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 of LIGHT FX

Light FX, a Japan-based forex broker, boasts a solid regulatory foundation as it operates under the supervision of the Financial Service Agency of Japan. With a track record spanning 15-20 years, Light FX offers traders access to around 20 currency pairs, including major ones, facilitating diverse trading opportunities. While specific account types remain unspecified, the broker stands out with its welcoming no minimum deposit requirement.

Leverage of up to 1:25 is available, albeit with due consideration of risk. Light FX provides traders with a choice of trading platforms, including the LIGHT FX app, Advanced Trader, and Simple Trader. Funding options encompass direct deposit and wire transfers from bank counters or ATMs, ensuring flexibility.

Is LIGHT FX Legit or a Scam？

Given its regulation by the Financial Service Agency of Japan, LIGHT FX appears to be a legitimate and trustworthy broker.

Regulatory oversight is a fundamental factor in the forex industry, ensuring that traders' interests are protected, and trading practices adhere to industry standards. Nonetheless, it's always wise for traders to conduct their own due diligence and verify the broker's credentials.

Pros and Cons

Pros:

1. Regulatory Authorization: Light FX is regulated by the Financial Service Agency of Japan, providing traders with confidence in the broker's legitimacy and adherence to regulatory standards.

2. Competitive Spreads: The broker offers competitive spreads on major currency pairs, making it cost-effective for traders to engage in forex trading.

3. Fee-Free Trading: Light FX operates on a fee-free trading model, meaning traders can execute trades without incurring additional commission costs.

4. Flexible Trading Platforms: The broker provides a variety of trading platforms, including the LIGHT FX app, catering to traders of all experience levels. The inclusion of the “Trading View” tool enhances analysis capabilities.

5. Diverse Market Instruments: Light FX offers a selection of around 20 currency pairs, including major and minor pairs, allowing traders to diversify their trading portfolios.

Cons:

1. Limited Account Information: The available information does not provide details about the specific account types offered by Light FX. Traders may need to visit the official website or contact customer support for account-related details.

2. Weekend Support Absence: Customer support is not available on weekends, which may be inconvenient for traders who prefer weekend trading or have urgent inquiries during that time.

3. Educational Resource Clarity: While Light FX offers various educational resources and market information, the provided information lacks specific details about the educational materials available, requiring traders to seek further clarification.

Market Instruments

Light FX offers traders access to around 20 currency pairs, encompassing both major and minor pairs.

This selection includes popular choices such as EUR/USD, USD/JPY, GBP/JPY, AUDJPY, and EURJPY, allowing traders to engage in a diverse range of forex trading opportunities.

Account Types

Unfortunately, the available information does not provide details about the specific account types offered by Light FX. To gain a better understanding of the account options, it is recommended to visit the broker's official website or contact their customer support.

Different account types often come with varying features and benefits, catering to the diverse needs of traders, from beginners to advanced.

How to Open an Account？

While the provided information does not outline the exact process for opening an account with Light FX, the standard procedure for most forex brokers typically involves the following steps:

1. Registration: Visit the broker's website and initiate the account registration process. You will be required to provide personal information and create login credentials.

1. Verification: Complete identity verification by submitting the necessary documents, which usually include a valid ID, proof of address, and possibly financial information.

1. Deposit: Fund your trading account with the minimum required deposit or your chosen amount through the provided deposit methods.

2. Platform Access: After your account is verified and funded, you can access the trading platforms offered by Light FX and start trading.

Leverage

Light FX offers competitive features related to leverage and spreads, which play a crucial role in the cost structure of trading:

Light FX provides leverage up to 1:25 for forex trading, in accordance with Japanese regulatory guidelines. Leverage allows traders to amplify their positions with a relatively smaller capital investment. However, it's important to note that higher leverage also involves increased risk, and traders should use it cautiously.

Spreads & Commissions

Spreads: The broker offers competitive spreads on major currency pairs. For instance, spreads for popular pairs like EUR/USD can be as low as 0.3 pips, while USD/JPY may have spreads as tight as 0.2 pips. GBP/JPY, AUD/JPY, and EUR/JPY also feature competitive spreads at 0.9 pips, 0.6 pips, and 0.4 pips, respectively. It's worth noting that spreads can vary depending on market conditions.

Commissions: The information provided does not mention any commission fees, suggesting that Light FX operates on a fee-free trading model. This can be advantageous for traders, as it means that you can execute trades without incurring additional commission costs.

