One of the most important decisions you can make as a trader is to choose a reputable trading brokerage that’s right for you. While there are numerous viable online trading brokerages out there to choose from, it can still be difficult knowing which one is right for you. We understand the struggle and importance of choosing the right trading brokerage, which is why we have compiled numerous in-depth reviews of viable online trading brokerages. See below, our in-depth review of the VideForex online trading brokerage and decide if they’re the right broker for you.
An Introduction to VideForex
VideForex is an international online trading brokerage that provides traders with the opportunity to trade a broad range of CFDs and binary options on an array of financial instruments. The brokerage is owned and operated by Vide Projects Ltd which is a division of Financial Group Corp, an international financial services company who owns numerous online trading brokerages. The VideForex trading brokerage was founded in 2016 and is based offshore in the Seychelles. Even though Seychelles has their own regulatory authority who governs the financial services businesses based here, VideForex remains unregulated by them. While this is somewhat concerning, VideForex comes from a reputable background and has been competently providing trading services since 2016. As mentioned earlier, VideForex is an international trading brokerage that serves traders from all over the world. However, they do not provide services to traders from the US and parts of Europe and Asia. VideForex does however offer their services in multiple languages including English, Russian, Spanish, French, Dutch, and Thai languages.
VideForex Trading Platform
VideForex features their very own proprietary web based trading platform that’s accessible via any web browser on most desktop computers and smart mobile devices. The platform is not required to be downloaded or installed and is accessible from anywhere in the world. Upon using the platform for the first time, it’s evident that it is intuitively designed and great for beginner traders. The platform keeps things very simple and features everything a trader needs to competently trade CFDs and binary options. The platform comes complete with a basic charting package where traders can conduct basic technical analysis with a few key technical indicators, time frames, and chart types. All in all, the platform is great for novice traders.
VideForex Account Types
While VideForex is primarily geared towards servicing novice traders, they do offer three different account types that reward traders who make larger deposit amounts. See these account types overviewed below.
- 24/7 Live video chat support
- Withdrawals in 1 hour
- Demo account
- Copy Trading tool
- Bonus +20%
- Everything from the bronze account +
- Master class (web session)
- Bonus +50%
- First 3 risk free trades*
- Everything from the Silver Account +
- 100% bonus
VideForex does not fall short in terms of the number of financial assets available to trade on their platform. For instance, traders can participate in the global markets by trading over 15 forex currency pairs, 9 commodities, over 80 stocks, and 13 market indices. While this may not be as many assets as some trading brokerages, it is quite substantial for novice traders which is the market VideForex is going for. However, it is somewhat disappointing that VideForex is not offering CFD cryptocurrency trading pairs as most new online trading brokerages of this kind are.
VideForex Bonuses & Promotions
VideForex rewards traders who are dedicated to their brand by allowing them to participate in weekly contests where prize funds of $20,000 are awarded every week. 20 skilled traders receive cash prizes, electronics, tickets, and more from the $20,000 prize fund every week. Other bonuses include an initial deposit bonus that ranges from 20% up to 100% depending on the size of your initial deposit.
VideForex Commissions & Fees
Unfortunately, VideForex is not very transparent with their associated fees and commissions. No where on their website do they state the account fees if any, as well as trading fees and deposit and withdrawal fees. However, upon reviewing and testing out the platform we discovered that the trading fees are relatively high and range from around 3 to 5 pips for major currency pairs and even higher for others. All in all, VideForex does not have favorable fees and commissions and this is common with unregulated trading brokerages who primarily target novice traders.
The one area where VideForex blows all other online trading brokerages out of the water is their high level of customer support. VideForex is one of the only online trading brokerages we know of who provide live video chat support. Upon going to the VideForex website you are greeted by a friendly live support representative that you can see and interact with. The live video chat service is available 24/7 to VideForex customers and is accompanied with other contact methods such as email and telephone support. All support methods are very quick to respond and are very friendly, helpful and informative with their responses. Additional methods of support include the websites extensive FAQ page and contact via VideForex’s social media channels.
VideForex provides novice traders with an exceptional online trading experience with a personalized level of support that boosts the trader’s confidence and ability to trade. The trading platform featured by VideForex is very simple yet sophisticated enough to competently trade CFDs and binary options on a variety of financial assets. The brokerage may not be licensed or regulated, but they have thus far proven to be a reliable and competent online trading broker. All in all, we would highly recommend VideForex to beginner and novice traders around the world.
VideForex Trading Account Overview
The VideForex trading platform seems inherently familiar, as it shares its traits with other similar web properties that offer binary options services through different brand names. While it may be confusing at first, apparently due to the conflicting information provided in the website, we can be assured that VideForex is a trusted Forex and CFD broker that also provides access to binary options trading through its other sister companies. VideForex has very strong company fundamentals, which ensures that traders can depend on the company for the long term, provided the broker gets its act together to redesign its website to provide accurate information.
Forex and CFD brokers continue to grow at a staggering rate, but the general investor sentiment has shifted towards a more reliable and regulated brokerage service. It is no longer easy for a company to set up an FX/CFD brokerage and hope for the best, as traders have now become more vigilant and proactive while choosing a trading partner. With good cause, we highly recommend trading the markets with a trusted brokerage, as it is always better to minimise the risk of scams and financial frauds, in order to concentrate on tackling the highly volatile financial markets for a profitable trading career.
VideForex welcomes you with a live chat feature and an actual customer service representative, who goes on to explain the website’s products and services through an interactive video chat interface. The live video chat feature adds a personal touch to the proceedings, but read our expert VideForex review today for all the relevant information about the company.
VideForex operates as a Forex and CFD brokerage under Vide Projects Ltd., a division of the Financial Group Corp., with its corporate office located in Seychelles. The Financial Group Corp. (FGC) is a company located in Vanuatu, which has numerous similar projects operating from Vanuatu, Seychelles, and Scotland, and has built up a substantial presence in the online financial markets. VideForex launched its services in 2017 but is still in the process of refining its products to better align with the global standards adopted by leading service providers in the market.
VideForex is not a regulated entity, unlike the advertisements made on their website. Of course, the company is registered with the Seychelles authorities, but that does not impart much confidence, as even established brokers from well-known jurisdictions are facing the heat to offer a trusted and reliable service. Several local laws and regulations in countries such as the USA, parts of Asia, and EU member nations may prevent VideForex from operating in these areas. Therefore, there are a few regulatory concerns and hurdles while trading with VideForex.
In spite of the regulatory confusion, the FGC assures its traders of the best in services by offering a secure trading platform. Of course, FGC has a massive responsibility to its clients, which is why they try hard in offering innovative services that are designed to give sleepless nights to the competition. Regardless, we would like to stress that VideForex does not accept traders from the USA, while traders from some parts of Europe and Asia may also be unable to maintain an account at VideForex due to the regulatory constraints. You should consult with your local authorities, as well as VideForex’s excellent customer service department, so as to ensure that you follow all applicable laws while trading Forex and other CFD products with the company.
