Veracity Markets Review 2020

veracitymarkets
$250
Min. Deposit
100%
Bonus
Regulated byFSCA
Leverage1:500
Customer Support24/5
Open Account

Veracity Markets Summary

Veracity Markets is an up and coming Forex broker that was founded in 2020, where trading with confidence is the number one goal towards its clients. This Forex broker is working its way to becoming a significant broker in the trading industry in Africa.

This Veracity Markets review will highlight the features of this Forex broker and provide an in-depth analysis of all aspects of the broker.

Veracity Markets is a new Forex broker that has been slowly and surely working its way up to becoming an important financial player in the trading industry of Africa. The features on this Forex broker are client-oriented and facilitate the act of trading for all levels of traders. Veracity Markets offers three different trading accounts, more than 250 currency pairs, and a 24\7 customer support service.

 

Veracity Markets Main Features
🛍️ Established in: 2020
🛍️ Headquarters: South Africa
⚖️Regulations: FSCA ⚖️Country of regulation: South Africa
💰Minimum Deposit:
$250
🎮Platforms: MT4
🎮Demo Account Available:
Yes
💱Leverage: 1:500
💰Withdrawal fee amount:
$0
💰Inactivity Fee:
Yes

Pros

  • Regulated by FSCA – FSP4701. 
  • No deposit or withdrawal fees
  • Various trading accounts available
  • No deposit or withdrawal fee
  • 24\7 customer support

Cons

  • Only one trading platform
  • Limited range of financial instruments
  • Floating spreads available
  • Commissions charged in ECN Account

5 Key Takeaways

  1. Founded in 2020 and regulated by the FSCA
  2. Floating Spreads that are not very competitive
  3. Offers a variety on instruments on the MT4 platform
  4. Great 100% Welcome Bonus to all new clients
  5. Start with only $10

Background

Veracity Markets is a South African-based Forex trading broker that was established in 2020, a few short months ago. The goal of Veracity Markets is to provide clients of all experience confidence in trading. Veracity Markets was created as an easy to navigate broker and very trader-oriented, gaining the attention of both novice and experienced traders.

Safety & Regulation

Veracity Markets represents Nirvesh Financial Service Pty Ltd with the registration number of 2014/214417/07, which is a regulated Financial Services Provider registered under Financial Advisory and Intermediary Services Act No 37 of 2002 – FSP4701.

This Veracity Markets review will show you how safe this Forex trading broker is with client funds and sensitive information of clients.

Pros

  • Regulated by the Financial Sector Conduct Authority in South Africa (FSCA)
  • Provides negative balance protection
  • Stores funds in segregated accounts
  • Abides by Anti-Money Laundering Policy
  • Regular audit reports as evidence of regulations being followed

Cons

  • Unavailable in countries like the United Kingdom, Australia, Belgium, France, Iran, Japan, North Korea and USA

Is Veracity Markets Safe?

Veracity Markets is considered a safe broker that is regulated by a strict and globally renowned financial regulator, and it abides by the AML policy, or the Anti-Money Laundering policy.  Veracity Markets also stores client funds in segregated accounts, as well as offer negative balance protection to its traders. This means that this Forex trading broker values the protection and the safety of client funds and personal information.

Veracity Markets Regulation

Veracity Markets Pty Ltd is a regulated financial service provider in South Africa, attaining their license and following the regulations of the Financial Sector Conduct Authority in South Africa (FSCA). The Financial Sector Conduct Authority in South Africa is the highest financial regulator in Africa that supervises any and all non-banking financial services, including brokerage firms.

Investor Protection

Veracity Markets offers traders negative balance protection, in the sense that if your trading account reaches the negative then Veracity Markets will protect your capital. Additionally, Veracity Markets stores client funds in segregated accounts, away from corporate funds. You will also find that Veracity Markets regularly reports audits to prove that they are following the AML policy.

Awards

Veracity Markets has yet to receive any awards since it is a new brokerage firm in South Africa that was only established in 2020.

Veracity Markets Fees

With Veracity Markets, you will have the ability to trade with no possibility of any hidden fees or charges. You will not have to worry about non-trading fees, since they are none. As for trading fees, you will find that in the ECN Account, you will need to consider the commissions charged per lot.

This Veracity Markets review will provide you with all the fees you will be charged with and what non-trading fees you will have to consider.

