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)

What is CJC Markets？

Based in Auckland, New Zealand, CJC Markets (Carrick Just Capital Markets Limited) is a regulated online NDD (No Dealing Desk) trading broker that allows clients to trade multiple financial assets with flexible leverage up to 1:400 and floating spreads on the MT4 trading platform via 3 different live account types, as well as 24/5 customer support service.

In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.

Pros & Cons

CJC Markets has several advantages including a wide range of tradable instruments, a variety of deposit and withdrawal options, and 24/5 customer support. However, there are also some significant drawbacks, including high minimum deposit requirements, and mixed reviews from clients. Overall, traders should exercise caution and carefully consider these factors before deciding whether to trade with CJC Markets.

CJC Markets Alternative Brokers

There are many alternative brokers to CJC Markets depending on the specific needs and preferences of the trader. Some popular options include:

• FP Markets - An ASIC and CySEC-regulated broker with a wide range of trading instruments, competitive spreads, and multiple trading platforms, suitable for both novice and experienced traders.

• FXDD - An offshore broker offering ECN trading accounts with a variety of trading instruments and low spreads, but lacks regulatory oversight and has mixed reviews from clients.

• Global Prime - An ASIC-regulated broker with a focus on transparency, offering ECN trading accounts with competitive spreads and a range of trading tools, but has limited trading instruments and high minimum deposit requirements.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Market Instruments

CJC Markets provides investors with 500+ instruments including Forex, Metals, Equity Indices, US Shares, Asia Shares, EUR Shares, Cryptocurrency CFDs. The broker provides access to more than 100 currency pairs, such as the EUR/USD, GBP/USD, and USD/JPY. Clients can also trade precious metals such as gold and silver, as well as a variety of equity indices such as the S&P 500 and the Nasdaq 100. CJC Markets also offers a broad selection of shares from the US, Europe, and Asia. Additionally, the broker provides access to popular cryptocurrency CFDs such as Bitcoin, Ethereum, Ripple, Litecoin, and Tether.

Account Types

There are three account options available on the CJC Markets platform: Standard, VIP and ECN. The minimum initial deposit for a Standard account is $1,000, way too high for most regular traders to get started. The high minimum initial deposit can be a disadvantage for many traders, especially beginners who want to start with a smaller amount of money.

However, the higher minimum deposit requirement for the Standard account may be suitable for more experienced traders who want access to higher leverage and other advanced trading features. The VIP and ECN accounts require a minimum initial deposit of $25,000 and $50,000 respectively, which may not be feasible for many traders.

Leverage

In terms of trading leverage, the maximum leverage for the Standard account is up to 1:400, up to 1:300 for the VIP account and up to 1:200 for the ECN account. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

Spreads and commissions with CJC Markets are scaled with the accounts offered. Specifically, the spread starts from 1.5 pips on the Standard account, from 1 pip on the VIP account, and raw spreads on the ECN account. As for the commission, there is no commission charged on the Standard and VIP accounts, while unspecified on the ECN account.

While the Standard and VIP accounts do not charge commissions, the spreads are higher, which may not be as cost-effective in the long run. Traders should carefully consider their trading style and needs when choosing an account type with CJC Markets.

Below is a comparison table about spreads and commissions charged by different brokers:

Note that these rates are subject to change and may vary depending on account type and market conditions. Traders should always confirm the most up-to-date rates directly with the broker.

Trading Platform

CJC Markets offers the leading MT4 trading platform for iOS, Android, Windows, and Mac to meet a wide range of user needs. MT4 is currently the most popular forex trading platform on the market, with a user-friendly interface, and powerful charting tools. With a user-friendly interface, powerful charting tools, and 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.

See the trading platform comparison table below:

Deposits & Withdrawals

From the logos shown at the foot of the home page on CJC Markets official website, we found that this broker seems to accept numerous means of deposit and withdrawal choices, consisting of Visa, MasterCard, Bitcoin, bit wallet, BTPay, Bank Wire, dragon pay, help2ay, PayTrust, Skrill, Neteller, and Tether.

Having multiple payment options provides more convenience and flexibility for traders to deposit and withdraw their funds. It's worth noting that certain payment methods may have fees or restrictions, so it's essential to check with the broker's website or customer service before making any transactions.

CJC Markets minimum deposit vs other brokers

See the deposit & withdrawal fee comparison table below:

Note: Withdrawal fees for FXDD vary depending on the payment method used. Please refer to the broker's website for more information.

Customer Service

The CJC Markets customer support team can be contacted 24/5 through telephone, email, social media, or live chat. You can also follow this broker on social networks such as Facebook, Instagram and LinkedIn. FAQ section is also available. Alternatively, traders can visit their physical office in Auckland, New Zealand.

It's worth noting that having a physical office can provide additional peace of mind for traders who value face-to-face communication and transparency with their broker. The availability of multiple channels for customer support is also a plus, as traders can choose the most convenient way to reach out for help. However, the lack of 24/7 customer support may be a disadvantage for traders who need immediate assistance outside of regular business hours.

Please note that these pros and cons are based on the information available and may not be exhaustive.

User Exposure on WikiFX

On our website, you can see that some users have reported scams and unable to withdraw. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Conclusion

Generally, CJC Markets is a regulated broker that provides a range of instruments. However, the high minimum deposit requirement and negative reviews from clients raise concerns about the safety of the platform. On the other hand, the broker offers balance protection up to $500, and there is a range of deposit and withdrawal options available. The customer support team can be contacted 24/5. Overall, traders should approach CJC Markets with caution and consider the potential risks before investing.

Frequently Asked Questions (FAQs)

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.