Veracity Markets Review 2022 – Pros & Cons Revealed
Veracity Markets is an up-and-coming stock trading and forex broking app. It has been making waves for a while now, and while it is still relatively new in the market, reviews from South African investors have been quite impressive.
Despite being relatively new, Veracity Markets has several features that allow it to give some of the best forex brokers a run for their money. We will be examining all of these features in our Veracity Markets review 2022. This guide explores the platform, services rendered, and what makes it unique and appropriate to traders in South Africa.
Veracity Markets History and Background
Veracity Markets is an online forex trading platform that was founded in 2020. Based out of South Africa, the platform aims to improve confidence in trading for all clients, regardless of their experience levels. With a trader-oriented platform, Veracity Markets was built to help users easily navigate the market.
There is no doubt that Veracity Markets has a lot going for it at the moment. Its track record is still a bit short, so investors might feel a tad worried about its functionality or security features. However, the company boasts that everything available on the platform is top-notch. Veracity Markets hopes to become the one-stop shop for trading across different financial instruments with several types of trading accounts and a multitude of trading pairs. Veracity Markets operates on the MT4 trading platform and is available on mobile, web, and desktop. The operators are regulated and incorporated in South Africa, The company is registered at 2018/515174/07, and it is an appointed juristic representative of Nirvesh Financial Services (Pty) Ltd (Reg No.: 2014/214417/07).
Veracity Markets Pros & Cons
What Can You Trade and Invest in on Veracity Markets?
A significant benefit of Veracity Markets is that you get different financial instruments spread across several asset classes. These classes include:
Veracity Markets provides users with the opportunity to trade in various precious metals and materials. These include gold, silver, palladium, crude oil, and petroleum.
On Veracity Markets, you get to trade silver and gold online with no re-quotes. The markets are very liquid, which allows for instant buy and sell orders. You can also use the same account to go long or short on an asset.
Indices are a representation of a wide range of stocks in a particular sector of the overall market. By capturing changes in a group of stocks, index trading provides an excellent diversification opportunity for traders. On Veracity Markets, you get access to several top stock indices. These include the NASDAQ 100, France 40, and UDA 500. The platform also grants you up to 1:500 leverage, which allows you to maximize your profits using leverage trading.
The derivatives trading service on Veracity Markets is where ForEx traders come to trade their currencies at any point in the day. On Veracity Markets, traders enjoy several benefits, including access to over 55 trading pairs (including major assets, crosses, and exotic pairs). Trades occur 24 hours a day, and you get no re-quotes on trades as well. As it is in indices, you also enjoy up to 1:500 leverage on trades. There are no hidden fees or extra charges on your account, and you gain access to a 24-hour market that is always open.
Veracity Markets – Fees & Commissions
Trading on Veracity Markets is affordable. There are no hidden fees or charges. There are also no non-trading fees, so you have a lot of opportunities to maximize your profit.
While trading, you will find that spreads on all accounts are floating. This means that market volatility will affect you. Spreads on the ECK Account will usually start from 0 pips. The spreads on the Standard Account start from 1.6 pips, and those on the Fixed Account start from 1.2 pips. There are no commissions charged on the Fixed and Standard accounts. However, you get charged $7 per lot when trading metals and ForEx on the ECN Account.
You don’t have to pay any fees on withdrawals and deposits with Veracity Market. There are no extra or hidden fees on transactions as well. However, you will have to pay an inactivity fee if you fail to use your account for over a year.
Veracity Markets Trading Software
Veracity Markets supports only one type of trading platform – MetaTrader 4 (MT4). While this is less than several of its competitors, MT4 is the most popular trading platform globally. So, users aren’t missing out on much here. MT4 is available for any software or mobile device, and it works well for expert and novice traders alike.
Veracity Markets User Experience
Veracity Markets has a relatively simple trading service. Expert traders will have no trouble with getting on and being able to trade as soon as possible. However, it is recommended that beginners use the demo account to get a lay of the land before they begin trading.
Knowledge of MetaTrader 4 will come in handy here since Veracity Markets doesn’t use any other trading software. Veracity Markets can be traded on the following platforms:
Veracity Markets provides a trading platform for Mac and PC. The service has an MT4 terminal that especially promotes online trading. You get several amazing tools that allow you to analyze the market and make transactions. Some top features available on the desktop platform include as low as 0.01 pips in spreads, access to over 700 financial instruments, expert advisor functionality, built-in help guides, and three chart types.
Traders looking to monitor their positions on the go can also access the MT4 terminal on iOS and Android. You can access your account with the same login and credential as you do on the desktop platform, and you get the full MT4 functionality on your device. You can choose between four pending orders with the mobile platform – Sell Stop, Buy Limit, Sell Limit, and Buy Stop. You can get alerts through push notifications for price movements as long as you set them. Once a price moves in an ideal position, you get to know.
