VideForex FX Brokerage firm was established in 2016. Over the course of few years, they have been the talk of the industry but not in a good way, Even though aesthetically site looks very innovative and efficient, we have found out that this is merely a facade and can not be considered as truth.
A lady can be seen seated on the VideForex homepage. It is for the purpose of assisting newbies as well as existing members. Any type of assistance is available from them 24 hours a day, seven days a week. You can contact her with any questions you have by typing your message here and she will respond. You can trade 60-second Forex, CFD, and binary options and withdraw in one hour.
There are live managers available to assist you with your trade. It will take less than a minute to register. You can fund your VideForex Forex Broker account in whatever manner they suggest. If you want, you can get a bonus. For example, if you deposit $250, they will give you a 20% bonus, but there are some restrictions. Before taking advantage of a bonus, please read the terms and conditions by clicking on them. The minimum deposit on the site is $250 and it goes up to $50,0000.
The site does not provide highly acclaimed MT4 or MT5 trading platforms. instead one can use a web-based custom platform for desktop and mobile. It’s quite odd that the platform is so generic that it doesn’t even have a title. This is definitely a red flag.
There are currently 4226 accounts in the system. Following that, payouts to their traders are made based on the trading volume. The withdrawal processing time is 53 minutes. That’s fantastic! They demonstrate the benefits. As for the customer service on the VideForex FX Brokerage site, it is very bad.
License and regulation – Is Videforex Legit?
Technically VideForex is a legit brokerage if we are talking about being regulated by an organization. They seem to have a Vanuatu Financial Services Commission qualification, which fairly doesn’t really amount to anything within the industry at large. VFSC regulation is not known for its dependability as it can easily be bought. In a larger context, it is merely the easiest license to get.
In order to get all of this information, we had to do thorough research as none of it was disclosed on the website and none of the service operator girls would not give us any information or time of day. We have noticed that they are constantly lying about various notions about the VideForex Forex Broker site.
The girls have on many occasions have referred to the platform as an international brokerage firm. However as we have already discussed they only have a Vanuatu license, which is filled with faults and can not always be trusted. In order for Videforex to truly provide its products and services to other jurisdictions, they need to have a secondary internationally acclaimed license which they don’t possess.
VideForex Review – Trading Features
They say that a forex broker is only as good as its trading features by this logic we can conclude that Videforex is nothing but a glorified video live stream page filled with nice-looking girls. The site is not discussing their trading features directly on their pages instead they constantly try to redirect you to the service provider girls who are not very good at their job. We have researched Videforex very well and found out that they are constantly misleading their consumers. The site can actually provide services to US residents however this is no obstacle for one of the service girls to tell you that you can indeed do so. In this section of the review, we will give you the specific information that is hidden from the trader by the site in their user agreement and other documents.
The way this forex broker categorizes its accounts is hilarious as it’s so out of date. On the site, three different account types are available for the traders. These are the bronze, silver, and gold trading accounts.
Videforex assumes its consumers are idiots as they don’t provide any necessary information about the accounts like leverage, spreads, margin, and stop-out levels. The is a problem on the site though and though, the lack of written content seems to be deliberate and a way to stir up confusion, so that one will have no other option and use the live video chat option with the most incompetent group of girls one can find on the face of the earth.
you really have to dig through the worst written content on the site to get any information about the most important trading tool such as leverage. after going through the User agreement and critical reviews of the site we have concluded that the maximum leverage ratio this brokerage firm can even provide is 1:500. It’s loosely alluded to in the terms and agreements of the site.
This is another case of manufactured confusion. The platform wants you to feel inadequate at finding the bare minimum intel. They want you to opt and talk to the service girls so they can trick you into their own agenda.
The site has the same amateurish approach when it comes to spreads. The only vague notion we could find on the site was alluding to the fact that the site has variable spreads. This was briefly mentioned in the user agreement which is just a combination of bureaucratic jargon at best and not a clear definition of the terms and agreements of the products and services of the forex broker.
Oddly but surely the minimum depositing amount is actually discussed on the site. Clearly, this is a notion of lucrative marketing. The way the site gives its consumers this specific information is yet again another gimmick that doesn’t have much functional use. We are referring to the usage of the scale format which is rather unnecessary and clearly is a way to optimize traffic on the site.
