Veracity Markets offers Islamic swap-free trading on 2 trading accounts levels standard account and fixed account. Clients need to provide a document from their Imam or local Muslim council or mosque indicating that they are of the Islamic faith.
Veracity Markets Islamic account types at a glance
| 🔎 Account Features | 🥇 Standard account | 🥈 Fixed account | 🥉 ECN account | 🥇 Demo account |
| 💰 Minimum deposit | $250 / ZAR R4 000 | $250 / ZAR R4 000 | $250 / ZAR R4 000 | No minimum deposit |
| 📈 Spreads | Floating from 1.6 pips | Floating from 2 pips | Floating from 0.00 pips | Floating from 0.6 pips |
| 📊 Commission | $0 / ZAR R0 | $0 / ZAR R0 | $7 / ZAR R112 lot Only FX & Metals* | $0 / ZAR R0 |
| 📈 Leverage | 1: 500 | 1: 500 | 1: 500 | 1 : 500 |
| 📊Order Volume (lots) | 0.01 - 250 (lot) | 0.01 - 250 (lot) | 0.01 - 250 (lot) | 0.01 - 500 (lot) |
| 📲 Platforms | MT4 | MT4 | MT4 | MT4 |
| 📈 Maximum open positions | Unlimited | Unlimited | Unlimited | 200 |
| 🔥 Expert Advisers | Yes | Yes | Yes | Yes |
| ☪️ Islamic swap-free account | Yes | Yes | No | No |
An Islamic swap-free account option only applies to clients that follow the Muslim faith and it is also subjected to the approval of Veracity Markets.
Min Deposit
USD 250
Regulators
FSCA
Trading Platform
MT4
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Veracity Markets Islamic account Review- 11 Key Point Overview
- ✔️Veracity Markets Islamic account types at a glance
- ✔️Veracity Markets Islamic account Review- Key Point Overview
- ✔️Veracity Markets Islamic account Pros and Cons
- Veracity Markets Overview
- What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a Veracity Markets Islamic Account?
- What are Veracity Markets’ spread costs on an Islamic Account?
- What other features does Veracity Markets’ Islamic Account have?
- Veracity Markets at a glance
- Frequently asked questions
Veracity Markets Islamic account Pros and Cons
| ✅ Pros | ❌ Cons |
| Demo account offered | Clients from the United Kingdom, Australia, Belgium, France, Iran, Japan, North Korea, and the USA were not accepted. |
| Multiple base currencies | Commission charges in ECN account |
| Multiple languages on offer | No Swap-free standalone account |
| No deposit or withdrawal fees charged | Spreads are not tight |
| Regulated through FSCA | |
| Various payment methods offered | |
| Zero commission charges on the Standard and Fixed account types |
Veracity Markets Overview
Veracity Markets is a regulated STP and ECN broker that is based in Cape Town, South Africa, and has been in operation since 2025.
The broker offers trading in more than 250+ instruments which include forex, indices, commodities, shares, and online trading.
Veracity Markets is regulated and authorized through the Financial Sector Conduct Authority in South Africa (FSCA), which is the highest financial regulator in Africa that supervises all non-banking financial services, that include brokerage firms.
All client funds are kept in segregated accounts as required and Veracity Markets also offers negative balance protection to its traders.
Veracity Markets aims to become the one-stop shop for trading across a wide array of financial instruments with multiple types of trading accounts and a wide assortment of trading pairs.
With Veracity markets, traders have access to MT4 trading platforms via mobile, desktop, and web. It offers trading through a choice of three live account types, namely a Standard Account, Fixed Account, and an ECN Account. It also offers the option of a demo account.
Trading on all financial instruments can be done through the globally preferred MetaTrader4 and the advanced MetaTrader5 across all major devices such as Mac, PC, Android, and iOS.
The broker does not accept clients from the United Kingdom, Australia, Belgium, France, Iran, Japan, North Korea, and the USA.
What exactly is an Islamic Account?
An Islamic Account is not always a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account.
Islamic Accounts are also mostly provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with the Sharia law, which prohibits the accumulation of interest on funds deposited into the account.
The other important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
Two key elements of the Islamic law relate specifically to trading accounts, these elements are:
- Riba
- Gharar
Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
Which financial activities are restricted and prohibited by Sharia law?
| ☪️ Financial activities are restricted and prohibited by Sharia law | Description |
| 📈 Overnight rollovers | The incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST which is prohibited by the Sharia law. |
| 📊 Loans | When followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba. |
| 💹 Margin deposits and interest | Involves the accrual of interest on funds that are deposited into the trading account, which is prohibited. |
| 📉 Trading on margin | Stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, and which is prohibited by the Sharia law. |
| 📈 Forward sales | Affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract. |
| 📊 Short sales | Affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited. |
Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following 6 activities are affected greatly:
- Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST which is prohibited by the Sharia law.
- Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.
- Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
- Trading on margin – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, and which is prohibited by the Sharia law.
- Forward sales – which affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract.
- Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.
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What are the steps involved in opening a Veracity Markets Islamic Account?