With Veracity Markets, the spreads of all three live trading accounts are floating, which means that you will be affected by market volatility. However, with the ECN Account you will find spreads that start from 0 pips. The Standard Account provides spreads starting from 1.6 pips, and the Fixed Account offers spreads that start from 2.0 pips. You will not have to worry about commissions being charged on the Standard Account and Fixed Account. However, with the ECN Account, you will be charged a standard of 7USD per lot when trading with Forex and Metals.

 

Pros

  • No deposit fee
  • No withdrawal fee
  • No account fee
  • No hidden fees
  • No commission charged in Standard and Fixed Account

Cons

  • Commission charged in ECN Account
  • Inactivity fee required
  • Only floating spreads are available

Veracity Markets Non-Trading Fees

Veracity Markets does not require from an active trader any fees on deposits or withdrawals. You will not have to pay an extra fee for every financial transaction on your trading account. However, if you remain inactive for the span of one year, Veracity Markets will charge your trading account with an inactivity fee.

Deposit Fees and Withdrawal Fees
Deposit Fees 0USD
Withdrawal Fees 0USD

Veracity Markets Fees Compared To Competitors
Veracity Markets Globex360 CMTrading
Account Fee No No No
Inactivity Fee Yes Yes No
Deposit Fee 0USD 0USD 0USD
Withdrawal Fee 0USD 0USD 0USD

Veracity Markets Leverage

With the three different trading accounts of Veracity Markets, you will have the same maximum leverage level. You will be able to access up to 1:500 as a maximum leverage level on the Standard Account, Fixed Account, and the ECN Account.

Account Opening

Veracity Markets provides three different trading accounts: the Standard Account, the Fixed Account, and the ECN Account. These three trading accounts are different, in terms of spread. However, the Standard Account and the Fixed Account are very similar, in contrast to the ECN Account.

This Veracity Markets review will give you an in-depth look into each trading account and its features.

Veracity Markets Minimum Deposit

There are three trading accounts available for active traders: the Standard Account, the Fixed Account, and the Fixed Account. All three trading accounts have the same minimum deposit amount of 250USD, or its currency equivalent. However, the Demo Account does not require any minimum deposit.

Pros

  • No commission charged in Standard Account and Fixed Account
  • Supported by MetaTrader4
  • Allows hedging
  • Expert Advisors (EAs) available
  • Unlimited open positions
  • Provides negative balance protection3

Cons

  • Commission charged for 7USD per lot in the ECN Account
  • Floating spreads for all accounts

Accounts Types

  • Standard Account
  • Fixed Account
  • ECN Account

Veracity Markets Standard Account

The first type of trading account is the Standard Account, which requires a minimum deposit amount of 250USD. You will find that floating spreads are available starting from 1.6 pips and you will not be charged with any commissions while trading. The maximum leverage level for the Standard Account can reach up to 1:500, with unlimited open positions. You can use the MetaTrader4 platform to be able to trade, with supported Expert Advisors (EAs).

Veracity Markets Fixed Account

The second type of trading account is the Fixed Account, which also requires a minimum deposit amount of 250USD. You will find that floating spreads are available starting from 2 pips, and you will not be charged with any commissions while trading. The maximum leverage level for the Fixed Account can reach up to 1:500, with unlimited open positions. You can use the MT4 trading platform to be able to trade, with supported Expert Advisors (EAs) and the option of a Swap-Free Account.

Veracity Markets ECN Account

The third type of trading account is the ECN Account, which requires a minimum deposit amount of 250USD. You will find that floating spreads are available starting from 0.0 pips, but you will be charged with a commission of 7USD per lot, only trading with Forex and Metals. You will also not find the Swap-Free account option with this trading account, but you will be able to trade with more than 55 currency pairs and two major metals.

How To Open a Veracity Markets Trading Account

Step One: Fill in your personal information in the online application

Veracity Markets Account -1

Step One: Fill in your personal information in the online application

Step Two: Open your email to confirm your registration and apply the PIN

Veracity Markets Account -2

Step Two: Open your email to confirm your registration and apply the PIN

Step Three: Upload your Proof of Identity (POI) and Proof of Address (POR)

Veracity Markets Account -3

Step Three: Upload your Proof of Identity (POI) and Proof of Address (POR)

Deposit & Withdrawal

With Veracity Markets, it is a fast and smooth depositing and withdrawal process. The deposit and withdrawal process both take at most 3 business days, it is absolutely free, and you have the option of several different payment options.

This Veracity Markets review will inform you on the different payment options and account base currencies you can use as an active trader.

