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EightCap , Veracity Markets Broker Comparison

Do you want to know which is the better broker between EightCap and Veracity Markets ?

In the table below, you can compare the features of EightCap , Veracity Markets side by side to determine the best fit for your needs.

  • Rating
  • Basic Information
  • Benchmark
  • Account Information
  • Relevant information
  • Relevant exposure
  • Rating
  • Basic Information
  • Benchmark
  • Account Information
  • Relevant information
  • Relevant exposure
 2 / 3   brokers in total
Rating
Score
Regulatory Status
WikiFX Guarantee
WikiFX Survey
Risk Evaluation
Exposure
Basic Information
Established
Regulatory license
MT4
MT5
Crypto
Deposit and withdrawal method
Benchmark
environment rating
Transaction Speed
Transaction speed rating
Average transaction speed
The highest transaction speed
The highest speed of opening positions
The highest speed of closing position
Slowest transaction speed
The lowest speed of opening positions
The lowest speed of closing position
Trading slippage
Transaction slippage rating
Average slippage
Maximum transaction slippage
Maximum positive slippage
Maximum negative slippage
Transaction Cost
Transaction cost rating
  • Average transaction cost
  • (EURUSD)
  • Average transaction cost
  • (XAUUSD)
Rollover Cost
Rollover cost rating
  • Average transaction cost
  • (EURUSD)
  • Average transaction cost
  • (XAUUSD)
Disconnection results
Software disconnection rating
Average disconnection frequency (times/day)
Reconnection time
Account Information
Accounts
Account name
Products
Deposit REQ
Maximum Leverage
Spread of majors
Forced Liquidation Ratio
Spread Types
Minimum Position
Crypto
Lock postition
Scalping
EA trading
EightCap
7.89
Regulated
Under guarantee
15-20 years
ASIC,FCA,CYSEC,SCB
UnionPay,USDT,Wire transfer
A
A
464.2
1
1
1
1999
1999
1937
B

EURUSD: 0.4

XAUUSD: 1

27
-1
27
AAA
9.44 USD/Lot
13.97 USD/Lot
B

Long: -6.79

Short: 2.35

Long: -25.86

Short: 8.02

C
0.3
518.2
Raw,Standard
--
$100
--
From 0.0
50.00
varied
0.01
--
Veracity Markets
1.46
Suspicious Clone
Under guarantee
--
2-5 years
FSCA,FSPR
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
ECN ACCOUNT,Pro account,STANDARD ACCOUNT
--
$250
1:500
from 0.00
0.00
Floating
0.01
--

EightCap 、 Veracity Markets BrokersRelevant information

EightCap 、 Veracity Markets BrokersRelevant exposure

Which broker is more reliable?

You can determine the reliability and credibility of a broker by checking four factors:

1.Forex broker introduction。

2.Are the transaction costs and expenses of eightcap, veracity-markets lower?

3.Which broker is safer?

4.Which broker provides better trading platform?

Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:

Forex broker introduction

eightcap
Eightcap Basic Information
Registered Country/Area Australia
Founded in 2009
Regulation ASIC,FCA, SCB
Minimum Deposit $100 USD
Trading Assets Forex, Cryptocurrencies, Indices, Commodities, Shares
Trading Platform MetaTrader 4, MetaTrader 5, Webtrader
Spreads Starting from 0.0 pips
Commissions $3.5 per side per lot
Leverage Up to 1:500
Demo Account Available
Islamic Account Available
Deposit Methods Credit/debit cards, bank transfer, Skrill, Neteller, and more
Withdrawal Methods Same as deposit methods
Customer Support 24/5 live chat, phone, email support, FAQ section
Educational Resources Webinars, Trading Guides, Videos, Economic Calendar
Bonus Offers No bonus offers available

General Information

Eightcap is a popular online forex and CFDs broker that offers access to trade various financial markets. The broker was founded in 2009 in Melbourne, Australia, and has since expanded its presence to other regions such as Europe, Asia, and the Middle East. Eightcap prides itself on providing a user-friendly trading experience, robust trading platforms, and competitive trading conditions for its clients.

The broker offers a wide range of financial instruments to trade, including Forex, Indices, Commodities, Shares, and Cryptocurrencies. Clients can access these markets through the popular trading platforms, MetaTrader 4 and MetaTrader 5. The broker also offers two types of account types to suit the individual needs of its clients, including Standard, Raw Spread, with the minimum deposit of $100 for both accounts.

