REVIEWS

Veracity Markets Review 2022

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veracity markets

Veracity Markets is an up-and-coming Forex broker that was founded in 2020, where trading with confidence is the number one goal of 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 of 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.

Although Veracity Markets seems to be a regulated broker, many users seem to face issues with withdrawals. We would recommend considering GlobeX360 instead.

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

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.

Pros Cons
 Regulated by FSCA – FSP4701.  Only one trading platform
 No deposit or withdrawal fees  Limited range of financial instruments
 Various trading accounts available  Floating spreads available
 No deposit or withdrawal fee  Commissions charged in ECN Account
 24\7 customer support  
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.

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 the sensitive information of clients.

Pros Cons
 Regulated by the Financial Sector Conduct Authority in South Africa (FSCA)  Unavailable in countries like the United Kingdom, Australia, Belgium, France, Iran, Japan, North Korea and USA
 Provides negative balance protection  
 Stores funds in segregated accounts  
 Abides by Anti-Money Laundering Policy  
 Regular audit reports as evidence of regulations being followed  

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 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.

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 Cons
 No deposit fee  Commission charged in ECN Account
 No withdrawal fee  Inactivity fee required
 No account fee  Only floating spreads are available
 No hidden fees  
 No commission charged in Standard and Fixed Account  

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.

With Veracity Markets, you will have the ability to trade with no possibility of any hidden fees or charges.

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 Cons
 No commission charged in Standard Account and Fixed Account  Commission charged for 7USD per lot in the ECN Account
 Supported by MetaTrader4  Floating spreads for all accounts
 Allows hedging  
 Expert Advisors (EAs) available  
 Unlimited open positions  
 Provides negative balance protection3  

Accounts Types

  • Standard Account
  • Fixed Account
  • ECN Account

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).

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.

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 HotForex Trading Account

Step One: Fill in your personal information in the online application
Veracity Markets Account -1

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

Veracity Markets Account -2

Step Three: Upload your Proof of Identity (POI) and Proof of Address (POR)
Veracity Markets Account -3

Veracity Markets provides three different trading accounts: the Standard Account, the Fixed Account, and the ECN Account.

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 Cons
 No deposit fee  None
 Wide selection of account base currencies  
 Fast deposit process  
 Different payment options  
 Two-step verification process  

Deposit Options

  • Bank Transfer
  • Electronic Wallet
  • Credit\Debit Card

Withdrawal

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 Cons
 No withdrawal fee  2% withdrawal fee if using external payment methods
 Broad range of account base currencies  
 Withdrawal processed in 24 hours  
 Several options for payment  
 Additional verification required for withdrawals  

Withdrawal Options

  • Bank Transfer
  • Credit\Debit Card
  • Electronic Payment
With Veracity Markets, it is a fast and smooth depositing and withdrawal process.

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 into the different types of platforms you can access with MetaTrader4.

  • MetaTrader4

Web Trading Platform

With the 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 analyze your trading history; this includes fee reports, past trades, and trading portfolios.

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 give you instant notifications on any price movements you want to know about.

Pros Cons
 Allows hedging  No two-step login process
 Allows scalping  
 EAs available  
 Customizable indicators  
 Available for Windows and Mac  
 User-friendly format  

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 Cons
 Downloadable on Mac and Windows  No two-step login
 Customizable indicators  Basic pending orders
 Allows hedging and scalping  
 Price alerts and notifications  
 User-friendly and easy to navigate  

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 Cons
 Allows hedging and scalping  No facial recognition
 Customizable indicators  No fingerprint recognition
 Easy to navigate  
 Available for Android and iOS  
 Available to trade on-the-go  
There is only one type of trading platform with Veracity Markets, which is the most common trading platform in the world, MetaTrader4.

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 Cons
 Allows you access to four different financial markets  Does not provide cryptocurrency
 Online Trading market is available  
 8 different currencies and 55+ currency pairs  
 Ability to trade metals with no extra fees  
Veracity Markets offers four different financial instruments, in three different asset classes.

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 overall, with Veracity Markets. 

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 Cons
Customized indicators No in-house trading tools
Manage prior personal data  
Viewing previous performance  
Different charts available  

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 Cons
Updated economic calendar 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.

With Veracity Markets, all trading tools and market research materials are incorporated from the MetaTrader4 platform.

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 information on all the different ways to contact 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 Cons
 24/7 available for traders  None
 Different means of communication  
 Available in several languages  
 Fast response  
 Accurate and relevant answers your inquiries  

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.

The Veracity Markets customer service support is available 24/7 for any active trader, and you can reach them through several means of communication.

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 Cons
 Different methods of educational resources  No in-house educational resources, all resources from MT4
 Available and free for all members  
 Demo Account available  
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

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 Cons
 Easy account opening process  Floating spreads available only
 Free Demo Account  
 No time limit for Demo Account  
 Up to 10,000USD in virtual funds  
 Accurate to a Live Account  

How To Open A Demo Account With Veracity Markets

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

Veracity Markets Account -1

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

Veracity Markets Account -2

There are three forms of educational resources with Veracity Markets: how-to guides, videos, and a hands-on approach of a Demo Account.

Conclusion

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.

Veracity Markets is a Forex trading broker that was founded in South Africa in 2020.

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.

Methodology

All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.

Our reviews are a combination of data research and working alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.

2022 Review Methodology

For our 2022 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.

Chad Smith

Chad Smith

Director of Research & Analysis

Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.

Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.

Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.