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Veracity Markets review and ratings

Established 2020
Location South Africa
Regulation FSCA
Offices Johannesburg, Cape Town
Broker type MM | STP
Leverage up to 1:500
Deposit from 250 USD
Spreads mid  mid
Platforms MetaTrader 4
Instruments Currencies Indices Metals Energies
Funding methods Wire Transfer Skrill Neteller Bitcoin

Company information

Veracity Markets is a forex broker located in South Africa, regulated by the Financial Sector Conduct Authority (FSCA).

Availability

Veracity Markets accepts clients from all over the world, excluding USA, UK, Australia, Belgium, France, Iran, Japan, North Korea and some other 3rd world countries.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

55+ Currency Pairs Based on major and minor world currencies.
10 Indice CFDs Based on baskets of different blue-chip stocks.
5 Metal CFDs Based on Gold and Silver.
2 Energy CFDs Based on Crude Oil (WTI, Brent).

Comprehensive review

Veracity is a forex & CFD broker based out of offices in Cape Town and Johannesburg in South Africa, where it is fully regulated by the South African Financial Sector Conduct Authority (FSCA). Having just entered the business in 2020, Veracity is still a new broker that has not had much time to build a track record yet. However, the steps it has taken so far appear promising.

In terms of instruments that are available for trading, Veracity Markets offers everything from forex to stock indices, and various commodities. All assets are traded in the form of CFDs, with leverage going as high as 1:500 on the major forex pairs. However, the selection here is still quite a bit smaller than many other brokers, with for example single stocks and cryptocurrencies not being offered at all by Veracity.

As a broker regulated in South Africa, the high leverage offered by Veracity could be extra interesting for European traders who are often limited to a maximum leverage of just 1:30 due to the strict regulations inside the EU. Fortunately, the broker accepts clients from most European countries, with the exception of the UK, France, and Belgium.

Veracity offers all of its clients access to the classic desktop-based MetaTrader 4 (MT4) platform, as well as mobile versions of the same platform for Apple and Android devices. In addition, the broker also offers a special multi-account manager functionality for MT4 that allows one user to conveniently manage several other accounts via the platform.

As of this writing, no other trading platforms are offered by Veracity.

Before signing up, new clients with Veracity will be given the choice between three live trading accounts to use, in addition to a free demo account for paper trading if they would like that. The three account types are a Standard account with commission-free trading and spreads from 1.6 pips, a Fixed account with commission-free trading and spreads from 2 pips, and an ECN account for larger traders with commissions from USD 7 (on forex and metals only) and spreads from 0 pips.

The “recommended deposit” for all three accounts is currently USD 250.

All trading accounts can be funded with either bitcoin directly, or with the more traditional payment methods like international and local South African bank transfer, as well as the popular e-wallets Skrill and Neteller. The broker does not charge any fee for processing deposits, but charges a 2% fee on all withdrawals (except withdrawals to South African bank accounts).

Lastly, Veracity’s customer service can be reached via a local South African phone number or email. Unfortunately, no other international phone numbers are listed, and the broker does not advertise 24 hour customer service for its international clients. All inquiries thus need to be made to the South Africa office during local working hours there.

All in all, we believe that although Veracity Markets is still a very new broker, it may very well turn out to be a good alternative for some, and especially for South African traders. However, it is still worth mentioning that the spreads offered by Veracity are far from the best in the industry. This is particularly true on the Standard and Fixed accounts, while traders on the ECN account will have to deal with relatively high commissions.

Further, we also realize that the selection of trading instruments from Veracity is still not the best, and hope it will take the effort to add a few more instruments other than forex and commodities in the future.

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