- High-quality trading platforms.
- High variety of tradable instruments.
- Dependable live support
- High spreads
- Unregulated broker
- Demo account is only available after deposit
- VideForex Platform
- Credit and Debit cards
- Bank transfer
VideForex is a new brokerage company that offers Forex and CFDs alongside binary options and other products. The Scotland-based broker was launched in 2017 and is a subsidiary of the Financial Group Corp (FGC). While FGC owns the rights to the VideForex brand, the broker operates as a separate legal entity.
VideForex customers can trade on various assets including binary options, stocks, CFDs, forex, and cryptocurrencies. This broker offers bonuses up to 100% on initial deposits. As we will see later in this review, they do not provide industry standard tools such as the MT4. However, this is not to mean that their alternatives are not good.
VideForex offers three types of trading accounts namely Bronze, Silver, and Gold. The minimum deposit for the Bronze account is $250 while that of Silver and Gold is $1000 and $3000 respectively.
Beginner traders mostly prefer brokers with an affordable minimum deposit requirement. VideForex offers a minimum deposit of $250 which is somehow higher when compared to brokers of its category.
At the time of writing this VideForex review, the broker was offering up to 100% bonus on any initial deposit amount. This broker offers leverage of 1:100 which is within the industry average and best for beginner traders. Their spreads are floating and a bit higher than what most brokers provide.
One thing we noted about the broker is that they charge a specific commission to traders who choose to open unleveraged digital currency CFD positions.
VideForex offers over 160 tradable assets which is average compared to a typical broker with their level of experience.
The broker offers over 60 currency pairs to include Majors and minors and also popular cryptocurrencies. With VideForex, traders can also access major stocks across the globe including IBM, Coca-Cola, Microsoft, Facebook, Alibaba, and many others.
Major indices provided by this broker include US DOW, S&P 500, Nasdaq, DAX, FTSE 100 UK, ISE and many others. The commodities available include Silver, Platinum, Oil, Sugar, and Coffee.
VideForex is a new broker without any regulators yet. Regulation is essential and is among the metrics that traders should use to gauge a given broker reputation. Most importantly, regulatory authorities help keep brokers in check and protect the interests of customers.
From the look of things, VideForex appears not to have any regulatory oversight. While the broker might be a credible trading platform, they are closely run by other offshore brokers making them unreliable. Their website does not include any regulatory information. For this reasons, we recommend that you take extra precaution when opening an account with them.
We found VideForex's trading platform very interesting. Unlike other brokers that offer Metatrader4, Metatrader5, and extra trading platforms, VideForex does not provide any of these.
They operate on a web-based platform where traders can easily carry out their trading activities. In general, we found their unique trading platform easy to navigate. While it does not have stylish and modern tools, we were impressed by its uniqueness as well as its ability to support multiple functionalities.
If simplicity is your thing, we believe that you’ll love VideForex’s trading platform. Newbies will have a wonderful time interacting with this trading platform.
As mentioned above, VideForex does not offer the fancy Metatrader4 and Metatrader5 trading platforms provided by most brokers in the industry.
However, we were surprised to find out that the broker has gone above and beyond to make their web-based trading platform mobile-friendly. Traders can easily access VideForex’s web-based platform even when on the go.
Customers can choose to access VideForex’s web-based platform via their Android and iPhone devices. Similarly, the platform is compatible with tablets and iPads. VideForex also has native trading apps that are available for free on Play Store and App Store.
VideForex offers fixed spreads with the average for the EUR/USD pair currently standing at two pips.
While there some brokers in the industry with higher fixed spreads, VideForex’s spreads are very high. We recommend that you avoid this broker if you are looking for a low-cost option.
Deposits & Withdrawals
To open trading accounts with VideForex, customers are required to deposit $250. Funds can be deposited through various means including credit card, bank transfer, Skrill, Neteller, and PayPal. VideForex also supports Perfect Money, Altcoins, Bitcoin, and Litecoin among other widely used cryptocurrencies.
When it comes to withdrawal, traders can use all the major payments methods mentioned above. VideForex imposes a fee of up to $50 for all bank wire transfers.
Additionally, VideForex has a minimum withdrawal amount of not less than $50. The best thing about VideForex withdrawals is that they are processed within the hour.
VideForex has a functional round the clock customer service. What we loved most about VideForex’s customer service is their modern video chat feature.
VideForex is one of the first brokerage service providers in the industry to implement the video chat feature. The FGC Company is said to be behind VideForex’s video chat. Traders report having had a great time interacting with the broker through this feature.
In addition to a functional video chat feature, the broker also offers customer service via phone. Customers can call the brokerage company during the day or night. 24/7.
Research & Education
VideForex offers research & education resources through their parent company. Traders are issued with top trading tools, personal account managers, and advanced market analysis.
Nonetheless, VideForex does not offer extra educational resources such as trading signals and trending market news.
With that said, we liked VideForex’s informational database and their various research resources. We also noted that only Gold and Silver account traders receive the best trading resources
Although VideForex is new in the brokerage industry, they offer many products and their customer service is commendable.
Additionally, the binary options trading platform has some mouth-watering bonus packages. Traders are offered bonuses of up to 100% of their initial deposit. VideForex also holds various promotions regularly.
On tradable assets, VideForex customers have access to over 160 assets. We did find VideForex’s trading platform pretty impressive and unique. In addition to supporting mobile trading, the platform is simple and comes with many features.
The broker seems to specialize in Forex and binary options primarily. However, they also offer a bunch of other products including CFDs, stocks, ETFs, and market indices.
During our VideForex review, we found out that the brokerage provider is not well-regulated. Although they offer frequent promotions and tonnes of bonuses, we advise traders to interact with VideForex cautiously.
Dealing with unregulated brokers can be very risky because there isn’t a regulatory authority to hold them accountable. If you have to trade with VideForex, you should expect anything. Most importantly, make sure you trade wisely. Otherwise, find another brokerage provider that is well-regulated and adheres to regulatory guidelines.
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