Veracity market is an ECN and STP broker that offers online access to forex trading and CFD instruments. It has been doing this since 2020. The broker focuses on traders from African countries but still accepts global clients. It offers about 250+ instruments for trading, 24 hours support, different account selection, and popular MT4 AND MT5 trading platforms. Veracity markets are regulated by FSCA (Financial Sector Conduct Authority). Veracity remains one of the trading platforms that offer trading accounts to both experienced and novice traders. However, it helps to note that the trader is best suited for experienced professional traders. Keep reading to find out more about this platform.
Veracity Markets Reviews
Veracity market is a private company in South Africa, located in CapeTown and Sandton. The company is an execution-only intermediary that uses regulated liquidity providers to clear clients’ trades. The broker works with different traders globally and currently has over 30,000 accounts. This company offers dynamic leverage since the value adjusts automatically to the used margin and the trading volume of the chosen trading tool.
The trading volume increases the margin percentage, which also increases according to the dynamic value of the asset leverage. Clients can access a wide range of trading accounts with floating spreads from a cents account to ECN. You should note that the minimum deposit for each account type is $250. Nonprofessional account spreading starts from 1.6-2 pips. The forex pairs available are 38, which is way lower than other brokers may offer. You can also not trade via web trader with Veracity market. The MT4 and MT5, the available trading platforms, must be installed in a trader’s smartphone, laptop, or PC.
Broker’s Investment Products, Available Markets, and Investment Products
You should note that Veracity does not have its investment options. However, clients can use the available passive options available on MT4 and MT5 platforms. Fortunately, the company allows traders to use expert advisers and copy signals from the MQL5 website. They can also provide signals and allow clients to connect to MAM service and take part in partnership programs offering a variety of rewards for additional profit.
The Multi-Account Manage
The passive income service (MAM) allows managers to execute trades on unlimited connected subaccounts. The managers’ and investors’ funds are separated, and the manager does not have access to the subscribers’ funds/ deposits. MAM has several features, namely:
- Investors ability to monitor their trades and profits in real-time
- Free investors connection. Investors are not asked to pay any fee.
- Different distribution types are available, including lot, balance, equity, and percentage. This offers a variety of options to pick from.
- Many investors can connect to a manager account at the same time.
Traders get to choose a manager and connect with their accounts. Consequently, all executed trades will reflector will be mirrored on the subscribers’ subaccounts. This means that both parties win every time the manager executes a successful trade. The investors get to earn a profit without trading, and the manager receives a percentage of the profit earned from the subscribers. The overall profit thus increases as a result of this.
Veracity Market Affiliate Program
Brokers can work under the Veracity market brand and earn some cash. This happens through the introducing broker’s program, which targets companies that want to provide broker services and make some money for every trade executed by the client. The broker offers three rewards in this case. They include CPA, Hybrid Deals, and Revenues Share (Trade Rebates).
There is also the white label which is an offer to both small and large companies that use Veracity’s technological development for Forex market operation. In addition to the MT4 platform, the white Label offers services and products of more advanced companies but tailored for your brand.
The partnership programs by Veracity are designed to serve institutional clients, including brokerage firms and companies. The same privilege does not apply to retail customers as they cannot earn extra income by referring clients.
Rebates and Discount Programs of Traders Union
To save on brokerage spread, you first have to register on the trade union’s website then open a trading account with a broker using the union’s referral link. Just be sure that the broker you choose is a trade union member. Traders’ unions pay a rebate for spreads. Besides that, compensation for all trading commissions is awarded on all executed trades, regardless of whether they are profitable or not.
Veracity’s Trading Conditions for Users
Veracity markets offer more than 250 trading instruments, all with dynamic leverage. Traders can use different trading platforms, including MetaTrader 4/5 trading platforms, open ECN and STP accounts in 4 other currencies. They can also make deposits and withdrawals through wire transfers or electronic payment systems. You also get Islamic accounts and demo accounts from the broker. However, to enjoy these gains, you must comply with specific requirements/ conditions, including:
- Minimum deposit of $250
- Leverage of 1:500
- 24/7 support
- МТ4 (Desktop, Mobile), МТ5 (Desktop, Mobile)trading platforms
- Demo, Standard МТ4, Standard Cent МТ4, Standard МТ5, Fixed MT5, ECN MT4, Fixed MT4, Islamic Swap Free account, an ECN MT5, accounts.
- USD, ZAR, GBP, KWD currencies
- Ozow (only for traders from South Africa), Skrill, Bank/Wire Transfer, Bitcoin, and Neteller, payment/withdrawal options
- Minimum deposit of $259
- Minimum order of 0.01
- Different spreads including from 2 pips (Fixed), from 1.6 pips (Standard and Standard Cent), from 0.0 pips (ECN)
- Instruments used include currency pairs, stocks, CFDs on precious metals, cryptocurrency, commodities, futures, and indices
- The stop out or magical call is 100-150%/30-75%
- They have mobile trading and affiliate trading
- They have 223 banks for liquidity provider
- Their orders execution include Stop Loss, Market Execution, and Limit Orders
- There are no bonuses and contests
Fees and Commissions
A detailed analysis of the conditions of Veracity accounts revealed that they have two types of commission charges. These are the trading and non-trading commissions. They charge for spreads on the Fixed, Standard, and Standard Cent accounts as a trading commission. The broker charges an extra commission per lot for an ECN account. However, this applies only to metal and forex trading.
