VideForex Review 2023: Should you sign up with the broker?

VideForex is a broker that allows people all around the world to trade forex. Since its inception in 2016, it has immensely grown in popularity. Despite this, when reading reviews, you’ll see most users seem to have bad experiences with the broker.

VideForex homepage

Involva Corp is the owner of VideForex. The company is also in charge of BinaryMate. I have done an in-depth review on Binarymate; you can check it out here.

You must first register or sign up before you can begin trading with this broker. To set up your first trade, you must deposit a minimum of $250. However, if you wish to get a feel for the platform before investing, you can try the demo account like I did (more on that later).

WHAT ARE VIDEFOREX REGULATIONS?

When I visit any broker’s website, I look for the regulations page. What I found with VideForex raised some red flags. During my research, I discovered that this broker is missing something important – Regulation!

Although the broker says it’s regulated, it isn’t. The broker lacks a license from a reputable authority like the FCA, ASIC, or CFTC. The firm is licensed in the Marshall Islands, a country known for offshore trading – meaning you don’t have any protection of funds.

HOW DOES VIDEFOREX WORK?

If you don’t care about regulations, I have some good news. Trading various assets is possible with VideForex, in an array of types. Given below is a list of these assets:

Stocks

• IBM
• TESCO
• COCA COLA (US)
• NIKE (US)
• MICROSOFT (US)
• EXXON MOBIL
• AMAZON
• PFIZER
• DISNEY
• INTEL, and more.

And what forex pairs are available by the broker? Let’s see:

Forex

• EUR/USD
• USD/CAD
• EUR/GBP
• USD/ZAR
• GBP/RUB
• NZD/USD
• AUD/JPY
• EUR/AUD
• AUD/CAD
• GBP/CAD, and more.

Cryptos

• BitCoin/USD
• BitCoin/CNY

Indices

• DOW (US)
• CAC (FRANCE)
• NASDAQ (US)
• FTSE 100 (UK)
• MSM 30 (OMAN)
• ISE 30 (ISTANBUL STOCK EXCHANGE)
• DUBAI (DUBAI FINANCIAL MARKET GENERAL INDEX)
• HANG SENG (HONG KONG)
• TEL AVIV 25
• IBEX, and more

The last asset VideForex offers is commodities:

Commodities

• SILVER
• Sugar
• GOLD/EUR
• Coffee
• Platinum
• Gold
• Gold future
• Oil, and others.

HOW DOES THE VIDEFOREX PLATFORM WORK?

When I opened the demo account with the broker, I found out that it had limited platform options. The broker doesn’t provide any standard trading platform. I was disappointed, but as an experiment, I opened an account to see what they did offer.

VideForex only provides its native platform. It is web-based and provides a simple interface. However, it lacks many advanced tools and doesn’t have any indicators at all. That’s a major turn-off for any trader.

While trading, I combine technical and fundamental analysis. One of those tools is technical indicators. The platform comes in with a mobile version too, which offers the same features as the web platform.

VideForex platform

VideForex offers three account types; Bronze, Silver, and Gold accounts. Let’s go through them:

1. BRONZE ACCOUNT

The bronze account has a minimum deposit of $250. It includes a 20% bonus, copy trading tool, and a demo account.  VideForex mentions the withdrawals take about an hour. However, customer reviews state that’s not the case.

2. SILVER ACCOUNT

This account can get you a 50% bonus. It also includes a master class on the web to help you in your trading journey, as well as a demo account. You get three risk-free trades and trading protection, which means traders can get 10 percent back on negative trades.

3. GOLD ACCOUNT

The gold account can get you a 100% bonus. It also includes a master class and a demo account, just like the silver account type. You can get a personal account manager and three risk-free trades like that for silver account holders.

VideForex account types page

DOES VIDEFOREX OFFER A DEMO ACCOUNT?

Want to get a feel for the market before investing a large sum? You can try VideForex’s demo account. As we discussed, I opened a demo account only with the broker. The good thing is that all three account types have a demo account.

VideForex does not work under any regulated authority – this sets off alarm bells for any scrupulous trader. Also, the broker claims they have proper security measures; however, their explanations of the safety measures they take are dubious at best. Due to certain security issues and regulatory concerns, VideForex does not operate in the United States.

I didn’t find anything about the broker’s location. All I saw was its parent company address. Here’s a screenshot:

VideForex location

The registration address of VideForex is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

Following are the contact services provided by VideForex.

• On-call service
• Social media

VideForex also offers a call contact service to traders. Unlike many other forex brokers, Videforex does not offer a live video chat service.

Unlike other major brokers, VideForex offers limited asset deposit and withdrawal methods. Several brokers offer the traders the option of a bank wire transfer, but VideForex does not offer it. VideForex instead offers bank-related funding only via credit/debit cards. VideForex also offers a deposit and withdrawal facility using the following cryptocurrencies.

• Bitcoin (BTC)
• Ethereum (ETH)
• Altcoins

The minimum deposit limit for the VideForex account is $250, and the maximum deposit limit is $50,000. The minimum withdrawal limit on VideForex is $50.

VideForex funding methods

VideForex does offer some promo codes. These codes are often sent to you by email service or displayed on the website. You can find the VideForex promotional codes on other websites, but you must ensure they are authentic.

To incentivize deposits, VideForex offers a significant amount of bonus services to traders available via a tiered system. Depending upon the first deposit, the person can earn up to a 100% bonus.

• If your first deposit is $250 to $999, you can get a 20% bonus; your total trading deposit will be $300 to $1198.
• If your first deposit is $1000 to $2999, you can get a 50% bonus; your total trading deposit will be $1500$ to $4498.
• If your first deposit is $3000 to $5000, you can get a 50% bonus; your total trading deposit will be $6000 to $100000.

If weekly prizes are more your thing, check out the $10,000 in weekly prizes provided by Weltrade.

I stumbled upon VideForex when searching for low-level brokers. When I opened their website I was bombarded with flashy numbers… a bad sign. I tried their demo account anyway to see what the experience was like.

Well, I didn’t like it at all. I tried trading on the platform for one week and left the broker. We’ll discuss what exactly about this broker left a bad taste in my mouth, and how to spot some red flags in brokers like these moving forward in your own trading life. First, let’s see what others say:

How good is VideForex?

It depends on many factors, like tradable assets, platforms, account types, and funding methods. They offer a high minimum deposit and don’t have any regulations. So, VideForex isn’t good.

Who owns VideForex?

Involvo Corp, a company in the Marshall Islands, owns VideForex.

How can I close my VideForex account?

To close an account, you need to contact the support team. The whole process can take a couple of days to one week.

Does VideForex charge tax?

VideForex charges no tax on the profits made during the asset trading. It is instead the traders’ responsibility to follow the tax requirements of the country or the region where they use VideForex.

Does VideForex pay out?

Yes, it does. VideForex payout reaches up to 95%. Payouts signify your expected returns on each trade.

FINAL THOUGHTS

We evaluated VideForex’s pros and cons, but the cons were more than the pros. The obvious cons are the lack of regulation, high minimum deposit, no physical address, and no security. So, I would give the broker a 1/5.

I hope this review was useful to you and helped you make a decision. If you are looking for legit forex brokers, you can check the complete list of brokers here.

Visit »

It is one of the best international brokers. Different types of assets, convenient and reliable platform, favorable trading conditions. Want to know more? Click here.