Eightcap also places a strong emphasis on education, offering various educational resources to help traders improve their trading skills and knowledge. These resources include trading articles, video tutorials, webinars, and a comprehensive trading glossary. Lastly, the broker provides a 24/5 multilingual support team to assist clients with any questions or concerns they may have.

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.

We will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.

General information

Is Eightcap legit or a scam?

Yes, Eightcap is considered a legitimate broker, regulated by reputable financial authorities such as the FCA, ASIC, and SCB. These regulatory bodies impose strict rules and regulations on the broker to ensure they operate in a fair and transparent manner, thereby providing traders with a safe and secure trading environment.

EIGHTCAP PTY LTD, its Australian entity, is authorized and regulated by the Australia Securities & Investment Commission (ASIC) under the regulatory license number 391441.

regulation

Eightcap Group Ltd, its UK entity, is authorized and regulated by the Financial Conduct Authority (FCA) under the regulatory license number of 921296.

regulation

Eightcap Global Limited, the international entity, is authorized and regulated by the Security Commission of the Bamas (SCB) under the regulatory license number of SIA-F220.

regulation

Pros and Cons

Eightcap is a global forex and CFD broker offering a variety of features and benefits that make it an attractive choice for traders of all levels. One of the primary advantages of Eightcap is its range of trading instruments, including forex, indices, commodities, and cryptocurrencies. This diversity allows traders to take advantage of a wide range of market opportunities and build diversified portfolios.

In addition to its broad range of trading instruments, Eightcap also offers competitive trading conditions, such as tight spreads and low commissions, which can help traders maximize their profits. The broker also provides access to multiple trading platforms, including MetaTrader 4 and 5, as well as a proprietary platform, allowing traders to choose the platform that best suits their needs.

While there are many benefits to trading with Eightcap, there are also some potential drawbacks to consider. One of these is the limited selection of educational resources, which may be a disadvantage for novice traders. Additionally, the broker does not currently offer social trading options, and 24/7customer support.

Pros Cons
Regulated by top-tier financial authorities Limited range of account types
Low minimum deposit of $100 No social trading options
Competitive spreads and commission fees compared with other brokers No proprietary trading platform
Offers MT4 and MT5 trading platforms No Islamic accounts
Wide range of tradable assets including CFDs No 24/7 customer support
Access to educational resources and trading tools Inactivity fee charged after 6 months of no trading activity
Multilingual customer support
Demo accounts available
Wide selection of payment methods

Market instruments

Currency pairs, indices, commodities, metals, energy, cryptocurrencies, stocks.....EightCap allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on EightCap.

market instruments
Pros Cons
Wide range of market instruments including forex, indices, commodities, shares, and cryptocurrencies Limited selection of shares compared to some other brokers
Access to multiple trading platforms including MetaTrader 4 and 5 Higher spreads for some cryptocurrency pairs
No fees for deposits and withdrawals Limited leverage for cryptocurrency trading
Negative balance protection for all clients Inactivity fee charged for accounts that are inactive for six months or more
Ability to use Expert Advisors and automated trading strategies No guaranteed stop-loss orders
Limited educational resources compared to some other brokers
No social trading capabilities

Spreads and Commissions

Eightcap offers competitive spreads and commissions on their trading instruments. The spreads on forex pairs start from as low as 0.0 pips on the Raw account and 1.0 pips on the Standard account. The commissions charged on forex trades start from $3.50 per lot round trip on the Raw account and there are no commissions on the Standard account.

For indices, the spreads start from 0.5 pips on the Raw account and 1.0 pips on the Standard account. There are no commissions charged on indices trading. The spreads on commodities trading start from 0.03 pips on the Raw account and 0.5 pips on the Standard account, and there are no commissions charged on commodities trading. The spreads and commissions may vary depending on market conditions and the type of account held by the trader.

The following table compares the spreads on EUR/USD, gold, and popular indices like US 500, UK 100, and AUS 200 offered by four leading brokers: Eightcap, eToro, IC Markets, and Exness.

Instrument Eightcap eToro IC Markets Exness
EUR/USD 0.0 pips (raw) 1.0 pips (fixed) 0.1 pips (raw) 0.1 pips (raw)
Gold $0.30 (raw) $0.45 (variable) $0.28 (raw) $0.30 (raw)
US 500 0.4 pips (raw) 0.75 pips (fixed) 0.4 pips (raw) 0.2 pips (raw)
UK 100 1.0 pips (raw) 1.5 pips (fixed) 1.0 pips (raw) 0.6 pips (raw)
AUS 200 0.9 pips (raw) 1.0 pips (fixed) 0.5 pips (raw) 0.6 pips (raw)

Non-Trading Fees

Eightcap charges non-trading fees, which are fees not directly related to trading, such as deposit and withdrawal fees, inactivity fees, and currency conversion fees. For deposits, Eightcap does not charge any fees, but there may be fees charged by the payment provider or bank. Withdrawals made via bank transfers are free, but there is a fee of $10 for withdrawals via credit/debit cards.