VideForex has a comprehensive range of financial instruments that the FGC offers across its numerous web properties. With a choice of over 160 different assets, VideForex is one of the best brokers in the business that offers Forex and CFD products through a market maker protocol. VideForex has an automated dealing desk platform, where all Contracts For Differences (CFDs) are between traders, or the broker can also choose to absorb the opposite end of trades during times of low liquidity. Due to the nature of market maker protocols, VideForex may have a substantial conflict of interest with the trader. Provided below is a collection of all the financial instruments available at VideForex:
Forex: EUR/USD, GBP/USD, USD/JPY, USD/CAD, EUR/JPY, EUR/GBP, USD/TRY, USD/RUB, USD/ZAR, USD/SGD, NZD/USD, USD/CHF, AUD/USD, GBP/RUB, EUR/RUB, GBP/JPY, GBP/CHF, AUD/CHF, EUR/CAD, AUD/JPY, CAD/JPY, AUD/NZD, EUR/AUD, GBP/CAD, NZD/JPY, AUD/CAD, EUR/NZD, EUR/CHF, BitCoin/USD, BitCoin/CNY, AUD/USD FUTURE, EUR/JPY FUTURE, USD/JPY FUTURE, GBP/USD FUTURE,EUR/USD FUTURE
Stocks: IBM, NISSAN MOTOR, TEVA PHARMA, TESCO, TURKCELL (TURKEY), TATA MOTORS (INDIA), HSBC HOLDINGS (LONDON), COCA COLA (US), SBERBANK (RUSSIA), LUKOIL (RUSSIA), BP (BRITISH PETROLEUM), GAZPROM (RUSSIA), NIKE (US), APPLE (US), MICROSOFT (US), CITI (US), ALPHABET Inc C (Google), F BP, S.BANK INDIA, EXXON MOBIL, BAIDU, AMAZON, DISNEY, GOLDMAN SACHS, INTEL, JP MORGAN CHASE, PFIZER, CATERPILLAR, BANCO SANTANDER, TELEFONICA, BANK OF AMERICA, AIG, YAHOO, NETFLIX, McDONALD’S, ANZ BANK, BHP-AU, RIO-AU, LAS VEGAS SANDS, WYNN RESORTS, EBAY, SONY, BOEING, WAL-MART, GENERAL MOTORS, GROUPON, MASTERCARD, SALESFORCE.COM, STARBUCKS, AXIS BANK, TATA STEEL, ROSNEFT, FACEBOOK, YANDEX N.V, CK HUTCHISON, BLACKBERRY, 3M, TENCENT HOLDINGS, TWITTER, MICRON, SINA, TESLA MOTORS, WEIBO, VTB BANK, ALIBABA, GENERAL ELECTRIC, JOHNSON & JOHNSON, MAZDA MOTOR, TOSHIBA CORP, SUMITOMO , MITSUI, TOYOTA (US), COLGATE-PALMOLIVE, FERRARI, LLOYDS BANK, BARCLAYS, BRITISH AMERICAN T, VODAFONE, RIO TINTO, CARNIVAL CRUZE
Indices: DOW (US), S&P 500 (US), NASDAQ (US), DAX (GERMANY), CAC (FRANCE), FTSE 100 (UK), ISE 30 (ISTANBUL STOCK EXCHANGE), RTS (RUSSIAN TRADING SYSTEM), MSM 30 (OMAN), TADAWUL (SAUDI STOCK EXCHANGE), DUBAI (DUBAI FINANCIAL MARKET GENERAL INDEX), KUWAIT (KUWAIT GENERAL INDEX), BOMBAY SE, HANG SENG (HONG KONG), SSE180 (SHANGHAI STOCK EXCHANGE), KL FUTURE, NIKKEI225（JPN）, TEL AVIV 25, TOPIX, MICEX 10 (MOSCOW INTERBANK EXCHANGE), ASX, IBEX, FTSE F- DEC16, ASX F-DEC16, NIFTY F-SEP16, SMI, FAZ-SHORT BANKS(ETF), IBEX F-OCT16, HANG SENG F-SEP16, CSI 300, TSX 60, SHANGHAI COMPOSITE, DOLLAR INDEX-DEC16, GERMANY 10YR-DEC16, FTSE MIB F- DEC16, RUSSELL 2000, FTSE 250
Commodities: SILVER, PLATINUM, OIL (LIGHT SWEET CRUDE), Sugar, Coffee, GOLD/EUR, GOLD, GOLD FUTURE, OIL FUTURE
VideForex Account Packages
VideForex is yet to update its website with any trading information, which is not something that we expect from a mainstream Forex broker. Every broker has the responsibility of being transparent about its products and services, as it is vital for a trader to have all the relevant information at a glance to make an informed choice. However, we have been working with a large variety of Forex brokers in the market, and have developed a broker review process that attempts to discover all the intrinsic details of trading such as leverage, spreads, and minimum deposit.
VideForex has three categories of accounts, the Bronze, the Silver, and the Gold accounts, which have VideForex minimum deposit requirements of $250, $1000, and $3000, respectively. The Bronze account is a basic account package that offers simple account features such as a demo account and access to a copy trading tool. The Silver account, with its personal success manager and a master class session, is the more suitable choice for traders, but the Gold account does not appear to offer any obvious advantages over the Silver account.
VideForex adopts 3D Secure and 256 bit SSL encryption for account transactions, which are intended to keep clients’ deposits and withdrawals fully secure. Funding and withdrawal methods include Visa, MasterCard, Neteller, Skrill, PerfectMoney, Bitcoin, Ethereum, and other cryptocurrencies. VideForex assures its investors that all funds will be moved to segregated accounts in European banks, but there isn’t any regulatory authority that audits such claims from the company. Regardless, the broker has an excellent withdrawal policy that processes every client withdrawal within an hour, which indeed implies that the broker is serious about delivering on its promises.
VideForex Trading Conditions
VideForex is a market maker broker, and as such, the broker may not have the best trading conditions in the market. The VideForex leverage is quite restrictive, as traders can only trade with a maximum margin of 1:100. The leverage is quite low by modern standards, but it is perfect for low-risk traders. However, the low-risk trading is not helped by the costs of trading, as VideForex spreads are quite high. The spreads will always hover around 3 to 5 pips for the major currency pairs, which is not as competitive as the spreads offered by other brokers.
The minimum investment per trade is $1, but interestingly, the broker specifies a maximum investment limit per trade. We believe that VideForex may be depending on its binary options model for Forex and CFD trading, which should explain the rather strange trading conditions. The absence of ECN or STP protocols for direct market access also makes it difficult for serious investors to trade the market for competitive spreads, excellent liquidity, and no conflict of interest. VideForex must make a few adjustments and improve its products to offer a better brokerage platform.
Bonuses are literally unheard of in the Forex market, mainly since brokers tend to avoid bonuses or promotions due to regulatory guidelines. VideForex, due to its affinity to binary options trading, offers a considerable amount of bonus for deposits. The bonus for Bronze account starts from 20%, while the Gold account offers a maximum of 100% bonus on the deposit amount, subject to some maximum bonus limits. These bonuses are offered for all new account holders, where traders are given the opportunity to reject the bonus to have more control over their trading capital. A bonus will always have a few trading conditions, which can prevent you from withdrawing your money without trading the minimum required volume.
VideForex is also bringing a trader contest to its Forex platform, which offers up to $20,000 in prize money to 20 winners every week. The top trader receives up to $5000, while the runner-up traders receive smaller prize money. The prize money cannot be withdrawn directly but can be used to trade, where the profits are withdrawable after meeting certain trading volume conditions.
The choice of platform is one of the very few controversial aspects of VideForex, as the broker only offers a proprietary trading platform that integrates both binary options and CFD trading into the interface. Traders cannot opt for a popular third-party trading platform such as the MetaTrader or the cTrader, which is a huge disadvantage. We believe that Forex and CFD trading requires access to the best computing resources, which can only be utilised by an installable trading platform. The VideForex trading platform, on the contrary, is a web platform that works through a web browser. Therefore, there are bound to be a few concerns related to trading features and the overall trading performance.
The VideForex trading interface does not have the option of advanced charting or using technical indicators, which can be a serious issue for a beginner, intermediate, and expert traders. Of course, the ability to customise charts, add indicators, and make a detailed analysis of the markets through advanced charts is the fundamental requirement for trading the Forex and CFD market. VideForex does not offer such an ability, making it extremely difficult for traders, and it may even require them to sign up for third-party charting software. As an FX/CFD broker, VideForex has a moral responsibility towards ensuring that it offers the best platform features to its investors.
VideForex Mobile Apps
The same theme continues in the VideForex mobile trading platforms, as the mobile apps are once again a rendering of the existing binary options trading platform. We want Forex and CFD trading apps for mobile devices to be inherently different from binary options interfaces, which is something that VideForex must make a priority while redesigning their platforms. VideForex must understand that the binary options market and FX/CFD market are two different entities, and modifying an existing binary options platform to serve as a dedicated Forex or CFD platform may never really work. Regardless, VideForex apps are offered for both iOS and Android devices, in order to cover both the smartphone and tablet users.
VideForex Customer Service
VideForex aims at attracting traders through a 24 hours customer service team that is available through an innovative video chat feature. The live video chat option offered by the FGC group of companies has received positive acclaim from existing customers and is excellent at providing a human presence while offering support. The 24X7 live video support is complemented with phone numbers and a web contact form, which ensures that traders can receive professional support from the broker at any time of the day or night. VideForex clearly scores in terms of offering one of the best customer service channels in the market.
