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)

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

What is IFC Markets？

IFC Markets is an international online broker that provides a wide range of financial instruments and trading services to clients worldwide. The company offers various trading instruments, including currency pairs, commodities, indices, stocks, and cryptocurrencies through multiple trading platforms, including NetTradeX, MetaTrader 4, and MetaTrader 5. However, IFC Markets operates as an unregulated broker, and traders should exercise caution and conduct thorough research before engaging in any trading activities.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

IFC Markets offers a wide range of trading instruments, multiple trading platforms, and educational resources, providing traders with flexibility and opportunities for learning. The availability of various deposit and withdrawal methods, as well as 24/7 customer support, adds convenience for traders.

However, the lack of regulation raises concerns about investor protection and the reported instances of scams and withdrawal issues highlight potential risks. The limited information on spreads and commissions may also make it difficult for traders to assess trading costs accurately.

Please note that the information provided is based on the available data and may not reflect the complete picture of the pros and cons of IFC Markets. It's always recommended to conduct thorough research and exercise caution when choosing a broker for trading activities.

IFC Markets Alternative Brokers

There are many alternative brokers to IFC Markets depending on the specific needs and preferences of the trader. Some popular options include:

• Trading 212 - for traders seeking a user-friendly platform with a wide range of tradable instruments and a commission-free trading model.

• TrioMarkets - for experienced traders looking for competitive spreads, multiple account types, and access to various trading platforms.

• XGLOBAL Markets - for traders who prioritize competitive pricing, fast execution, and a diverse range of financial instruments for trading.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is IFC Markets Safe or Scam？

IFC Markets is a forex and CFD broker that holds licenses from various regulatory authorities, including CySEC (Cyprus Securities and Exchange Commission), FSC (British Virgin Islands Financial Services Commission), and LFSA (Labuan Financial Services Authority). However, the CySEC license is exceeded, the FSC license is from an offshore jurisdiction, and the LFSA license is a suspicious clone.

It's important to note that having multiple licenses does not necessarily guarantee the safety or legitimacy of a broker. Traders should exercise caution when dealing with brokers that have offshore licenses or licenses from less reputable jurisdictions. It's recommended to conduct thorough research, consider the broker's reputation, and carefully assess the risks before engaging in any trading activities.

Market Instruments

IFC Markets provides a wide range of trading instruments to cater to the diverse needs of its clients. Traders can access over 650 instruments, including currency pairs, precious metals like gold and silver, continuous index CFDs, stock CFDs, and cryptocurrency CFDs.

Currency pairs offer opportunities to trade major, minor, and exotic pairs, allowing traders to participate in the global forex market. Precious metals provide an alternative investment option and a hedge against inflation. Continuous index CFDs enable traders to speculate on the performance of popular stock indices, while stock CFDs allow for trading on the price movements of individual company shares. Additionally, the inclusion of cryptocurrency CFDs allows traders to gain exposure to the volatile and rapidly evolving digital asset market.

Accounts

To meet different types of investors' investment needs and trading experience, IFC Markets offers two live account types. The Beginner account is designed for novice traders and requires a minimum deposit of 1 USD, 1 EUR, or 100 JPY. This account type provides access to a range of trading instruments and features, allowing beginners to start their trading journey with a smaller initial investment.

The Standard account, on the other hand, is suitable for more experienced traders and requires a minimum deposit of 1000 USD, 1000 EUR, or 100,000 JPY. It offers additional benefits and features, including access to more trading instruments, tighter spreads, and personalized customer support.

In addition to live accounts, IFC Markets also offers demo accounts for practice and testing strategies, as well as Islamic Accounts/SWAP-free accounts for clients who adhere to Islamic finance principles. These account options provide flexibility and cater to the diverse needs of traders at different skill levels.

Leverage

IFC Markets provides its clients with leverage options of up to 1:400. Leverage allows traders to control larger positions in the market with a smaller amount of capital. With a leverage ratio of 1:400, traders can amplify their potential profits or losses by 400 times. While leverage can enhance trading opportunities, it is important to note that it also carries higher risks. Higher leverage increases the potential for both gains and losses, and traders should exercise caution and employ risk management strategies when utilizing leverage.

IFC Markets' offering of high leverage provides traders with the flexibility to adjust their trading strategies and access a larger market exposure, but it is crucial for traders to have a thorough understanding of leverage and its implications before engaging in leveraged trading activities.

