Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

Founded in 2020, Veracity Markets is a broker operating in South Africa, offering trading services in derivatives, indices, metals, commodities, and shares. However, the broker raises suspicions as it lacks valid regulatory licenses, and the licenses it claims to hold are suspected to be clones. The WikiFX Score for Veracity Markets is low, primarily due to numerous customer complaints regarding withdrawal difficulties, severe slippage, technical issues, and premature trade closures. Customers express frustration with delays in fund withdrawals and cite blown accounts as a result of slippage and technical problems. The broker provides three account types with different features and specifications, including variable spreads and leverage of up to 1:500. Veracity Markets supports the popular MT4 trading platform and offers multiple contact options for customer support. However, the reviews on WikiFX highlight concerns and issues raised by customers, indicating a lack of trust and satisfaction with the broker's services.

Here is the home page of this brokers official site:

Is Veracity Markets Legit？

Veracity Markets is not regulated by any valid regulatory authority based on the information provided. The South Africa Financial Sector Conduct Authority (FSCA) license number (4701) claimed by Veracity Markets is suspected to be a clone, and the New Zealand Financial Service Providers Register (FSPR) license number (40983) is also suspected to be a clone. It is important to be cautious and aware of the potential risks associated with dealing with an unregulated broker.

Pros and Cons

When considering a brokerage like Veracity Markets, it is essential to evaluate its strengths and weaknesses. This overview presents the pros and cons of Veracity Markets based on available information and customer feedback. Understanding these aspects can help individuals make informed decisions about whether to engage with the platform. It is important to note that while Veracity Markets offers various market instruments, different account types, and the popular MT4 trading platform, there are concerns regarding its regulatory status, customer complaints related to withdrawals and technical issues, and mixed reviews from users. By examining these pros and cons, individuals can gain a better understanding of Veracity Markets' offerings and potential risks involved.

Market Instruments

Veracity Markets offers various market instruments for trading. Here are the types of market instruments available:

1. Derivative Trading: Veracity Markets provides the opportunity to engage in derivative trading. This involves trading contracts that derive their value from an underlying asset. Traders can trade over 38 major, minor, and exotic pairs.

2. Indices: Veracity Markets provides access to nine global indices. These indices represent a selection of stocks from various industries and regions, allowing traders to speculate on the overall performance of specific markets or sectors.

3. Metals: Traders can trade precious metals like gold, silver, platinum, and copper. These metals are known for their value and can serve as a hedge against inflation or economic uncertainty.

4. Commodities: Veracity Markets offers trading opportunities in commodities such as oil, gas, and agricultural products. Trading commodities allows investors to speculate on the price movements of these essential resources.

5. Shares: Veracity Markets provides access to a diverse range of over 150 shares. Traders can choose to invest in shares of different companies, allowing them to participate in the performance of specific industries or corporations.

Account Types

Apart from demo accounts, Veracity Markets also offers investors three different types of accounts, including Standard, Pro, and ECN accounts. The minimum deposit amount for all accounts is $250 or the currency equivalent amount.\

The Standard Account requires an initial deposit of $250 and offers floating spreads starting from 1.6 pips. There are no commissions charged, and the leverage provided is 1:500. Traders can trade with order volumes ranging from 0.01 to 250 lots. The account is compatible with Trading platforms and supports Expert Advisors. There is no maximum limit on the number of open positions, and the execution is done in the market. Additionally, a swap-free option is available for those who require it.

The Pro Account also requires an initial deposit of $250 and offers floating spreads starting from 2 pips. Like the Standard Account, there are no commissions charged, and the leverage provided is 1:500. Traders can trade with order volumes ranging from 0.01 to 250 lots. The Pro Account is compatible with Trading platforms and supports Expert Advisors. Similar to the Standard Account, there is no maximum limit on the number of open positions, and execution is done in the market. The account also provides a swap-free option for interested traders.

