Veracity Markets ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
Founded in 2020, Veracity Markets was launched to allow users from around the world to get easy access to trade the financial markets via the popular MetaTrader 4 platforms for web, desktop and mobile. The broker is registered in South Africa and they offer a generous selection of over 250 financial assets across different markets including forex, commodities and indices. Whilst this is a decent amount, it does not compare to larger brokers such as IG who have over 17,000+ available trading instruments. That being said, I did find them to have decent conditions for anyone looking to primarily trade forex.
Pros & Cons
- User-friendly MetaTrader 4 trading platforms for desktop and mobile
- Reasonable selection of around 250 financial assets
- Low spreads starting from 0.0 pips are suitable for scalping
- Demo accounts available if you want to practice trading without any risk
- 24/5 customer support team always available to respond
- Cannot accept clients from some countries due to regulators
- There is a lack of trading tools apart from those already implemented in MT4
- Despite providing 24/5 support, they cannot be reached via live chat which can mean it takes longer for a response
- If you are new to trading, there aren’t many educational resources to help guide you
- Requires a minimum deposit amount of $250 to open a trading account
On the plus side, the broker does offer three trading account options to choose from with high leverage up to 1:500. Each account is designed specifically to cater towards different trader needs, according to investment size and trading style. There is a demo account option if you want to practice trading online risk free before making a financial commitment. This is good as it means that anyone can give them a try without meeting the minimal investment amount of $250 which is quite high when compared to many other brokers.
Despite the positives, we can only place and manage trades with Veracity Markets on the MetaTrader 4 trading platform, which has some limitations which may not impact you as an average retail trader but could restrict the trading activity of institutional clients. In saying that, MT4 is easy to use and made available for desktop and mobile, which can be convenient for trading from the palm of your hands and whilst on the move.
Customer support is on hand to help you 24/7 but cannot be reached by live chat which is my preferred way of reaching out to a broker as it is usually the quickest way to get a response from my experience. Never the less, I found the customer support to be very helpful and quick to respond to a variety of questions. This always helps me to build confidence in a broker as nothing can be more frustrating than waiting around days for a response to a basic question.
When choosing a broker, regulation is one of the first things that I look for. Veracity Markets (Pty) Ltd is an authorised Financial Services Provider (FSCA). The FSCA aims to enhance and support the efficiency and integrity of financial markets and to protect financial customers by promoting their fair treatment by financial institutions, as well as providing financial customers with financial education. The FSCA will further assist in maintaining financial stability. Veracity Markets is an execution-only trading intermediary and makes use of regulated liquidity providers for clearing of its client trades.
Veracity Markets states that its services are not directed or intended for distribution to or use by residents of certain countries or jurisdictions including, but not limited to, the United Kingdom, Australia, Belgium, France, Iran, Japan, North Korea, and the USA. If your country is one of those listed then feel free to browse our broker reviews for alternative options.
Veracity Markets provides traders with the MetaTrader 4 trading platform. It is the platform of choice for many forex and CFD traders owing to its wide range of built-in features and capabilities, which includes the following:
- Stop loss and take profit limits
- Can be connected to your robots
- Interactive charts with 9 timeframes
- Free technical indicators to aid your trading
The broker makes the MT4 platform available as a desktop application for Windows and Mac computers, a web trading terminal, and a mobile app for Android and iOS devices.
I personally like the desktop platform as it has some capabilities that the mobile app doesn’t. Primarily, the MT4 desktop terminal is capable of running automated trading systems but it does need to be up and running in order to do so. On the other hand, the MT4 app cannot run any trading robots but could be an ideal solution for traders who prefer the comfort of trading on a mobile phone without needing to fire up a laptop or traditional desktop PC.
Either way, both platforms have plenty of technical indicators for conducting chart analysis on the trading instruments provided by the broker. You will find the basic trend and oscillator indicators that you would expect from any decent trading platform. This includes the moving averages to help spot trends and the relative strength index (RSI) which can be useful for identifying overbought or oversold market conditions. There are over 50 built-in indicators but you will find thousands of free and paid add-ons in the MQL marketplace which is implemented within the platform.
I feel the platform could be improved if it had some built-in fundamental analysis tools. Instead, you need to download them from a third-party is this is an important part of your trading strategy. Alternatively, you can find a greater selection of default trading tools in the MetaTrader 5 platform. MT5 also delivers a simple way to trade thousands of stock CFDs with compatible brokers such as IC Markets. They have MT4, MT5 and an impressive range of over 2,000 instruments to choose from.