Trading Platform

Light FX offers a diverse range of trading platforms to cater to traders of all levels. The LIGHT FX app is a highly flexible and accessible platform with a user-friendly interface, making it suitable for traders on the go. It integrates the powerful “Trading View” tool for stress-free trade analysis, features intuitive navigation, and offers one-tap order placement. Traders can even execute chart orders while analyzing market data, ensuring a seamless and sophisticated trading experience.

For more experienced traders, the Advanced Trader platform provides extensive customization options. It also incorporates the “Trading View” tool for comprehensive chart analysis, allowing traders to arrange the trading screen to their liking and access abundant customization features. With a wealth of information tools and advanced chart analysis functions, Advanced Trader empowers traders to create a personalized trading environment that suits their unique needs.

Deposit & Withdrawal

In the case of direct deposit, Light FX offers traders a convenient and efficient way to fund their trading accounts. The 24-hour real-time reflection ensures that deposited funds are available for trading almost immediately, making it ideal for traders who want to seize opportunities in the forex market promptly. The fact that Light FX covers all transfer fees for deposits through this method further adds to its appeal, as it minimizes costs for traders.

For those who prefer wire transfers from bank counters or ATMs, Light FX accommodates this option as well. While this method incurs transfer fees, it offers an alternative for traders who may not have access to internet banking or prefer in-person transactions. The creation of a customer-specific margin deposit account for wire transfers streamlines the process, ensuring that the funds are directed to the appropriate trading account.

Customer Support

Light FX offers customer support through multiple channels to assist traders with their queries and concerns:

• Telephone Support: Traders can reach the customer support team by phone at 0120 637 105. Support is available every day from 7:00 AM to 10:00 PM, excluding Saturdays and Sundays.

• Contact Form: For written inquiries or support requests, traders can use the contact form provided on the broker's website. This offers a convenient way to seek assistance or information.

The availability of telephone support during extended hours on weekdays is a positive feature, ensuring that traders have access to assistance when they need it most. However, the absence of support on weekends may be a limitation for some traders who prefer weekend trading or have urgent inquiries during that time.

Educational Resources

Light FX provides a comprehensive suite of educational resources and market information to empower traders. Their offerings include real-time exchange rates for all currency pairs, crypto asset rates, and exchange charts, allowing traders to stay up to date with market movements.

The economic indicators calendar aids in tracking important events, while the swap calendar helps traders understand swap points for currency pairs. The buy/sell ratio for LIGHT FX customers, currency strength/weakness through heatmaps, and TM sign for USD/JPY predictions using text mining technology offer valuable insights.

Traders can also utilize margin simulations, effective leverage calculations, and swap simulations to manage their risk and plan their trades effectively. Additionally, Light FX provides information on corporate account leverage and total customer swap receipts, enhancing traders' market awareness.

Conclusion

In conclusion, Light FX is a Japan-based forex broker that operates under the regulatory authority of the Financial Service Agency of Japan. It offers a range of currency pairs for trading and provides flexibility in deposit methods. While the broker offers competitive spreads and leverage options, there is limited information available regarding account types and educational resources.

Traders interested in Light FX should consider conducting further research and verifying specific details on the broker's official website. As with any financial endeavor, it's essential to trade responsibly and be aware of the potential risks associated with forex trading.

FAQs

Q: Is Light FX a regulated forex broker？

A: Yes, Light FX is regulated by the Financial Service Agency of Japan, ensuring it meets regulatory standards.

Q: What currency pairs can I trade on Light FX？

A: Light FX offers approximately 20 currency pairs, including major pairs like EUR/USD, USD/JPY, and GBP/JPY.

Q: Does Light FX charge commissions for trading？

A: No, Light FX operates on a fee-free trading model, meaning there are no commission fees for trading.

Q: What is the maximum leverage offered by Light FX？

A: Light FX offers leverage up to 1:25 for forex trading, in compliance with Japanese regulations.

Q: How can I deposit funds into my Light FX trading account？

A: You can deposit funds through direct deposit or wire transfer from bank counters or ATMs, with direct deposit offering real-time reflection.

Q: What trading platforms does Light FX provide？

A: Light FX offers a range of trading platforms, including the LIGHT FX app, Advanced Trader, and Simple Trader, catering to traders of all levels.

Q: Are there educational resources available for traders on Light FX？

A: Yes, Light FX provides educational resources such as real-time market information, economic indicators calendars, and margin simulations to support traders in making informed decisions.