Additionally, Eightcap charges an inactivity fee of $50 per quarter if there are no trades or account activity for a period of 90 days or more. It's important to note that this fee is only charged if there are sufficient funds in the account, and it does not apply to demo accounts.

Eightcap also charges a currency conversion fee of 0.5% for clients who deposit or withdraw in a currency other than their account base currency. This fee can be higher for certain currencies, so it's important to check with Eightcap for the exact fee amount. Overall, while Eightcap does charge some non-trading fees, they are competitive with other brokers in the industry.

Account Types

Demo Account: EightCap provides a demo account that allows you to try out the financial markets without the risk of losing money.

Live Account: We have 2 types of accounts at EightCap: raw and standard. Both have a minimum deposit of 100 USD, which is quite friendly for beginners. Their most relevant differences consist in the spreads, the raw account has a lower spread.

account types

Demo Accounts

Aside from two types of live trading accounts, Eightcap offers a demo account for traders who want to practice and test their trading strategies without risking real money. The demo account is free and is designed to simulate real market conditions, allowing traders to get a feel for the platform and instruments before they start trading with a live account. The demo account is funded with virtual money and offers access to the same features as the live account, including a range of instruments and trading platforms.

demo-account

How to open an account?

Opening an account with Eightcap is a straightforward process that can be completed in just a few simple steps.

First, interested individuals need to visit the Eightcap website and click on the “Creative Account” button.

open-account

From there, you will be directed to a page where you can select the account type they wish to open, either the Standard or Raw account.

open-account
open-account

After choosing the desired account type, potential clients will be required to provide some personal information, including their full name, email address, and phone number. They will also need to provide proof of identification and residency, which can be done by uploading a copy of a passport or driver's license and a recent utility bill or bank statement.

Once the required information has been submitted and verified, clients can fund their accounts by choosing from one of the available payment methods, such as bank transfer or credit card. After the account has been funded, clients can then start trading on the platform.

Trading Platforms

Eightcap offers multiple trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms. These platforms are known for their user-friendly interface and advanced charting tools, making it easier for traders to analyze market data and make informed trading decisions. Additionally, Eightcap also provides a web-based trading platform that can be accessed from any device with an internet connection. This platform is ideal for traders who prefer a simpler interface or who don't want to download and install software on their device.

trading-platform

With the MetaTrader platforms, Eightcap offers a range of customizable features, including the ability to use custom indicators and expert advisors. These platforms also provide access to real-time market data and allow traders to execute trades quickly and efficiently. Traders can also use the platforms to set up automated trading strategies, which can be particularly useful for those who want to trade around the clock.

trading-platform

Furthermore, Eightcap's web-based trading platform is designed to offer a streamlined trading experience. It includes essential features such as real-time market news, customizable charts, and advanced order types. The platform also offers access to a range of educational resources, including trading videos, webinars, and tutorials, which can be helpful for new traders looking to improve their skills.

 trading-platform
Broker Trading Platforms Desktop Web-based Mobile
Eightcap MT4, MT5, WebTrader Yes Yes Yes
eToro eToro Platform Yes Yes Yes
Exness MT4, MT5, WebTerminal, Exness Trader App Yes Yes Yes
IC Markets cTrader, MT4, MT5 Yes Yes Yes

Leverage Offered

The maximum leverage is determined by the regulator; the maximum ASIC leverage is only 1:30, but the Bahamas SCB allows a leverage of 1:500. However, other trading conditions may vary accordingly and you can decide for yourself.

High leverage is ideal for active traders and scalpers, as it presents greater trading flexibility in general, which directly impacts profitability, but new users are advised to operate with caution with such large leverage.

leverage

Deposit and Withdrawal

Eightcap offers a variety of deposit and withdrawal methods to cater to its clients' needs. Clients can deposit funds into their account using various methods, including credit/debit cards, bank transfers, and popular e-wallets like Neteller, Skrill, and FasaPay.

One of the advantages of Eightcap's deposit and withdrawal system is that it supports multiple currencies, including USD, EUR, AUD, GBP, CHF, and SGD. This allows clients from different parts of the world to transact in their preferred currency.

