Advertising Disclosure
Updated:
Leverage: 1:30 | 1:500
Regulation: FSCA
Min. Deposit: $250
HQ: South Africa
Platforms: MT4, MT5
Found in: 2020
Veracity Markets is an online Forex trading broker that provides over 250 trading instruments across various asset classes such as Foreign Exchange, precious metals, energies, equity indices, stocks, and more.
Established in 2020, the company operates under the authorization and regulation of the reputable South African Financial Sector Conduct Authority (FSCA), which ensures compliance with regulatory standards. Besides, the broker offers its services to clients across the African region, catering to a wider geographical area.
Based on our research, Veracity Markets is a suitable option for traders at all skill levels as it offers competitive trading services and a diverse selection of trading account options.
Per our findings, the company has several pros and cons for traders to consider. On the positive side, it provides a diverse range of popular financial instruments, competitive trading solutions, and a low minimum deposit requirement. Additionally, being a South African broker, it is available to traders from the African region, including countries like Nigeria, and Kenya.
For the cons, Veracity Markets has encountered some issues with the FSCA (see official press release by the link), so we recommend carefully considering the proposal before engaging with it. Additionally, the website lacks a dedicated section for research and education, which may be a disadvantage for traders seeking comprehensive learning materials. Another limitation is that the firm does not hold any top-tier license and is regulated by only one regulatory body, which could be a drawback for some traders with the inability to open an account with multiple regulatory authorities.
| Advantages | Disadvantages |
|---|---|
| FSCA regulation and oversee | No education and research on the website |
| Low minimum deposit | No additional and top-tier license |
| Variety of funding methods | |
| Competitive spreads | |
| Multiple trading currencies | |
| MT4 and MT5 trading platforms |
| 🏢 Headquarters | South Africa |
| 🗺️ Regulation | FSCA |
| 🖥 Platforms | MT4, MT5 |
| 📉 Instruments | Forex, Metals, Energies, Equity Indices, Commodities, Shares, Stocks |
| 💰 EUR/USD Spread | 23 pips |
| 🎮 Demo Account | Available |
| 💳 Minimum Deposit | $250 |
| 💰 Base Currencies | ZAR, USD, GBP |
| 📚 Education | Not Provided |
| ☎ Customer Support | 24/7 |
According to our analysis, the broker offers competitive trading solutions that cater to traders of all skill levels. Additionally, clients of Veracity Markets have the chance to engage in trading various well-known financial instruments, and they can take advantage of the broker’s convenient and streamlined deposit and withdrawal procedures.
| Ranking | Veracity Markets | Trade245 | EC Markets |
|---|---|---|---|
| Our Ranking | ⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Advantages | Funding Methods | Trading Platforms | Trading Conditions |
In your search for alternative brokers to Veracity Markets, take into account multiple factors including trading features, regulatory compliance, fees, available markets, customer support, and user reviews. Based on our analysis, we have compiled a list of potential brokers that you can consider as alternatives.
No, Veracity Markets is not a scam. It operates as a regulated brokerage company under the oversight of the South African Financial Sector Conduct Authority (FSCA). This regulatory authorization suggests that the company operates within the legal framework and is subject to certain industry standards.
Yes, Veracity Markets is a legit and regulated broker.
The broker’s legitimacy can be supported by several factors. Firstly, the company is authorized and regulated by the FSCA South Africa, which is considered a good regulatory body in the financial industry even though is not top-tier like FCA or ASIC.
Additionally, the broker has been in operation since 2020, which demonstrates a certain level of establishment and continuity in the industry. Also, reading reviews, feedback, and experiences of customers who have traded with Veracity Marketscan provide insights into the broker’s reliability, customer service, and overall satisfaction of its clients. However, due to some issues encountered with FSCA regulation, it is good to stay alert with Veracity proposal too.
See our conclusion on Veracity Markets Reliability:
| Veracity Markets Strong Points | Veracity Markets Weak Points |
|---|---|
| Client funds security | No top-tier license |
| Professional trading environment | |
| Account balance protection |
Based on our research, FSCA plays an important role in ensuring regulatory compliance in the financial services industry. As part of its oversight, the regulatory body requires brokers to keep client funds separate from their own accounts. This measure provides added protection for clients, as their funds cannot be used for the broker’s operational purposes. Yet, the broker is not authorized by a top-tier regulatory body, so the protection is lower than compared to top-tier authorities even though still considered a safe option for South African trading.
Trading with leverage can be advantageous as it allows traders to access the market with a smaller initial investment. However, traders should have a thorough understanding of how leverage works and the potential risks involved before engaging in leveraged trading.
Veracity Markets leverage is offered according to the FSCA regulation:
Per our findings, the broker offers three types of accounts: Standard, Pro, and ECN. The initial deposit required for all account types is $250. Moreover, clients have the option to opt for swap-free trading, which is available for both Standard and Pro accounts.
| Pros | Cons |
|---|---|
| Initial deposit amount is $250 | None |
| Swap-free trading | |
| Account base currencies ZAR, USD, GBP |
Opening an account with a broker is considered quite an easy process, as you can log in and register with Veracity Markets within minutes. Just follow the opening account or sign-in page and proceed with the guided steps:
The broker provides access to over 250 popular trading instruments, including Forex, Metals, Energies, Equity Indices, Commodities, Shares, Stocks, and more. Also, traders have a wide range of options to diversify their portfolios and participate in different markets based on their preferences and strategies.