VideForex Demo Account
VideForex may need to pay close attention to their peers, as currently, a demo account is only offered for verified account holders who make a deposit. In the Forex and CFD market, a free demo account is readily available at almost all mainstream brokers, without having to make any deposit, which really makes life difficult for VideForex clients. We would prefer the company altering its strategy a bit to develop VideForex as a standalone product, rather than following a template that was established for its binary options web properties. Regardless, VideForex does have a demo account option, and traders can withdraw their money from the broker if they are not impressed with the broker’s products, platforms, or services.
VideForex Trading Resources
VideForex can count on its parent company’s experience in the markets, as the broker offers a masterclass session, access to a personal account manager, a copy trading tool, and even technical analysis for Gold account holders. However, don’t expect the company to offer any other educational materials, news coverage, or trading signals, but we are more than satisfied with the broker’s trading resources and informational database. The only drawback is that Bronze account holders can only access the copy trading tool, while the master class sessions and personal success managers are reserved for the Silver and Gold account holders.
- A new broker that concentrates on offering the best in customer service.
- Attractive bonus packages that provide up to 100% bonus.
- Weekly trading contests offer up to $20,000 in prize money for 20 winners.
- A choice of more than 160 financial assets.
- There is a significant confusion surrounding the services, as there are hints of both binary options and Forex/CFD being available as trading products.
- The platforms are quite basic and not as competitive as other established platforms.
- The trading conditions can use some improvements.
Is VideForex a Legitimate Company?
Yes, VideForex is a genuine company, even though it does not have the same regulatory status as some of the leaders in the market.
Where is VideForex Located?
VideForex is located in Seychelles, while its parent company, the Finance Group Corp. is located in Vanuatu.
Does VideForex Offer A Bonus?
Yes, VideForex offers up to 100% bonus on deposits.
What Is The Minimum Investment And Funding Options?
The Minimum VideForex deposit is $250 for the Bronze account, and accounts can be funded through credit/debit cards, cryptocurrency accounts, and popular e-wallets.
VideForex is an offshore FX broker that has been in operation since 2017. Based in Seychelles, this broker operates as part of the Vanuatu-based Finance Group Corporation. Offering proprietary trading software and a unique spin on customer support, we set out to complete an exhaustive VideoForex review that would allow all traders to understand exactly what this brokerage has to offer.
There are three account types to choose from, including Bronze, Silver, and Gold. Each of the three offers their own set of features, but the shared features of the three include 247 support, 1-hour withdrawals, free demo accounts, and the provision of a copy trading tool. After that, there are some variances between the account types, so we’ve listed all of the features of each below.
Bronze account features:
24/7 Live video chat support
Withdrawals in 1 hour
Copy Trading tool
Silver account features:
24/7 Live video chat support
Withdrawals in 1 hour
Copy Trading tool
Master class (web session)
First 3 risk-free trades
Gold account features:
24/7 Live video chat support
Withdrawals in 1 hour
Copy Trading tool
Master class (web session)
Personal success manager
First 3 risk-free trades
As mentioned previously, VideForex is using its own trading platform, but that platform doesn’t seem to have any name or title (ex. MetaTrader). The platform is made available in three versions: Web, Android, and iPhone. While there isn’t much that we can truly say about the platform without extensive testing, we can state that it offers a clean design and user-friendly layout. Traders will easily be able to find setup and execute trades. Although the company has not offered any information regarding the benefits of using the web version of the platform, they had the following with regards to the mobile version on their website:
CFD and Options trading
Deposit and withdrawal via APP
Instant execution of trades
Live charts of every option
Traders can view their entire trade history
Same login as the web-based platform
Download for free
VideForex provides no information with regards to the type of leverage that they offer and we were not able to locate this information elsewhere on their site, so we took the opportunity to put their customer service team to the test. During a live chat session, we were told that the maximum leverage ratio was 1:100. We did note in the terms and conditions that it is possible to trade without leverage, but if you do, you may be required to pay a fee. For more on that, please see the ‘Trading Cost’ section below.
The site also provided no information regarding the minimum required trade size, so again, we took the opportunity to ask this question via live chat and learned that the smallest allowed position must be equal to 1USD per trade. Most brokers have this requirement set in lots (or micro lots), so the answer was surprising, but not alarming. A requirement of a $1 investment is very reasonable and no cause for concern.
We noted in the VideForex user agreement that the minimum size of a trade may be different for each type of CFD, and they ask that you refer to the platform in order to see both the minimum and maximum position sizes. As such, we highly recommend using a demo account if you are considering trading with this FX brokerage.
The agent that we spoke with told us there were no commission charges or trading fees, but while waiting for a response to our chat, we found the following information with the VideForex terms and conditions: “The company reserves the right to charge a commission for opening an unleveraged Cryptocurrency CFD trading position which shall vary from 1% to 2.5% of the transaction. For leveraged CFD cryptocurrency positions, the company will charge a commission fee of up to 5% of the transaction.” So, it appears that if you open any unleveraged positions you may incur these fees.
Note also that VideForex does reserve the right to charge $10 per month for each and every month wherein the client has not executed at least one trade. To avoid this charge, be sure that you do enter into a least one position monthly.
The firm claims to offer over 100 assets in total but does not provide an asset list, so there’s no way to know exactly what these are. Again, we turned to the user agreement for information and found the following list with regards to the different types of CFDs that VideForex offers within its platform:
- Forex: CFDs in currency pairs (FX)
- CFD stocks
- CFDs in Cryptocurrencies
If this information is correct, then we can deduce that the 100+ assets are comprised of currency pairs, stocks, and cryptocurrencies. That would leave out assets such as indices, commodities, and more.
Was there any information on the website with regards to spreads? You guessed it! No. We did ask for the spread average during our live chat session and did not receive a direct answer to that question. What we did receive is the following respond: “If you are going to use binary as your main trading tool – there is no spread as you may know. If you would like to use CFD – than of course spread will affect your trading. Please change the view to candles. Trading view will allow you to check actual spread for any particular asset.” So, look to the platform if you’d like information on spreads for each asset.
New clients are asked to submit an initial deposit in the amount of $250. We’re assuming that this will provide one with the lowest account tier, which is Bronze. We noted in this VideForex review that the firm mentions two other deposit amounts, $1,000 and $3,000, in relation to increased deposit bonuses. It very well could be that these two amounts are linked to the Silver and Gold accounts, respectively, but we were not able to confirm this.
Deposit Methods & Costs
Clients of this Forex broker can fund your account using a number of payment methods including:
- Bank wire transfer
- Perfect Money
There is a 5% transfer fee charged on all credit card deposits, where the is no charge on any other deposit method. A deposit request via credit, debit card or via e-wallet will be processed within 3 hours. It can take Videforex up to 3 business days to process incoming bank wire transfers and to verify that the funds have been received.
Withdrawal Methods & Costs
Oddly enough, VideForex does not show bank wire transfer in the list of accepted withdrawal methods, but this could just be an oversight. The costs appear to be the same as above, with a 5% fee on credit card transfers, but we’d advise that you confirm this with a support agent. We did note two items within the user agreement that we felt were worth sharing. The first was that any international wire transfer withdrawal will be charged an upfront $50 transfer fee. Secondly, on funds that were not active, i.e., with which trader has not made 1x turnover, a maintenance fee of 20% on each of the withdrawal amounts do apply, and these will need to be paid by the trader.
Withdrawal Processing & Wait Time
The search for something truly positive to say about this FX broker took a bit of time, but here it is: VideForex offers 1-hour withdrawal processing. That’s right. Within an hour or less you could have your money in hand. Obviously, this would not apply in the case of bank wire transfers but is possible with other payment methods, especially e-payments. Keep in mind that you must have submitted your ID and address (Know Your Customer) documents and had those approved before being able to request a withdrawal. Many choose to complete this step prior to making a deposit to ensure there will be no issues when it comes time to make a withdrawal.
Bonuses & Promotions
VideForex does offer deposit bonuses ranging from 20% up to 100% of the total deposit amount. The following are the deposit amounts which are required in order to claim a bonus:
- $250 = 20% Bonus
- $1,000 = 50% Bonus
- $3,000 = 100% Bonus
As always, there are terms and conditions surrounding bonuses, so please be sure to read through those completely prior to accepting a deposit bonus on your account.
In addition to bonuses, VideForex offers a weekly trading contest that offers a total prize fund of $20,000 which is distributed among 20 total winners. It appears that at least some of the prizes are offered in the form of bonus funds, starting with the participant who comes in 6th place. Positions 1 to 5 are said to have been awarded cash prizes (an iPhone 10 went to the 5th place winner). Here again, we recommend reading the terms and conditions to fully understand the rules.