Veracity does not charge for deposits and withdrawals for South African banks, but it does charge a 2% fee for transactions made through Neteller and Skrill. You will also love that you will not incur any inactivity or platform charges.
The average spread on Veracity Markets is generally competitive. However, for Fixed accounts, spreads begin from 2 pips and will increase considerably when there are market fluctuations. Also, consider the broker charges a non-trading fee for withdrawals to electronic payment systems.
Why Veracity is Your Ideal Broker
Veracity Markets is a South African broker that offers its clients a wide choice of assets for trading. Traders have the option of trading 38 currency pairs (majors, exotics, and crosses), CFD on 150 stocks, precious metals (gold, platinum, silver, and copper), commodities as well as for cryptocurrencies. All these trading assets come with dynamic leverage. Besides that, the broker offers access to trading nine most popular stock indices, including USA 500, NASDAQ 100, and France 40. Veracity’s Markets permit automated trading, scalping strategies, and hedging of positions.
Some of Veracity Markets figures include:
- 250+ trading instruments.
- Eight live account types.
- Website in 50 languages.
- Four account currencies
- Ten types of demo accounts.
Noteworthy Services by Veracity Markets
- A Trading Schedule. An updated trading schedule is given during the official holidays. You will find it in the website’s FAQ section.
- It has an economic Calendar which is basically a schedule of important economic events and useful news expected during the following trading sessions. You will find this in the trader’s Personal Account.
- A FAQ section. This section has answers to common questions regarding the broker’s trading conditions. These questions often touch on accounts, different platforms, verification rules, deposits, and withdrawal details.
What you Stand to Gain if you Choose to Work with Veracity Markets
- Peace of mind knowing that the broker operates under the Financial Sector Conduct Authority (FSCA), which is South Africa’s state regulator.
- Passive investors and successful account managers earn extra income using the Multi-Account Manager (MAM) service.
- The broker has full digitization of website registration and trading account opening, which takes not more than 10 minutes.
- There is no time limit on the demo account use. Therefore, this unlimited use allows traders to use it for as long as they want.
- The broker allows automated trading, scalping, and hedging.
- Clients can earn passive income when they participate in partnership programs.
- The company offers several methods for customer support contact, including online chat.
Veracity Markets Customer Support
The broker offers its clients and prospects 24.7 customer support, any day of the week. The support can be accessed through an online chat system or email responses. The advantages of the brokers’ customer service system include the fact that online chat operators will respond to you within a minute to three of sending your inquiry.
Besides that, you are assured of customer support regardless of the time of day. On the other hand, there is a downside to this kind of customer support. The broker does not offer a call-back option for customers who want to call directly. You are also not likely to get a specific response from the specialist who chats with you, not to mention that there is no international contact number for clients outside South Africa. Nonetheless, if you still wish to get in touch with customer care, then you can proceed as follows:
- Write your message in the company’s website online chat section, or
- Send an email to email@example.com; or
- Call a phone number in the Contact section; or
- Write a message to the company on any of its social media pages, including Facebook, Instagram, and Twitter; or
- Fill out a feedback form by email.
Note that you can still write an online message on the broker’s website without registering or having a personal account.
Advantages of Veracity
- It has a vast selection of trading accounts for both retail and professional traders.
- There are no re-quotes. This means that operations occur without a dealing center with the direct prices of the liquidity providers.
- It offers both desktop and mobile versions of the available trading platforms, basically the MetaTrader 4 and MetaTrader 5.
- It has high leverage of 1:500 on all its account types.
- 24-hour support via Live Chat on the website and in the Personal Account.
- There is a possibility of withdrawing funds to popular electronic wallets, Skrill, Bitcoin, and Neteller.
- Clients’ deposits are in segregated accounts at major banks.
Demerits of Veracity
- Despite having many great features, it may not have very attractive conditions for novice traders/ beginners. The minimum deposit is $250, and very high spreads from 1.6 to 2 pips on a tranquil market are not considered beginner friendly.
- You have to figure things out independently because there is no educational information, glossary on the broker’s website, or video tutorials that newcomers can use.
- The company does not offer analytics, research instruments, and news, so traders have to do a lot of work themselves.
A good broker has a few characteristics that make them stand out. Veracity is no different. Most of the discussed elements make it stand out as an ideal broker for traders. However, it appears as though the company is best suited for experienced traders. However, if you are confident enough and are willing to make major moves in terms of risk, then Veracity is your go-to broker.
It is perfect for African traders, although it has an opening for global clients. Most people who have used it for some time have had a lot of positive things to say about it. However, before rushing to open an account with them, you should first try their demo accounts. The fact that you get unlimited access to these demo accounts should be enough time for you to test and decide if Veracity is the right broker for all your trading needs.