Account Base Currencies

Veracity Markets offers twelve different account base currencies for you to select from. You can only choose one, and any deposits or withdrawals will be converted to the account base currency of your choice.

The 12 base currencies you can choose from are:

USD EUR GBP AUD NZD CHF
XAU XAG ZAR JPY CAD NOK

Deposits

Veracity Markets offers active traders a selection of 12 account base currency to use for their trading account. When it comes to depositing funds into your trading account, you will not be charged with a deposit fee and you will not have to wait long for the money to be transferred. You have several forms of payment options, but the fastest method is electronic payment, where the transaction time is instant.

As an active trader, you will find that the option that Veracity Markets provides, the two-step verification process, will be worthwhile for your time and funds. The two-step verification process involves the first step, which is the initial deposit order; the second step is an email or phone support confirmation of your deposit order. This ensures that you are, indeed, the owner of the trading account and have made the deposit order.

 

Pros

  • No deposit fee
  • Wide selection of account base currencies
  • Fast deposit process
  • Different payment options
  • Two-step verification process

Cons

  • None

Veracity Markets Deposit Options

  • Bank Transfer
  • Electronic Wallet
  • Credit\\Debit Card

Withdrawals

Withdrawals in Veracity Markets are a similar process to depositing funds to your trading account. You will not have to pay a withdrawal fee, and the withdrawal request is processed in 24 hours. As a trader with Veracity Markets, you have the option to select a base currency from 12 options, and you have several types of payment options.

You will find additional verification required by Veracity Markets, where the initial process of the withdrawal request and the verification process is an email confirmation or a phone call to corroborate the request you made.

Pros

  • No withdrawal fee
  • Broad range of account base currencies
  • Withdrawal processed in 24 hours
  • Several options for payment
  • Additional verification required for withdrawals

Cons

  • 2% withdrawal fee if using external payment methods 

Veracity Markets Withdrawal Options

  • Bank Transfer
  • Credit\\Debit Card
  • Electronic Payment

Trading Platforms

There is only one type of trading platform with Veracity Markets, which is the most common trading platform in the world, MetaTrader4. MT4 is available for any software and any mobile device; it is also suitable for both novice and experienced traders.

This Veracity Markets review will give you insight on the different types of platforms you can access with MetaTrader4.

  • MetaTrader4

Web Trading Platform

With MetaTrader4 web trading platform, you will have the option for 4 pending orders, which are:  Buy Stop, Sell Stop, Buy Limit, Sell Limit. These four pending orders are the most basic and most essential trading orders.

With Veracity Markets MT4 web trading platform, you will not be able to use the two-step login process, since they do not have that option available. However, you will be allowed to analyse your trading history; this includes fee reports, past trades, and trading portfolio.

The Veracity Markets MT4 web trading platform permits the option of being notified via email on any price movements that you are targeting. The email notifications gives you instant notice on any price movements you want to know about.

Pros

  • Allows hedging
  • Allows scalping
  • EAs available
  • Customizable indicators
  • Available for Windows and Mac
  • User-friendly format

Cons

  • No two-step login process

Desktop Trading Platform

With MetaTrader4 desktop trading platform, there are 4 pending options, which are the most basic and also the most important pending orders you will find in any trading platform. These pending orders are: Buy Stop, Sell Stop, Buy Limit, Sell Limit.

Unfortunately, you cannot find a two-step login process, for additional security. It is up to you to rely on only the initial login process that protects your funds and personal information. However, despite that setback, the desktop trading platform allows scalping and hedging, as well as Expert Advisors (EAs).

The Veracity Markets desktop trading platform is available to download on Mac and Windows, which means that you will receive notifications on your device. You can activate it via your MT4 account, to be notified of any price movements of your choosing.

Pros

  • Downloadable on Mac and Windows
  • Customizable indicators
  • Allows hedging and scalping
  • Price alerts and notifications
  • User-friendly and easy to navigate

Cons

  • No two-step login
  • Basic pending orders

Mobile Trading Platform

With MetaTrader4 mobile trading platform, you will have the option for 4 pending orders, which are:  Buy Stop, Sell Stop, Buy Limit, Sell Limit.  This mobile application is best for traders who like trading on-the-go, not trading in a certain place.

With Veracity Markets MT4 mobile application, you will not have the option of facial recognition or fingerprint recognition as a second login. You will only have the initial login process with your username and password. However, to make up for that, you can always view your performance history; this includes fee reports, past trades, and trading portfolio.