There are no standalone trading tools on the broker’s website at the moment. Although there are many tools already in the MT4 platform that should satisfy the needs of the average trader, I would like to see the broker expand the offering with some tools to help us with fundamental and sentiment analysis. Many traders are expected to make do with the basic trading tools which sometimes means they are not made aware of the much more advanced capabilities that they could have at hand by using a broker that has additional tools. Pepperstone for example give you 28 additional MetaTrader tools, provide FIX API trading and the powerful Autochartist software that generates trading signals completely free of charge.
The broker’s website contains no educational resources at the moment. It would be nice if they offered a trading academy or an FAQ section to help educate new traders. If you are a beginner, you won’t find any content to help you learn how to trade. However, you could open a free demo account to practice trading online which I feel is one of the best ways to learn and how I got started.
You will also find plenty of resources online where you can learn more about trading and different strategies that may be of interest. If you are a visual learner, there aren’t any webinars or seminars. Instead, you can consider FP Markets who provide lots of educational content such as daily market reports, analysis and webinars.
Veracity Markets offer a decent selection of trading instruments for you to trade. You can choose from precious metals such as gold and silver, forex currency pairs and stock indices. Although they do have assets to trade from different markets, stocks are limited when compared to other brokers who have shares from thousands of companies to trade. If on the other hand you are content with forex trading, you may find the brokers product offering sufficient enough.
I personally like to have as many symbols available to trade as possible, just in case I want to branch out and diversify my portfolio more in the future. This is evident with the increasing popularity of cryptos seeing traders opt for brokers that have a good selection of digital currencies, such as XTB.
Veracity Markets have a choice of trading accounts to meet the individual needs of clients. The accounts you can choose from include the Standard, Fixed Pro, and ECN Accounts. Your choice is probably going to depend on your investment size and if you would prefer low spreads with a commission fee, or paying no commission and having a spread mark-up instead.
Although this broker has low spreads starting from just 0.0 pips, they do charge a commission fee of $7 per standard lot round turn on forex and metals. This is more or less the industry standard if you are looking for a broker that has zero spreads and means they can be a popular choice for traders who are using scalping strategies. However, there are other FSCA regulated brokers that do not charge a commission fee and still have tight spreads such as AvaTrade.
All of the fees are included in the spread, commission and swaps but there is an inactivity fee that kicks in after one year of no trading activity on your account.
This is the basic account offering which should be fine if you just want to try the broker out and see how things go. I think this is probably the option for traders who don’t really have a specific trading style and are not too fussed with the size of the spreads.
If you have a trading strategy that relies on fixed spreads, this may be the account for you. It does not include a commission free but that does mean that spreads are marked up and therefore higher than usual.
I would go for this account because I feel it provides a good balance between reasonable spreads and competitive commission fees. The spreads are not the lowest that I have seen when trading but should be OK unless you are using a scalping system. In that instance, you may want to look at XM Group who have raw spreads from zero pips on their ECN accounts
If you don’t have any experience trading online, then a demo account is a great place to start. You can get a feel for trading on the MT4 platform and experiment with different strategies. I spent years demo trading in order to build up my confidence, skills and knowledge of the markets. Veracity Markets demo accounts are free and there is no limited on how many you can have.
The broker’s customer support team is available 24/7 to respond to traders’ general, technical, and account-related inquiries. They can be reached through telephone, email, social media, or by visiting their registered office in Century City. Let’s be honest, you are not likely to going to be visiting their offices but you want a quick response to any question you put forward. That being said, I would prefer if they have the option of chatting to someone over live chat as I find that is usually the fastest way to get a response. Instead, unless you are prepared to make a phone call, you could be waiting a while.
Veracity Markets accept local bank transfers and e-payments for both account deposits and withdrawal purposes. I like the eWallet options as I find these quick and easy when compared to making a wire transfer which can be cumbersome to setup and take days to clear. The broker does not charge any accounting fees from their side but be aware of any third-party fees you may incur. There aren’t any crypto payment options so you will need to look for an alternative broker who can take crypto deposits such as Hugo’s Way if this matters to you.
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Veracity Markets is a multi-asset South African brokerage firm, providing traders with access to trade a reasonable selection of 250 financial instruments, primarily focused on forex currency pairs.
Your trades are placed and managed via the intuitive MT4 trading platform which I find easy to use but limited in many aspects when compared to the newer MT5 platform that the broker unfortunately does not provide.
There is a client support team who are available 24/7 to aid the trading process but you won’t get any live chat support. Although there are multiple trading account options to choose from, the only real difference are the spreads.
I would like to see the broker offer more educational resources and trading tools to help new traders learn more about trading online and assist with daily trading activities.
Despite having a satisfactory range of trading products and services, I would prefer to stick with a more established broker that has a larger selection of tradeable instruments and powerful platforms to help me reach my full trading potential. Please feel free to see our best trading brokers for some inspiration.
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