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 Axiory

Axiory is a forex broker registered in Belize, a country known for its favorable regulatory environment for financial services companies. The brokerage firm was established in 2012 and is a relatively young player in the forex industry. Axiory offers online trading services for a range of financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies. Traders can be free to choose their favorable leverage amount ranging from 1:1 to 1：777. An interesting feature of Axiory is its commitment to social responsibility. The company has established the Axiory Intelligence initiative, which is a research-based program that aims to promote education and social responsibility in the financial industry. Axiory also supports various social causes through its Axiory Care program. In terms of trading platforms, Axiory offers multiple choices, including the popular MetaTrader 4 platform, MetaTrader 5 platform, as well as cTrader, with its proprietary trading app called MyAxiory App. Besides, this broker also offers advanced charting tools, technical analysis indicators, and other features to help traders quickly acquaint themselves with online trading.

Is Axiory legit or a scam？

Axiory is authorized and regulated by the Financial Services Commission (IFSC) in Belize. This regulatory body is responsible for ensuring that financial institutions operate in a transparent and fair manner, which can provide traders with some reassurance about the legitimacy of the broker. Axiory's adherence to regulations also means that the company must follow certain guidelines, such as maintaining sufficient capital reserves, which can help to protect traders in the event of any financial instability.

However, it is important to note that the IFSC is not a highly-respected regulatory body in the financial industry, which may lead some traders to question the level of oversight and protection provided. Additionally, the regulatory requirements of the IFSC may not be as stringent as those of other regulatory bodies, which could result in less protection for traders.

Pros and Cons

One of Axiory's biggest strengths is the wide range of trading instruments available. Traders can choose from a diverse selection of assets, including major and minor currency pairs, popular stocks, and popular indices. Additionally, the broker offers commodities such as oil and gold, which provide traders with opportunities to diversify their portfolios. Another significant advantage of Axiory is their multiple account types of low minimum deposits.

On the downside, Axiory offers limited payment methods available for deposits and withdrawals. Plus, no 7/24 online customer support available, which is a big problem to address client's trading issues in a timely manner.

Market Intruments

Axiory offers a range of market instruments to cater to the diverse trading needs of its clients.

Firstly, the broker provides access to the forex market, which is the largest financial market in the world, enabling traders to trade currency pairs with tight spreads and competitive pricing.

Secondly, Axiory offers exchange-traded stocks and ETFs, which provide traders with exposure to a variety of companies and industries across the globe. This allows traders to diversify their portfolio and take advantage of market trends in different regions.

Additionally, Axiory offers CFDs on stocks and indices, providing traders with the ability to trade on the price movements of individual stocks or entire market indices. This allows traders to take advantage of both rising and falling markets.

Finally, Axiory offers trading in oil and energy products, which can provide traders with exposure to the commodities market and its price fluctuations

Account Types

Axiory offers a diverse range of trading accounts to cater to the needs of traders with varying experience levels and trading styles. The broker offers five types of trading accounts, including NANO, STANDARD, MAX, TERA, and ALPHA.

The NANO account is an account type with a small deposit amount of $10. This account type features average spreads starting at 0.3 pips, with leverage up to 1:400 and this account holder can get access to MT4 and cTrader trading platforms.

The STANDARD account is suitable for traders who have some trading experience and are willing to deposit a minimum of $10. This account type features floating spreads starting from 1.3 pips, and has the same lever ratio as the NANO account, and traders who open this account can use trading platforms too: MT4 and cTrader.

The MAX account is designed for experienced traders who are willing to deposit a minimum of $10. This account type features a huge spread of 20 pips on average, with leverage up to 1:777, trading through MT4 and cTrader.

The TERA account is another account with a low deposit requirement of $10. This account type features an average spread starting at 3 pips, and a maximum leverage of 1:400. Please note traders who open this account only can get access to one trading platform, that is the MT5 trading platform.

The ALPHA account is a premium account type that is available by invitation only. As such, the minimum deposit requirement is unknown. This account type offers institutional-grade spreads and a maximum leverage of 1:1. With this broker, only MT5 trading platform can be reached.

