed within 24 to 48 hours on weekdays.
Cons
Certain payment methods might be restricted or come with specific requirements.
Veracity Markets offers the widely acclaimed MT4 and MT5 trading platforms, renowned for their robust features, user-friendly interface, advanced charting tools, and comprehensive trading capabilities. Both platforms are available on desktop and mobile, catering to traders' preferences and strategies.
The Veracity Markets platform holds a good standing with an 8.5 out of 10 rating, placing it competitively among over 1000 brokers. This high mark is due to the provision of popular MT4 and MT5 platforms, though it lacks alternative trading platform options.
The broker falls short in offering a diverse range of trading tools beyond the standard offerings of MT4 and MT5. For traders seeking advanced tools and analytics, this could be seen as a limitation.
Veracity Markets excels in customer support, offering 24/7 phone assistance and 24/5 email support staffed by experienced trading professionals. The team is well-equipped to handle technical inquiries, provide analysis recommendations, and address general questions and operational issues.
Customer support at Veracity Markets is rated highly with a score of 7.9 out of 10. This reflects the team's responsiveness and efficiency in providing assistance during both weekdays and weekends.
A notable drawback is the lack of educational and research materials provided on the broker's website. The absence of seminars, webinars, and comprehensive learning resources could hinder the development of traders' skills and knowledge.
Nonetheless, Veracity Markets offers a demo account feature, allowing traders to practice their strategies in a risk-free environment without real money involvement. The education component of Veracity Markets receives a rating of 5 out of 10, suggesting that traders might benefit from exploring alternative brokers that offer more extensive educational resources.
In summary, Veracity Markets is a commendable choice for online Forex trading, providing a variety of trading instruments and competitive solutions. It prioritizes the security of client funds and offers flexible transaction methods.
However, it's important to weigh the pros and cons. The broker's advantages include a variety of account types, popular financial instruments, and efficient deposit and withdrawal procedures. On the downside, the lack of educational resources and a single regulatory license, along with past regulatory issues, are factors to consider.
Therefore, it's advisable to thoroughly review the broker's offerings, fees, and terms and conditions. Veracity Markets is particularly suited for:
Traders from the South Africa and Africa Region
Users who prefer the MT4 and MT5 trading platforms
Currency trading enthusiasts
Advanced traders
Islamic traders seeking STP execution and swapfree trading
Those looking for competitive pricing and solid trading tools
Clients valuing 24/7 customer support
