Scam Forex Broker Veracity Markets Denies Withdrawal Request Due to Banking Issues

There are several ways that investors are entrapped by Forex scammers. The most common one is that scammers induce investors to make deposits and then refuse their withdrawal requests with different excuses.

Brokersview recently learned that an investor has been defrauded by a fake forex broker Veracity Markets, where he faced troubles in withdrawing due to the broker’s “technical banking issues”.

Veracity Markets Claims to Have Banking Issues

The investor recently posted his scammed experience with the fake forex broker. He said that when he asked for a withdrawal, the broker at first said that they changed the bank details and then said that they have banking issues. And last month, the fake broker promised him to fix withdrawal problems by 15th April but still nothing. The investor has been keeping him waiting on his withdrawals.

In addition, there are other investors who have been caught in the scams operated by the fake broker. Based on the information we hold, many investors had made deposits and their funds never reflected on their balance but instead somehow reflected as a bonus.

“I made a deposit to Veracity Markets 2 weeks ago for investment even today the money is not yet reflecting on my account I opened with them and was verified by them. The support team are playing a doggy game with us they not responding to the emails and phone calls,”an investor said.

“I am not surprised that I am not the only one who had a similar experience with them. I also made a deposit and my funds never reflected correctly on my balance but instead somehow reflected as a bonus. I sent them an email on the same day requesting that they fix it but never got a response despite the fact that I was issued with a ticket number,”another investor said.

Regulated Businesses Do Not Include Foreign Exchange

Veracity Markets claims to provide Forex, Precious Metals and Index trading and be a duly appointed juristic representative of Nirvesh Financial Services Ltd , which is authorized as Financial Services Provider (License Number: FSP4701) by the South Africa’s Financial Sector Conduct Authority (FSCA).

However, we searched on the FSCA and found that the products approved of the Nirvesh Financial Services Ltd do not include forex, which obviously means that this broker is not subject to any foreign exchange regulation.

(Screenshot from FSCA)

Although the regulation on the forex brokers are becoming increasingly tightened worldwide, there are many unscrupulous brokers who should not be in business. When looking for a licensed broker, it's important to verify its authenticity and business status.

Brokersview suggests investors to keep vigilant when choosing forex brokers. If you are not sure, you can search on the official website of the regulatory bodies.