RECOMMENDED FOREX BROKERS
Veracity Markets is a South African broker, whose parent company Nirvesh Financial Services (Pty) is an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act. The Financial Advisory and Intermediary Services Act makes sure that all financial service providers act within a specific framework when dealing with customers. However, this act is not a FX license issuer, and it does not focus on regulating the nation’s Forex agencies. This falls into the hands of Financial Sector Conduct Authority (FSCA).
South Africa is by far the most developed nation in the continent, and as such has accumulated a significant global forex industry over the last decade or so. Even more so, SA has no ban on binary options trading and no decree that limits the leverage to 1:30, as is in Europe.
The main FX regulator in the country, Financial Sector Conduct Authority (FSCA), is in charge of of overseeing the country’s non-banking sector, which includes forex brokers. Since its inception, out of the old Financial Service Board (FSB), this FX license issuer has, most of all, strived to enhance the FX trading experience for all trader and brokers, while keeping the integrity of the market and abiding by the law. Although still considered a local (as opposed to global) regulator, the FSCA has walked along way since its humble beginning, and as such has acquired a status among industry players as one of the best non EU/US regulators.
However, there is something very important to cover. To start with, the FSCA has an online database where all regulated entities can be found. And even if Veracity Markets is found in the registry, its Financial Service Provider Progress is yet to be completed, and at the time of the review is still pending, as you can see from the snip we have included.
So, technically speaking, Veracity Markets is still not regulated, and by the looks of it, the firm might have to wait some time. Notice that the financial watchdog has received Veracity Markets’ application in late 2018, which can mean two things. Either the regulator takes its time, or Veracity Markets has yet to meet the regulator’s requirements.
This is cause of concern, because it complicates things for us, but especially for traders. The review will attempt to reveal all the important details, so that readers may judge for themselves.
We were able to easily register, and even though some of the features of the user dashboard were blocked behind ID document requirements, we did open a live account on the MT4. The EUR/USD spread for the Standard account was around 1.9 pips. The leverage is capped at 1:500. We learned from the trading software that users can trade with forex pairs, crypto, indices, commodities, and shares.
The website can be translated in well over 20 languages, which is a concern, for we think that the broker has adapted Google Translate. In fact, all the languages that Google offer are available on the website Veracity Markets, including languages that are spoken by many minorities, latin, and welsh, among other such cases. This is definite proof that something is out of order at this here broker.
VERACITY MARKETS LOGIN
Veracity Markets comes equipped with the MT4 terminal, however it does not come as a web browser.
Some of the main features of the MT4 include multiple time frames, hundreds of customizable trading indications, an active mail box, live and updated articles, Expert Advisors, and so so much more than novice traders suspect. This industry leading trading terminal offers an incredible amount of trading options and opportunities.
The Order Execution Policy makes it, sort of, clear that there are spread commissions:
The commission is applied only to the ECN Account. The $7 per lot weighs down on FX pairs and metals. However the broker does not make it clear whether the commission is $7 per side or round turn. We assume it’s round turn, for if it were per side the commission would increase all FX and metal spreads by 1.4 pips, and would be unfair to traders. However, the ECN account is being advertised as holding floating spreads as low as 0 pips.
For those interested in ECN account, this commission, when applied and if per side, would change the spread to its actual value of 1.4 pips.
VERACITY MARKETS MINIMUM DEPOSIT
The minimum deposit is $250.
Users can deposit via Skrill, First National Bank, Neteller, and ABSA. These funding methods somewhat differ from what the legal documentations and website claim to be offering as payment gateways. Again contradictions that increase our suspicions.
All deposits should be processed immediately, except for those using a bank. Bank deposits can take up to 3 days.
Base currencies are as follows: ZAR, KWD, USD, and GBP.
There are no fees issued for deposits.
VERACITY MARKETS WITHDRAWAL TIME AND FEES
All withdrawals revived before 17:00 GMT +2 will be processed during that same day. After that it may take the money some 5 days to reach a user’s account.
The minimum withdrawal amount is kept in secrecy.
The only fees applicable are for bank transfers, and these are applied by the banking institutions themselves. However, the Terms and Conditions reveal that the broker may in fact charge bank transfer fee. So, be aware of bank fees coming from both ways.
Users can withdraw via a number of different gateways, most of which are banks. These are Tyme Bank, Skrill, Neteller, Standard Bank, Ned Bank, Bank Transfer, Investec, FNB (First National Bank), Capitec, and ABSA.
Furthermore, Veracity Markets may charge additional fees:
The broker has a dormant account fee that is activated after a user has not used his or her account. In such cases, users are issued a $50 charge. The fee repeats for every three consecutive months of inactivity.
The broker can, without notifying the user, transfer a user’s money between his/her accounts. To what end, is unrevealed. This is an interesting provision, since as far as we are concerned, it leads to nowhere.
Interestingly enough, the indemnification clause makes an appearance here, and although similar clauses can be found throughout the legal docs of legit brokers, this one here reminds us of an illegitimate one.
The case for Veracity Markets was made, and the verdict is not a good one. In its current state, we do not recommend this trading terminal, for it lacks several crucial elements from its whole. For one its pending license has been suspended in this state for well over a year and a half. Second, there are far too many inconsistencies going on, and with each one, our trust decreases slightly. Third, there are undisclosed fees.
The best advice for now is for users to wait until Veracity Markets gets things in order, and starts behaving like a regulated brokerage.