WikiFX Review: Why do some investors feel upset about Veracity Markets?

About Veracity Markets

What is WikiFX？

Founded in 2020, Veracity Markets is an online forex broker based in South Africa. It has two physical addresses: 155 West Street, Sandown, Sandton, 2031, and 80 Strand Street, Cape Town, 8000.

Account Types& Minimum Deposit

This broker offers three different types of accounts to its clients. They are ECN accounts, Fixed accounts, and Standard accounts. The minimum deposit for this broker is $200.

Market Instruments

Veracity Markets offers investors 55 pairs of currency pairs and precious metals.

Leverage

Veracity Markets provides clients with a leverage of up to 1:500, which is considered high. High leverage can amplify the benefits as well as losses. We advise traders, especially inexperienced traders and newbies, to be aware of potential risks.

Spreads & Commissions

Spreads start from 1.6 pips for Standard accounts and 2 pips for Fixed Spread accounts, no commission is charged for Forex and Metals, spreads start from 0 pips for ECN accounts, and a commission of $7 per lot is charged for Forex and Metals.

Trading Platform

As we know so far, Veracity Markets uses the MT4 platform as its main trading platform. The MT4 is currently the most popular forex trading platform along with the MT5 on the market. With a user-friendly interface, powerful charting tools, a large number of custom indicators, MT4 is available for automated trading and EA trading, helping traders of all levels to develop different trading strategies and help traders to get ahead in the financial markets.

Deposit & Withdrawal

Veracity Markets supports traders to deposit and withdraw funds through various methods such and as bank transfers, credit/debit cards, popular electronic payment methods such as Neteller, Skrill, Fasapay, etc.

Regulation: Is Veracity Markets legit？

What is a Legitimate License？

• The legitimate license is the business license issued by the financial regulatory institution of each country/region.

• Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.

• Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.

• The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

According to WikiFX, Veracity Markets is not regulated. The FSPR with license number: 40983 and FSCA with license number: 4701 claimed by this broker are suspicious clones.

Latest News : Vercacity Markets recently has been suspended by the Financial Sector Conduct Authority(FSCA)

The Financial Sector Conduct Authority(FSCA) is a South Africa-based regulator that ensures financial service providers follow its strict rules. Its goal is to protects the legitimate rights and interests of the investors from scammers.

Recently, Veracity Markets has been accused of withdrawal refusal. Many traders lost the control of their funds after investing in Veracity Markets. In addition, some investors expose that this broker has caused sever slippage. Veracity Markets filed for liquidation and bankruptcy last year. This broker is suspected to encourage money to come into its account while limiting money to return back to clients. Thus, due to a notorious reputation of Veracity Markets in recent months, FSCA decided to suspend Veracity Markets. On July 1, Veracity Markets issued a statement on this matter on Facebook. In the statement, Veracity Markets maintained its committed to complying with FSCA. It claimed to cease conducting any new business immediately. You can find more details from the statement below.

The exposure from traders on WikiFX

This trader from South Africa met a serious slippage when trading with this broker.

This investor complained that Veracity Markets uses excuses to delay his withdrawal requests. Veracity Markets told this investor that they changed the bank details, then they claimed they had technical banking issues, and later month they promised to fix the withdrawal problem. But the investor still cannot get his money back until now.

This trader claimed that his funds havent been reflected in his account. So he decided to talk to the customer support team of Veracity Markets. Unfortunately, he did not get any response from this broker. WikiFX is actively reaching out to the victims, hoping to find more evidence to help them resolve the problem. Please stay tuned for more information. WikiFX will keep track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers.

The feedback from the Twitter

Veracity Markets has an official account on Twitter. However, there is no content in this account.

Some on Twitter claimed that Veracity Markets has considered filing for liquidation and bankruptcy.

This trader claimed that Veracity Markets is a broker that unreasonably suspends traders accounts.

This trader claimed that Veracity Markets gets involved in manipulating trading.

Conclusion

Veracity Markets is an unregulated broker that is likely to take your money away fraudulently. Due to the complaints from the traders, we advise you to understand the potential risks before making a decision. WikiFX contains details of more than 36,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP to evaluate the safety and reliability of this broker!