Videforex Reviewed

Videforex is an unregulated broker and, apart from this, the website is extremely vague and very uninformative. There are a number of red flags which may suggest that this forex broker is a scam broker.

Choose your quick section of our Videforex review below.

A Quick Overview of our Videforex Review:

• ✔️Videforex at a glance
• ✔️Who is Videforex?
• ✔️Pro and cons
• Leverage
• Accounts
• Market instruments
• Fees
• Deposit and withdrawal
• Trading platforms
• How to open an account
• Customer support
• Education

Traders are greatly cautioned against using unregulated brokers as they cannot be assured of client fund safety.

Who is Videforex?

According to research in South Africa, Videforex is an online trading broker which was founded in 2016 and is based in the Seychelles. Videforex offers traders with more than 100 CFD and options instruments which can be traded through the proprietary Videforex trading platform.

SAFE OR SCAM

When choosing a broker, one of the benchmarks against which to measure safety and client fund safety and security, is to establish which regulating authorities oversees the operations of the broker.

Videforex is an unregulated broker which displays a banner on the homepage indicating that it is regulated, but confirmation of this could not be confirmed.

These brokers are not overseen by regulatory entities and thus, traders may be lured into a scam that looks legit on the surface.

Pro and cons

Leverage

Leverage is a tool which allows the trader to open larger positions in addition to providing the trader with larger exposure to the market in which they are trading regardless of the trader’s initial deposit. Leveraged products, such as Forex, increases the potential profits of the trader, but it also increases the risks and subsequent losses that the trader may incur.

No indication on the Videforex website pertaining to leverage although, previous reviews on the broker suggest leverage up to 1:100.

Accounts

A Forex account is a trading account that traders hold with a specific broker with the purpose of trading financial instruments.

Brokers offer a variety of trading accounts, or they may only offer a single account, in which they provide certain trading conditions that appeal to a variety of traders according to their trading needs and objectives.

The number and the type of accounts that traders are offered will vary from one broker to the next and this is why it is imperative for traders to know what their trading needs and objectives are, and why they should choose a broker according to that, amidst other factors.

The different account types and their unique features include:

Bronze Account – A minimum deposit of $250, and a bonus of 20%.

Silver Account – A minimum deposit of $1,000, access to a Master Class, a bonus of 50%, and 3 risk-free trades.

Gold Account – A minimum deposit of $3,000, access to a Master Class, a bonus of +100%, and 3 risk-free trades.

Market instruments

The most popular market instruments available from most brokers for trading include:

Forex

Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management.

Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices

Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals

The trading of gold and other precious metals, along with crude oil, copper, or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

Videforex has a limited choice of only 100 tradable CFD and Options for trading, including:

Over 35 Currency pairs including Forex Majors and Minors.

More than 17 cryptocurrency pairs including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and more.

2 Metal Spot CFDs which are based on Silver and Gold

4 Stock BOs which are based on German company shares

Fees

When evaluating a broker, it is imperative to look at the fees which are charged. These often depend on numerous factors including the spread, commissions, and margin requirements.

The spread is the difference between the bid and the ask price, which is expressed in pips, which is the smallest increment that a price can move either up or down.

A margin requirement is the amount of capital that the trader has to put down at the start of the trade, or that they have to have available in their trading account, as collateral for the trade. This amount is often lowered substantially when leverage is applied.

There is no information regarding the spreads and commissions that Videforex charges, however, there are withdrawal fees of 5% charged on Credit/Debit cards. There is no information regarding any other fees that Videforex may charge.

Deposit and withdrawal

When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.

Regulation plays a key part where client funds are concerned as funds which are kept in segregated accounts must be available for withdrawal at any given time when a request is made by the trader and subsequent owner of the trading account.

Videforex offers the following payment methods when deposits and withdrawals are made:

Credit/Debit Card

Bitcoin

Altcoins

Ethereum

PerfectMoney

When making withdrawals, traders must provide proof of identification with every withdrawal regardless of the amount being withdrawn from the trading account. In addition, there is a minimum withdrawal limit of $50.

Trading platforms

A trading platform is a type of software which is used through which trading can be executed. Each broker has its own preference in which platforms it supports and often brokers offer the use of their own proprietary trading platforms.

Videforex offers its own proprietary trading platform through which trades can be executed. The trading platform can be used on web browsers as well as Android and iOS mobile devices.