Veracity Markets does not offer the option to open a standalone Islamic Swap-Free account, but it does offer the option on the Standard and Fixed accounts.
This option only applies to clients that follow the Muslim faith and it is also subjected to the approval of Veracity Markets.
Clients need to provide a document from their Imam or local Muslim council or mosque indicating that they are of the Islamic faith.
What are Veracity Markets’ spread costs on an Islamic Account?
The same spreads apply as for the normal Standard or Fixed account types with the only difference being that there are no swap charges.
What other features does Veracity Markets’ Islamic Account have?
When making use of Veracity Markets’ Islamic account, traders can expect that interest is not charged on contracts that are held for more than 24-hours. There is a consistent zero rollover interest.
There are also no additional rollover commissions where contracts are held for longer than 24-hours.
Veracity Markets at a glance
| 📌Broker's name | Veracity Markets |
| 📍Headquartered | Cape Town, South Africa |
| 📅Year founded | 2020 |
| 📝Regulating authorities | Fsca |
| ❌Countries not accepted for trade | United Kingdom, Australia, Belgium, France, Iran, Japan, North Korea, and the USA |
| 📈Islamic account (swap free) | Yes |
| 📈Demo account | No |
| 📈Institutional accounts | No |
| 📈Managed accounts | No |
| 📊Maximum leverage | 1: 500 |
| 💰Minimum deposit | $250 / ZAR R4 000 |
| 💸Deposit options | Local deposits/transfer options offered by banks such as absa bank, investec, nedbank, standard bank, capitec, fnb, tymebank and african bank. Debit cards Credit cards Instant eft Ozow Neteller Skrill |
| 💸Withdrawal options | Local deposits/transfer options offered by banks such as absa bank, investec, nedbank, standard bank, capitec, fnb, tymebank and african bank. Debit cards Credit cards Instant eft Ozow Neteller Skrill |
| 📈Platform types | Metatrader4 and metatrader5 |
| 📲Os compatibility | Pc, mac, android, and ios devices |
| 💰Tradable assets | Forex pairs Online instruments Indices Commodities Metals Shares |
| 🌍Languages supported on website | English as well as multiple other languages |
| 📞Customer support languages | English as well as multiple other languages |
| 📞Customer service hours | 24/7 |
| ☪️ Islamic swap-free account | Yes |
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Frequently asked questions
Trading environment
How many instruments can I trade with Veracity Markets?
You can trade the following financial instruments:
- Forex pairs
- Online instruments
- Indices
- Commodities
- Metals
- Shares
Which platforms are supported by Veracity Markets?
MetaTrader 4 and MetaTrader 5.
Does Veracity Markets offer leverage?
Yes. Leverage of up to 1: 500.
What spreads can I expect with Veracity Markets?
You can expect floating spreads that start from 0 pips on the ECN account. On the Standard Account, spreads start from 1.6 pips, and the Fixed Account offers spreads that start from 2.0 pips.
Does Veracity Markets charge commission?
No. Veracity Markets offers commission-free trading on the Standard and Fixed accounts. However, with the ECN Account, you will be charged a standard rate of $ 7 per lot when trading with Forex and Metals.
Are there additional charges on the Islamic account?
Not that can be seen from Veracity Markets’ website.
Is Veracity Markets regulated?
Yes. Veracity Markets is regulated by the FSCA.
Is Veracity Markets a recommended forex trading broker for experts and beginners?
Yes. Veracity Markets offers a trading environment for both beginners and expert traders.
What is the overall rating out of 10 for Veracity Markets?
7/10.
Accounts
What is the difference between a demo and a live trading account?
A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.
A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.
Does Veracity Markets offer a demo account?
Yes. The broker does offer a demo account that has the same features like the live account.
For how long is the demo account valid?
The demo account does not expire.
Does Veracity Markets offer the option of an Islamic Account?
No. Veracity Markets does not offer the option to open an Islamic Account, but it offers the feature on the Standard and Fixed account types.
Which live trading accounts does Veracity Markets offer?
Veracity Markets offers traders a choice between the following live trading accounts, namely Standard Account, Fixed Account, and ECN Account.
What are the available deposit currencies for a live trading account?
USD, EUR, GBP, AUD, NZD, CHF, XAU, XAG, ZAR, JPY, CAD, and NOK.
Deposits and withdrawals
What is the minimum deposit for Veracity Markets?
$ 250 / ZAR R4 000
How do I make a deposit and withdrawal with Veracity Markets?
- Local deposits/transfer options offered by banks such as ABSA bank, Investec, Nedbank, Standard Bank, Capitec, FNB, TymeBank and African Bank
- Debit cards
- Credit cards
- Instant EFT
- OZOW
- Neteller
- Skrill
Does Veracity Markets charge withdrawal fees?
No. Veracity Markets does not charge any withdrawal fees but there may be fees waived by the trader’s bank.
How long does it take to make a withdrawal?
Withdrawing funds can be done from Monday to Friday from 09:00 to 17:00, GMT +2 (South African Standard Time). All request is processed within 24 – 48 hours.
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