The ECN Account requires the same initial deposit of $250 and offers the advantage of floating spreads starting from 0.00 pips. However, a commission of $7 per lot is charged for FX and Metals trades. The leverage offered is 1:500, and traders can trade with order volumes ranging from 0.01 to 250 lots. The account is compatible with Trading platforms and supports Expert Advisors. There is no maximum limit on the number of open positions, and execution is done in the market. However, the swap-free option is not available for the ECN Account.

Leverage

In terms of trading leverage, the maximum trading leverage offered by Veracity Markets is up to 1:500, which is considered high. Since leverage, can amplify both profits as well as losses, choosing the right amount is a key risk determination for traders.

Spreads & Commissions

Veracity Markets offers different spreads and commissions based on the type of account. The Standard account features a floating spread starting from 1.6 pips, while the Pro account has a floating spread starting from 2 pips. The ECN account, on the other hand, offers a spread of 0.0 pips.

In terms of commissions, there are no commissions charged on the Standard and Pro accounts. However, for those with an ECN account, there is a commission of $7 per lot specifically for Forex and Metals trading.

Trading Platform

Veracity Markets provides traders with the renowned MT4 trading platform. MT4 stands as the established benchmark for Forex trading, offering a trading interface that is straightforward to navigate, robust charting tools, and an extensive range of custom indicators to facilitate automated and EA trading. Alongside this, Veracity Markets grants traders the option to select from a variety of MT4 web, desktop, and mobile trading platforms.

Pros and Cons

Deposit & Withdrawal

Deposit: Veracity Markets offers multiple options for traders to deposit funds into their accounts. These methods include bank transfers, credit/debit cards, and popular e-payment methods such as Neteller, Skrill, and Fasapay.

Withdrawal: The platform allows withdrawals to be made to local banks without any additional charges. However, for withdrawals using other methods like Skrill and Neteller, Veracity Markets applies a 2% fee on the total withdrawal amount. It's important for traders to take this fee into consideration when planning their withdrawals.

Customer Support

Clients can reach out to Veracity Markets through their website's “Contact Us” section, where they are required to provide their name, email address, phone number, and a message detailing their inquiry. By collecting these details, Veracity Markets ensures that they can respond promptly to customer requests.

For customers in South Africa, Veracity Markets provides multiple contact options. Clients can utilize the phone number +27 (0) 87 012 5545 or reach out to specific departments via email, such as help@veracitymarkets.com for general assistance, finance@veracitymarkets.com for financial inquiries, compliance@veracitymarkets.com for compliance-related matters, partners@veracitymarkets.com for partnership inquiries, and media@veracitymarkets.com for media-related queries.

Veracity Markets also offers two physical addresses in South Africa, located at 155 West Street, Sandown, Sandton, 2031, and 80 Strand Street, Cape Town, 8000. These addresses serve as additional points of contact, enabling clients to visit their offices if required.

Reviews

The reviews on WikiFX regarding Veracity Markets highlight several concerns and issues raised by customers. Some customers express frustration regarding difficulties with withdrawals, stating that they were unable to withdraw their funds or faced delays in the withdrawal process. Others mention severe slippage and technical issues, resulting in account losses or blown accounts. There are also complaints about trades being closed prematurely and deposit-related problems. Overall, these reviews indicate a lack of trust and satisfaction with Veracity Markets' services, particularly regarding withdrawal processes, slippage, and technical issues.

Conclusion

In conclusion, Veracity Markets presents both advantages and disadvantages. On the positive side, they offer a range of market instruments for trading, including derivatives, indices, metals, commodities, and shares. They provide three different account types with various features and specifications, catering to different trading preferences. The maximum trading leverage of 1:500 offered by Veracity Markets is relatively high. They also support the popular MT4 trading platform, known for its user-friendly interface and robust charting tools. In terms of customer support, Veracity Markets offers multiple contact options and physical addresses for clients to reach out or visit if needed.

