Veracity Markets Review: Scam Broker? - Topedgefx.com

Veracity Markets Review: Scam Broker?

Veracity Markets is a new broker with offices in South Africa.

The broker is a representative of Nirvesh Financial Services (Pty) Ltd.

This means that Veracity Markets is not directly licensed to provide financial services.

The brokers offers a wide range of assets for trading which include Forex, Cryptocurrencies, Indices, Metals, Commodities and Shares.

Maximum leverage is up to 1:500 and minimum deposit is only $250.

Veracity Markets claims that they offer ultra low spreads for their 3 types of trading accounts.

Spreads for the various account types are floating starting 0.00 pips and up to 1.6 pips.

We do not know the floating spreads for individual financial assets because this has not been published on their website.

Also, this broker supports MT4 trading and claims that their trading conditions are true market execution or ECN.

Veracity Markets review

They do not appear to provide Islamic account type at this time.

In terms of deposit options, Veracity Markets offers bank wire and Bitcoin resprectively.

If you don’t know how to trade or you probably do not have time, you can consider using these solutions.

Is Veracity Markets Legit?

This broker is very new and their legitimacy can only be tested from time to time.

A broker can only be considered legit when they don’t have withdrawal issues and are regulated by a well-known financial watchdog.

Also, they should provide real ECN or STP trading conditions as opposed to operating like market makers who manipulate trades behind the back of their clients.

Therefore, if you’re looking for more established Forex brokers to trade with, check out this list.

What we do not like about Veracity Markets

Their services are currently restricted and countries like USA, UK, France, Iran, Australia, Belgium and North Korea can’t access their service.

Secondly, it is not directly regulated by a financial authority.

Instead, this broker appears to be a white label of a regulated broker called Nirvesh Financial Services (Pty) Ltd.

This company is regulated by South Africa’s FSCA.

Also, the ECN accounts for this broker charges fees per lot. They charge inactivity fees as well.

What to do if you lose money to a scam broker

When you lose your deposit to a scam broker, you can seek professional help.

That can happen mostly with new Forex brokers like Veracity Markets.

While it’s still early to make any judgement, we can still be prepared with the fact that money lost through a dubious broker can be recovered.

Conclusion

Thanks for reading our review. We still feel that this broker is new and has not established its brand yet.

We’re not confident with the services of Veracity Markets. So you will have to look for other more established brokers.

14 Comments

  1. Enrico July 29, 2020
    • Siboniso Zulu August 8, 2020
  2. Siboniso Zulu August 8, 2020
    • Tamlyn Ferrine August 12, 2020
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        • Siboniso Zulu August 24, 2020
      • Siboniso Zulu August 19, 2020
        • thabiso August 20, 2020
  3. Daniel ledwababa August 10, 2020
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  5. Tshepang Mpinga August 12, 2020
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  7. Ayanda August 13, 2020
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