Veracity Markets
Pros and Cons
Pros
- Regulated by Financial Sector Conduct Authority (FSCA)
- Diverse range of trading instruments including 55+ forex pairs, commodities, and indices
- Utilizes MetaTrader 4 platform for desktop and mobile trading
- Competitive leverage of up to 1:500
- 24/5 customer support available for assistance
Cons
- Not regulated by top-tier authorities
- Lack of educational resources for beginner traders
- Limited range of trading tools beyond MT4
- Customer complaints regarding withdrawal issues
- No live chat support for customer inquiries
Basic Information
User Reviews
Veracity Markets Overview
Veracity Markets, established in 2020, is a forex broker headquartered in South Africa. Operating under the regulatory oversight of the Financial Sector Conduct Authority (FSCA), Veracity Markets (Pty) Ltd aims to provide a reliable trading platform for clients primarily in Africa and beyond. With a commitment to transparency and compliance, the broker positions itself as a trustworthy option for traders looking to engage in the forex market.
The broker offers a diverse range of trading instruments, including forex pairs, commodities, and indices, catering to various trading strategies. Clients can utilize the popular MetaTrader 4 platform, which provides essential tools for effective trading. Veracity Markets emphasizes user support, offering assistance during business hours, and maintains a focus on client satisfaction. With its competitive leverage of up to 1:500, Veracity Markets presents an attractive opportunity for traders seeking to maximize their trading potential in the forex market.
Is Veracity Markets Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Sector Conduct Authority (FSCA) | South Africa | Segregated Funds |
Is Veracity Markets Regulated and How Are Client Funds Protected?
Veracity Markets is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, which is recognized as a reputable regulatory body in the financial services sector. This regulatory oversight ensures that the broker adheres to established compliance and operational standards, which enhances its legitimacy in the forex market. Client funds are protected through the requirement for the broker to maintain segregated accounts, meaning that client funds are kept separate from the broker’s operational funds. This measure is crucial as it helps safeguard clients’ investments in the event of financial difficulties faced by the broker. While Veracity Markets offers competitive trading conditions, including a diverse range of instruments and the use of the popular MetaTrader 4 platform, prospective clients should remain informed about the broker’s regulatory compliance status and the implications of trading in a regulated environment.
Trading Products and Services
What Trading Instruments Does Veracity Markets Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major & Minor Pairs | 55+ |
| Commodities | Gold, Silver, Oil | 2 |
| Indices | S&P 500, NASDAQ | 10 |
| Stocks | US, UK | |
| Cryptocurrencies | BTC, ETH |
Veracity Markets offers a robust selection of trading instruments, providing access to various asset categories such as forex, commodities, and indices. This diverse range of products caters to different trading styles, whether you’re a beginner looking to engage in forex trading or a professional seeking to diversify your portfolio. The inclusion of multiple asset categories enhances the flexibility of trading strategies, allowing traders to adapt to market conditions effectively. By offering over 55 forex pairs and several commodities, Veracity Markets supports traders in making informed decisions and maximizing their trading potential.
Account Types and Trading Conditions
What Account Types and Fees Does Veracity Markets Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard Account | Beginners and general traders | Commission-free trading, floating spreads from 1.6 pips | Minimum deposit of $250 |
| Fixed Account | Traders seeking stability | Commission-free trading, floating spreads starting at 2 pips | Minimum deposit of $250 |
| ECN Account | Professional and high-volume traders | Spreads from 0 pips, $7 commission per lot | Minimum deposit of $250, suitable for experienced traders |
| Standard Cent Account | New traders looking to practice | Allows trading in cents, similar conditions to standard | Minimum deposit of $250 |
Account Opening Process
To open an account with Veracity Markets, clients must follow a straightforward process. Initially, personal information such as name, email, and contact number is submitted. Subsequently, employment and financial information will be required to identify the trading profile. Clients must provide identity verification documents, including a government-issued ID and proof of address. Once the documentation is submitted, account verification can take up to 48 hours. It is also worth noting that clients have the flexibility to upgrade to a professional account later on, should their trading needs change.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 1.6 | $0 (Standard, Fixed accounts) | Floating spreads |
| Forex (ECN) | 0.0 | $7 per lot | Low spreads for high-volume trading |
| CFDs (Indices) | Varies | $7 per lot | Commission applies |
| Commodities (Gold, Silver, Oil) | Varies | $7 per lot | Commission applies |
Other Fees
Veracity Markets maintains a transparent fee structure with no charges for deposits made via local bank transfers. However, a 2% fee applies to withdrawals processed through Skrill and Neteller. There are no inactivity fees, account maintenance fees, or platform usage fees. Additionally, overnight interest (swap rates) may apply depending on the account type and conditions. Currency conversion fees may also be applicable based on the transaction specifics.
