Veracity Markets Review 2023: Is Veracity Markets A Scam?

Veracity Markets Review 2022

Table of Contents

Veracity Markets is a South African-based CFD and Derivative trading platform allowing traders to access 250+ underlying assets in one place. Despite providing complete trading solutions, the broker has an average market standing. Let’s take a deeper overview of the platform through this detailed Veracity Markets Review 2023

The platform operates as a market brokerage and also supports an ECN model. Thus, extending its reach to most parts of the world. However, with its growth, some controversies have arisen regarding its services. 

This Veracity Markets Review 2023 will ensure an inclusive and insightful overview of the platform that will determine whether or not it is a scam or legit.

Veracity Markets Review 2023: At A Glance

Official Website www.veracitymarkets.com
Year Founded 2020
Headquarters Cape Town, South Africa
Regulation Financial Sector Conduct Authority (FSCA)
Minimum Deposit $10
Account Types Standard, Fixed, ECN and Demo
Customer Support 24×5 Multilingual Support via E-mail and Phone
Payment Methods Debit/Credit Cards, Skrill and Neteller, Instant EFT, Ozow

What Is Veracity Markets? Detailed Overview

Veracity Markets is a relatively new Forex and CFD brokerage platform founded in 2020 by Mr. Dane A. Mesane (COO) and Ms. Shelley du Plessis. 

Since its inception, the platform has been steadily growing and has managed to make a big name out of itself globally in the forex circles. Due to this globalization, Veracity Markets has managed to make a strong presence in various countries around the world by offering its top-notch services. Being available in various countries globally, the website supports over 20+ languages. 

Is Veracity Markets A Scam? 

No, Veracity Markets is not a scam; rather, it’s a legitimate trading platform used by thousands of traders from 100+ countries across the globe. The Financial Sector Conduct Authority (FSCA) regulates the trading platform. 

Being a member of the FSCA, the platform reaffirms its utmost commitment to maintaining the highest standards of trading and business practices.

However, FSCA ordered the platform to stop trading and accepting new clients in July 2022. The ban was implemented for conducting unauthorized over-the-counter (OTC) derivatives. But it doesn’t make it a scam broker. 

Veracity Markets Review 2023: What Are The Available Trading Instruments? 

The platform offers a pool of 250+ tradable instruments for trading across all major financial markets. However, the unavailability of Crypto trading and the limitation of derivatives to just Forex are some areas where the platform needs improvement, as per our Veracity Markets Review 2023. 

Let’s take a look at available trading instruments: 

Derivative Trading

  • 38+ Major, Minor and Exotic Forex Pairs
  • 24×5 Availability
  • Advanced Charts and Tools Support

Indices

  • 9+ Global Indexes
  • Technical & fundamental Analysis Tools

Metals & Commodities

  • All major precious metals available
  • Availability of Soft & hard commodities 
  • 24×7 Trading Facility

Stocks

  • 150+ Shares of Global Companies
  • Availability of advanced research tools
  • Instant execution 

Veracity Markets Review 2023: Available Trading Account Types 

The platform offers two types of retail trading accounts, along with an ECN and a free demo account. Each account has distinct features, functions and spreads. While the standard account type is more suitable for beginners, ECN and Fixed accounts are specially created for advanced traders. As per our Veracity markets Review, the account offering of the platform seems to be appreciated. 

Features Standard Account Pro Account ECN Account
Minimum Deposit  $250 $250 $250
Spreads Floating from 1.6 pips Floating from 2 pips Floating from 0 pips
Commission $0 $0 $7 Lot Only FX & Metals*
Maximum Leverage 1:500 1:500 1:500
Minimum Trade Order 0.01 – 250 (lot) 0.01 – 250 (lot) 0.01 – 250 (lot)
Dedicated Expert Advisors Available  Available  Available 
SWAP Available Available N/A

Demo Trading Account

  • Free-to-Use Account
  • Virtual Funds for Practising 
  • Unlimited Validity

Veracity Markets Demo Account

How Can you Open An Account On Veracity Markets? 

