WikiFX Field Inspection to Veracity Markets on July 2022

The reason for this visit

Veracity Markets is one of the biggest Forex brokers in South Africa. They are based in Cape Town but have another office in Johannesburg. This broker offers various services that could be considered “too good to be true.” Some suspicious services include a 100% bonus on any deposit made to them and high spreads. The brokerage was closed down on July 4th, 2022 by the FSCA. This was due to many reasons. Some of the reasons include traders' inability to make withdrawals, trading platforms' freezing, high spreads; and unethical services. They are beginning to sound like JP Markets, a broker that was shut down for similar reasons. They have also been suspected of starting a new broker called RCG Markets, ready to take the place of their old firm.

On-Site

The survey team went to Cape Town to visit their branch or head office in the CBD. The address is 80 Strand Street, Cape Town, South Africa. The plan was to verify that the broker was actually in the building and understand their possession. Upon arrival, it should be noted that the building is split into two parts, the main building, and a shared workspace. The team entered the building and found no company names on the building, for any companies that are in that building. This led us to believe Veracity markets were not in the building. However, the team asked the receptionist and confirmed that Veracity markets were indeed in the building. However, there was no one inside at that time. They explained that no one had been in the office for a long time. The team discovered that Veracity Markets was part of the shared workspace in the building. This means that their head office was only a temporary work environment, and they could move in and out whenever they pleased. The coworking area is called Wework, as indicated in the picture. It is unclear what floor and room the broker is situated in in the building.

Conclusion

Traders should be wary of this broker as they do not have a fixed-term office plan. They offer suspicious services and are accused of withholding withdrawals. It seems as if they listed this working space as a place just to have something listed. The space hasn't been occupied for some time. It seems that the broker is closed down for a good reason.

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