Lastly, Silver and Gold account holders are provided with the ability to have their first three trades be risk-free. This is what the broker’s user agreement had to say about that: “If the total of the first three transactions is negative, Videforex will compensate the loss in the form of bonus and bonus rules will apply. The compensation of risk-free trades can not exceed the amount of the initial deposit. To use this service, you need to apply for it in advance. Simply contact your account manager and negotiate details.”
Educational & Trading Tools
All three account types are treated with a copy trading tool. There are no additional details regarding this tool on the broker’s website, so we’re going to assume that it is built into the trading platform as standard. Silver and Gold account holders are provided with access to a web session “Master Class” that presumably teaches how to trade Forex. Again, no additional details were provided about how or when to access this class. Aside from these two extras, it would seem the only other tools would be those within the trading platform.
VideForex is said to offer 24/7 live video chat support, which we would have assumed was exactly that – a video chat with an agent. However, having tested it, we can state that this is not how it works. Instead, you’ll have access to live chat, just the same as what most all Forex brokers offer, but be able to see a pre-recorded video of a person (a VideForex employee?) that plays on a loop. The same video seems to be played along with each live chat and to be quite honest, we found it to be quite comical. Technically, it is live video chat support, but do not expect to sit down face-to-face with an agent.
A primary contact number is provided and is as follows: +18499370843. Additional contact numbers are shown below. There is also the option to request a callback or to send an email using the contact form provided on the broker’s website. Due to the fact that we did put the video chat to the test, we can state that the response time was good. Our questions were answered within one minute or less, so no problems to report on that front.
Free demo accounts are available and with this broker, we truly advise that you create one, even if you are an experienced Forex trader. The reason for this recommendation is the fact that far too little trade-related information is provided on the VideForex website. We were able to get some answers from a support agent, but if you want to see what assets are offered, what the spreads are like, and more, you’re going to need to get into the trading platform and do some exploration.
It appears that residents of the United States and U.S. territories are not welcome, as the site states the following: “Videforex nor its agents or partners are not registered and do not provide any services on the USA territory.” This is at least somewhat surprising, as most brokers operating from Seychelles do in fact accept U.S. traders. It would seem that all other locations are accepted, but do check with customer support if you encounter any issues with creating a new account.
The lack of information on the VideForex is a bit concerning. For a brokerage that has been in operation for a while now, you’d expect the site to offer a lot more information. Obviously, lack of information doesn’t mean that there is a VideForex scam going on. We’d just prefer to see key details presented front and center. At this time, we’re going to highly recommend that you create a demo account and fully test the platform and as many services as possible before deciding that this company is the right Forex broker for you.
VideForex Review and Bonus Info
It may difficult to understand how some online brokers work. A lot of tools and features can be confusing. Especially for people who are newbies in the sphere. They may need some time to catch the idea of the whole thing and develop their own strategies for fast and easy income. Not all the users wishing to try themselves at online trading can afford making big deposits. Besides, there are not many online brokers who are honest and fair with their clients.
To become successful in trading with online brokers, the main thing is to find the one which may be trusted. VideForex is a trading platform, which is suitable for starting traders. Its simplicity is its great benefit. No need to spend long hours trying to understand the principle of its work and how to use the tools. VideForex lets its traders earn money right away.
The aim of this VideForex review is to give the smallest details about the platform itself, its safety and legitimacy. Besides, the users will find here a brief manual on how to make a profit on VideForex. Hopefully, it will help new clients of the trading platform to learn the work of the broker from the inside and only then decide whether to invest to VideoForex or no.
VideForex was set up in 2017. Its distinctive feature is that it works on its own trading platform. This brokerage company’s registration address is in Seychelles. VideForex is operated by Algobit Ltd.
The company offers binary options and CFD/Forex trading. The choice of assets is very impressive as there are more than 100 different offers. Binary options assets are all divided into four categories: Currencies, Commodities, Crypto, Stocks. CFD/Forex trading has these, plus one more category available – Indices.
VideForex is thought to be a good starting platform for new traders who lack experience, knowledge, and professional acumen. The interface of the broker’s website is simple and the trading process itself doesn’t cause any difficulties. Everything is clear.
As for the trading conditions offered by VideForex, the leverage of the company is set on level 1:100. Some “big players” can call it low, but it is good for the traders choosing low-risk assets. Beginners should also appreciate a very low minimum trade size, which is only $1.
The site of the broker is available in seven languages including French, German, Chinese, Spanish, and Russian. What’s more, the users can choose one of the currencies for running their trading account. Among the possible choices are RUB, EUR, USD, GBP, Bitcoin, Ethereum, Litecoin, and some other cryptocurrencies. Yet the trades are possible only using USD or EUR.
VideForex also offers a “First 3 risk free trades” service to its Silver and Gold accounts owners. It is done to support the financial positions of the clients who have a negative total on the first three transactions. VideForex compensates the lost funds with the bonus money. Yet this sum cannot exceed the amount of a deposit initially made by the user. To activate the offer, the trader has to contact his account manager.
A unique feature of the trading platform is its customer support service. Unlike others, the traders on VideForex can get professional help from beautiful ladies communicating via live video chat. Most users note high professionalism of the customer support team. By the way, it is available in several languages and works round the clock.
Another interesting offer of this trading platform is Copy trading. It was created for those who want the process to go automatically. It is a kind of autopilot in online trading. The difference is that the client himself chooses the trader whose actions will be repeated. It can also be useful for newbies who want to learn how to build effective trading strategies.
The trading platform pays much attention to teaching their users how to create trading strategies that will work for them. A special present is granted to every newly registered trader – a video course on binary options, Forex and CFD trading.
VideForex also differs from many other brokers by giving its clients the possibility to trade even on weekends.
Is VideForex Legit and Safe?
The VideForex broker is registered in an offshore zone. Even though it may seem not safe, the company uses the license of Finance Group Corp. Hence, their users are protected. Besides, the activity of the trading platform is regulated. That’s why it is not difficult to guarantee the safety of the traders’ funds.
The company also do their utmost to safely store the personal data of the clients. They use SSL encryption for this purpose. In addition, to minimize the risks of fraudulent activity at the website, VideForex verifies the identity of all their users.
How to Work with VideForex?
Landing to the main page, it is very easy to find the way through the website. The first thing any new client is offered to do is to go through the registration procedure. It will take not more than a minute or two to fill in the name and surname of the user, telephone number, e-mail address, and password. The currency of the account should also be selected in the registration form.
Having created an account, the user gets to the trading page. To start making money, he needs to deposit at least $250 to his trading account. Just push the “Account funding” button in the top right corner of the page.
After that, the trader gets to the account funding page where he has to submit the amount of money he wants to deposit. Depending on the chosen sum, the user’s account receives a Bronze, Silver or Gold status.
Next, one has to select one of the depositing methods offered by the VideForex trading platform and fulfill the transaction. That’s it! Now the user gets the possibility to start trading assets.
With a positive balance on his account, the client can proceed to the trading page and start making money. By default, all the users get to the binary options trading page. All the assets available may be found on the left side column of the page. The graphics of the trading screen take the middle, whereas the order area is on the right.
To start trading, the client has to select the assets first. After that, he chooses the option type (turbo, intraday or long term), time, and the amount of money to trade. The final step is to push either call or put, depending on the prognosis made by the trader.
In case the trader is interested in CFD/Forex, he only has to choose the assets and fill in the amount of money in the order table. “Buy” or “Sell” buttons will start the trade. There are certain restrictions for users who want to trade CFD/Forex. If the sum of the lost money exceeds the overall amount of deposited funds, the client cannot trade CFD.
The trader can raise the initial sum he has chosen for a trade by pushing a “double up” button in the bottom of the screen. By doing this, he will duplicate the already opened position. The only difference is that it will have a different open price.
Another option available is a rollover. The user can change the expiry time of the option, which is still in process. It may be done on condition that the current option is not profitable, the trader has enough costs on the account (the sum of the trade will be increased by 30%), and the option has at least a quarter of the chosen period to go.
In case the trader has got at least 0.1% of profit on the chosen position, he has the right to use a “sell out” function. It means that he can close the trade before the chosen expiry time. His investments and profit will be returned to the trading account of the user.
