VeracityFX

What is VeracityFX？

VeracityFX, a newly established brokerage firm operating in Japan. VeracityFX is regulated by NFA. Specializing in Forex, Indices, Commodities, Metals, and Shares, VeracityFX offers a diverse range of market instruments for trading. The trading platform of choice is MT5, known for its advanced features and user-friendly interface. VeracityFX welcomes traders of all levels, with a minimum deposit requirement of just $1. To ensure customer satisfaction, the company provides 24/5 customer support via phone and email.

If traders are interested, we invite traders to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present traders with well-organized and succinct information. By the end of the article, we will provide a concise summary to give traders a comprehensive overview of the broker's key characteristics.

Pros & Cons

Pros:

- Regulated by NFA: VeracityFX is regulated by the National Futures Association, which adds credibility and ensures the company operates in compliance with industry regulations.

- MT5 supported: VeracityFX supports the popular and advanced trading platform, MetaTrader 5, which offers a wide range of features and tools for traders.

- Acceptable minimum deposit: VeracityFX has a low minimum deposit requirement of $1, making it accessible for traders with different budget levels.

- A range of payment options: VeracityFX provides multiple payment options for deposit and withdrawal, giving traders flexibility and convenience in managing their funds.

Cons:

- Higher spreads compared to some other brokers: VeracityFX has relatively higher spreads of 1.2 pips compared to some other brokers, which could impact transaction costs for traders.

- Lack of industry experience: VeracityFX is a newly established brokerage firm within 1 year, which means they has a relatively limited track record and experience in the industry.

- Regional restrictions: VeracityFX has regional restrictions including residents of the USA, Puerto Rico, Quebec(Canada), United Kingdom, Sri Lanka, New Zealand, India, Afghanistan and to residents of OFAC sanctioned countries, which limit access to their services.

- No 24/7 customer support: VeracityFX offers customer support during regular business hours only, which means that traders may not have access to assistance outside of those hours.

Is VeracityFX Safe or Scam？

VeracityFX operates under the regulation of the National Futures Association (NFA) with License Type: Common Financial Service License License No. 0559566. The NFA is a self-regulatory organization for the derivatives industry in the United States, responsible for implementing regulatory programs that are both innovative and effective. It has been designated by the CFTC (Commodity Futures Trading Commission) as a registered futures association.

Market Instruments

VeracityFX offers a range of trading instruments across different asset classes.

- Forex: VeracityFX allows traders to trade in the foreign exchange market, where they can buy and sell currency pairs. This allows traders to speculate on the fluctuations of one currency against another.

- Indices: VeracityFX provides access to a variety of stock indices, such as the S&P 500, FTSE 100, and Nikkei 225. Traders can trade on the price movements of these indices, which represent the performance of specific groups of stocks.

- Commodities: VeracityFX offers the option to trade commodities, including popular ones such as gold, silver, oil, natural gas, and agricultural products. Traders can speculate on the price movements of these physical goods.

- Metals: In addition to gold and silver, VeracityFX also allows traders to trade other precious metals like platinum and palladium. These metals are often considered as safe-haven assets and can be used as a hedge against inflation or economic instability.

- Shares: VeracityFX provides the opportunity to trade shares in various companies from around the world. Traders can speculate on the price movements of individual stocks, potentially profiting from both rising and falling markets.

Account Types

VeracityFX offers three live account types with different features and minimum deposit requirements.

• Mini Account:

- Minimum Deposit: $1

- This account is suitable for beginners or those who want to start trading with a smaller investment.

- Traders can take advantage of educational resources and customer support.

• Standard Account:

- Minimum Deposit: $100

- This account is suitable for intermediate traders looking for more advanced features.

- Traders can access a wider range of financial markets and instruments.

• Managed Account:

- Minimum Deposit: $100

- This account is for traders who prefer to have their trading activities managed by professional fund managers.

- The account is managed by experienced traders who make trading decisions on behalf of the client.

How to Open an Account？

To open an account with VeracityFX, you need to follow these steps:

- Register: Go to the VeracityFX website and click on the “Register” button. Enter tradersr personal information such as name, email address, correct phone number, and a strong password.

- Invitation Code: If you have an invitation code, enter it in the appropriate field. If you dont have one, you can skip this step.