The Veracity Markets MT4 mobile application platform allows you to be alerted through push notifications for any price movements. These push notifications set up on your mobile device allow you to be immediately notified when a price moves in the ideal position for you.

Pros

  • Allows hedging and scalping
  • Customizable indicators
  • Easy to navigate
  • Available for Android and iOS
  • Available to trade on-the-go

Cons

  • No facial recognition
  • No fingerprint recognition

Markets & Financial Instruments

Veracity Markets offers four different financial instruments, in three different asset classes. This Forex trading broker provides you access to financial markets of Forex, Metals, Indices, and the Online Trading Market.

Compared to other brokers in South Africa like Markets.com and CMTrading, Veracity Markets, offers a range of instruments across the top forex instruments and derivatives affected by them.

Veracity Markets provides you with three different financial markets: Forex, Metals, and Indices, along with the Online Trading Market. With Forex, you will be able to trade with more than 55 currency pairs with a maximum leverage level of 1:500. As for Metals, you have the option of trading with gold and silver without having to worry about hidden fees and charges; there are no extra fees while trading. With Indices, you will have access to the major indices of the world including: NASDAQ, France 400, and USA 500.

What Veracity Markets Offers
Metals Forex
Indices Online Trading Market

Pros  

  • Allows you access to four different financial markets
  • Online Trading market is available
  • 8 different currencies and 55+ currency pairs
  • Ability to trade metals with no extra fees

Cons

  • Does not provide cryptocurrency

Markets Research & Trading Tools

With Veracity Markets, all trading tools and market research materials are incorporated from the MetaTrader4 platform. These trading tools and market research materials exist to enhance your trading knowledge and your trading experience as an overall, with Veracity Markets.

This Veracity Markets review is to explain to you all your available trading tools and market research materials.

Trading Tools

Veracity Markets offers trading tools that allow you to look through your previous performance, manage your information, analyze technical factors, and customize indicators. You will find customized indicators that you can tailor to your trading needs, along with charts that are better for your trading knowledge. The MetaTrader4 platform allows you to look through and manage all of your past performance, as well as transaction history.

However, these trading tools are not from the Veracity Markets website, you will find them incorporated from the MT4 trading platform.

Veracity Markets Tools
Technical Analysis Performance Data Management
Custom Indicators Charts

Pros

  • Customized indicators
  • Manage prior personal data
  • Viewing previous performance
  • Different charts available

Cons

  • No in-house trading tools 

Market Research

Since Veracity Markets is still a new broker that has only just started to expand, their market research materials are limited. You will find that there is only one source of market research, which is the economic calendar.

Pros

  • Updated economic calendar

Cons

  • Only one market research material

The economic calendar is a method for you to know the different economic events that are taking place around the world, and how it can affect your trading activity. This market research material will keep you aware of the trading world and constantly staying updated.

Customer Service

The Veracity Markets customer service support is available 24/7 for any active trader, and you can reach them through several means of communication. You will be able to reach them via phone, email, message forum, live chat, and two different addresses.     

This Veracity Markets review will provide you with the information on all the different ways to contact the customer service support.

The customer service support of Veracity Markets is one of its best features, since it allows you to be in contact with them at any hour of the day and any day of the week. You will be able to reach them through several different means of communication, and they normally respond in a rapid manner. The staff will help you in any questions you may have, accommodating you in a step-by-step approach until you are satisfied with your results.

Pros

  • 24/7 available for traders
  • Different means of communication
  • Available in several languages
  • Fast response
  • Accurate and relevant answers your inquiries

Cons

  • None

Means Of Communication

  • Phone support
  • Email support
  • Message Forum
  • Postal Service
  • Live chat

Despite being a new broker, you will find the Veracity Markets customer service is very helpful and accommodating to your inquiries. If you have any questions, Veracity Markets are ready with an answer, which would influence your overall trading experience with them.

Client Education

There are three forms of educational resources with Veracity Markets: how-to guides, videos, and a hands-on approach of a Demo Account. Each of these resources are helpful and provide sufficient data on Veracity Markets, but they are provided in different approaches.

This Veracity Markets will list all of the options you have to use as educational resources, to be able to understand this Forex platform better.

Pros

  • Different methods of educational resources
  • Available and free for all members
  • Demo Account available

Cons

  • No in-house educational resources, all resources from MT4

Veracity Markets provides three different types of educational resources, all integrated from MetaTrader4. The first educational material is how-to guides, which are step-by-step guides that teach you how to apply an action on your trading account or platform. The second resource is video tutorials that you watch and mimic the actions on the video to achieve the results you want, which is suitable for traders who prefer visual aid while learning.

