There are many forex brokers that operate in South Africa. Veracity Markets is new to the industry and brings with it a number of attractive features. To know more about the broker, forex trading and what to keep in mind while assessing any broker, continue reading!
Forex Trading South Africa
Forex trading involves looking at the ups and downs of currencies in order to make a profit. South Africans can legally trade in the foreign exchange market by allowing FSCA regulated brokers to provide results to South African traders. South Africa’s daily Forex sales in 2017 are estimated at US $ 19 billion. In addition, the South African Rand (ZAR) is one of the 20 most traded currencies in the world. Rand is a constantly fluctuating currency that provides enough volatility for benefits while trading. There are many brokers in South Africa, each with their own pros and cons.
Veracity Markets is a high quality foreign exchange broker founded in 2020. Safe trading is the main goal of our clients. The foreign exchange broker strives to become a leader in the African trading industry. This Veracity marketing review explains the capabilities of a call broker and thoroughly examines all aspects of a broker. Veracity Markets is a new foreign exchange broker that is slowly but surely becoming a major contributor to the African trading industry.
Veracity Markets Registration
Veracity Markets offers three different trading accounts: standard accounts, fixed accounts and ECN accounts. The distributions of these three current balances are different. However, standard and created accounts are very similar to ECN accounts. Following are the steps for Veracity Markets registration:
- Fill in your personal information in the online application
- Open your email to confirm your registration and apply the PIN
- Upload your Proof of Identity (POI) and Proof of Address (POR)
Veracity Markets Pty Ltd is a regulated financial services provider in South Africa licensed and compliant with the Financial Services Regulations of South Africa (FSCA). It is the main financial regulator in Africa, responsible for overseeing all non-bank financial services, including brokerage management.
Veracity Markets provides clients with negative balance protection, if their current account becomes negative, Veracity Markets will protect their capital. In addition, Veracity Markets holds consumer funds in a segregated account separate from company funds. You will also find that Veracity Markets will regularly issue audit reports to ensure compliance with AML regulations.
Active traders can use three types of trading accounts: standard accounts, fixed accounts and fixed accounts. All three business accounts have the same minimum investment amount of $250 and an equivalent amount in other currencies. However, a demo account does not require a minimum investment.
Things to look for in a good forex broker
To ensure that the broker is overseen by reputable regulatory bodies such as the FCA or FSCA, the safety of your assets is the most important point. Consider factors such as leverage, currency pairs, trading platforms, trading fees,competitive spreads, and good customer support. Make sure they offer a good amount of currency pairs for trading, especially the ones you want.