VideForex stands out in the background of numerous other brokers due to their own trading platform. Hence, they are responsible for everything that happens on the site, including glitches. It means that no third party should be involved ones some kind of misunderstanding or problem appears.
Another positive thing is that the trading platform is web-based. No need to download the software to be able to trade. The design of the platform is simple, yet the number of tools available makes it very functional. Besides, everything the trader may need can be found on the trading page (e.g. charting tools, fundamental analysis, technical analysis). Everything is in a distance of a mouse click.
Perhaps it is inferior in functionality if compared with some other platforms, but VideForex is still developing. And it is a good choice for those traders who cherish easiness in the work of the service.
VideForex platform is accessible not only on the web but also on mobile devices. Due to a special iOS and Android apps, the traders can “keep their hand on the pulse” wherever they go. The set of functions available in the app allows to trade binary options and CFD, communicate in the live chat, deposit and withdraw funds. The clients wishing to have VideForex on their smartphones and tablets can download the app for free.
Funding Methods and Withdrawals
It is impossible to use VideForex trading platform without registering at the website. Yet even registration doesn’t allow the user to make money. To be able to trade, the clients of the service need to make a deposit to their trading account.
The smallest sum one can invest in VideForex is $250. The deposits are accepted via:
- Bank wire transfer;
- Perfect Money;
When using credit cards to make an investment, the trader has to know that he may be charged a 5% transfer fee. The other deposit methods are free of charge. Speaking about the time the user gets the funds to his account, it should be mentioned that all the methods but Perfect Money are instant. The mentioned way of placing a deposit may take up to one hour to confirm the transaction.
The minimum amount of money one can deposit, using bank wire transfer, is $5000. The funds will be credited to the account within one working day. Besides, $50 fee will be charged by the bank for the transaction performance.
Withdrawal of the costs is possible via:
- Bank wire transfer;
- QIWI Wallet;
- OK Pay;
- Perfect Money;
The smallest sum one can withdraw is $50. To get the right to withdraw the funds, one has to make a 100% turnover of the money he has deposited. Yet this rule works only if the trader hasn’t used any bonuses.
Those who have taken a welcome bonus or any other kind of bonus money has to reach a 300% turnover of the invested funds to be able to withdraw the money.
Yet this is still not everything a VideForex client has to know. Bonus money can never be withdrawn from the trading account. Besides, the trader has to provide a notarized copy of his ID or driving license to verify and prove his identity. A recent utility bill may be required to confirm the user’s home address.
Only in the case a trader can provide all the documents he is asked for, he can get verified. VideForex promises a fast withdrawal (within 1 hour) to all the verified users. However, the verification process may take one or two days.
Withdrawal of the funds can be processed only to the same e-wallet or bank account, which was used for depositing. The only exception is MasterCard. A user can deposit with it but can’t withdraw to this kind of credit card.
Traders wishing to join VideForex can choose between three types of trading accounts. The first one is a Bronzeaccount. It is granted to the users depositing from $250 to $1000. It has quite a nice set of features, which are enough for profitable trading. For example, the user gets a 24/7 customer support via online video chat.
Besides, Bronze members can try out all the features of the trading platform by using a Demo account. It gives a full picture of the binary option of CFD/forex trading without any threat to the costs on the user balance. This feature may be beneficial for the clients who are new in the field and need some time and experience to feel more confident about risking their own money.
In addition, the owner of the Bronze account can claim a 20% bonus on his first deposit made on VideForex.
The most popular type of account is Silver. To get it, the trader has to invest $1001 – $3000. Except for the standard list of services like round the clock live video chat, withdrawal within an hour, Demo account, and Copy Trading tool, the Silver members get:
- A 50% bonus for the first deposit;
- A master class (web session);
- First 3 risk free trades.
When the invested sum of money approaches $3000 – $50000, the client of the trading platform receives a Goldaccount. He gets a personal success manager and 100% bonus to the sum of the deposit. The rest of the features coincide with those of the Silver account.
VideForex is not available for the USA residents. However, it accepts traders from the United Kingdom, Australia, Canada. Besides, the trading platform is open to users from the bulk of European countries including Germany, France, Italy, Luxembourg, Sweden, Norway, and Denmark.
The residents of Qatar, India, United Arab Emirates, Kuwait, Saudi Arabia, Singapore, Hong Kong, Thailand, and South Africa are also accepted. This list is not complete because the traders from a lot of other countries around the world are also welcomed to VideForex.
VideForex Bonus Code
To welcome new clients, VideForex trading platform gives a bonus for the first deposit. Depending on the sum invested, the users can get 20%, 50% or 100% bonus.
20% are granted to those who have deposited $250-$1000. For example, investing $250 and adding a bonus, one can get $300.
A 50% bonus is given to the Silver account users who filled their accounts with $1000 – $3000.
Making a deposit of $3000 or more, the client of the trading platform can claim a 100% bonus.
On the whole, a trader can get up to $100000 of bonus funds per year.
VideForex is “a very young player” on the brokers’ market. Nevertheless, it is definitely worth the attention of the traders, especially those who want to gain experience. Offering simple and easy to navigate user interface, this platform can attract clients who know very little about binary options, CFDs and Forex but want to try themselves at online trading.
The broker not only provides the services to the clients but also takes care of their knowledge in the sphere. Video lessons, web sessions, and detailed information in the FAQ section can be very useful to the novice traders. All in all, VideForex is a trustworthy broker with an interesting bonus policy so, there’s no doubt one should try to make an investment with this company.
Videforex broker is an unregulated trading broker that offers a very limited range of Forex, CFDs and Options for trading online. They do not have the popular MetaTrader trading platform and there are no educational resources or additional trading tools provided to assist traders. They do however have a variety of useful trading account funding options.
Pros & Cons
- Variety of funding options
- Copy trading option
- Live video chat support 24/7
- Unregulated broker
- Limited trading assets
- No MetaTrader platform
- No educational resources
- Spreads & fees
- No US traders allowed
- No additional trading tools
- Minimum $250 deposit
In this detailed Videforex review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Videforex Review: Summary
Videforex is an online broker that provides forex and CFD trading to clients across the globe. They have around 100 assets for trading on multiple devices using the free trading platforms that they offer. The broker was founded in the Seychelles in 2016 and is unregulated, with limited trading instruments and a lack of trading tools. There are no educational materials provided for traders whilst spreads and fees are not the lowest. We would consider looking for another trading broker with a more complete offering.
Videforex Review: Regulation
Videforex broker is located in the Seychelles and is not regulated. We would only trade online with a regulated broker as they provide account protection that unregulated brokers cannot. You can see a list of our best online brokers who are regulated.
Videforex Review: Countries
Videforex nor its agents or partners are not registered and do not provide any services on the USA territory. Some Videforex broker features and products mentioned within this Videforex review may not be available to traders from specific countries due to legal restrictions.
Videforex Review: Trading Platforms
Videforex provides its clients with an advanced platform for Options and CFD trading that includes live video chat. The platform is available in three versions: Web, Android and iPhone. The mobile trading platforms enables traders to stay connected with the global markets and never miss a trading opportunity whilst on the go from anywhere in the world with an internet connection. Some of the Videforex trading platforms benefits include:
- CFD & Options trading
- Real time price feeds
- Direct deposit & withdrawal via APP
- Account & portfolio access
- Allows for instant execution of trades
- Shows live charts of every option available on the platform
- Enables traders to view their entire trade history
- Free to use
Videforex Review: Trading Tools
Videforex do not offer additional trading tools although there is a copy trading option.
The copy trading service is designed for traders who want to trade automatically without manual trades. To get started, you need to fund your account and on the trading platform press copy trading, then choose a trader to copy trades from. It should be strongly emphasised that there are no guarantees with the results from copying trading signals.
Videforex Review: Education
Unfortunately, Videforex broker do not have any educational materials to support traders which is disappointing. Most online brokers would have some tutorial videos, trading guides and other learning resources to help traders improve their trading knowledge and skills.
Videforex Review: Trading Instruments
Videforex broker has a limited choice of around 100 CFD and Options for trading online including:
- 25+ Forex Currency Pairs including major and minor FX currencies.
