Veracity Markets is a South African CFD Forex broker, that opened in May 2020. Their contact phone number is: +27870125545 and customer service email is: [email protected]. Official website is: VeracityMarkets.com.
In the short time that this broker has been live, they have gathered some suspicious complaints. Many traders have been complaining about long wait times for withdrawal processing, and others calling them another JP Markets scam. For withdrawal problems or broker complaints, read this.
Veracity Markets Review
Our review of the broker at Veracity Markets shows that they offer investors either the classic MT4, or the new MT5 trading platform. Their trading platform is either a web-based app, or you can download the desktop version. You will also find the standard MT4 & MT5 mobile trading apps for Android and Apple.
Veracity Markets offers their day traders / investors a full list of underlying assets for CFD trading including; Major and Minor Forex Pairs, Market Indexes, Shares, Commodities, Crypto Currency and Metals. The minimum deposit requirement for a standard trading account is $250. Clients have a choice of three account types; Standard, Fixed Spread or ECN Account. This broker accepts deposit via credit card, bank transfer or Bitcoin. Leverage rates are up to 500:1.
When comparing brokers, many of the large and established companies, offer their own proprietary trading apps that are easier for a new trader to use, read more.
Is Veracity Markets a Legit Broker?
Yes, Veracity Markets is licensed and regulated by the FSCA in South Africa.
They are an authorised representative of Nirvesh Financial Services (Pty) Ltd, with FSCA license number FSP4701. Owned and operated by: Veracity Markets (Pty) Ltd, their addresses are at: 80 Strand Street, Cape Town, 8000, South Africa, and at: 155 West Street, Sandown, Sandton, 2031.
The way that sophisticated investors research their online broker, is by checking for a valid brokerage firm license. And the reason for that, is in the event that the broker does not give you your money back, your money is protected by the government. In the United Kingdom, brokers must be regulated by the FCA, and in Australia by ASIC.
There are many licensed Forex brokers who you can trade with, see here.
Warning – Fake Forex Traders!
Many South African’s get hooked on Forex trading via a promoter they found on Instagram. Many people setup fake accounts on Instagram, and show off a flashy lifestyle that they attributed to their success in Forex trading.
Before following one of these promoters, you need to understand that people running managed account schemes are very often frauds! They are setup as Introducing Brokers, and many of them will profit off of your trading.
First thing to do, is educate yourself about day trading and then look at the many Expert Advisor plugins available for MT4.
Compare Regulated Brokers
Smart investors always tryout a few regulated brokers, before activating their live trading account.
Start Trading at: Pepperstone.com.
What was your experience investing at Veracity Markets? Please share your experience with others, in the comments section below.