- Verification: Enter the verification code to confirm that you are not a bot. If the code is difficult to read, click on “Click to replace verification code” to generate a new code.

- Submit: Once you have completed all the fields, click on the “Submit” button to open an account.

Leverage

VeracityFX offers a maximum leverage of 1:500 to its traders. Leverage is a tool that allows traders to control larger positions in the market with a smaller amount of capital. In the case of VeracityFX, this means that for every $1 in the trader's account, they can control a position worth up to $500.

The availability of such high leverage can be seen as an opportunity for traders to potentially amplify their profits. With larger trading positions, traders have the potential to earn more significant returns on successful trades. It allows them to take advantage of smaller market movements and potentially increase their profits.

However, it is important to note that while high leverage may bring the potential for high returns, it also carries a higher level of risk. Trading with high leverage means that even small market fluctuations can result in significant losses. Traders must be cautious and use leverage wisely to manage their risk effectively.

Spreads & Commissions

VeracityFX offers competitive spreads starting at 1.2 pips for their trading accounts. The spread is the difference between the bid and ask price of a currency pair, which acts as a fee for trading. In the case of VeracityFX, this means that traders pay a minimum of 1.2 pips as a spread for each trade they execute on the platform.

Additionally, VeracityFX charges commissions for their different account types - this varies depending on the type of account. But the details of commission do not provided on the official website.

Trading Platforms

VeracityFX offers its clients the popular MetaTrader 5 (MT5) trading platform, which is available on desktop, mobile, and web trader versions. MT5 is a widely used platform that is known for its reliability, functionality, and ease of use.

The platform includes a range of features and tools that are beneficial for both experienced traders and beginners. VeracityFX clients can access a variety of technical indicators, built-in charting tools, and customizable trading strategies. The platform also offers a range of order types, including market, limit, stop-loss, and trailing stop orders. These features allow traders to execute trades with precision and manage their risk effectively.

Deposits & Withdrawals

VeracityFX provides clients with convenient and hassle-free options for depositing and withdrawing funds from their trading accounts. Clients have several options to choose from, including VISA, bank transfer, ozow, Skrill, and NETELLER.

For clients who prefer to use their VISA debit or credit cards, VeracityFX accepts VISA payments, allowing for quick and secure transactions. Clients can simply input their card details on the platform to deposit funds into their trading accounts. Similarly, when it comes to withdrawals, clients can choose VISA as their preferred method to receive funds.

Bank transfer is another popular option for depositing and withdrawing funds with VeracityFX. Clients can initiate a bank transfer from their personal bank account directly into their trading account. This method is suitable for clients who prefer traditional banking channels and do not mind the potential delay in processing times associated with bank transfers.

In addition to VISA and bank transfer, VeracityFX enables clients to use ozow, Skrill, and NETELLER as alternative payment methods. These electronic payment systems offer fast, secure, and convenient transfers, providing clients with flexibility in managing their funds.

VeracityFX does not charge any commission or fees for deposits and withdrawals. Butthere may be potential charges from the payment service providers used, such as transaction fees from VISA or Skrill.

Customer Service

Customers can visit their office or get in touch with customer service line using the information provided below:

24/5 multilingual customer support team

Telephone: +27 315760448

Email: info@veracityfx.com

Address: 2nd floor , 201 beacon Rock, 21 Lighthouse Road, Umhlanga Rocks, Durban, 4319

Conclusion

VeracityFX is a brokerage firm that offers trading services and products to its clients. The major products and services offered by VeracityFX include forex trading, supported by the widely used MT5 platform. They also provide a range of payment options for deposit and withdrawal, making it convenient for traders to manage their funds. VeracityFX is regulated by NFA, which adds a layer of security and ensures that the company operates in compliance with industry regulations.

However, VeracityFX has some drawbacks, including higher spreads compared to some other brokers, regional restrictions that limit access to their services, and the lack of 24/7 customer support. Therefore, traders should also consider the companys limited industry experience and potential trade-offs associated with their services before making a final decision.

Frequently Asked Questions (FAQs)

Risk Warning

Online trading involves significant risk, and traders may lose all of tradersr invested capital. It is not suitable for all traders or investors. Please ensure that traders understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.