The third and final resource is the Demo Account, which is a hands-on approach to learning about Veracity Markets.

Client Education Resources

  • How-to guides
  • Video tutorials
  • Demo Account

Veracity Markets Demo Account

The Demo Account is a free and unlimited learning approach that allows you to enter a simulation of trading with Veracity Markets, without facing any financial exposure. You will be able to trade with up to 10,000USD in real-time and real market conditions, ensuring you a 100% realistic trading experience. You will be able to learn more from the Demo Account, since it represents the trading experience of Veracity Markets without the financial risk.

Pros

  • Easy account opening process
  • Free Demo Account
  • No time limit for Demo Account
  • Up to 10,000USD in virtual funds
  • Accurate to a Live Account

Cons

  • Floating spreads available only

How To Open a Demo Account with Veracity Markets

Step One: Fill in your personal information in the online application

Veracity Markets Demo Account -1

Step One: Fill in your personal information in the online application

Step Two: Open your email to confirm your registration and apply the PIN

Veracity Markets Demo Account -2

Step Two: Open your email to confirm your registration and apply the PIN

Conclusion

Veracity Markets is a Forex trading broker that was founded in South Africa in 2020. This Forex broker represents Nirvesh Financial Service Pty Ltd with the registration number of 2014/214417/07, which is a regulated Financial Services Provider registered under Financial Advisory and Intermediary Services Act No 37 of 2002 – FSP4701. You will find that Veracity Markets stores your funds in segregated accounts.

You will find that there are basically no non-trading fees, nothing to consider on deposits and withdrawals. There are different types of trading accounts available, which are the: Standard Account, the Fixed Account, and the ECN Account. You will also be able to use the Demo Account that is available for anyone and free of charge, to learn with a hands-on approach.

Another feature you will find is that they offer a 24/7 customer support, with several languages available and different means of communication.

Overall, Veracity Markets are a good Forex broker that is an up-and-coming brokerage firm with excellent potential.

veracitymarkets
$250
Min. Deposit
100%
Bonus
Regulated byFSCA
Leverage1:500
Customer Support24/5
Open Account

Veracity Markets Overall Performance

  • Safety and Regulation 98% 98%
  • Deposit and Withdrawal 98% 98%
  • Market Research & Trading Tools 97% 97%
  • Broker Fees 98% 98%
  • Trading Platforms 97% 97%
  • Customer Service 99% 99%
  • Account Opening 98% 98%
  • Market & Financial Instruments 97% 97%
  • Client Education 99% 99%

Frequently Asked Questions

Is Veracity Markets A Good Broker?

Veracity Markets is a new Forex broker that has been slowly and surely working its way up to becoming an important financial player in the trading industry of Africa. The features on this Forex broker are client-oriented and facilitate the act of trading for all levels of traders. Veracity Markets offers three different trading accounts, more than 250 currency pairs, and a 24\7 customer support service.

Is Veracity Markets Legit?

Veracity Markets is considered a legitimate broker that is regulated by a strict and globally renowned financial regulator, and it abides by the AML policy, or the Anti-Money Laundering policy.  Veracity Markets also stores client funds in segregated accounts, as well as offer negative balance protection to its traders. This means that this Forex trading broker values the protection and the safety of client funds and personal information.

How Long Do Veracity Markets Withdrawals Take?

Withdrawals in Veracity Markets are processed in 24 hours, and take up to 2 business days to receive.

What Is The Minimum Deposit For Veracity Markets?

The minimum deposit for all three trading accounts: the Standard Account, the Fixed Account, and the ECN Account is 250USD or its currency equivalent.

Is Veracity Markets Regulated?

Veracity Markets Pty Ltd is a regulated financial service provider in South Africa, attaining their license and following the regulations of the Financial Sector Conduct Authority in South Africa (FSCA). The Financial Sector Conduct Authority in South Africa is the highest financial regulator in Africa that supervises any and all non-banking financial services, including brokerage firms.

Is Veracity Markets An ECN Broker?

Yes, Veracity Markets is an ECN broker and offers you an ECN trading account.  

Is Veracity Markets Safe?

Veracity Markets offers traders negative balance protection, in the sense that if your trading account reaches the negative then Veracity Markets will protect your capital. Additionally, Veracity Markets stores client funds in segregated accounts, away from corporate funds. You will also find that Veracity Markets regularly reports audits to prove that they are following the AML policy.