Trading Platforms and Apps
What Trading Platforms and Apps Does Veracity Markets Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | Secure login options, one-click trading, multiple order types, 50+ technical indicators, built-in news feed | Demo accounts available, VPS services |
| Web Version | Any device with a web browser | Access to trading account without download, market search, price alerts | No additional services specified |
| Mobile App | iOS, Android | Full MT4 functionality, push notifications for alerts, trading history journal | No additional services specified |
Veracity Markets provides a solid range of trading platforms suitable for various trading needs. The MetaTrader 4 platform is favored by many traders for its comprehensive features and ease of use, allowing for both desktop and mobile trading. The mobile app ensures that traders can operate conveniently from anywhere, while the web version offers flexibility without requiring any installation. All platforms emphasize secure logins and fast order execution, and they provide essential tools like real-time alerts and efficient market search options, making it easier for traders to monitor their investments effectively.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Local Bank Transfer | 1-2 business days | No platform fee | Min $250, Max $10,000/day | USD, ZAR |
| Skrill | Instant | 2% fee on withdrawals | Min $250, Max $5,000/day | USD |
| Neteller | Instant | 2% fee on withdrawals | Min $250, Max $5,000/day | USD |
Minimum Deposit
Veracity Markets requires a minimum deposit of $250 for all account types. This amount does not vary by payment method, account type, or region, providing a consistent entry point for traders.
How to Withdraw
- Log in to your Veracity Markets account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Submit your request and wait for processing. The time taken will depend on the selected method.
Customer Support
Veracity Markets Customer Support Overview
Support Channels
Veracity Markets provides multiple contact methods for customer support. Clients can reach out via email at help@veracitymarkets.com for general inquiries. Additionally, there is a dedicated phone line at +27 (0) 87 012 5545 for direct assistance. Veracity Markets also encourages clients to utilize their contact form available on the website for specific queries, ensuring that all requests are addressed promptly. Furthermore, the broker maintains a presence on social media platforms, which can act as an alternative communication channel.
Service Availability
The customer support service at Veracity Markets operates during business hours, providing assistance primarily during the weekdays. While specific hours are not detailed, this indicates that support may not be available 24/7, so clients should plan their inquiries accordingly. Multilingual support is not explicitly mentioned, so customers may experience assistance primarily in English.
Additional Resources
To enhance the trading experience, Veracity Markets offers various educational resources, including video tutorials and market analysis. These resources aim to help traders improve their skills and stay informed about market trends, providing additional support beyond standard customer service.
Frequently Asked Questions
Veracity Markets is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, which ensures compliance with established operational standards. Client funds are protected through segregated accounts, keeping them separate from the broker’s operational funds to enhance security in case of financial difficulties faced by the broker.
Veracity Markets offers a diverse range of trading instruments including over 55 forex pairs, commodities like gold and silver, indices such as the S&P 500 and NASDAQ, as well as stocks from the US and UK and cryptocurrencies like Bitcoin and Ethereum, catering to various trading strategies.
Veracity Markets provides several account types including Standard, Fixed, ECN, and Standard Cent Accounts. The minimum deposit required for all account types is $250, ensuring a consistent entry point for traders.
Customers can reach Veracity Markets’ support via email at help@veracitymarkets.com or call +27 (0) 87 012 5545 for direct assistance. Additionally, a contact form is available on their website for specific inquiries, and support operates during business hours.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.