According to the scale, the minimum amount required for a deposit on the Videforex site is $250. It can go up to as high as $50,000. In between these numbers are also the minimum deposit of $1000 and $3000. There is no clear definition to which account type the specific requirement is needed to be met. This is clearly another way for the site to confuse the consumer, so they won’t have the other option to use the live video chat feature, which the site is actively promoting in every possible way.
These girls are very unprofessional, clearly, the requirement to get a job as a service operator at this firm only requires one to be pretty as most of the girls on the site are a bunch of airheads that only provide vague intel on specific topics. In no way can they make the experience at this forex brokerage firm easier and more comfortable.
The site does offer three distinctive bonuses. Much like everything else about this forex broker the bonus system of the company is rather odd as well. It is closely proportional to the minimum deposit amount of the trader. If one makes the minimum deposit between $250 and $1000 one can reap the benefits of a 20% bonus. One can get the second 50% bonus by depositing from $1000 to $3000. Any deposit above $3000 gives the trader a 100% bonus. Overall the bonus scheme might be the only decent strategy that the site has implemented over the course of its existence.
If a client’s turnover does not equal three times the bonus amount plus the bonus amount within three months, the bonus will be canceled and taken from the client’s account. The bonus amount can not be withdrawn as it can only be used for trading.
The cash deposited plus the bonus must be turned over three times in order to qualify for an initial deposit withdrawal profit with a Videforex account that has been awarded a bonus. For example, if a client deposits $1,000 and receives a $300 incentive, the client must turn over at least $3900. Turnover is calculated by adding the total amount of all trading orders, minus the amount of any trade orders that have been canceled by the client or Videforex.
Additionally, there are more promotional initiatives available on the site for the consumption of consumers. These are contests and giveaways. Videforex is giving away a variety of Apple products as gifts for their loyal traders who do make high deposits. This means that alongside the bonuses one can also participate in the giveaway. However, the winners of the gifts are chosen randomly and not in public discourse.
There is also a weekly trading contest with a prize pool of $20,000. There can only be 20 winners, each week the site displays these people on their leaderboard. all trading accounts automatically take part in this contest.
VideForex review – Final Verdict
The overall sexist undertones of the site emphasize the absurdity of the site. VideForex is a forex broker firm with an unusual and stupid gimmick. The site fails to live up to its reputation as an innovative trading firm that offers live video chat options for its users. In fact, none of the service operator girls provide eloquent answers.
The written content in every section of the site is horribly underwritten and incomparable. The information about the important trading tools and features is practically nonexistent. The only time they do provide specific intel is when discussing the promotional initiatives of the site which is yet a part of a gimmick.
The site’s FAQ section is very simplistic and vague. The whole reason any brokerage firm has this section is to simplify the experience of the trader by giving them firsthand access to all the information they ought to know before starting their trading with them. As we have mentioned numerous times before, this is not the mindset and values of Videforex. This broker firm is commodifying the looks of the operator girls by constantly promoting them on their website.
Means of funding on Videfoex include bitcoins and cryptocurrencies such as Ethereum. Additionally, some other altcoins are accepted. Let’s take a look at the benefits of the FX divide, after all, there has to be some decent thing about this firm, right? One of the advantages of FX is that withdrawals are guaranteed to be processed within one hour. Even though there are countless other counterparts that can do so in less time, this seems like a relatively good aspect of the site. It’s also one of the few instances when the site actually promotes something specific.
How on earth could this be a positive or any advantage of a broken broker when this is exactly what should happen with a regular reputable broker?
Regular business hours are not an advantage; this is something that should happen automatically. Nonstop trading even on weekends means that the broker likely offers access to the crypto market, which, because it is unregulated, is open over the weekend, and that is what it refers to; however, it does not imply that you can trade Ethereum.
Another way the firm tries to mislead you is the way they talk about the security measures of the site. Videforex implies that trading with them one can do so in a secure environment with complete data protection. This refers to the small lock next to the web address of every weblink. It’s just an SSL encryption software, not a form of trading in a secure way. But the way Videforex writes about it on their site refers to data protection of one’s payments. The wording above is constructed in such a way that it leads you to believe that trading is covered by regulations, yet there are none, and hence this relates exclusively to the actuary.
All in all, we do not recommend one to start trading with these forex broker firms as they are very manipulative and artificial. The leverages and bonuses are okay but nothing to brag about. Videforex is a mess of a site that is only concerned with aesthetics.