IFX Brokers vs Veracity Markets

IFX Brokers vs. Veracity Markets

We spent many hours thoroughly examining the best-in-class Forex brokers for 2023. Here, we take a closer look at IFX Brokers and Veracity Markets.

Which offers better pricing – IFX Brokers or Veracity Markets?

IFX Brokers and Veracity Markets both offer competitive spreads. IFX Brokers has a tight spread of 0.2 pips on the EUR/USD currency pair, while it seems that Veracity Markets offers variable spreads of 0.0 pips for the same currency pair.

IFX Brokers charges competitive commissions of USD6 per round turn, while Veracity Markets does not appear to charge commissions but works these charges into the spread. The only account type where a commission is charged is on the ECN account which is $7 per lot only on forex and metal trading.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a fully licensed and regulated Forex broker that is based in South Africa. As such, IFX Brokers is overseen by the Financial Sector Conduct Authority (FSCA) of South Africa, which is the primary regulator of the financial markets in the country.

Veracity Markets is based in Cape Town, South Africa and as such is also regulated and authorised by the Financial Sector Conduct Authority (FSCA) in South Africa.

Which broker offers the superior trading platform?

IFX Brokers provides access to both MetaTrader 4 and MetaTrader 5, which are widely regarded as the best trading platforms in the industry. As such, traders will have access to a wide range of tools, diverse market access, and fast execution.

With Veracity Markets, traders also have the option to trader on either the MetaTrader4 or MetaTrader5 platforms. Both are available on PC or Mac as well as the web, and all iOS and Android devices. 

Do these brokers both offer MetaTrader?

Yes, IFX Brokers and Veracity Markets offers access to both MetaTrader4 and MetaTrader5.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 60 currency pairs. Veracity Markets offers access to 38+ currency pairs.

Is it safe to trade with IFX Brokers?

Yes, IFX Brokers is a regulated Forex broker with a South African basis that possesses a complete FSCA licence. The numerous financial institutions in the nation are under the direction of the Financial Sector Conduct Authority (FSCA).

The Financial Sector Conduct Authority (FSCA) was established with the aim of protecting investors by promoting fair treatment and educating people on various financial matters, as well as to promote and maintain the efficiency and integrity of financial markets.

Is it safe to trade with Veracity Markets?

Yes, Veracity Markets is also regulated by the FSCA in South Africa, so that local traders will receive full deposit security and a transparent trading environment.

Who is IFX Brokers?

South African Forex broker IFX Brokers is well-regulated and has a lot of clients. Customers of IFX brokers can use the MetaTrader 4 and MetaTrader 5 trading platforms, which are some of the most popular and successful in the world.

These platforms have better charting features, state-of-the-art order management programmes, and a bilingual user interface that lets charts be laid out in different ways.

MetaTrader 4 or 5 can also be used on iOS and Android devices without having to install any extra software.

Customers of IFX Brokers can trade on a wide variety of trading instruments. Some of these financial products are currencies, indices, contracts for difference (CFDs), spot metals, energy, commodities, and virtual currencies.

Clients of IFX brokers can also trade in 60 different currency pairs, precious metals (gold, silver, platinum, and palladium), natural gas, and oil.

The smallest deal size is 0.01 lot, but a standard account requires a minimum deposit of $100 in US dollars. South African Rand, US Dollars, and Euros are the account base currencies, in that order.

You can also use a “practise account” instead of a real account.

Customers of IFX brokers can easily add money to and take money out of their accounts by using Pay Quick, Visa, or MasterCard credit cards, among other options.

The best thing about the whole thing is that there are no fees for deposits or withdrawals. The withdrawal process can be done in as little as two to five hours for South African customers.

On the other hand, it takes four to five working days to finish the withdrawal process for customers outside of the country.

Who is Veracity Markets?

Veracity Markets was established in 2020 and headquarters in Cape Town, South Africa. It is an online forex trading broker and since it is based in South Africa, the broker falls under the regulations of the Financial Sector Conduct Authority (FSCA), which ensures reliable and secure trading with this broker. The broker also offers its services to clients across the African region, catering to a wider geographical area.

Veracity Markets provides trading in over 250 trading instruments across various financial asset classes that include Forex, Metals, Energies, Equity Indices, Commodities, Shares, Stocks, and more. Traders have a wide range of options to diversify their portfolios and participate in different markets based on their preferences and strategies.

Veracity Markets is a suitable option for traders at all skill levels, which include novice as well as professional traders, as it offers competitive trading services and a diverse selection of trading account options. Besides a diverse range of popular financial instruments, the broker offers competitive trading solutions, and a low minimum deposit requirement.

Traders have the option to trader on the popular and globally preferred trading platforms, namely MetaTrader4 and MetaTrader5. These platforms are known for their strong features, intuitive interface, advanced charting tools, and extensive trading capabilities.

MT4 and MT5 provide a variety of advanced charting tools, timeframes, trading signals, technical indicators, and other tools which is a plus to any trader. Moreover, they offer automated trading capabilities, empowering traders to detect market movements and improve their market entry and stop-loss strategies.

Both trading platforms are accessible on both desktop and all mobile devices, allowing traders to select the option that suits their individual trading preferences and strategies.

With Veracity Markets, trader have a choice between three types of accounts, a Standard, Pro, and ECN account. The minimum initial deposit required for all account types is $250. The Standard and Pro account types also offer clients the option to opt for swap-free trading.

Veracity Markets offers floating spread on all the accounts with spreads starting from 0.0 pips on the ECN account. The broker offers competitive pricing for most trading services, and does not impose commissions on trading accounts, with the exception of ECN accounts where a commission of $7 per lot is applied for Forex and metals trading.

There are various payment methods available for traders allowing them to deposit or withdraw funds into trading accounts. These include bank wire transfers, credit and debit cards, Skrill, Neteller and ozow.

One huge drawback with Veracity Markets is the total lack of educational materials, research resources, seminars, or webinars. These kind of resources are instrumental in enhancing traders’ skills and knowledge. The only plus is the offering of a demo account, which allows traders to practice and refine their trading strategies in a risk-free environment without using real money.

Overall, Veracity Markets is a good and reliable online Forex trading broker that offers a wide range of trading instruments and competitive trading solutions. The broker ensures the security of clients’ funds and offers a variety of payment methods to ensure convenience and flexibility in transactions.