According to our findings of the Veracity fee structure, Veracity Markets offers competitive pricing for most trading services. The broker does not impose commissions on trading accounts, with the exception of ECN accounts where a commission of $7 per lot is applied for Forex and metals trading.
Additionally, there may be charges associated with deposits and withdrawals, depending on the chosen funding method. Therefore, we advise you to thoroughly review the broker’s fee structure and terms and conditions to gain a complete understanding of the applicable charges and their potential impact on trading activities.
| Fees | Veracity Markets Fees | Trade245 Fees | EC Markets Fees |
|---|---|---|---|
| Deposit fee | Yes | Yes | Yes |
| Withdrawal fee | Yes | Yes | Yes |
| Inactivity fee | Yes | Yes | Yes |
| Fee ranking | Average | Average | Average |
Based on our test trade, Veracity Markets offers tight and variable spreads, with an average spread of 23 pips for the EUR/USD currency pair in the Forex market. However, spreads can vary based on market conditions, volatility, and liquidity, so consult the broker’s website or contact their customer support for detailed information on the spreads they offer for specific instruments and account types.
| Asset/ Pair | Veracity Markets Spread | Trade245 Spread | EC Markets Spread |
|---|---|---|---|
| EUR USD Spread | 23 pips | 1 pip | 1.4 pips |
| Crude Oil WTI Spread | 6 | 3 | 0.08 |
| Gold Spread | 45 | 1 | 0.46 |
There are a variety of payment methods available for traders allowing them to deposit funds into trading accounts, which is definitely a benefit. These include Bank Wire, Credit/Debit cards, Skrill, and Neteller. However, some payment methods may have specific requirements or restrictions depending on the client’s bank or other financial institutions involved.
Here are some good and negative points for Veracity Markets funding methods found:
| Advantage | Disadvantage |
|---|---|
| Variety of funding methods | None |
| Fast digital deposits | |
| Multiple account base currencies |
To open a live trading account with the broker, clients need to deposit $250 as an initial deposit amount for all account types, which is considered rather a good offering.
Veracity Markets minimum deposit vs other brokers
| Veracity Markets | Most Other Brokers | |
| Minimum Deposit | $250 | $500 |
As we found withdrawing funds from your account is easy and fast. They 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.
To initiate a withdrawal fund from your trading account, the brokerage firm provides a set of typical steps that can be followed:
At Veracity Markets, you can trade through the widely used MT4 and MT5 trading platforms, known for their strong features, intuitive interface, advanced charting tools, and extensive trading capabilities. The platforms are accessible on both desktop and mobile devices, allowing traders to select the option that suits their individual trading preferences and strategies.
| Platforms | Veracity Markets Platforms | Trade245 Platforms | EC Markets Platforms |
|---|---|---|---|
| MT4 | Yes | Yes | Yes |
| MT5 | Yes | Yes | No |
| cTrader | No | No | No |
| Own Platforms | No | No | No |
| Mobile Apps | Yes | Yes | Yes |
These trading platforms provide a variety of advanced charting tools, timeframes, trading signals, technical indicators, and other tools which is definitely a good plus to any trader. Moreover, they offer automated trading capabilities, empowering traders to detect market movements and improve their market entry and stop-loss strategies.
The broker offers 24/7 customer support via a phone line, ensuring assistance is available at any time. Additionally, it provides 24/5 email support, staffed by knowledgeable trading experts. This support team is capable of helping with technical inquiries, analysis recommendations, general questions, and operational matters.
See our find and ranking on Customer Service Quality:
| Pros | Cons |
|---|---|
| 24/7 phone support | No live chat |
| 24/5 email support | |
| Quick responses |
Finally, for its con, the broker’s website does not provide educational materials, research resources, seminars, or webinars. This can be seen as a disadvantage, as comprehensive educational resources are instrumental in enhancing traders’ skills and knowledge.
However, to compensate for this limitation, the broker offers a demo account feature. This allows traders to practice and refine their trading strategies in a risk-free environment without using real money.
In conclusion, Veracity Markets is a quite good online Forex trading broker that offers a range of trading instruments and competitive trading solutions. The broker prioritizes the security of clients’ funds and offers a variety of payment methods to ensure convenience and flexibility in transactions.
While the broker provides advantages such as a variety of account types, popular financial instruments, and convenient deposit and withdrawal processes, there are some drawbacks to consider too. These include the lack of educational and research materials on the website and the limitation of holding only one regulatory license along with some issues with the regulator in the past. Therefore, we recommend carefully reviewing the broker’s offerings, fees, and terms and conditions and also considering alternative brokers with more extensive educational resources, especially for beginners.
Based on Our findings and Financial Expert Opinions Veracity Markets is Good for:
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