Eightcap does not charge any deposit fees, but clients may incur fees when depositing or withdrawing funds through certain payment methods. For example, bank transfers may incur fees from the client's bank or intermediary banks involved in the transaction.

deposit-withdrawal
deposit-withdrawal
deposit-withdrawal
deposit-withdrawal
deposit-withdrawal
deposit-withdrawal
deposit-withdrawal

Clients can withdraw their funds through the client portal area, or contact their account manager to withdraw funds. Withdrawals can be made using the same methods used for deposits, with the exception of credit cards, which can only be used for deposits. It's worth noting that withdrawals can only be made to the same account that was used to make the deposit, in compliance with anti-money laundering regulations.

With their policy of processing all withdrawal requests submitted before 01:00 PM AEST/AEDT Monday to Friday on the same business day, you can expect to receive your funds quickly and without any delays. This is particularly convenient for traders who need to access their funds urgently or simply prefer a broker with fast and reliable payment processing.

Pros Cons
Fast processing time for deposits Withdrawal Limits
Wide selection of deposit methods available Fees may apply for certain deposit methods
No fees for withdrawals Withdrawal time through some methods may be slow
Withdrawals processed on the same day Some deposit methods may not be available in certain countries or regions
Withdrawals may be subject to additional verification or security procedures

Educational Resources

Eightcap offers various educational resources to help traders improve their skills and knowledge in the financial markets. Here are some of the educational resources provided by Eightcap:

  • Video Tutorials: Eightcap provides a range of video tutorials that cover various trading topics, including technical analysis, trading strategies, risk management, and more. These videos are designed to help traders of all levels learn more about the financial markets.

  • Trading Guides: Eightcap offers a range of trading guides that cover various financial instruments, such as forex, stocks, indices, and commodities. These guides provide valuable insights into the markets and can help traders make more informed trading decisions.

  • Webinars: Eightcap regularly hosts webinars on various trading topics, which are presented by industry experts. These webinars are an excellent way to learn more about the financial markets and interact with other traders.

  • Economic Calendar: Eightcap provides an economic calendar that displays upcoming economic events and announcements that may impact the markets. This calendar can be a useful tool for traders who trade based on news events.

  • Trading Glossary: Eightcap provides a comprehensive trading glossary that defines various trading terms and concepts. This glossary can be a useful resource for traders who are new to the markets.

Pros Cons
1. Video tutorials cover a range of topics 1. Limited number of webinars offered
2. Trading guides available for various instruments 2. No dedicated educational courses offered
3. Webinars presented by industry experts 3. Economic calendar is basic
4. Economic calendar available
5. Comprehensive trading glossary available

Customer Support

Eightcap's representatives are fluent in several languages, including English, Spanish, Chinese, and Arabic, among others. This ensures that clients from all over the world can receive assistance in their native language, which can be particularly helpful when dealing with complex issues.

In addition to a multilingual team, Eightcap offers several support channels, including live chat, phone, and email. Their live chat feature is available 24/5, which means clients can get instant assistance whenever they need it. Phone support is also available during business hours, and email support promises a response within 24 hours.

educational-resources
educational-resources

In addition, Eightcap has an extensive FAQ section on its website that covers various topics, such as account opening, trading platforms, funding and withdrawals, and trading conditions.

Pros Cons
24/5 live chat and phone support No 24/7 customer support
Multilingual support No dedicated account manager
Email support available No social media support
FAQ section on website No in-person support

Conclusion

In conclusion, Eightcap seems like a solid choice for traders looking for a reliable broker with a wide range of instruments, competitive pricing, and user-friendly platforms. Their customer support is also top-notch, with various ways to get in touch and a comprehensive FAQ section. While their educational resources may not be as extensive as some other brokers, they still provide useful tools and market analysis to help traders stay informed. The only potential downside is the lack of proprietary trading platforms, but with MT4, MT5, and WebTrader available, there's still plenty of options to choose from.

FAQs

Q: Is Eightcap regulated?

A: Yes, Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Q: What trading platforms does Eightcap offer?

A: Eightcap offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and WebTrader.

Q: What are the minimum deposit requirements for Eightcap?

A: The minimum deposit requirement for Eightcap's Standard account is $100.

Q: What is the maximum leverage available at Eightcap?

A: The maximum leverage available at Eightcap is 1:500.

Q: Does Eightcap charge commissions on trades?

A: Eightcap does not charge commissions on trades, but it does charge spreads.

Q: What is customer support like at Eightcap?

A: Eightcap offers customer support via live chat, phone, and email. Its customer support team is available 24/5.

Q: Does Eightcap offer educational resources?