However, it is important to note that Veracity Markets is not regulated by any valid regulatory authority based on the information provided. The license numbers claimed by Veracity Markets from the South Africa Financial Sector Conduct Authority (FSCA) and the New Zealand Financial Service Providers Register (FSPR) are suspected to be clones, raising concerns about the legitimacy of the broker. Additionally, the reviews on WikiFX highlight customer complaints regarding difficulties with withdrawals, severe slippage, technical issues, premature trade closures, and deposit-related problems. These reviews suggest a lack of trust and satisfaction with Veracity Markets' services.

Frequently Asked Questions (FAQs)

Overview:

FinMarket is an unregulated Forex and CFD broker based in Cyprus, established in 2015. Despite claiming to be regulated by CySEC, the lack of proper regulation raises concerns about the safety of traders' funds and the transparency of their operations. Unfortunately, the website is currently down, which adds further doubts about the broker's legitimacy. The high spreads and commissions, along with the relatively high minimum initial deposit of $1000, make it an unattractive option for traders, especially beginners. Moreover, the limited account manager availability and the absence of an FAQ section demonstrate a lack of commitment to customer support. Overall, due to the unregulated status and the website's unavailability, FinMarket should be approached with extreme caution.

Regulation:

Suspicious Clone.

A “Suspicious Clone” in the context of financial services refers to an entity that mimics or imitates the appearance and branding of a legitimate and regulated company, often with the intent to deceive and defraud unsuspecting individuals. These clones use similar names, websites, and other identifying features to create the illusion of being a reputable and regulated entity, while in reality, they are operating without proper authorization and oversight.

In the case of FinMarket being labeled as a “Suspicious Clone,” it suggests that the broker claims to be regulated by CySEC but lacks the necessary authorization and compliance. Such suspicious clones can pose significant risks to investors and traders, as they may engage in fraudulent activities, mismanage funds, and potentially disappear without a trace. Traders should exercise extreme caution when dealing with suspicious clones and always conduct thorough research and due diligence before entrusting their funds to any financial service provider.

Market Instruments Offered by FinMarket:

FinMarket offers a diverse array of market instruments, catering to traders' interests and allowing them to diversify their portfolios across different asset classes. The following table summarizes the market instruments along with some examples:

Forex Currency Pairs:

FinMarket provides access to more than 30 forex currency pairs, including major pairs like EUR/USD, EUR/GBP, and AUD/JPY. These major pairs offer high liquidity and are widely traded in the global forex market.

Major Indices:

Traders can participate in the performance of major stock market indices, such as FTSE, S&P 500, and NASDAQ. These indices represent the overall performance of specific stock markets and sectors.

Commodities:

FinMarket offers various commodities for trading, including precious metals like Silver and Gold, energy resources like Crude Oil, and agricultural products like Coffee. Commodity trading allows traders to diversify their investment strategies.

Individual Stocks:

With over 160 individual stocks available as CFDs, traders can speculate on the price movements of well-known market holders like Amazon, Netflix, and Apple. This allows investors to gain exposure to individual companies without owning the underlying shares.

Cryptocurrencies:

For those interested in the cryptocurrency market, FinMarket offers access to various digital assets like Bitcoin, Ethereum, and more. Cryptocurrency trading allows traders to capitalize on the price movements of these digital currencies.

Despite offering a diverse array of market instruments, FinMarket's lack of proper regulation raises concerns about the safety and legitimacy of its offerings. Traders should exercise extreme caution when considering this broker due to the absence of regulatory oversight, which may expose investors to potential risks and fraudulent activities. Additionally, the website being down further adds to the suspicion surrounding the broker. While the range of assets offered, including forex currency pairs, major indices, commodities, individual stocks, and cryptocurrencies, might seem attractive, the overall lack of regulation casts doubt on the broker's credibility and reliability. It is essential for traders to conduct thorough research and choose regulated brokers to safeguard their investments and trading experience.

Account Types：

FinMarket offers a range of trading accounts, but be warned, their account types may not be as attractive as they seem. Let's take a closer look at each account with a critical eye:

1. Mini Account:

1. Minimum Deposit: $250

2. Features: This account type may seem affordable, but don't be fooled. The demo account for practicing strategies is nothing special, and the 40% margin is quite restrictive. With only 24 Forex currency pairs and 10 commodities and indices for trading, you won't have a wide range of options. The leverage up to 1:500 might sound impressive, but it could lead to significant losses for inexperienced traders.

