WikiFX Review: Is Veracity Markets really FSCA-regulated?

Veracity Markets is a brand new South African Forex broker, launched in 2020, owned and operated by Veracity Markets (Pty) which is a company that is said to be duly appointed juristic of Nirvesh Financial Services(Pty) Ltd. They claim to be registered and licensed by the FSCA.

However, several days ago, the broker made an announcement on Facebook, informing its followers that the FSCA has required it to cease conducting any new business.

(source: Facebook)

Most importantly, the broker said it will immediately cease paying out any client redemptions or withdrawals, fees, charges, commissions, bonuses, profits, including any funds of whatever nature held on behalf of any other person until the FSCA instructs it otherwise. WikiFX searched the FSCA's database to be sure that the broker was really in there. Here is their entry into the register:

You can see that the parent company is an authorized financial service provider, so Veracity Markets‘ claims of regulation turn out to be true. However, their license of is still pending the FSCA’s approval, as you can see below:

Furthermore, FSCA hasn't posted any official media release regarding Veracity Markets on its website recently. Its latest warning is against two other brokers rather than Veracity Markets.

What's the broker's purpose of making such an announcement on Facebook？ Does it plan to run away with the money of its investors？ If Veracity Markets has been lying about its regulatory status, it's highly likely that the traders won't get their funds back!

Let's learn more about the information about Veracity Markets on WikiFX, which is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

(source: WikiFX)

As you can see, according to information provided by WikiFX, both the South Africa FSCA and the New Zealand FSPR have claimed that Veracity Markets is a suspicious clone.

Trading Forex is quite the risky endeavor – scams are present at every turn and the markets are quite volatile. This is why there are all sorts of agencies all over the world, some instituting lower and some instituting higher restrictions on the markets with the goal of protecting traders from the risks of the markets.

In fact, the FSCA is not really strict in that regard – where other agencies institute among other restrictions strict capital requirements – for example in the EU they are 730 000 euro – to make sure that the only companies that can access the markets are there to stay, and make brokers report on a daily basis on open and closed trades, the FSCA only keeps a register of regulated entities. Still, a license by them is much better than nothing.

Feedback from Facebook

One trader doubts if Veracity Markets is really regulated by the FSCA:

Other traders said they had difficulty withdrawing funds despite waiting for so long, with emotions hurt:

Since the regulatory status of Veracity Markets remains unclear, let's wait and see how the broker is going to solve those problems and what FSCA is going to say next. WikiFX will keep updating news about Veracity Markets soon, so please download WikiFX to learn more if you are curious about what will happen next!

Negative Comments on WikiFX

In addition to complaints made by traders on Facebook, there had also been negative feedback regarding Veracity Markets revealed on WikiFX.

See all: https://exposure.wikifx.com/en/exposure/1922470239.html

Investors had made complaints about not being able to withdrawal their money. What's more, they also had trouble with severe slippage. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.

Conclusion

Given the unfavorable reviews mentioned above, WikiFX strongly advises investors to exert caution when trading with Veracity Markets. It's wiser and safer to choose another reliable broker instead.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous 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 through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!