Veracity Markets Fees and Minimum Deposit - TU Expert review
Assessing the size of the fees is the second most important factor for choosing a broker after reliability. The lower the fees, the more diverse their structure, the more beneficial it is to trade with the broker. Minimum deposit is another important factor that may tip the scale in favor of a certain broker. This is particularly important for novice traders, who cannot afford to invest a lot at the beginning. Traders Union analysts have prepared an analysis of Veracity Markets fees and also assessed the size of its minimum deposit.
Short introduction of Veracity Markets
Veracity Markets is an STP and ECN broker, which has been providing online access to trading Forex and CFD instruments since 2020. The broker’s focus is the traders from African countries, although the company accepts clients from all around the world. The broker offers 250+ instruments for trading, a wide selection of accounts, 24h support and the most popular trading platforms MT4 and MT5. The operation of Veracity Markets is regulated by the Financial Sector Conduct Authority (FSCA, 49924).
| 💰 Account currency: | USD, GBP, ZAR, KWD |
| 🚀 Minimum deposit: | USD 250 |
| ⚖️ Leverage: | from 1:100 to 1:500 |
| 💱 Spread: | from 2 pips (Fixed), from 1.6 pips (Standard and Standard Cent), from 0.0 pips (ECN) |
| 🔧 Instruments: | Currency pairs, CFDs on precious metals, commodities, indices, futures, stocks, cryptocurrencies |
| 💹 Margin Call / Stop Out: | 100-150%/30-75% |
Veracity Markets Pros and Cons
👍 Advantages of trading with Veracity Markets:
•A huge selection of trading accounts for retail and professional traders.
•No re-quotes; operation without a dealing center with direct prices of the liquidity providers.
•Desktop and mobile versions of the trading platforms MetaTrader 4 и MetaTrader 5.
•High leverage – 1:500 on all account types.
•24-hour support via Live Chat on the website and in the Personal Account.
•A possibility to withdraw funds to popular electronic wallets Bitcoin, Skrill and Neteller.
•Clients’ deposits are kept in segregated accounts at major banks.
👎 Disadvantages of Veracity Markets:
•Not very attractive conditions for novice traders: minimum deposit is $250 and the spreads are high – from 1.6 to 2 pips on a tranquil market.
•There is no educational information, video tutorials, or a glossary on the broker’s website.
•The company does not provide analytics, research instruments and news.
Key types of fees on Forex
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Forex market:
-
Spread – the difference between the buy and the sell price of an asset.
-
Commission per lot.
-
Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Veracity Markets Commissions and Fees
Detailed analysis of conditions of all accounts of Veracity Markets showed that the broker charges two types of commissions – trading and non-trading. As a trading commission, the broker charges only spread on the Fixed, Standard and Standard Cent accounts. On the ECN account, in addition to the spread, commission per lot is charged, but only for forex and metals trading - $3.5 for opening and $3.5 for closing a trade. Veracity Markets does not charge deposit and withdrawal fees on deposits/withdrawals to the accounts at South African banks. The broker charges 2% fee on withdrawals via Skrill and Neteller. There are no inactivity, account or platform fees.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard Cent | From $0.2 | Charged on withdrawals to Skrill and Neteller |
| Standard | From $16 | Charged on withdrawals to Skrill and Neteller |
| Fixed | From $20 | Charged on withdrawals to Skrill and Neteller |
| ECN | From $0 | Charged on withdrawals to Skrill and Neteller |
Why is it important to assess minimum deposit?
It is important for beginners and traders with limited financial capabilities to assess the minimum deposit of the broker. Different brokers offer different levels. Some companies focus on working with professional traders and their entry threshold is usually in the thousands or tens thousands of US dollars. Brokers that work with beginners offer low minimum deposit. It could be $500 or $100, or even $1.
In addition minimum deposit may differ depending on the account type. This is also an important factor to analyze. If a broker offers a low entry threshold, traders can get better conditions and still not spend too much money on funding their account.
Veracity Markets Minimum deposit
How to Start Making Profits — Guide for Traders
Veracity Markets offers a wide diversity of trading accounts for traders with any level of skill. The general conditions for all account types are as follows: minimum deposit - $250, leverage – from 1:100 to 1:500, type of execution – Market Execution, type of spread – floating.
Account types:
The broker provides a demo version of each live account. The clients can also open Demo Fixed Swap Free, demo accounts that have the same conditions as the Islamic accounts.
Veracity Markets is an STP and ECN broker for both the beginners and professional traders who prefer active trading.
Brokers similar to Veracity Markets
When analyzing Veracity Markets, it is important to compare it with other similar companies. Before you choose a broker, it is important to compare its trading conditions with competitors. Traders Union analysts have prepared a comparison of the minimum deposit and other trading conditions of Veracity Markets and other brokers.
Comparison of Veracity Markets with other Brokers
| Veracity Markets | RoboForex | Pocket Option | Exness | AMarkets | Libertex | |
|---|---|---|---|---|---|---|
|
Trading platform |
No |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5, AMarkets App |
Libertex, MT5, MT4 |
|
Min deposit |
No |
$10 |
$5 |
$10 |
$100 |
$100 |
|
Leverage |
No |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
|
Spread |
No |
From 0 points |
From 1.2 point |
From 1 point |
From 0 points |
From 0.1 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
|
Execution of orders |
No |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
No |
|
Cent accounts |
No |
Yes |
No |
No |
No |
No |
Expert Opinion
When comparing FTMO to similar prop firms, its conditions seem generally competitive and a balanced offering. With reasonable fees, enough leverage for many styles and an achievable cost starting from €155, it presents a solid choice for prop traders to evaluate further. There are also no added commissions on top of the spread which keeps trading costs low.
Some traders may find the testing requirements to be on the strict side, but this ensures people have proven themselves capable of managing risk before gaining access to larger funded accounts.
Overall, for those interested in prop trading and wanting the guidance of a funded program, FTMO offers a decent option to consider. Just be prepared to treat the challenge period like the job interview that it is.
Conclusion
Analysis of Veracity Markets shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
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FAQs
Can the level of fees differ for cent and standard accounts?
Yes. On cent accounts, the fees are generally lower than on standard accounts.
Are the fees charged on a demo account?
Yes, but they are written off the virtual funds you use for trading on the demo account. This allows you to learn the level of the fees.
Why do some brokers set a high minimum deposit?
Many companies with high minimum deposits are focused on working with professional traders with experience and large capital. Therefore, they set a high entry threshold.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!