- 17+ Crypto Pairs including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Dashcoin, Monero, Santiment, Zcash, EOS, IOTA
- 2 Metal Spot CFDs based on Gold & Silver
- 4 Stock BOs based on shares of German companies
Videforex Review: Trading Accounts & Fees
Videforex broker provides a variety of different trading accounts to suit individual traders needs. The more that is invested in this broker, the greater the benefits. We are not big fans of this policy as we prefer that traders of all experience levels and investment sizes are given the same benefits. All accounts get 24/7 live video chat support, withdrawals in 1 hour and the copy trading tool.
Demo accounts are also provided if you wish to test the brokers products and services before opening a live account. These accounts are loaded with virtual funds and allow you to practice your forex trading strategies without risking real money.
- Bronze: Deposit from $250, basic features
- Silver: Deposit from $1,000, basic features plus master class (web session)
- Gold: Deposit from $3,000, basic features plus master class (web session) and personal success manager
As broker fees can vary and change, there may be additional fees that are not listed in this Videforex review. It is imperative to ensure that you check and understand all of the latest information before you open a Videforex broker account for online trading.
Videforex Review: Customer Service
The broker has live video chat support 24/7. You can write to them by filling up the contact form and the support team will get in contact with you. They also have a choice of international telephone numbers available in different languages with a call back option on the website.
Videforex Review: Deposit & Withdrawal
Videforex broker supports a choice of fast and reliable transfers with SSL certified 256-bit secure processing, including credit cards (VISA/MasterCard), Bank wire transfer, Bitcoin, Ethereum, Litecoin, Altcoins, Neteller, Skrill and Perfect Money.
Funding can be instant whilst withdrawals can take up to 1 hour. There is a 5% transfer fee for card payment but no charges from the broker for other methods although you should check if third party providers have any additional fees. During weekends and public holidays, funding time may be delayed.
For security reasons, identification of the client is required for all withdrawals, regardless of the withdrawal amount. The minimal amount allowed for withdrawal is $50.
Videforex Review: Account Opening
There is a short online form to complete to apply for a Videforex broker account. It takes just a few minutes to complete and requires that you enter your personal details to gain access to the trading platforms. You will immediately receive your trading account and the tools you need for trading online with Videforex.
Videforex Review: Conclusion
We consider Videforex to be a limited online trading broker. The lack of regulation is a big red flag for us and they do not offer the popular MetaTrader platform. The assets available to trade are limited but they do offer Options trading. There is a variety of convenient payment methods but no educational resources to help inform traders. Overall, we believe that there are many more regulated and established trading brokers with a broader range of services that are worth considering over Videforex.
With its three different account types, VideForex offers a variety of excellent promotional offers to attract new traders to its services. It also offers a high quality user interface with cutting edge software and their customer support is second to none. They also offer a great range of over 100 different assets which is plenty of variety for even the most hard to please investor.
VideForex offers an interesting new concept in binary options brokerage with its exciting video support format that brings something unique to the market. This recently launched broker offers plenty of assets across all four main classes and has a well designed, user-friendly interface that is intuitive enough to be used by traders at all levels. This broker even offers copy trading which is ideal for those who are new to binary options investment.
VideForex is very new to the market having only been established in 2017. It is owned and operated by Vide Projects Ltd, a company which is based in the Seychelles. Their entire site is well protected by the latest SSL encryption software, so all personal information is safe and secure and all financial transactions are also protected from cybercrime and hacking. Unfortunately, no traders from the USA are accepted by this broker.
VideForex offers around 100 assets to trade from across the four main categories of stocks, currencies, indices and commodities.
Bonuses & VIP Programs
VideForex offers bonuses for newly registered clients, however these will vary depending on the level of account which the trader opens. The deposit match bonus which is awarded on registration can be as much as 100% Not only are there welcome bonuses on offer, VideForex also offers several other promotional deals like risk free trades to newly registered customers and a weekly contest which is free to enter and which offers a prize fund of $20,000.
As expected from most of today’s binary options brokers, VideForex has recognised the need for clients to check their assets and to carry out their trades while they are on the go. They are aware that traders do not want to be tied to their laptop or PC and, with the knowledge that downloading and installing memory intensive software slows down transactions by causing problems with computer memory, VideForex have therefore developed a web trading interface which is entirely internet based. This enables trade executions to be carried out more swiftly from anywhere worldwide and at any hour of the night or day using a tablet, iPad or Android smartphone as long as it has a functional internet connection. Although VideForex have not yet developed a mobile app for either iPhone or Android devices, their site is very new and there will hopefully be one introduced very soon.
Deposits and Withdrawals
VideForex offers no shortage of payment options which will appeal to both those who prefer traditional options and those who like to use modern online methods. It is important to note, however, that the range of methods on offer will vary depending on which country individual traders come from. The options include:
- Credit Card and Debit cards – Visa, MasterCard, Visa Debit
- Perfect Money
VideForex is one of the few brokers which ensure that withdrawals are processed in a very short time, and all clients can expect their withdrawals to be received within an hour. This is regardless of which account type traders have, which is excellent, since many of this broker’s rivals only offer this type of service to higher level traders. The minimum deposit amount is $250 and while this broker does not charge for transfers, some third party providers may.
There are several methods through which clients can contact the VideForex customer support centre. These include:
- Telephone helpline – there are 2 numbers available
- Live Chat
- FAQs page for fast responses to the most common questions
The customer support team are available 7 days per week, 24 hours a day for the clients’ benefit and their live chat service is innovative as it is carried out over a live video. This is an especially advanced and useful service that is sure to be appreciated by clients.
Extra Features and Resources
While VideForex have the innovative video link customer support service, they lack anything else in the way of additional resources or extra features. At the present time, there are no educational resources except a frequently asked questions page and there are no other facilities or functions such as up to date market news or other tools, although copy trading is available for all investors.
Overall, VideForex has quite a lot to offer its potential clients, however it is also important to bear in mind that there are several negative points too.
- Cutting edge trading software that is very user friendly and is suitable for use by both experienced and novice traders
- 100% online web trading interface requiring no installations or downloads
- Choice of customer service contact methods including instant live chat
- Innovative live streamed video support
- 24/7 customer service access
- Licensed, authorised and regulated broker
- Strong SSL encryption site wide
- Good choice of payment and withdrawal methods
- Very fast 1 hour withdrawals system
- Free demo accounts
- Good choice of over 100 assets
- A choice of account types
- Some excellent bonuses and promotional offers to new and existing clients
- Multilingual support
- There are no educational resources for new traders
- There are no additional resources such as market news or advanced features
- USA traders are not accepted by this broker
Is there a registration fee payable to this broker?
Clients do not need to pay any registration fee when they open a live trading account with this broker.
What Types Of Accounts Are There?
There are three types of accounts available from this broker to suit the needs of clients at all levels of experience.
Bronze – The bronze level account offers the following benefits: 24/7 video chat, 1 hour withdrawals, free demo accounts, copy trading tool. The minimum deposit amount to open this type of account is $250 and you can receive a bonus of 20% deposit match bonus on opening the account.
Silver – the silver level account offers all the benefits of the bronze account together with an online masterclass and the services of a personal success manager. The minimum deposit amount to open this type of account is $1000.
Gold – the gold level account offers all of the benefits of the silver account. The minimum deposit amount to open this type of account is $3,000 and you can receive a bonus of 100% deposit match bonus on opening the account.
Will I need to install any software to my computer?
VideForex offers a fast web based platform which is very user friendly and well designed with an easy to use layout. It can be used at any time and in any place from any kind of internet enabled device as long as it has an active broadband or mobile internet connection. There is therefore no need to download any software to your PC or laptop in order to access the user platform.
Does VideForex offer a demo account?
VideForex gives its potential clients the option to open a free of charge demonstration account which is ideal for both brand new traders and those who are more experienced but who are looking for a no risks trading experience to practice and hone their skills in the financial market. New traders can learn the basics of trading in a risk free environment whilst more experienced traders are able to try out new techniques and strategies without risking their own money. A demo account also enables potential traders to try out the features of the site and to see how much they like the trading interface before opening a live account and making a financial commitment.
Why Choose VideForex As Your Binary Options Broker?
VideForex offers several advantages to its potential clients including:
- Guaranteed 1 hour withdrawal processing for clients at all levels
- Non stop trading even over the weekend
- Wide range of withdrawal and deposit methods available
- 100% secure trading
- 24/7 customer support
- Over 10,000 transactions processed each day
VideForex Broker Review
In this VideForex review, we dig into one of the most interesting brokers to hit the market. A relatively new entrant to the broker scene, VideForex has pioneered one of the most innovative trading features in live video chat. What this allows is for you to speak to a member of their customer services team at any time (24 hours a day).