Spreads & Commissions

IFC Markets offers competitive spreads to its clients. Traders have the option to choose between fixed spreads and floating spreads. The fixed spreads start from 1.8 pips, providing traders with a clear and consistent cost of trading. On the other hand, the floating spreads start from as low as 0.4 pips, allowing traders to potentially benefit from tighter spreads during periods of market volatility or when liquidity is high.

One advantage of trading with IFC Markets is that they do not charge any hidden commissions on trades. This means that traders can have greater transparency and clarity regarding their trading costs. By offering competitive spreads and transparent fee structures, IFC Markets aims to provide traders with a cost-effective trading environment.

Below is a comparison table about spreads and commissions charged by different brokers:

Please note that spreads and commissions can vary depending on market conditions, account type, and trading platform. It is always advisable to check with the broker directly for the most accurate and up-to-date information regarding spreads and commissions.

Trading Platforms

IFC Markets offers traders NetTradeX, the market-leading MT4 and MT5 trading platforms. Both MT4 and MT5 are the most popular forex trading platforms on the market, and both support iOS, Android, and tablet versions, allowing traders to trade flexibly. NetTradeX is IFC Markets' proprietary trading platform, offering a user-friendly interface and a range of advanced trading tools. It is designed to cater to the needs of both beginner and experienced traders.

MT4 and MT5, on the other hand, are popular and widely used platforms in the industry. They offer comprehensive charting capabilities, advanced order management tools, and a wide range of technical indicators and expert advisors for automated trading.

The availability of multiple platforms allows traders to choose the one that best suits their trading preferences and strategies.

See the trading platform comparison table below:

Please note that this information is subject to change, and it's always recommended to verify the availability of specific trading platforms with the respective brokers directly.

Deposits & Withdrawals

IFC Markets offers a diverse range of deposit and withdrawal options to cater to the needs of its clients. Traders can choose from various methods such as International Bank Transfer, bank cards (Visa/MasterCard), Pasargad Novin, Cryptocurrencies, TopChange, Perfect Money, Boleto, Bitwallet, WebMoney, ADVCash, and Fasapay.

IFC Markets minimum deposit vs other brokers

The minimum deposit and withdrawal amounts, fees, and processing times may vary depending on the chosen method. It is recommended to refer to the provided screenshots or consult the IFC Markets website for detailed information on each payment option.

Customer Service

IFC Markets is committed to providing comprehensive customer support to assist its clients. With 24/7 availability, traders can reach out to the support team through various channels, including 19 languages live chat, phone, email, Skype, WhatsApp, Telegram, Messenger, or by requesting a callback. This wide range of communication options ensures that clients can choose the method that is most convenient for them.

Additionally, IFC Markets maintains an active presence on popular social media platforms such as Twitter, Facebook, Instagram, YouTube, and LinkedIn, allowing clients to stay updated on the latest news and developments. Furthermore, an FAQ section is available on the website, providing answers to frequently asked questions and assisting traders in finding quick solutions to common queries.

Overall, IFC Markets' customer service is considered reliable and responsive, with various options available for traders to seek assistance.

Education

IFC Markets places great emphasis on providing educational resources to support traders of all skill levels. Their educational offerings include a variety of materials designed to enhance traders' knowledge and skills. Video tutorials are available, offering step-by-step guidance on various trading topics. Additionally, Forex and CFD trading books provide in-depth information and insights into market analysis, trading strategies, and risk management.

Traders can also benefit from the Trader's Glossary, which contains a comprehensive list of terms and definitions commonly used in the financial markets. For those who seek a more structured learning experience, the IFCM Trading Academy offers courses tailored to different levels of expertise, including beginner, intermediate, and expert.

User Exposure on WikiFX

On our website, you can see that some reports of scams and unable to withdraw. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Conclusion

In conclusion, IFC Markets offers a diverse range of trading instruments, multiple trading platforms, and educational resources, providing traders with opportunities for growth and flexibility. The availability of various deposit and withdrawal methods, along with responsive customer support, adds convenience to the trading experience.

However, the lack of regulatory licenses and reports of scams and withdrawal issues raise concerns about the safety and reliability of the broker. Traders should carefully evaluate the risks associated with trading on an unregulated platform and consider alternative options with stronger regulatory oversight.

Frequently Asked Questions (FAQs)