2. Standard Account:

1. Minimum Deposit: $1,000

2. Features: The demo account is available, but the 26 Forex currency pairs and 10 commodities and indices offered for trading are nothing extraordinary. The daily market news and SMS alerts may sound appealing, but they hardly compensate for the lack of variety in trading options. The dedicated account manager might not be as dedicated as you expect, and the Islamic account option is just a small gesture to attract a specific group of traders.

3. VIP Account:

1. Minimum Deposit: $10,000

2. Features: The high minimum deposit might make you think you're getting premium treatment, but don't be fooled. The additional features offered, such as 28 Forex currency pairs and a full range of commodities and indices, may not justify the steep price. Direct access to a trading manager might not be as beneficial as they claim, and the 30% margin is quite restrictive for experienced traders.

4. Premium Account:

1. Minimum Deposit: $100,000

2. Features: The hefty minimum deposit requirement might make you believe you're entering an exclusive club, but the reality might disappoint you. The in-depth analyst tips they promise are just a way to add some fluff to the account. The 25% margin is not as competitive as you'd expect, and the so-called deep liquidity might not be as deep as you hope.

Account Type	Minimum Deposit	Features
Mini Account	$250	- Demo account for practicing strategies<br> - 40% margin<br> - Trading options include 24 Forex currency pairs and 10 commodities and indices<br> - Leverage up to 1:500
Standard Account	$1,000	- Demo account available<br> - Trading options include 26 Forex currency pairs and 10 commodities and indices<br> - Daily market news and SMS alerts<br> - Dedicated account manager<br> - Islamic account option
VIP Account	$10,000	- 28 Forex currency pairs and a full range of commodities and indices for trading<br> - Direct access to a trading manager<br> - 30% margin
Premium Account	$100,000	- In-depth analyst tips<br> - 25% margin<br> - Claims of deep liquidity

In summary, FinMarket's account types might appear enticing at first glance, but upon closer inspection, they fail to deliver on their promises. The high minimum deposits, limited trading options, and questionable additional features make these accounts less appealing than they initially seem.

Leverage:

FinMarket boasts about offering “up to 1:500” leverage on their trading accounts. However, before you get too excited, let's take a closer look at the reality behind this high leverage claim.

While a leverage of 1:500 might seem like an attractive prospect, it comes with significant risks and drawbacks. High leverage can amplify both your potential profits and your potential losses. This means that even a small adverse price movement could wipe out a significant portion of your trading capital.

Inexperienced traders often get lured in by the promise of high leverage, thinking they can make huge profits with a small initial deposit. However, they fail to realize that it also exposes them to substantial risks.

Moreover, it's worth noting that regulatory authorities, like CySEC, which oversees FinMarket, have been tightening their rules regarding leverage. High leverage has been associated with increased client losses and is considered risky for retail traders. Many regulatory bodies now impose leverage caps to protect traders from excessive risk-taking.

So, while FinMarket might advertise high leverage as a way to attract traders, it's crucial to approach it with caution. Trading with such high leverage can be a recipe for disaster, especially for inexperienced traders who might not fully comprehend the risks involved.

In conclusion, the maximum trading leverage offered by FinMarket might sound appealing, but it's essential to remember that high leverage comes with substantial risks. It's crucial for traders to exercise caution and employ proper risk management strategies to protect their capital when trading with such high leverage.

Spreads & Commissions:

Spreads and commissions at FinMarket vary depending on the type of trading account. However, upon closer examination, it becomes evident that the broker's offerings are less competitive than they claim to be.

1. Spreads:

   FinMarket advertises “tight spreads” on their website, but in reality, the spreads they offer are quite high, especially on their Mini accounts. For the benchmark EUR/USD currency pair, the average spread exceeds 3.7 pips on Mini accounts. Such high spreads can significantly impact a trader's potential profits, making it challenging to trade cost-effectively.