This was a wise move by VideForex as it ensures that all investors are able to get information on their accounts and potential positions in real time from a skilled agent at the broker. This is not unlike the live poker rooms that are quite prevalent these days.
VideForex is also one of the few brokers that accepts US clients. This was weird to the FXaxe team as they appear to have no formal regulatory oversight. They claim that they are UK based but that does not mean that they are formally regulated there.
With that all being said, let’s jump right in this VideForex review.
VideForex offers a number of different trading options. For starters, you can trade many markets including stocks, Forex and commodities. In terms of expiry times, they offer a the exciting 30 second expiry all the way up to the equally brave 1 year option. However, even if you get into a trade that you do not see yourself letting expire, they have the option for early termination of a trade.
In terms of trade sizes, VideForex allows you to place trades for as little as $1 all the way up to $10,000. In order to open an account with VideForex, you are required to make a minimum deposit of $250. Once complete, there are three tiers of trading accounts.
- Entry Level. This is the entry level account that requires the $250 minimum deposit. You will also get a 20% welcome bonus as well as access to all training materials.
- Mid Tier. The next tier off account is the Silver account which requires a deposit of $1,000. They will also give you a 50% bonus with this package as well as access to a master class web session on professional trading. It also has an interesting trade option where you can invest in trades which are known to be risk free. If the trade does not result in a profit then VideForex will reimburse you in the form of a trading bonus.
- Advanced. This is the top tier account level which requires a minimum deposit of $3,000. VideForex will match you with a 100% bonus on this deposit. Apart from this, you also have access to a dedicated personal success manager at hand any time
When taking bonuses from VideForex or any other binary options broker for that matter, you have to make certain that you understand the terms that are attached to them. Broker bonuses usually have something called a “turnover” requirement.
This essentially means that the broker will require you to complete a certain amount fo trading before you are allowed to withdraw any bonus. This is termed the “turnover” and it is the total trading volume.
This can sometimes be really onerous to the point at which you are unlikely to ever withdraw. You should ask the Videforex ladies exactly what is behind the bonuses and which bonus structure works best for your trading strategy.
For example, there are some traders who use technical analysis trading strategies that are able to turn over a great deal of volume within a day. These traders may then think that it makes sense to get a bonus. They may view the bonus as “broker money” that they can stake on their trades.
However, if you are not an active traders and are not meeting at least 1x your deposit and bonus amount on a daily basis, then you should avoid the bonus. It could be a greatly frustrating experience for you if you are unable to withdraw your deposit because your funds are being held on a bonus clause.
Is VideForex a Scam?
When we take a look at brokers online, there are usually a number of things that we look at to determine whether they are a scam. One of the most important is to understand where they are regulated and which agency / government has control over the broker.
This VideForex Review is no different.
Videforex is registered as a company in the United Kingdom. VideForex.com is run and operated by Suomen Kerran LP which has registration number SL25219 located at 58A Broughton Street, Edinburgh, EH1 3SA, Scotland.
Does this mean that they are regulated by the FCA? Unfortunately not.
Videforex may be registered in the UK but they preferred getting regulated by the agencies in Vanuatu. This is probably because of the cost that is involved these days in getting an FCA license. You can read more about Binary options regulations if you are interested in the legal nuances.
Another really important consideration for us to determine whether a broker is a scam is a really bad online reputation. Videforex is still a relatively new broker so we cannot form an exact opinion on that. There are two forum posts but it can be hard to separate those traders who have legitimate concerns and those the did not follow the protocols.
Another “scam” red flag that we sometimes see with brokers is the use of any language that claims that a return on an investment is guaranteed. Anyone who has ever traded knows that such promises are unrealistic and are invariably always used by brokers who are trying to lure in newbies.
These promises of returns could either come from the broker or throughe excessive scammy testimonials. You are likely to have encountered this on other binary option or forex brands. They are usually pictures of stock models that claim that the broker changed their life.
Videforex does not have any of these testimonials. If you were interested in all the other criteria one can use to judge the “scaminess” of a broker, you can read more about our coverage on binary options scams.
Deposits & Withdrawals
You can deposit funds into the account in GBP, RUB, EUR and USD. Payments are accepted from most of the major credit cards as well as wire transfer and PayPal. This is not something that we have usually come across and no doubt makes it a great deal easier for traders to fund / withdraw from their accounts.
Something else that really stood out for us was the withdrawal times that Videforex was able to process requests. They claim that they are able to facilitate a withdrawal request in under 1 hour. This is not something that we have ever heard of from any broker online.
Of course, the devil is most likely in the detail.
While the broker says that they are able to process the withdrawal in this time, it is likely to take a great deal longer if you use more traditional methods of funding. These include wire transfers for example which will usually take 2-5 business days as they have to be sent via swift.
You also need to make sure you understand the terms and conditions on the withdrawals. For example, if you have been given a bonus as we mentioned above, you need to meet the turnover requirement before you will be allowed to withdraw any funds.
They also have a minimum withdrawal amount on the account of $50. This is most likely down to the cost that it takes for Videforex to process these withdrawals than down to any questionable business practices.
This ties in with the withdrawal / deposit point quite well. Given that Videforex is a regulated broker, they are required to conduct a certain minimum of KYC (Know Your Client) and AML (Anti Money Laundering) on their clients.
Yes, this is even the case with a licence from Vanuatu.
This is why when you are conserving trading with Videforex they may ask for identifications such as proof of identity and proof of address. Some people may be suspicious in providing this information but it is a requirement in order to trade on the platform.
Moreover, if you have decided to trade without verifying your identity at the broker then they are within the regulatory right to refuse a withdrawal unless you can pass the rest of their KYC procedures. This is usually where most newbie traders get stuck up.
It is also important to note that funds can only be sent to Videforex from a bank account / credit card in your name and not from third party accounts. You also can only withdraw through the same accounts / processes that you deposited with.
VideForex Trading Platform
Given that the FXaxe team were not given any access to a demo account in this VideForex Review, we could not give our complete opinion. On the face of it though, the VideForex platform really does look impressive. They have SSL activated which means that all client data is encrypted and cannot be compromised.
It also appears as if the VideForex trading platform looks incredibly user friendly with relatively little clutter. However, this may not be the best solution for experienced traders who would like additional tools such as charting and technical studies. They also have trade suggestions for a number of different forex pairs that are fed directly onto the platform.
There did, however, seem to be a relatively limited range of assets that the trader could make use of which could be slightly disappointing for those traders who were looking for more diverse options. Yet, the range of expiry times was quite generous so that could make up for the limited asset selection.
Something that we did indeed find interesting about VideForex’s platform is that they allow 3rd party access to the system in the form of trading robots and Expert Advisors. This is usually something that is practiced in the Forex industry where traders have access to the broker’s API system to place the trades externally.
Of course, one of the standout points about VideForex that we mentioned in the beginning is the fact that you have access to the live video assistance. Not only can you reach VideForex agents 24/7 but you can also partake in public chat rooms and share your views with fellow traders. Of course, the fact that they are pretty women could be an added benefit for some traders.
This was an interesting feature that we appreciated. While the girls were a nice to have, they seemed a little gimmicky. However, when chatting with other traders, we could have interesting and intellectual conversations on market movements and trends.
VideForex Mobile Trading
While they have a mobile phone advertised on their website, they do not seem to have a mobile application in either the Google Play Store or iTunes store. We asked the girls on the platform and they confirmed that Vide does not have an app.
However, if you are that concerned about monitoring your positions on the go then you can always view the platform in your mobile browser. We have to admit that this is not optimal and the trading platform does not function effectively in those conditions.
Technical and Fundamental Analysis
The VideForex platform also has a range of options when it comes to tools and analysis. When you are logged into the platform you can go to the top left corner and select the “fundamental”. This will present a range of opinions from a fundamental analysis perspective of the current pairs that are on the VideForex platform.
If you are more of day trader and would prefer to base your analysis on the trends and chart formations, then you can select the technical analysis section. This is presented in the chart below.
As you can see, they will give you an overview of all of the pairs and the various studies that were done by analysts on trading view. They will also provide you with the charts that the various analysts on trading view have used to complete their analysis. This will no doubt help inform the trader of potential for breakouts or reversals.
