As the forex market continues to grow, so does the number of forex brokers. Veracity Markets is one such broker that has gained attention for its innovative approach to trading. In this detailed Veracity Review 2023, we’ll delve into its features, services, and overall reputation to help you make an informed decision.
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 |
| Owner | Ms Shelley du Plessis (CEO) and Mr Dane A. Mesane (COO) |
What Are Veracity Markets?
It 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, the broker has made a strong presence in various countries worldwide by offering its top-notch services. Being available in various countries globally, the website supports over 20+ languages.
Veracity Markets: Scam or Legit?
No, it is not a scam; it’s a legitimate trading platform used by thousands of traders from 100+ countries across the globe.The trading platform is regulated by The Financial Sector Conduct Authority (FSCA), making the Veracity market a secure 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 unauthorised over-the-counter (OTC) derivatives.
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
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 spread. 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 2023, 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 |
| Bonus | Not Available | Not Available | Not Available |
Demo Trading Account
- Free-to-Use Account
- Virtual Funds for Practising
- Unlimited Validity
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
- Log In to your account and start trading.
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. The minimum withdrawal amount is charged as 2% fee by 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 the Confirm icon.
- Your deposited amount will be reflected in your account in a few minutes.
How To Withdraw Money ?
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.
Fees, Spreads and Commission
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.
Do 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
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 the broker’s available 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
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.
Bonus offered by the trading platform
The trading platform does not offer any type of bonuses to their traders. There is no deposit bonus offered as well.
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.
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 want a prompt answer to any questions you may have. Following are the contact details
- Phone: +27 (0) 87 012 5545
- Email: [email protected]
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 | The trading platform does not offer sufficient educational resources, such as charts, news and economic calendar. |
| 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.
FAQs
Is Veracity Markets A Good Broker?
Yes, it 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.
What Is The Minimum Deposit For Veracity Markets?
The broker’s 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 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 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.
Is the Veracity Market Shutting Down?
The broker will not be shutting down. Nonetheless, it is noteworthy that the Financial Sector Conduct Authority (FSCA) imposed a ban on its trading activities last year due to its unauthorised dealings in over-the-counter (OTC) derivatives. But the ban was lifted later.
What’s Going On With Veracity Markets?
As a result of the fraudulent activities conducted by Veracity Market, the Financial Sector Conduct Authority (FSCA) has taken the decision to halt all activities and operations associated with the broker in July 2022.
Is Veracity Markets A Legit Broker?
It is a legit financial services provider that operates in South Africa and is subject to regulation by the Financial Sector Conduct Authority (FSCA).
Can I Deposit R500 In Veracity Markets?
No, the minimum deposit amounts to R4500 ZAR based on the current exchange rate between the US Dollar and the South African Rand.
Which Country Is Veracity Markets?
It is a legit financial services provider that operates in South Africa.
How Do I Withdraw From Veracity?
- Log into your “Client Area.”
- Go to “FUNDS,” then click on “Withdraw Funds.”
- Enter the amount and click on the ‘Confirmation’ icon.
Is Veracity Markets Registered?
Yes, the broker is a registered financial services provider in South Africa.
Does Veracity Charge For Withdrawal?
The broker doesn’t levy any charges for withdrawals made to your local bank. However, a 2% fee is applied to all other withdrawal methods such as Skrill and Neteller.
What Bank Does Veracity Markets Use?
The broker’s banking partners include ABSA Bank, Investec, Nedbank, Standard Bank, Capitec, FNB, Tymebank and African Bank.
How Long Does Veracity Markets Verification Take?
The broker’s verification process generally takes 24 to 48 hours to complete.
Does Veracity Work On Weekends?
The broker doesn’t support trading during weekends. Additionally, its customer support services are also unavailable during weekends.
What Is The Execution Speed Of Veracity Markets?
The Veracity Markets’ execution speed is very fast, taking less than 1 second to process trades. This means that once you place a trade, the platform executes it almost instantaneously, which can be especially beneficial for scalping or high-frequency trading strategies where fast execution is crucial.
How Long Does It Take To Withdraw From Veracity?
Typically, it takes 3-5 business days for a withdrawal request to be processed by the broker. This time frame includes the time it takes for the broker to verify the withdrawal request and transfer the funds to the client’s designated withdrawal method.
Does Veracity Allow Scalping?
Yes, the broker allows scalping as a trading strategy. In fact, its fast execution model is designed to support various trading strategies, including scalping.
Is Veracity Markets Closed By FSCA?
The broker has had all its activities and operations suspended by the Financial Sector Conduct Authority (FSCA) due to concerns regarding the broker’s reputation for fraudulent activities.
Is Veracity An International Broker?
Yes, it is an international broker that provides trading services to clients from various parts of the world. The broker offers access to global financial markets, including forex, commodities, indices, and cryptocurrencies, and has clients from different regions, including Africa, Europe, Asia, and the Middle East.
Is Veracity Markets Under Investigation?
Yes, the broker is under FSCA investigation for its alleged role in unauthorised dealings in over-the-counter (OTC) derivatives.
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