Demo Accounts

Axiory offers demo accounts to its clients, which are a great tool for traders to practice trading without risking real money. The demo accounts are designed to replicate the live trading environment, allowing traders to familiarize themselves with the platform, test different trading strategies, and gain experience before trading with real money.

Axiory's demo accounts are free and come with virtual funds that traders can use to simulate trading. The demo accounts are available for all account types and provide traders with access to the same trading instruments, platforms, and tools as live accounts. The demo accounts are not time-limited, which means there is no expiry date on your demo accounts.

Islamic Accounts

Axiory offers Islamic accounts, also known as swap-free accounts, which are designed for traders who follow the Islamic faith and can not receive or pay interest due to religious reasons. These accounts comply with Shariah law and do not charge or pay any overnight interest (swap) fees on positions held open for more than 24 hours.

Islamic accounts at Axiory offer the same features as standard trading accounts, including access to all trading instruments and platforms, customer support, and educational resources. The only difference is that Islamic accounts operate on a commission-based structure, and there are no overnight swap fees charged or credited to the account.

To open an Islamic account with Axiory, traders need to submit a request to the customer support team, and the account will be verified and set up within 24 hours. It is important to note that Axiory reserves the right to revoke the swap-free status if there is evidence of abuse or misuse of the account.

How to open an account？

1. To open an account with Axiory, interested clients can simply navigate to the broker's website and click on the “Open Account” button.

1. This will lead them to a registration page where they will be prompted to provide their personal information, including their name, email address, and phone number. Additionally, they will need to choose the account type that suits their trading needs and preferences.

1. After submitting the registration form, clients will receive an email with a link to verify their account. Once the verification process is complete, they can proceed to fund their account via one of the payment options available.

Leverage

Axiory offers a range of leverage options for traders, depending on their chosen account type. The leverage ratios offered by the broker range from 1:1 to a maximum of 1:777, which can provide traders with a significant amount of buying power in the markets. However, it's worth noting that higher leverage also comes with higher risk, and traders should be aware of the potential consequences of trading with a high leverage ratio. It's important to carefully consider your own risk tolerance and trading strategy before deciding on a leverage ratio for your account.

Spreads & Commissions (Trading Fees)

Axiory's spreads can be higher compared to some other forex brokers. For the NANO account, the average spreads start at 0.3 pips. The STANDARD account has floating spreads starting from 1.2 pips, which is a bit more competitive. The MAX account has floating spreads starting from 1.3 pips, and on average, the spreads for this account are around 20 pips. The TERA account has an average spread starting at 3 pips, while the spreads for the ALPHA account are not disclosed on the Axiory website.

In terms of commissions, Axiory charges a commission of $ 6 per lot for the NANO accounts. The Standard and MAX accounts do not charge a commission, but it has higher spreads. The TERA and ALPHA accounts have lower spreads, but their commission fees are charged 6 usd per lot and 1.5 usd per lot, respectively.

Non-Trading Fees

In addition to trading fees, Axiory also charges non-trading fees that traders should be aware of. Axiory does not charge any deposit or withdrawal fees, which is a big advantage for traders. However, there are some other non-trading fees that traders should consider, including inactivity fees. If there is no trading activity on the account for 6 months, a fee of $30 per month will be charged. Also, Axiory charges a fee for wire transfers, which can vary depending on the currency and the bank used. Traders should check with their bank for any additional fees that may be charged on their end.

Trading Platform

Axiory offers its clients access to several trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as the cTrader platform and the MyAxiory mobile app. The MetaTrader platforms are widely used by traders worldwide and offer advanced charting capabilities, multiple time frames, and a wide range of technical indicators and analysis tools. The cTrader platform, on the other hand, is known for its fast execution speeds and advanced order management features, making it a popular choice for scalpers and high-frequency traders.

The MyAxiory mobile app allows traders to access their accounts and trade on-the-go using their mobile devices. The app is user-friendly and features real-time price quotes, charting tools, and the ability to place orders and manage positions.