2. Commissions:

   In addition to spreads, FinMarket charges commissions on trades, further increasing the overall cost of trading. The commission rates vary depending on the type of account. For Mini accounts, the commission fee is $15.00 per trade.

3. Comparison to Competitors:

   Compared to other reputable brokers in the market, FinMarket's trading costs are less favorable. Many competitors offer much lower spreads, often within the range of 1.0 to 1.5 pips for the EUR/USD pair, without charging additional commission fees.

4. Impact on Traders:

   The high spreads and commission fees at FinMarket can hinder a trader's ability to profit consistently, particularly for those with smaller trading accounts. These unfavorable trading conditions may lead to significant losses and can discourage traders from achieving their financial goals.

In conclusion, despite claiming to provide tight spreads and varying commissions, FinMarket's trading conditions fall short compared to many other brokers in the industry. Traders seeking cost-effective and competitive trading experiences may find better options with brokers offering lower spreads and commission fees.

Deposit & Withdrawal

Deposit and withdrawal processes at FinMarket seem to be relatively straightforward, offering various methods for funding accounts and accessing funds. However, there are some considerations to keep in mind.

1. Deposit Options:

   FinMarket provides several options for depositing funds into trading accounts. Traders can choose to deposit through credit transfer, wire transfer, or the electronic payment method Ecommpay. These options offer flexibility, allowing clients to select the most suitable method based on their preferences and location.

2. Minimum Deposit Requirements:

   The broker does not impose any specific minimum deposit requirements. However, it's important to note that individual payment channels may have their own minimum deposit limits. Traders should verify the minimum deposit amount with their chosen payment method before initiating the transaction.

3. Withdrawal Process:

   FinMarket generally processes withdrawals through the same method used for depositing funds. This is a standard practice among many brokers and helps ensure the security of transactions. Traders should be aware that withdrawal requests may take some time to process, depending on the payment method and the broker's internal procedures.

4. Fund Security:

   FinMarket emphasizes the security of customer funds. The broker operates under the regulation of the Cyprus Securities Exchange Commission (CySEC), which requires adherence to strict guidelines for the protection of client funds. Furthermore, the use of SSL encryption ensures the safe transmission of personal and financial information during transactions.

5. Additional Considerations:

   While the deposit and withdrawal processes themselves appear to be straightforward, traders should also consider the overall cost associated with funding their accounts and accessing their funds. This includes any fees charged by payment providers and potential currency conversion charges, especially for international clients.

In conclusion, FinMarket offers various deposit options and follows standard practices for processing withdrawals. However, traders should be aware of any minimum deposit requirements imposed by payment channels and carefully consider any associated costs to make informed decisions about funding their trading accounts and accessing their funds.

Trading Platforms:

FinMarket provides its clients with multiple trading platforms, ensuring a diverse range of options to suit individual preferences and trading styles. The broker offers the following trading platforms:

1. MetaTrader 4 (MT4) Platform:

   MetaTrader 4 is one of the most popular and widely used trading platforms in the industry. It offers a user-friendly interface and a comprehensive set of tools and features, making it suitable for both beginner and experienced traders. Traders can access advanced charting capabilities, a wide array of technical indicators, and various timeframes for market analysis. MT4 also supports automated trading through Expert Advisors (EAs), allowing traders to execute trades automatically based on predefined strategies. The platform is available for desktop (Windows, Linux, and MacOS), as well as mobile devices (iOS and Android), providing convenience and flexibility for traders who prefer to trade on the go.

1. In-House Web Trading Platform (WebTrader):

   FinMarket has developed its own web-based trading platform known as WebTrader. This platform is accessible through any web browser without the need for downloading or installing additional software. WebTrader offers a user-friendly interface with one-click trading functionality, real-time market charts to monitor market trends, and social trading features. The platform caters to traders who prefer a hassle-free trading experience and wish to access their accounts from any internet-connected device.