With up to 30 technical indicators, analysis on the mobile platform is as easy as it gets. You also enjoy a full trading history journal and the opportunity to get the latest news and notifications.
Veracity Markets – Features, Charting, Analysis
Since Veracity Markets is still relatively new, its market research tools are somewhat limited. You only have one source of market research – the economic calendar. This tool provides a method for identifying different economic events worldwide and how they could affect your portfolio performance and trading activity. With it, you’re always updated on how your portfolio could be affected by real-life events. Other tools can be accessed through the MetaTrader 4 platform.
Veracity Markets Account Types
On Veracity Markets, you get to choose between three types of accounts. These are:
- Standard Account
- Fixed Account
- ECN Account
These account types vary based on several parallels – including spreads, recommended deposits, trading platforms, order volumes, and more. There is also a demo account available on Veracity Markets for beginners to get a feel of the platform before committing to it. Below is a breakdown of the differences in each of the available platforms:
|Account Type/Parameter||Standard Account||Fixed Account||ECN Account|
|Spreads||1.6 pips||2 pips||0 pips|
|Commissions||0||0||$7 per lot on Forex and metals only|
The accounts also have some similarities. These include the following:
- Maximum leverage is set at 1:500
- Order value is set at 0.01 – 250 (lot)
- All support trading on the MT4 platform
- Unlimited open positions
- You can get access to expert advisors
- Market execution is available on all accounts
Veracity Markets Review
All things put together, our Veracity Markets review 2022 gives you access to some of the best financial markets in the world. Veracity offers some of the best tools in the industry compared to other online trading platforms. Visiting the Veracity Markets review South Africa website will give you a comprehensive feel about the world of investment– and you can easily find your way around the platform.
Veracity Markets uses a time-tested ECN clearing method, ensuring that traders get the best prices at the highest speed. Also, the FSCA regulated broker offers one of the highest leverage tradings with 1:500, which makes it one of the best high leverage brokers in South Africa.
Additionally, Veracity markets allow new traders to learn about the market at their own pace through its demo account. The demo account works much like the live account and is useful in educating the trader on what indicators to look out for. Best of all, Veracity markets use the popular MT4, MetaTrader multi-terminal, which works on both Windows and Mac. However, it does not support the higher-end MT5. Compared to some other trading platforms, the South Africa-based broker is one of the most user-friendly trading platforms as all the user needs to know is available on the homepage. The different accounts are also listed with their application requirements.
However, when creating an account with the broker, you need to tick a list of boxes. This can be frustrating as the broker could have just compiled them into its terms and conditions instead of listing them individually. Besides this, the signup process is quick and easy, and you should be getting set to trade in no time.
Veracity Markets Payments
In terms of deposits and withdrawal options, Veracity Markets offers the following channels:
- Local bank transfers
The regulated broker doesn’t support well-known payment channels like Paypal yet. Also, you can’t use your credit/debit card to make deposits. When it comes down to Veracity Markets fees, the platform is quite affordable and straightforward. Veracity Markets does not charge for deposits or withdrawals of your earnings. This is a major plus, given that most trading platforms will charge a nominal fee for either deposits or withdrawals. It also supports 12 base currencies, which can be good for you if your resident country’s currency is listed.
Veracity Minimum Deposit
Veracity Markets requires a minimum deposit of $250 which is about 3,417.42 Rand to get started.
Veracity Market bonus
Veracity market offers a 100% bonus for new and existing customers. And unlike most forex trading brokers, Veracity markets allow the withdrawal of both the bonus and the profits made from trading them. At the time of writing, to unlock this bonus, you have to open a live trading account and make a minimum deposit of R2000. Once your deposit is confirmed, you will be automatically credited with the 100% bonus. However, this market bonus is only open for USD and ZAR Standard Account types.
Veracity Markets No Deposit Bonus
The regulated broker does not offer a no-deposit bonus. Instead, it allows you to learn trading through its demo account. A user can open up to 200 maximum positions and get real-time price movements like the live trading account. Also, Veracity Markets gives a whopping $10,000 for users to learn with.
Veracity Markets Contact and Customer Service
We have confirmed that veracity Market has 24/7 customer support services. Added to this, the broker offers support in over 20 languages which is a good thing given its global reach.
First, it offers support through voice calls, email, the traditional ticketing system, an on-screen chatbot, WhatsApp, and two different addresses. In respect to response, Veracity Markets promises to get back within the hour. Finally, Veracity Markets provides a comprehensive and easy-to-understand FAQ section for new and existing users to skim through if they have any questions. You can access that by clicking on the FAQ button at the top of the homepage.