The account opening process on the platform is straightforward and takes only a few minutes to fully activate. Follow these simple steps to open an account on the platform: 

  • Go to the official website – www.veracitymarkets. Com and click on the ‘Sign Up’ icon. 
  • Fill in the details like your name, email, phone number and password. 
  • Verify your account by uploading the scan copy of government-issued identity documents. 
  • Make the first deposit into your account and start trading. 

Veracity Markets Review: Supported Payment Methods For Withdrawal & Deposits

The deposits and withdrawals on the platform are easy and instant, thanks to the plenty of payment methods offered by Veracity broker. Additionally, there is no fee for making deposits and requesting withdrawals on the platform. 

Here’s a list of available deposit and withdrawal methods: 

Payment Method Processing Time
ABSA Instant
Investec Instant
NEDBANK Instant
STANDARD BANK 3-5 Business Days
CAPITEC 3-5 Business Days
FNB 3-5 Business Days
TYME BANK 3-5 Business Days
AFRICAN BANK 3-5 Business Days
instantEFT Instant
OZOW Instant
Neteller Instant
SKRILL Instant

How To Deposit Funds Into My Veracity Markets Account?

To make a deposit into your trading account, follow these simple steps:

  • Sign in to your account with Veracity Markets login Credentials.
  • Now, head to the ‘Deposit’ Section and fill out the requested details. 
  • Verify the transfer details and click on Confirm icon.
  • Your deposited amount will be reflected in your account in a few minutes. 

How To Withdraw Money From Veracity Markets? 

The withdrawal requests raised on the platform are processed manually by the customer support team. On average, withdrawal requests may take upto 3-5 business days to be processed. 

Here’s a step-by-step process for funds withdrawal: 

  • Log into your “Client Area.”
  • Go to “FUNDS,” then click on “Withdraw Funds.”
  • Enter the amount and click on the ‘Confirmation’ icon. 

Veracity Markets Fees & Spreads Reviewed

The platform’s spread charges vary on various factors like account type, trading instrument and trade volume. Meanwhile, the commission charges for standard and pro accounts are zero, but ECN account holders are subject to paying a commission of $7 Lot on FX & Metals.

Standard PRO ECN
Spreads Floating from 1.6 pips Floating from 2 pips Floating from 0 pips

As per our Veracity markets review 2023, the spreads charges of the platform are slightly on the higher side in comparison to its competitors like InvestBy, ABInvesting and PrimeFin. 

Does Veracity Markets Offer Margin Trading?

Yes, the brokerage offers a considerable leverage ratio of up to 1:500. The leverage offering is fixed for every account and asset. Additional benefits of the platform’s leverage trading include

  • Negative balance protection
  • Real-time risk exposure monitoring
  • No changes in margin overnight or at weekends

Veracity Markets Review 2023: Available Trading Platforms & User-Interface

The brokerage currently offers trading through its web platform and a dedicated mobile application. There are no additional platforms like cTrader, MT4 or MT5 available, which is its biggest drawback. 

On the other hand, we were happy with the website’s user interface as some of the functions available on the homepage were not working properly. A 404 error was irritating. Let’s take a look at the features of Veracity Markets’ trading platforms: 

Web-based Platform

  • Interactive charts
  • Suitable for bot trading
  • Multiple timeframes
  • Wide range of technical indicators
  • Stop loss and take profit limits

Veracity Markets App

  • Available for iOS and Android Smartphones
  • Interactive charts
  • 21+ timeframes
  • Wide range of technical indicators
  • Stop loss and take profit limits functions

 

Trading Platforms Offered Veracity Markets

Our Take On Veracity Markets Affiliate Program

Currently, the platform has two ongoing affiliate programs: Introducing Brokers (IB) and White Label. If you think you can successfully convert your traffic into the platform’s potential users, then these programs are for you. 

Let’s take a look at each program and what they have to offer; 

Introducing Brokers (IB)

  • High-paying, flexible commission structures
  • Personal, dedicated account manager 
  • No Limits on Commissions per Client
  • Monthly Payments

White Label

No information regarding the program is listed on the platform. 

Veracity Markets Review 2023: Educational & Research Support

The worst experience of using the platform was the unavailability of educational and research resources. These are the primary elements that every broker should offer. 

In our opinion and as per Veracity Markets review, choosing a forex broker that offers rich educational and research resources is a must to be successful. In this case, the platform fails to offer, so you can opt for another best recommendation – InvestFW. 