2. In-House Mobile Trading Platform:

   For traders who are constantly on the move, FinMarket offers a mobile trading platform compatible with both Android and iOS devices. This mobile app provides full access to trading accounts, enabling traders to execute trades, monitor positions, and access real-time market data from the palm of their hands. The mobile trading platform ensures that traders can stay updated and respond to market movements promptly, regardless of their location.

In summary, FinMarket provides a diverse selection of trading platforms to cater to the needs of different traders. The MetaTrader 4 platform offers advanced tools and analysis for experienced traders, while the in-house WebTrader platform appeals to those seeking simplicity and convenience. Additionally, the mobile trading platform ensures traders can stay connected to the markets at all times, making it a comprehensive offering for a range of trading preferences.

Customer Support:

FinMarket's customer support has been a source of frustration for many traders, as it often fails to meet their expectations. The broker claims to provide reliable assistance, but in reality, reaching their customer support team can be a tedious and time-consuming process.

1. Phone Support: While FinMarket offers a phone support option, getting through to a support representative can be a daunting task. Traders often find themselves waiting on hold for extended periods, only to be met with unhelpful responses or transferred to different departments without any resolution.

2. Email Support: Traders who opt for email support are often left disappointed with the slow response times. It can take several days to receive a reply, and even then, the answers provided are often generic and fail to address the specific concerns raised by traders.

3. Live Chat: The live chat feature on FinMarket's website is advertised as a quick way to get assistance, but in reality, it is far from efficient. Traders report experiencing long wait times before connecting with a support agent, and when they do, the responses are often vague and unhelpful.

4. Web Contact Form: Submitting inquiries through the web contact form is no better, as traders rarely receive timely or satisfactory responses. It seems like the broker pays little attention to these contact forms, leaving traders feeling ignored and frustrated.

Overall, FinMarket's customer support is lackluster and inadequate. Traders have expressed their dissatisfaction with the slow response times, unhelpful answers, and overall lack of professionalism displayed by the support team. As a result, many traders feel let down by the broker's supposed commitment to providing reliable assistance.

Summary:

FinMarket is an unregulated Forex and CFD broker based in Cyprus, established in 2015. While it offers a diverse range of market instruments, including forex currency pairs, major indices, commodities, individual stocks, and cryptocurrencies, the lack of proper regulation raises concerns about the safety of traders' funds and the legitimacy of its operations. The high spreads, varying commissions, and relatively high minimum initial deposit of $1000 make it unattractive, especially for beginners. The website's unavailability adds further doubts about the broker's credibility. The customer support is inadequate, with slow response times and unhelpful assistance.

Pros:

• Offers a diverse array of market instruments.

• Provides multiple trading platforms, including MetaTrader 4 (MT4).

• Supports mobile trading for on-the-go access.

Cons:

• Unregulated status raises concerns about fund safety and transparency.

• High spreads and commissions impact profitability.

• High minimum deposit requirements.

• Inadequate customer support with slow response times and unhelpful answers.

• Website unavailability adds to doubts about legitimacy.

Overall, due to the lack of regulation, high costs, and unsatisfactory customer support, FinMarket is not recommended for traders. It is essential to consider alternative, regulated brokers with better trading conditions and customer service for a more secure and reliable trading experience.

FAQs:

Q1: Is FinMarket a regulated broker？

A1: No, FinMarket is an unregulated broker, which raises concerns about the safety of traders' funds and the transparency of their operations.

Q2: What is the minimum initial deposit required to open an account with FinMarket？

A2: The minimum initial deposit for a Mini account is $250, while the VIP account requires a minimum deposit of $10,000.

Q3: Does FinMarket offer a demo account for practice？

A3: Yes, FinMarket provides a demo account for traders to practice their strategies before trading with real money.

Q4: What trading platforms does FinMarket offer？

A4: FinMarket offers MetaTrader 4 (MT4), a web-based platform (WebTrader), and a mobile trading platform for Android and iOS devices.

Q5: Is customer support readily available at FinMarket？

A5: FinMarket's customer support has been reported as inadequate, with slow response times and unhelpful assistance, making it a source of frustration for traders.