There are number of other binary option strategies that you can consider that could even combine the technical studies with the fundamental pricing.
If you are going to be trading forex, then you will know the importance of an economic calendar. These are a collection of all the important economic news and events that are about to take place over the coming day, week or month.
VideForex has also included an economic calendar on their platform. This economic calendar will pull all the same data from Tradingview. There are a range of screening criteria that you can target your preferred currency pair.
They give you the option to screen for the next day, the coming week or the next week. If you are interested in trading around the most relevant market moving information then you can screen for the “high” impact calendar events.
Follow Other Traders
Much like other well known trading platforms, Videforex gives their users the chance to follow fellow traders. This is great for those who are still relatively new to the platform and would like to learn from someone else who is slightly more skilled.
You can see the trades that they are putting on as well as their most recent track record over the past few weeks. There are also leader boards where traders can compete for prizes and recognition. Taking a look at the leaderboard when we were on the platform, the top prize was $10,000. We didn’t partake in these competitions so cannot fully vouch for their authenticity though.
Hence, if you feel that you know a great deal about the markets and would like to put your skills to the test against other traders then the social trading aspect of VideForex could be for you.
VideForex seems to be a fine example of a highly functional Binary Options platform with an interesting take on customer services. We are sure that some traders will no doubt enjoy the attention of the agents who provide trading advice.
The powerful and clean user interface makes trading easier and faster. Combined with the live video support function, this makes trading with VideForex a pleasant experience. Moreover, this is not restricted to the most experienced investors as the minimum deposit is only $250 and trades of as little as $1 can be placed.
The record breaking 1 hour withdrawal time at VideForex stands out for us. No longer will investors have to worry about periods of uncertainty when withdrawing funds. Despite all of this though, the FXAxe review team was uncertain of the regulatory oversight of VideForex. We were also not completely convinced that they can legally accept US clients.
We were also slightly disheartened by the lack of access to a demo account. This means not only that the FXaxe team could not give their full opinion on the trading platform but also that VideForex wont allow traders to test their platform.
In conclusion, if traders would like a clean and exciting trading platform that has as a one hour withdrawal time, then VideForex is indeed for you. However, if you would like a broker that is completely transparent about their operations as well as their regulations then we would suggest another broker.
Videforex: Trading Platform Review
Established in 2016, Videforex is regarded as a new entrant to the binary options trading industry. Despite being the new kid on the block, this broker has been garnering a considerable amount of attention for the online trading community. You might be curious as to why a new broker is able to draw so much attention from the traders. Here it is, Videforex is the first binary options broker that has decided to incorporate a live video feed system for the customer support service is one of these reasons. As a result of this live interaction between traders and the support representative, for the first time many binary options traders are beginning to feel appreciated as a customer and not just treated as another faceless individual behind the computer screen.
1. General Information
A CFD and binary option trading platform that was set up during the first quarter of 2016, Videforex is a trademark that belongs to a company called Financial Group Corp (FGC). However, the management and operation of the Videforex trademark is done by a separate company, called Suomen Kerran LP, which has its head office is located in Edinburgh, Scotland.
While it may seem that this broker is another typical binary option trading platform, what we found during the course of our review, is that Videforex has something that makes it really stand out from all the rest of the binary options trading platforms that we have come across. For once, here is a broker that literally greets you when you log on to your trading account at Videforex. This is largely because Videforex is the only platform in the entire binary options trading industry that has provided a live video feed of the people that you talk to on live chat, email or telephone.
2. Advantages and Disadvantages
Innovative Live video chat: The live video feed used by the customer support team is a nice touch and sets the broker apart from others in the industry.
Wide range of underlying assets: There is good selection of more than a hundred underlying assets that traders can choose from to trade with.
Easy to use trading platform: The Videforex trading platform is specifically designed to be easy to operate and hence requires little or no training at all to start trading.
Multiple choices of trading accounts: Traders at Videforex can choose from a total of 3 different types of trading accounts. They include the Bronze account, the Silver account and the Gold account.
Lacks Comprehensive trading tools: The Videforex trading platform lacks any advanced tools which traders can use to enhance their trading abilities.
3. Trading Conditions
In terms of trading conditions, this is primarily dependent upon the type of underlying asset that is being traded. While the typical return on investment at Videforex is around 80%, it is possible to earn a maximum payout of up to 95% if the conditions in the markets are ripe for the picking.
4. Underlying Assets
In terms of underlying assets that are available for trading at Videforex, there is a wide selection to choose from. On offer are 80 different types of stocks, 15 currency pairs, 9 types of commodities and 13 types of market indices. We were pleasantly surprised that a new broker such as Videforex was able to offer such a wide diversity in terms of their trading assets. From that, we get the impression that this broker is making a considerable effort in carving a name for itself in the competitive binary trading industry.
5. Trading Platform
Another interesting fact that we noted about Videforex is that their trading platform is web based and proprietary. While the majority of binary option brokers would prefer to adopt the genric trading platform which is adopted from a third party solutions provider, Videforex has opted to take the less travelled road by developing their own platform.
Overall, the trading platform is well designed hence making it easy to navigate around the platform. Although it lacks many of the advanced and sophisticated tools that we can find on the other platforms used by brokers in the industry, we sense that it is this simplicity which has drawn some traders to trade with Videforex. One of the main reasons why binary options trading have been so popular among online retail traders, is the fact that it is a financial vehicle that even novices can understand how to use within minutes of opening an account. Our guess is Videforex has intentionally built their trading platform in this manner just to keep things simple.
6. Mobile Trading
Being a client oriented broker, we were not surprised to find that Videforex does provide their clients with a mobile version of their web platform. This means that even when you are on the move, you can still keep in touch with all that is happening in the financial markets. Depending on the operating system of the mobile devices that you are using, the trading app can either be downloaded from Google Play Store or Apple’s App Store.
7. Demo Account
There is a demo account facility which potential clients of Videforex can access to try out the services offered by the broker. However in order to gain access to the demo account facility, you need to first register with Videforex for an account. Once you have registered your details with the broker, only then will you be able to try out the demo account.
8. Account Types
Recognizing the fact that there are different traders with different levels of trading skills, Videforex has provided a selection of 3 different types of trading accounts. For beginner traders who are just starting out, there is the Bronze account. This account only requires a minimum deposit of $250 to open and comes with a 20% deposit bonus.
For traders with some trading experience, Videforex has provided them with the Silver trading account. The minimum deposit requirement for the Silver account is higher at $1000. As a silver trading account holder, you will be entitled to a 50% deposit bonus once you have funded your trading account. Apart from the higher deposit bonus, silver account holders can also receive extra perks such as “3 Risk Free Trades” and a trading tutorial called “Master Class”.
For VIP traders, Videforex has made available the Gold trading account. The Gold account requires a minimum deposit to open and comes with additional benefits such as 100% deposit bonus and the attention of a personal success manager.
9. Opening an Account
Opening your trading account at Videforex is quite a straightforward process. First click on the navigational tab labeled “How to Start?” located at the top of the homepage. Next, click on “Open Account” and fill in the registration form. Once you have completed and submitted the form, you will be able to log in to your new trading account.
10. Funds Withdrawal
Withdrawal of funds at Videforex can be done through bank wire transfer, major credit cards and eWallets. For withdrawal through bank wire transfer, a $50 fee will be imposed by Videforex. In addition, the amount withdrawn must be at least $50. The good news about Videforex’s withdrawals is the fact that the broker guarantees that all withdrawal requests will be dealt with, within the hour.
11. Trader’s Training
For the benefit of beginner traders, Videforex has also provided them with an educational section that comes with streaming video lessons. These video lessons cover trading basics which are designed to give beginner traders a footing on how to trade binaries.
12. Should I Trade With Videforex?
From our observation of Videforex during the course of our review of its services, we were quite impressed with what this young broker has to offer to its clients. Apart from a more personalized approach towards handling customer relations through their innovative live video feed system, Videforex has also taken the initiative to shorten the processing time of withdrawal requests to just under an hour. Considering the fact that the fastest time that most binary brokers can process a withdrawal request is within one business day, Videforex’s 60 minute withdrawal pledge seems light years ahead of the competition. As such, when we take everything into consideration, our conclusion is this broker is most definitely worth trying out.