Welcome guys! I prepared the best VideForex review possible. It’s a very different broker by many ways. So keep reading to not miss anything!
VideForex is owned by Vide Projects Ltd. in the country of Seychelles.
Is VideForex scam or legit? Is VideForex regulated? What is the VideForex leverage ratio? Are VideForex spreads high? What are the advantages and disadvantages of the broker? How well the VideForex customer service work? Are funding and withdrawal methods enough?
You can get all the answers by continuing this VideForex review article.
Their website is active since the early 2017. You can browse the website in Russian, Spanish, Thai, German, French, Chinese languages beside English.
I reviewed VideForex based on the following criteria.
- Video chat with customer service
- Free contest
- Medium Spreads
- Medium initial deposit requirement
- MT4 is not supported
- Turnover requirement
License and Regulation
License and Regulation
Traders! License and regulation is the most important section of this VideForex review. That’s why I locate it just after the introduction of the broker.
Unfortunately VideForex doesn’t have any form of regulation. This is by far the most important disadvantage of the broker.
For example there is a reliable watchdog called FCA or Financial Conduct Authority. This regulator inspect brokers very carefully and provide them to obey the rules. You can try
There are many requirements to get a license by FCA. So only companies who can capable of proving of their assets and trustworthiness can get this license. For instance, a broker has to prove that they have an account that worth €730,000 excluding the accounts of the customers. This is for proving the minimum financial stability.
Also FCA has a compensation scheme which is great thing for you traders. Because in case of bankruptcy, the foundation will pay to you up to £50,000. It’s great, isn’t it?
VideForex lacks any of these protections, so it means you take risks when trading with this broker.
In this section of the VideForex review, I showed you the account types and the differences between them. So as always I questioned firstly whether this broker has a demo account.
The broker is also very different when it comes to demo account policy. You can open a demo account only after depositing money.
Actually it makes sense because of their exclusive live chat service that I am going to give details to you in the section of VideForex customer service. There are many spammers who can potentially invade videforex. So yeah, deposit money if you want to have a demo account.
Bronze, Silver and Gold
If you want to trade with currencies, there are three types of accounts: Bronze, silver and gold.
The bonus rates depend on the account type. For Bronze account, there is 20% bonus rate. For Silver account the bonus rate is 50%. If you have a gold account the bonus rate increases to 100%.
Initial deposit changes by account types also. For bronze account, initial deposit is $250. This is the lowest of money you have to deposit to have an account in VideForex and I find it quite high.
Because many brokers keep this minimum deposit with $100. For example, Olive Markets only ask $100 for initial deposit. So I consider the VideForex minimum deposit at medium level. Silver account requires $1,000.
As they say, everything has a cost. So in order to have a gold account, you have to deposit at least $3,000.
Spreads are fixed on 2 pips for EUR/USD for all types of accounts. Well, if we compare it with other brokers, the spreads are also higher than them. So this is another disadvantage of the VideForex.
Different Features by Account Type
Also some features depends on the account type while other features is offered for all VideForex account types. For example 24/7 live video chat support is offered for all account types.
You can also withdraw your money in 1 hour whether you have bronze, silver or gold account. Copy trading tool is another feature that VideForex and it doesn’t matter which account type you have.
But if you have silver account instead of bronze account, you will have a privilege to have web session of master class and you will have possibility to trade risk free of first three trades.
Moreover if you have gold account instead of other two account types, you will be assisted by professional success manager.
For the currencies, for all the account types, the leverage is 1:100; for crypto currencies, it is 1:3; for Bitcoin, it is 1:5
Now guys, please read this part of VideForex review very carefully! I want to point out very different and negative feature of this broker. VideForex requires it customers to reach a turnover even when you don’t use bonus.
It’s by far one of the most ridiculous thing I have heard in the Forex industry. You have to reach 100% turnover from amount of money deposited for account without bonus.
If you want to use bonus, things get even more difficult. You have to reach 300% turnover from amount of money deposited.
Unfortunately the broker doesn’t support Meta Trader 4 or Meta Trader 5, but the broker has the web platform and mobile platform. MT4 is considered standard in the Foreign Exchange industry.
You can trade with either fiat currencies or cryptocurrencies.
Customer service is really important for me. So, I evaluated this broker in this VideForex review.
Customer service is perfect, 10/10! I still can’t believe their live chat service includes the live camera view of customer service employee. In this case, Ashley.
Plus, she is incredibly friendly and helpful. Anyways, I got all my answers after I directed questions. You can also use their service.
However, after a while the chat service requires you to register to continue. But don’t worry, there is enough time to have a conversation.
Contests are source of fun. So i included this section in this VideForex review.
The broker has contest for experienced traders and beginners. The Prize fund is $20,000 and 20 contesters share the prize every week. All trading accounts joins automatically to the contest. So you don’t have to fill additional form etc.
So we are at the final section of VideForex review.
VideForex is a broker lacks regulation. So you should think twice before depositing your money. There are various account types and its features clearly explained. However initial deposit is not low although it’s not high either.
Spreads are medium too, maximum leverage ratio is lower than most off-shore brokers. So if you are trader who like taking risk, it’s not a positive thing.
Although their trading platform is inadequate, their customer service is very original and competent, nice!
Have you got any trading experience with VideForex? What do you think of the video chat service of the broker? Please don’t hesitate to comment below!