Veracity Markets Review 2023: Customer Support

The broker’s customer support is available round-the-clock to address traders’ general, technical, and account-related queries. You can get in touch with them by calling, emailing, using social media, or going to their registered office at 80 Strand Street, Cape Town, 8000, South Africa.

Since you probably won’t be visiting their offices, let’s be honest; you just want a prompt answer to any questions you may have. Here’s how you can contact Veracity Markets customer care: 

Customer Support

Veracity Markets Review 2023: Pros & Cons

Pros  Cons
Multiple base currencies Commission charges in the ECN account
Available in multiple regional languages  Unavailability in UK, US & other European countries
No deposit or withdrawal fees charged
Low Minimum deposit requirements
Tight Spreads

Users’ Reviews & Ratings

The platform has a below-average reputation among its users, with only a 3/5 rating on Trustpilot and other review forums. 

veracity Markets Review

Best Veracity Markets Alternatives: 

While scrolling the web, we found three best forex and CFD brokers that are well-fitted as Veracity broker’s alternatives. Let’s compare them to see who takes pride in being the best forex broker: 

Veracity Markets vs Capitalix

Features Veracity Broker Capitalix
Regulation FSCA FSA
Minimum Deposit $250 $250
Fees/Spreads 0.00 Pips 0.05
Leverage 1:500 1:200
Demo Account Available Available

Veracity Markets vs InvestBy

Features Veracity Broker InvestBy
Regulation FSCA NBRB
Minimum Deposit $250 $250
Fees/Spreads 0.00 Pips 0.07
Leverage 1:500 1:200
Demo Account Available Available

Veracity Markets vs ABInvesting

Features Veracity Broker ABInvesting
Regulation FSCA FSC
Minimum Deposit $250 $250
Fees/Spreads 0.00 Pips 0.07
Leverage 1:500 1:500
Demo Account Available Available

Conclusion

As per Veracity Markets review 2023, we can conclude that this new trading platform has enormous potential to become the best CFD broker. In addition, another feature that grabbed our attention was that it caters to all sorts of traders despite their level of experience.

The biggest drawbacks of the platform will remain the unavailability of advanced trading platforms and educational & research resources. If you’re still in doubt, opt for a better CFD broker such as InvestFW

FAQs

Is Veracity Markets A Good Broker? 

Veracity Markets can be summed up as a good broker with spreads that are competitive with the market. Additionally, traders can choose from 250+ financial instruments and 55+ currency pairs. It is a CFD trading platform with a medium level of risk.

Who Owns Veracity Markets? 

Mr. Dane A. Mesane (COO) and Ms. Shelley du Plessis (CEO) are the founders and owners of Veracity Markets. 

What’s The Minimum Deposit For Veracity Markets? 

Veracity Markets’ minimum deposit requirement for opening a live trading account is $250. According to the current US dollar/South African rand conversion rate, this minimum deposit is equal to R 4,000.00 ZAR.

How Long Does Veracity Markets Withdrawal Take?

It is simple and quick to withdraw money from your Veracity Markets account. The withdrawal request may take up to 5 business days to be processed. 

Are Scalping And Hedging Allowed On Veracity Markets?

Yes, both hedging and scalping trading strategies are allowed on the platform. The spreads and trading conditions of the platform are well appreciated by day traders and scalpers globally. 

Can I Open Multiple Trading Accounts With Veracity Markets?

Yes, you can open multiple trading accounts on the platform via your Client Area. 

Why Trade With Veracity Markets?

There are many reasons why you should trade with the platform, including 

  • Multiple base currencies
  • Available in multiple regional languages 
  • No deposit or withdrawal fees charged
  • Low Minimum deposit requirements
  • Tight Spreads

What Is The Email Address For Veracity Markets?

You can contact Veracity Markets customer support via email – at [email protected]

What Is Veracity Markets MT4 Terminal?

The Veracity Markets MT4 terminal is an advanced trading platform the broker offers. Due to its numerous built-in features and capabilities, it is the preferred platform for many forex and CFD traders. 

How Can I Delete My Account?

You can easily disable or permanently delete your account by contacting the customer support team. They will assist you better and provide you with the steps to delete your trading account. 

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