The features which are provided are quite generic, and include:

The option to trade CFDs and Options.

Price feeds which are provided real-time.

Direct deposit and withdrawals which can be done through the app.

Access to the trader’s account and portfolio through the app.

Instant execution on trades.

Charts for every option which can be viewed on the trading platform.

Traders have access to their entire trade history.

The app is free to use.

How to open an account

Traders are not advised to register an account with this broker until its legitimacy can be proven. To open an account, traders can navigate to the Videforex website, select the option to open an account, provide the necessary information, and complete the process by providing proof of identification and proof of residential address.

Traders are, however, urged to take great care in providing sensitive information to the broker until the broker has been confirmed as legitimate.

Customer support

This is an important point when evaluating potential brokers to trade with as the broker must ensure that their traders have a variety of ways in which to contact support should they have queries, questions, or issues.

To contact Videforex, traders can submit an online contact request or make use of the telephone numbers provided. There is no option to email the broker and the Live video chat is only available once the trader has registered.

Education

Education refers to all the learning material and tools offered by brokers which is imperative for traders in their trading activities, especially beginners. It provides traders with the necessary knowledge that they will need to become successful traders.

There is no education section on the Videforex website. The only form of education offered can be found on the homepage in an embedded video where the education options include videos on how to trade CFDs and how to trade Binary options.

There is also a FAQ section with a few questions and their answers although there is no actual insight or further information offered that will count towards adequate education.

Research

To assist in their trading endeavours, brokers offer traders with a variety of trading tools which can be used to refine their trading.

There are no research tools, material, or resources present on the Videforex website.

AWARDS

When a broker has won numerous awards and indicates such on their website, it often instils more confidence in the broker as an industry leader and provides it with a good reputation in its solutions and services provision.

There is no record of awards that Videforex has obtained.

Conclusion

Traders need to take great caution as the website and offerings of scam broker may seem legit to those who do not know what to look for.

Before opening a trading account with this broker, it is imperative to evaluate and confirm its legitimacy or traders run the risk of losing substantial funds which cannot be reclaimed once invested if it is a fraudulent broker.

Disclaimer

Videforex warns potential customers that Forex and CFDs trading carries a high risk and may not be suitable for all investors.

Before deciding to trade with Zacks Trade, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

Videforex warns that margin trading involves the potential for profit as well as the risk of loss.

Movements in the price of foreign exchange and commodities are very unpredictable, hence Videforex cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

FAQ

Trading environment

How many instruments can I trade with Videforex?

You can trade the following financial instruments:

Forex

Cryptocurrencies

Metal CFDs

BOs shares

Which platforms are supported by Videforex?

Videforex only offers its own proprietary trading platform on web and mobile.

Does Videforex offer leverage?

Not indicated. Previous reviews suggest that leverage of 1:100 is offered.

What spreads can I expect with Videforex?

There is no information pertaining to the spreads that can be expected when trading with Videforex.

Does Videforex charge commission?

There is no information regarding the commissions which are charged when trading with Videforex.

Is Videforex regulated?

No. Videforex is not regulated. The homepage features a banner which claims that the broker is regulated, although no mention of regulation can be found on the website.

Is Videforex a recommended forex trading broker for experts and beginners?

No. Videforex is not recommended for trading as it displays the classic signs associated with a scam broker.

What is the overall rating out of 10 for Videforex?

0/10.

Accounts

What is the difference between a demo and live trading account?

A demo account is offered by brokers as a risk-free trading environment where traders can use virtual funds to either explore the broker’s offer, practice trading, or test strategies.

Does Videforex offer a demo account?

No. There is no indication that Videforex offers the option for a demo account.

How long is the demo account valid?

This is not applicable to Videforex as there is no indication that a demo account is offered.

Which live trading accounts does Videforex offer?

Bronze Account

Silver Account

Gold Account

What are the available deposit currencies for a live trading account?

USD, EUR, GBP, RUB.

Deposits and withdrawals

What is the minimum deposit for Videforex?

$250.

How do you make a deposit and withdrawal with Videforex?

Credit/Debit Card

Bitcoin

Altcoins

Ethereum, and

PerfectMoney

Does Videforex charge withdrawal fees?

No. there are no withdrawal fees indicated.

How long does it take to make a withdrawal?

This depends on the payment method uses and can be anything from an instant withdrawal or it may take up to several days, as the case may be with bank transfers.