Veracity Markets minimum deposit is set in line with many of the other online brokers operating in South Africa, with this local trading platform offering deposits in ZAR, USD, EUR, and many others.
This guide will take you through the basics of the Veracity Markets minimum deposit, withdrawal, payment methods and regulation status; and gives you all you need to know to get started with a demo account.
Veracity Markets Minimum Deposit
Veracity markets is a digital asset exchange, or online trading platform, that allows traders to buy and sell various financial instruments including stocks, CFDs, forex, and commodities. The minimum deposit for Veracity markets accounts upon opening is $250.
There are three account types: Standard, Pro, and ECN. The minimum deposit Veracity Markets set for each of these accounts remains $250 regardless. There are a few other variances between the account types which you can see in the table below:
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Whilst the Veracity Markets minimum deposit to open an account for the first time is $250, or in ZAR around R 4050; the minimum deposit once you actually hold an account to add funds is just $10.
For the purpose of this guide, we are going to work on the basis that most of you are interested to know what the minimum amount required to open a Veracity Markets account is; but if you do want to know the actual minimum ongoing deposit, that is $10.
Veracity Markets Deposit Methods
Veracity markets offers a variety of deposit methods to suit different types of users. Here we outline the main methods available, how long each will take, and the fees charged.
Bank transfer is the most common deposit method and is available with local South African banks. It is quick and easy to set up, although it can take a few days for the funds to appear in your account. There are no fees charged for local bank transfer deposits.
Credit and debit cards are also accepted by Veracity Markets, although there are some restrictions in place depending on your country of residence. Card deposits are almost instant, but there may be a small fee charged by the card provider.
Veracity Markets accepts deposits from E-wallets such as Neteller, and Skrill but as with all other methods, the accounts need to be in the name of the trading account holder. This is the same for withdrawals. Deposits made using e-wallets are instant, although there may be a fee charged by the e-wallet provider.
Is Veracity Markets Regulated?
Veracity markets is regulated by the Financial Sector Conduct Authority (FSCA) as a representative of Nirvesh Financial Services Ltd as you can see from the document provided here.
The FSCA is the primary financial regulator in South Africa and is responsible for overseeing all financial service providers in the country.
Online, forex and CFD brokers in South Africa are all required to be regulated by the FSCA, for user protection purposes.
The FSCA is a member of the International Organization of Securities Commissions (IOSCO), which is the global body for securities regulators. This means that the FSCA is held to high standards of regulation and is required to meet certain requirements in order to maintain its IOSCO membership which it has held since 2003.
Some of the requirements of the IOSCO include:
- protecting investors
- promoting fair, orderly, and efficient markets
- preventing financial crime
The FSCA is a highly respected regulator, and in the growing world of forex trading in South Africa, it is reassuring to know that Veracity markets is indeed regulated to onboard South African traders.
Veracity Markets Minimum Deposit ZAR
Deposit currencies that are accepted by Veracity Markets include ZAR, GBP, EUR USD, AUD, CHF, JPY, and CAD. As Veracity Markets has its’ main regulation held by FSCA, it is only natural that a large portion of users are coming from South Africa, and surrounding Countries.
It is therefore important to understand the Veracity Markets minimum deposit ZAR equivalent in order to assess whether this is in line with other competitive brokers in the Country.
Veracity Markets minimum deposit ZAR at current exchange rates is around R 4050. This is a little higher than some other brokers regulated in South Africa, but largely in line with expectations of what is the realistic minimum deposit in order to operate a trading account effectively with proper risk management.
Veracity Markets Withdrawal
The Veracity Markets withdrawal method range supported are the same as the deposit methods. That means local bank transfer, debit cards, and various digital e wallets.
If you are transferring to a local South Africa based bank account, there is no fee on your Veracity Markets withdrawal. However, credit/debit card has a 4% fee, and the various e-wallets supported such as Neteller and Skrill have a 2% fee on the total withdrawal amount.
These withdrawal fees can be very off-putting, so if you wish to keep broker fees to a minimum, consider withdrawing only to your local bank account.
The timing on a Veracity Markets withdrawal is usually in line with that of the deposit; so up to a few days for bank transfers, and closer to instant for e-wallets or card withdrawals where allowed. There are listed in the image below some contact details for Veracity Markets withdrawal team should you need them at any time.
It should be noted that for regulatory reasons, withdrawals with Veracity Markets will only be approved to an account in the same name as that you hold your trading account in, so please make sure this is suitable.
Veracity Markets Registration Process Made Easy
The Veracity markets registration process is very straightforward. You can register for an account by visiting the website and clicking on the “Register” button.
You will then be asked to fill in your personal details such as name, email address, and password. Once you have completed this step, you will need to verify your email address by clicking on the link in the verification email that will be sent to you.
Once your email address has been verified, you can then log in to your account and start trading.
Overall, the Veracity markets registration process is very simple and only takes a few minutes to complete.
Veracity Markets Demo Account
The Veracity markets demo account is a great way for new traders to get started with the platform and learn how to trade. The demo account comes with $10,000 of virtual money that you can use to practice trading.
To access the demo account, simply log in to your account and click on the “Demo Account” tab.
Once you have accessed the demo account, you will be able to trade all of the same assets that are available on the live platform. This includes forex pairs, cryptocurrencies, stocks, and indices.
The demo account is a great way to test out different trading strategies and see how they work before putting real money on the line.
Veracity Markets MT4
In addition to the demo account, Veracity markets also offers the MetaTrader 4 (MT4) trading platform. MT4 is a very popular trading platform that is used by many professional traders.
The platform is very user-friendly and comes with all of the features that you need to trade effectively.
Some of the main features of Veracity Markets MT4 include:
- Advanced charting tools
- A wide range of technical indicators
- The ability to backtest trading strategies
- One-click trading
- Ease of use
Veracity Markets Minimum Deposit Review Conclusion
The Veracity Markets minimum deposit of $250 may not be the lowest in the industry, but there are a wide range of assets available to trade, and the deposit level is in line with what is needed to trade with some degree of risk management.
Veracity markets is a great choice for traders who are looking for a reliable and user-friendly platform with FSCA regulation in South Africa. Whilst this is not a broker with a huge International presence at this stage, for South African traders seeking a local operator, the Veracity Markets demo account could well be a good place to start.