A: Yes, Eightcap offers educational resources such as news and analysis,videos, trading guides, and webinars.

Q: How long does it take to withdraw funds from Eightcap?

A: Withdrawal requests submitted before 1:00 PM AEST/AEDT on business days are processed on the same day. However, the time it takes for funds to reach your account depends on the payment method you use.

Q: Can I open a demo account with Eightcap?

A: Yes, Eightcap offers a demo account that allows traders to practice their trading strategies without risking real money.

Q: What financial instruments can I trade at Eightcap?

A: Eightcap offers a wide range of financial instruments, including forex, indices, commodities, and shares.

veracity-markets

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.

Feature Detail
Registered Country/Region South Africa
Found 2020
Regulation unregulated
Market Instrument forex, indices, metals, commodities, and shares
Account Type Standard, Pro, and ECN
Demo Account yes
Maximum Leverage 1:500
Spread Vary on the account type
Commission Vary on the account type
Trading Platform MT4
Minimum Deposit $10
Deposit & Withdrawal Method bank transfers, credit/debit cards, e-payments (Neteller, Skrill, Fasapay, etc)

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:

basic-info

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.

regulation
regulation

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.

Pros Cons
Offers a variety of market instruments for trading Not regulated by valid regulatory authorities
Different account types available with varying features Numerous customer complaints regarding withdrawals, slippage, and technical issues
Maximum trading leverage of up to 1:500 Suspicion surrounding the authenticity of regulatory licenses
Provides the renowned MT4 trading platform Limited transparency and credibility
Multiple contact options for customer support Mixed customer reviews highlighting dissatisfaction and trust issues

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.

market-instruments
Pros Cons
Wide range of market instruments available Some market instruments are not available in all countries
Spreads from 0 Some fees are higher than at other brokers
Advanced trading platform Customer support can be slow to respond
Good educational resources Not all market instruments are suitable for all investors

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.

Account Types
Pros Cons
Low initial deposit requirement Floating spreads starting from 1.6 pips (Standard Account)
No commissions charged Limited spread competitiveness (Standard and Pro Account)
High leverage (1:500) No swap-free option for ECN Account
Wide range of order volumes Commission of $7 per lot for FX and Metals trades (ECN Account)
Compatibility with Trading platforms and Expert Advisors
No maximum limit on the number of open positions

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

Pros Cons
Renowned MT4 trading platform No mention of alternative trading platforms
Availability of MT4 web, desktop, and mobile trading platforms
Extensive range of custom indicators for automated and EA trading

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.

deposit-withdrawal
Pros Cons
Multiple payment methods 2% fee for Skrill and Neteller withdrawals
Bank transfers accepted Charges apply for certain withdrawal methods
Local bank withdrawals
Deposit & Withdrawal logos

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.

reviews

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)

Q 1: Is Veracity Markets regulated?
A 1: No. It has been verified that FSCA and FSPR licenses are both suspicious clones.
Q 2: At Veracity Markets, are there any regional restrictions for traders?
A 2: Yes. The information provided by Veracity Markets is not directed or intended for distribution to or use by residents of certain countries or jurisdictions including, but not limited to, the United Kingdom, Australia, Belgium, France, Iran, Japan, North Korea and the USA.
Q 3: Does Veracity Markets offer demo accounts?
A 3: Yes.
Q 4: Does Veracity Markets offer the industry-standard MT4 & MT5?
A 4: Yes. Veracity Markets supports MT4.
Q 5: What is the minimum deposit for Veracity Markets
A 5: The minimum initial deposit with Veracity Markets is said to be just $10, but opening an account requires $250.
Q 6: Is Veracity Markets a good broker for beginners?
A 6: No. Veracity Markets is not a good choice for beginners. Though it advertises well, it lacks legitimate regulation.

Are the transaction costs and expenses of eightcap, veracity-markets lower?

To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).

To get a comprehensive understanding of how cheap or expensive eightcap and veracity-markets are, we first considered common fees for standard accounts. On eightcap, the average spread for the EUR/USD currency pair is From 0.0 pips, while on veracity-markets the spread is from 0.00.

Which broker between eightcap, veracity-markets is safer?

To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.

eightcap is regulated by ASIC,FCA,CYSEC,SCB. veracity-markets is regulated by FSCA,FSPR.

Which broker between eightcap, veracity-markets provides better trading platform?

When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.

eightcap provides trading platform including Raw,Standard and trading variety including --. veracity-markets provides trading platform including ECN ACCOUNT,Pro account,STANDARD ACCOUNT and trading variety including --.

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