Deposit & Withdrawal

Deposit

The minimum deposit is 10 USD. If clients are using a Bank Wire Transfer from any country except Nigeria, the minimum deposit is 100 USD. The minimum deposit using Bank Wire Transfer from Nigeria is 10 USD. Visa and bank transfer are the most traditional options, while e-wallets such as Skrill and Neteller are also available. Stickpay is a unique payment method that allows for instant deposits and withdrawals, while PayReedem and ThunderXPay are also available. Additionally, Axiory does not charge any deposit fees.

Withdrawal

The minimum withdrawal amount at Axiory is 10 USD with the exception of Wire/Bank Transfer where the minimum withdrawal amount is 100 USD.

Axiory supports the same deposit and withdrawal payment methods, which include Visa, Bank Transfer, Stickpay, Neteller, Skrill, PayReedem, and ThunderXPay. The processing time for withdrawals can vary depending on the payment method used, with e-wallets typically being the fastest and bank transfers taking the longest. Axiory does not charge any withdrawal fees, but it is possible that the payment provider may charge a fee for their services.

Customer Support

Axiory offers customer support in multiple languages, including English, Arabic, Indonesian, Spanish, and more. Traders can contact the support team via email, phone, or live chat. The broker also provides a comprehensive FAQ section on its website, where traders can find answers to common questions related to trading, account management, and more.

The customer support team at Axiory is known for being responsive and helpful, and they are available 24/5 to assist traders with any issues or questions they may have. Axiory also provides a personal account manager to each client, who can help with account-related matters and provide personalized support.

Educational Resources

Axiory provides a range of educational resources to help traders improve their skills and knowledge. The broker offers free webinars, video tutorials, e-books, and market analysis tools. Axiory Academy, the broker's education center, is designed to provide traders with in-depth knowledge of the markets and trading strategies.

The broker's webinars cover various topics, such as trading psychology, risk management, technical analysis, and market news. These webinars are conducted by experienced traders and are available to all Axiory clients. The video tutorials cover different aspects of trading, including platform tutorials, trading strategies, and risk management.

Axiory's e-books provide traders with comprehensive information on trading strategies, risk management, and market analysis. The broker's market analysis tools include daily market updates, technical analysis reports, and economic calendars.

Conclusion

Axiory is a forex broker offering a variety of trading instruments, account types, and educational resources to its clients. The broker's trading conditions, such as high spreads and commissions, may not be ideal for all traders, but its leverage options can benefit those looking for higher returns. However, Axiory's weakness lies in its regulation. Ultimately, traders should carefully consider their individual trading needs and goals before choosing Axiory as their broker.

Pros and Cons

Q: Is Axiory a regulated broker？

A: Yes, Axiory is authorized and regulated by the International Financial Services Commission (IFSC) in Belize.

Q: What is the minimum deposit required to open an account with Axiory？

A: Axiory offers five types of trading accounts with different minimum deposits, ranging from $10 to an unknown amount for the ALPHA account.

Q: What trading platforms are available at Axiory？

A: Axiory offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, as well as the Axiory Strike mobile application.

Q: Does Axiory offer Islamic accounts？

A: Yes, Axiory offers swap-free Islamic accounts for traders who follow Shariah law.

Q: What deposit and withdrawal methods are available at Axiory？

A: Axiory supports various deposit and withdrawal methods, including Visa, Bank Transfer, Stickpay, Neteller, Skrill, PayReedem, and ThunderXPay.

Q: What is the maximum leverage offered by Axiory？

A: The maximum leverage offered by Axiory ranges from 1:1 to 1:777 depending on the account type.

Q: What are the trading fees at Axiory？

A: Axiory's spreads and commissions vary depending on the account type, with some accounts offering higher spreads than others.

Q: Does Axiory offer educational resources for traders？

A: Yes, Axiory provides educational resources for traders, including webinars, video tutorials, and market analysis tools.

Q: What customer support options are available at Axiory？

A: Axiory offers customer support through live chat, email, and phone, as well as a comprehensive FAQ section on their website.