Is Veracity Market Safe?
Given that the broker is just a year in the business, many questions have been asked on the safety of its platform. Veracity Market’s parent company Nirvesh Financial Services (Pty) Ltd, is duly licensed by the Financial Sector Conduct Authority (FSCA), the highest regulatory body in South Africa. Alongside, Veracity Markets is duly registered with the FSCA even though its license is still in the processing stage. Since the broker is listed on the FSCA’s database, it shows the platform is a legally recognized entity, and you should not be scared about trading with them. Veracity also uses a segregated account system which ensures traders’ funds are always safe and secure. Then, in terms of security features, it offers two-factor authentication (2FA), SMS security tool, SSL/HTTPS secure technology, and withdrawal security to make sure no other person steals your funds.
Given all these, veracity market review 2022 is a safe and reliable trading platform.
Veracity Market vs. Capital.com
As this review has shown, Veracity Markets is a great trading platform for South African investors. Its customer-centric approach to trading makes it deliver on every industry best practices. Putting that aside, there a few things to be considered before signing up with this regulated broker, and to shed more light on it, we are comparing it with another top CFD broker, Capital.com.
Beginning with the number of assets it covers, Veracity Markets South Africa falls short as it only supports 250 financial instruments, a far cry from what the Capital.com platform allows. With Capital.com, you can trade CFDs for over 3,000 shares from the US, UK, and Europe. On top of that, Capital.com offers trading on more than 140 currency pairs, 80 cryptocurrencies, and dozens of indices, ETFs, and commodities.
In considering user-friendliness, Veracity Markets is more suited to intermediate and advanced traders with years in the trading game. While Capital.com’s trading platform certainly caters to advanced traders, it’s really best suited for beginners. The platform is very easy to get started with and comes with a ton of educational materials. For example, you’ll find dozens of videos and a mobile app to test your trading knowledge. Capital.com also has a demo trading account to help you safely practise new strategies.
Finally, the pricing structures between both CFD brokers are different. Veracity market requires a minimum deposit of $250, while Capital.com takes just $20 to get started. Another disadvantage of using Veracity Markets is that it uses a floating spread system which can see your investments erode on market trends.
|Platform||Trading Fees||Deposit and Withdrawal Fees||Inactivity Fee||Margin/Overnight Fee||Spreads|
|Capital.com||Commission-free||Deposit – Free of Charge
Withdrawals – Free of Charge
|None||For a position of $1,000 – Around $0.22 for long positions and $0.12 for short positions||0.7 pips for the EUR/USD pair|
|Veracity Markets||Depending on the account type. For the Standard account, zero fees plus a floating spread of 1.6 pips. Pro account attracts 0 fees with floating spread of 2 pips||Deposit – Free of charge
Withdrawals – charges 2% for other withdrawal methods
|Yes||Veracity Markets charges nominal 0.35% for Equity Delivery Trading and 0.04% for Equity Intraday Trading||0 pips but $7 lot only FX & metals|
Capital.com – Our Top Recommended Forex Broker
From this review, Veracity Markets is certainly a trusted broker you can trade with. Suppose you want to benefit from unique liquidity, high-speed market execution, a reliable connection to the market via ECN, and want to use MT4. In that case, Veracity Market South Africa is your best choice. However, Capital.com should be your go-to trading platform if you’re a newbie trader looking for a truly ‘innovative’ trading solution. Meanwhile, the Veracity Markets trading platform is not as user-friendly as trading platforms like Capital.com, and you will only get access to a limited range of financial instruments.
So, if you are looking for an easy-to-use trading platform that gives you access to thousands of CFD instruments and low fees – then Capital.com is the best option for South African investors.
75.26% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
Is Veracity Markets A Scam?
No. While Veracity Markets is still a new player in the trading industry, the platform is not a scam. It's regulated by the South African financial watchdog the FCSA. Furthermore, it ensures clients’ funds are safe in segregated accounts separate from the companies’ funds.
Is there a Veracity Markets demo?
Yes, Veracity Markets allow users to learn trading with a demo account with its MT4 web-trader. This allows traders to experience trading on the platform first-hand before funding their account with money.
Does Veracity Markets have binary options?
No. Veracity Markets does not offer binary options trading at this time.
What is the Veracity Market bonus agreement?
Veracity market requires users must deposit up to R2000 to qualify for its 100% deposit bonus offer. The good thing about it is the profits, and the bonus can be withdrawn.
What is the Veracity Markets minimum deposit?
The minimum deposit on Veracity Markets is $250.