Summary of Veracity Markets Trading Company
Veracity Markets is a broker with many questionable activities. The company started in 2020 but has already confused clients by using two different names: Veracity Markets (PTY) Ltd, registered in South Africa in 2018, and Nirvesh Financial Services (Pty) Ltd, the legal entity supposedly behind Veracity Markets, which has existed since 2004.
The Veracity Markets website claims the broker is regulated by the FSCA (The Financial Sector Conduct Authority of South Africa). However, the license was issued in 2004 to Nirvesh Financial, not Veracity Markets. The FCA (The Financial Conduct Authority) certificate is missing from their website, and an application for a Veracity Markets license submitted in 2018 is still under review.
Clients have reported issues such as bonus manipulation, account blocks, unfair pricing, and withdrawal problems. There are no real reviews online from traders who successfully withdrew their money.
Due to these concerns, the broker has been blacklisted.
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FAQs
Why has Veracity Markets been placed on the Forex Broker Blacklist?
Possible reasons:
• multiple complaints have been filed against Veracity Markets by traders claiming the broker failed to fulfil its obligations, including process withdrawals;
• the website of Veracity Markets is down, not updated or operates with clear errors and some features are not available;
• Veracity Markets has been blacklisted by the regulatory authority, and a warning has been published on the regulator’s website.
What should I do if Veracity Markets got blacklisted and I still have money in my account?
Don’t panic right away. First, try to find out the reason why Veracity Markets got blacklisted. The situation may be temporary. Contact Traders Union client service for details. If the situation is critical, try to withdraw money. The best way to do it in parts, so that the broker does not suspect that you want to withdraw your entire balance and close the account.
What should I do if I cannot withdraw my money from Veracity Markets?
If your broker refuses to process withdrawals under various pretexts, your algorithm of actions is as follows:
• Get a clear response from the broker’s Support Service with reference to the clauses of the Terms of Use (User Agreement). Save your correspondence and download the transaction history from your account.
• With a full package of documents, appeal to the following organizations: the broker’s regulator or corresponding law enforcement agencies. If you make your deposit with a bank transfer, try to initiate a chargeback request.
• Share your situation on traders’ forums, add the broker to blacklists of various websites, as it will help others avoid the mistake.
Is there any chance to recover my money if Veracity Markets is a scam?
On rare occasions, yes, for example, if the broker was a member of a compensation fund, or upon a court’s ruling.
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