Reviewed broker: Videforex
Operated by Vide Projects Ltd., a company registered on the Seychelles.
Regulation: no
Important note: Videforex website doesn’t disclose enough trading details about trading conditions and environment important for traders. There is lack of explanation about spreads, leverage, lost of assets and more. During this review we had a mixed feelings about this particular broker and advise to choose company with better reputation.
Trading Conditions of Videforex
The maximum leverage offered by this broker is 1:100
Account base currency can be crypto along with USD, EURO, Pound, Rouble
Advanced charting: available
Copy trading: Copy trading service designed for novices and people 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 trader to copy from.
Spreads are fixed on 2 pips for EUR/USD for all types of accounts.
Trading Platforms
Surprisingly the broker doesn’t provide Meta Trader 4 or Meta Trader 5. Today it is rather unusual to see a broker without Metatrader 4 platform available. Instead you get a web platform and mobile platform.
APPLICATION FEATURES:
- Regular CFD and Options trading
- Direct deposit and withdrawal via APP
- 60 seconds
- My account
- My portfolio
APPLICATION BENEFITS:
- Allows for instant execution of trades
- Shows live charts of every option available on the platform
- Enables traders to view their entire trade history
- Same login as the web-based platform
- Application is free to download
Trading Instruments
You can trade with either fiat currencies or cryptocurrencies.
Account types
Major flaw and a warning light is the fact that Videforex provides demo account only after you make a deposit! This is something we haven’t come across during broker reviews for quite a while. Most online brokers today provide unlimited practice account without any commitment from the client. A requirement for a deposit before a test drive is not a good sign.
For your convenience we have combined the most demanded services into packages. Their accessibility depends from the amount of first trading deposit. By investing more, you get more benefits!
Bronze account features:
- 24/7 Live video chat support
- Withdrawals in 1 hour
- Demo account
- Copy Trading tool
- Bonus +20%
Silver account features:
- 24/7 Live video chat support
- Withdrawals in 1 hour
- Demo account
- Copy Trading tool
- Master class (web session)
- Bonus +50%
- First 3 risk free trades*
Gold account features:
- 24/7 Live video chat support
- Withdrawals in 1 hour
- Demo account
- Copy Trading tool
- Master class (web session)
- Personal success manager
- Bonus +100%
- First 3 risk free trades*
Funding methods at Videforex
Minimum deposit requirement is $250.
You can fund your account by credit cards (VISA/MasterCard), Bank wire transfer, Bitcoin, Ethereum, Litecoin, Altcoins, Neteller, Skrill, Perfect Money. The funds will be available for trading immediately, once the confirmation from payment system has been received.
For security reasons, identification of the person is required for all withdrawals, regardless of the withdrawal amount.
For account without bonus: trader has to reach a 100% turnover from deposited amount, to claim for for withdrawal.
For account with bonus: trader has to reach 300% turnover from deposited amount, to claim for deposited amount and profit withdrawal.
Videforex processes all withdrawal requests within 1 hour.
However verification may take longer time, if client didn’t submit all requested documents in time.
Customer Support and Bonus Offers
VideForex has created a new approach – trading forex and binary options with video support. However, the whole concept is focused on female support staff via live video steam which honestly resembles porn instead of actual currency trading.
Despite the first impression, live support does work. During this review, we have tried to chat with the support about various topics related to trading and technical support. The representatives were able to handle simple questions without any trouble. We happily noticed that there was nothing sexual involved in the conversation despite the nature and the view of the stream video. With that being said, you have to agree that attractive women chatting up new clients doesn’t seem serious enough.
Oh and here is another elephant in the room. After a while the chat service requires you to register to continue! Reminds you of something, doesn’t it?!
Videforex like many other offshore brokers offer bonus for the clients, however do pay attention to the terms and conditions where you have to make some serious volumes before you can even think about withdrawing the funds. Below are some of the terms listed on the broker’s site:
“For account without bonus: trader has to reach a 100% turnover from deposited amount, to claim for withdrawal.
For account with bonus: trader has to reach 300% turnover from deposited amount, to claim for deposited amount and profit withdrawal.”
Bonuses are eligible on all CFD trades and are awarded by Videforex up to 100%, based on your deposited amount. Bonuses are meant to give a trader an additional margin for maintaining positions and/or to open larger volume positions. With this statement client should understand, that Profit and Loss (PnL) always relates to client’s Net balance, not Bonus amount.
Bonuses awarded by Videforex are not withdrawable or tradable separately.
How was the rating of Videforex performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on Videforex FX broker performance and features.
Overall our online Videforex review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online Videforex or you find inaccurate details Videforex broker review please get in touch with us and the changes will be applied.
