VideForex

Is VideForex reliable? Is VideForex scam? Know everything about VideForex here. Find details like its Online platforms, Commission, Leverage, Asset Classes, Accounts, Features & more.
3.8/10 (Expert Score)
Product is rated as #57 in category Forex Brokers

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.

The information for VideForex address or the regulations aren’t stated clearly on the website and hence it raises the question of the reliability of the broker.

3.8Expert Score
Poor

I reviewed VideForex based on the following criteria.

TRUST
2
COMMISSIONS AND FEES
4
CUSTOMER SERVICE
9
PLATFORM & TOOLS
1
PRODUCT PORTFOLIO
3
PROS
  • Video chat with customer service
  • Free contest
CONS
  • Medium Spreads
  • Medium initial deposit requirement
  • MT4 is not supported
  • Turnover requirement

License and Regulation

License and Regulation

License and regulation is the most important section of this VideForex review. That’s why its the first thing to look for before considering the trade with any forex broker house.

Unfortunately VideForex doesn’t have any form of regulation. This is by far the most important disadvantage of the broker.

No regulation means no trust for the traders which its the crucial point in making sure your funds are safe and you can withdraw whenever and however you want.

That would also mean, trading with VideForex has no guarantee that your funds are segregated from the operational funds from the broker itself and hence you can simply be unable to withdraw your funds or they’d be just susceptible to loss and scams.

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.

Account Types

Account Types

In this section of the VideForex review, we’ll discuss the account types and the differences between them. So as always I questioned firstly whether this broker has a demo account.

Demo Account

In order to open a demo account with VideForex, you need to have access credentials and in order to get them. You will need to open a real account, deposit the minimum deposit and then get in touch with VideForex customer service to request demo account credentials to access.

It’s not very common in the forex market to have a demo account opened after paying the minimum deposit as to get a demo account that’ll be trading with virtual funds and which is also used to try out strategies and knowledge. One of the reasons the broker applies that was because many spammers can invade VideForex. So, deposit money if you want to have a demo account.

Bronze, Silver and Gold

3 types of accounts are offered at VideForex which include: Bronze, Silver and Gold accounts.

The silver account is the most popular account among all 3. As it offers +50% as a bonus while the bronze account offers only a +20% bonus opportunity. The gold account, on the other hand, offers a +100% bonus which is the highest amount.

The highest amount of leverage offered is 1:500 where you can trade 500 times the amount of the minimum deposit.

The minimum deposit of the bronze account is $250 whereas the silver account has $1000 as a minimum deposit. The Gold account has $3000 as a minimum deposit.

The silver and the gold accounts offer educational material like web sessions where there is a master class offered for traders, beginners, or experts.

Bonus Rate

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%.

Make sure to check the terms and conditions before opening an account. Because if you’re trading forex or CFDs the bonus requirements stays the same.

Initial Deposit

Initial deposit changes by account types as well. For bronze account, initial deposit is $250. This is the least amount of funds you can operate your account with. And this amount, in comparison with the average of the market, is quite high as we can see in other brokers the minimum deposit amount is $100 or even less. 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

There’s always a spread charged with any forex broker and this case is no different with VideForex. Here, the spread is not fixed but a dynamic spread type with specific instruments. VideForex will take into consideration the liquidity and external markets into account as factors affecting the spread.

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

Turnover Requirement

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.

Funding Methods

VideForex Funding Methods

Funding methods like deposit and withdrawal at Videforex aren’t of a big variety as one might think. The broker is offering debit and credit cards as a method to deposit and withdraws ( visa and debit card are possible ) in addition to cryptocurrencies like Bitcoin, Altcoins, and Ethereum.

The processing time for each transaction is pretty fast and instant processes take place. The withdrawal timeframe, however, might take up to 1 hour to take action and that is after confirmation and approval of your withdrawal. The broker doesn’t charge a transfer fee, however, bank or any third-party charges that might occur with aren’t related to the broker.

Trading Platforms

Trading Platforms

VideForex doesn’t support non of the most used platform in the forex industry which includes MT4 and MT5 which are the most popular platforms in the forex and CFDs markets.

The broker is offering the options for a web platform along with a mobile platform application where it has the following characteristics:

  • Regular CFD and Options trading
  • Direct deposit and withdrawal via APP
  • 60 seconds
  • My account
  • My portfolio

The application is free to download yet its still not any known forex platform.

Trading Instruments

Trading Instruments

The trading instruments available at VideForex are stocks, currencies, commodities and indices.

The stocks have many international stocks of different companies around the world to trade in like Nike, Apple, and Microsoft.

While you can trade with over 30+ currency pairs. Commodities like Silver, Gold, platinum, and Oil can all be traded with VideForex. Along with Sugar and coffee.

Indices are variable and include DOW (US), S&P 500 (US), NASDAQ (US), and more.

Customer Service

Customer Service

VideForex customer service in this VideForex review is pretty much the only thing that me a bit exceptional from other brokers, where the broker here offers a live video chat customer support. Where the conversation may last with an agent for a while but then the system requires you to log in or register to continue. there is an option to have a group chat or a private chat with the agent.

Even though you’re asked to log in, there’s enough time to have a conversation and ask questions and receive their answers before the registration.

Plus, customer support is incredibly friendly and helpful. Anyways, I got all my answers after I directed questions. You can also use their service.

Contest

Contest

Contests are a great source of motivation to both new and expert traders and so its a good pint to be included in the broker services.

There is one contest offered by VideForex which offers a prize of $20000, where there are 20 winners selected every week. where all accounts are joined automatically and you don’t need to apply for participation in any way. All your trades will be counted regardless of the trading result.

Conclusion

Conclusion

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.

The broker doesn’t supply any clear information about their address nor licenses or regulation on their website which are considered one of the main pieces of information to be presented to trades initially for trustworthiness.

In addition to that, the customers’ feedback from dealing with live accounts doesn’t seem to be anywhere close to neutral even. Many negative comments from traders regarding the broker have been found and some are not even able to withdraw their funds. And so I advice you to be very careful in deciding to trade with the broker s from my end I wouldn’t recommend it due to the negative feedback found.

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. There’re several trading instruments present where the investors can choose which one is suitable for them.

3 different accounts are available yet the minimum deposit is higher than the average of the market and you need to deposit to open a demo account which doesn’t make sense at all as the main principle of demo accounts is trials.

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!

Valentin Cote

Valentin Cote

I am Valentin Cote, the author and owner of this personal blog. I compare and review forex brokers in my website. I am in the trading industry since 2009 and still learning. I also write useful articles for newbies about forex and investment. I love playing online games and Forex :)

Who Am I?

Hello to everyone. Forexbrokerslab is my personal blog where I compare reliable forex brokers. I’ve been in forex trading since 2009 and I’m still learning. I have traded with the most popular forex brokers, including the most unknown ones in any regulation and many different account types. So I think I have enough knowledge to compare brokers. You can learn about forex brokers by reviewing my blog.

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