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.

  • This is the worse broker Ive ever come across , I have been waiting for my withdrawal to come through & last night the markets were freezing & that cost me to lose loads of money, I wouldn’t recommend the broker to anyone

  • Be careful of their 100% bonus account, its scam that targets the profit one makes using this account. As we speak they are refusing to pay me the profit I made since I funded my account two weeks ago, I withdrew on 3dr of August simply because I was fed up with their freezing platform, only to get a response of 7th August after I have sent WhatsApp messages and emails. I am approaching the relevant authorities to see to it that justice prevails.

  • Since I deposited money in their account on 05/08/2020 and still not reflecting on my trading account… i even tried to contact them but yet they don’t reply to my emails

  • this broker are thieves i requested to deposit money to my account lust Friday and they are not deposited yet to my account be aware of this broker i called them and they do not response even i emailed them a lot of time they only respond the same about delay they are lairs and thieves be aware it seems that i lost my money scammers f****k go to hell

  • this broker needs to exposed many South Africans will fall it and end having problem.Any broker that is only regulated in South Africa run away from if.

  • This is a scary, my deposit reflected under equity as bonus. I sent them an email it wasn’t fixed. I decided to trade. After a week of making consistent profits I decided to close my running trades and ask them to transfer my deposit to a non bonus account as they were scrapping it, to avoid working for nothing . To my surprise they told me I had blown my account. What made the situation worse is the incompetent manager called Kgosi , I doubt if he was ever trained on customer service at all. Made fun of me with his staff from the background. How can you have a 100%bonus of R4000 on R2000 deposit, just logic tells you something is wrong. The guy wasn’t interested even after sending my daily reports since I made that deposit. I wasn’t going to let them have my money so I was forced to blow it so they won’t have it as well.