Videforex review and test for traders: Is it a scam or not?
- Videforex review and test for traders: Is it a scam or not?
- What is VideForex? – The broker presented
- Regulation and safety for users
- Trading conditions for users
- Test of the Videforex trading platform: How good is it?
- How to trade with Videforex: Trading tutorial
- How to open an account with Videforex
- Conclusion: Videforex is not a scam but an unregulated trading service
(4 / 5)
Up to 90%+
100+ Forex, Crypto, Stocks, Commodities
Trading has become so popular nowadays that people are choosing to focus on it rather than have to go to their nine to five jobs. This is understandable because trading can be done in the comfort of your own home.
To jumpstart your career as a trader, you have to choose the right broker that has everything you need to know. In this review, we will be focusing on one of your potential brokers, VideForex. Here in our review, you will get to know the company as a whole and read about its features and how it works.
What is VideForex? – The broker presented
VideForex is a broker that specializes in forex, CFD, and options trading. With over 100 assets available, clients gain a broader exposure to the market, and this can help diversify their portfolios. This broker’s platform is available on any device, which allows both newbie and professional traders to access it anytime, anywhere.
This particular broker was created in 2017 and is operated and owned by INVOLVA CORP, and they are registered in the Marshall Islands (Nr. 104693). VideForex’s main office is located in Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.
Since its inception, VideForex has gained over 5,000 clients from around the globe. They also boast of a trading volume of over $4 million and a total of more than $450,000 payouts to traders.
(Risk Warning: Your capital can be at risk)
Regulation and safety for users
According to the website, VideForex claims to be regulated. But there is no evidence to back this claim. This is why traders should treat this broker as an unregulated platform and must be extra careful when trading with them.
However, VideForex is SSL certified. This means that all your personal data, as well as bank details, are safe from hackers.
Videforex is an unregulated trading service based in the Marshall Islands.
Trading conditions for users
So, the next question is: What can Videforex offer for its clients? We will discuss this in the next sections.
According to the website and VideForex’s customer support representative, they do not charge any fees. However, upon asking about their commissions and profit share, the representative didn’t respond anymore. There’s no additional information regarding the commissions or profit share found on the website.
Assets and leverage
VideForex offers four asset classes for options trading. These are currencies, commodities, cryptos, and stocks. Below is a list of these assets. Additionally, since options trading is already considered high risk on its own, clients are not required to trade with leverage.
USD/CHF, EUR/USD, USD/JPY, USD/CNH, CAD/CHF, CHF/JPY, GBP/USD, EUR/NZD, AUD/NZD, EUR/AUD, USD/SEK, EUR/GBP, EUR/CAD,
AUD/JPY, NZD/USD, GBP/CHF, AUD/USD, USD/RUB, USD/CAD, EUR/JPY, EUR/CHF, GBP/JPY, AUD/CAD, GBP/CAD, GBP/AUD, AUD/CHF
Bitcoin, Zcash, Ripple, Monero, OmiseGO, Litecoin, Ethereum, Ethereum Classic, EOS, Dash, Bitcoin Cash, IOTA, Stocks, Lufthansa, Deutsche, Daimler, BMW
CFD and Forex
The asset classes as CFDs offered by VideForex are currencies, commodities, crypto, indices, and stocks. You’ll find a list of these below. However, when it comes to stocks, there are over 50 CFD stocks available. Some of the most common stocks found on the platform are Apple, Starbucks, Tesla, and Apple. For forex, you can expect to find the seven major currency pairs along with minor and exotic pairs.
Clients can use leverage in trading these assets. For forex, index CFDs, and commodity CFDs, the leverage can reach up to 1:500. For cryptocurrency CFDs, leverage is 1:10. Lastly, the leverage for stock CFDs is 1:100.
Commodities and CFDs:
Gold, Silver, Copper, Brent Oil
Cryptocurrencies and CFDs:
ZCash, Ripple, Monero, OmiseGO, Litecoin, IOTA, Ethereum, EOS, Ethereum Classic, Dash, Bitcoin, Bitcoin Cash
Indices as CFDs:
US-TECH100, USA500, USA30, HONGKONG50, UK100, SPAIN35, SWISS20
(Risk Warning: Your capital can be at risk)
Test of the Videforex trading platform: How good is it?
VideForex doesn’t require its clients to download any kind of software to use its platform. Their platform is web-based and can be accessed by using any kind of browsers, such as Mozilla Firefox, Google Chrome, or Microsoft Edge. Since clients do not need to install anything on their personal computer, this saves them the risk of being infected by a malicious virus that might corrupt their operating system.
To access the trading platform, clients simply need to log in to VideForex’s website using the email and password that they used upon signing up. Once you’ve logged in, you will notice that everything you need for trading will be on this web-based platform.
Important financial tools can be located on the top left of your trading platform, and account tabs will be on the top right. Immediately below this, you will be able to see recent profitable trades that have been made by other clients of VideForex.
For trading, your charting software will be on the center of the screen, a list of tradable asset classes and their respective assets will be on the left-hand side while orders can be set and made on the right-hand side.
At the bottom of your trading platform, there is a table that would feature open, closed, or pending positions that have been executed by the system. All details listed here are vital for backtesting, portfolio management, and trade review. Subsequently, users can also view which trades have been profitable to them.
By default, first-time users will be greeted with a tick chart that features options trading with an asset’s price movement every second. This can be used by seasoned options traders to take advantage of the small movements of an asset. These assets could be forex pairs, commodities, cryptocurrencies, crypto pairs, or stocks.
It’s a simple chart but is effective when used since it also features a gauge for the demand of puts and calls for an asset. This could be used as a guide to know if you’re going with the trend of a trade or against it.
Furthermore, clients will notice that there is a timer on top of the chart. This timer is a countdown for options expiry times and is particularly useful when you’re anticipating a quick, profitable trade.
Options traders will also be glad to find out that they could switch to candlesticks charts which will be discussed below.
You can switch between candlestick charts (from tradingview.com) and normal line charts.
CFD and Forex Charting
For CFD’s and forex, clients will also immediately have access to VideForex’s charting software that is fully customizable. Their charts are powered by TradingView, the leading application for all your charting needs. With this feature, clients can trade like a professional.
Charting for CFD’s and forex will be in Candlesticks and can be further customized into Bars, Candles, Hollow Candles, Heikin Ashi, Line, or Area charts. Time intervals for charts can also be changed into five different time frames, which are 1m, 5m, 15m, one h, and 1d.
Since VideForex clients are also partners of TradingView, they gain more access to indicators such as the popular Ichimoku Cloud Trading System or the regular simple and exponential moving averages. Further chart customizations can also be made for its style, scales, background, and timezone to fit your preferences.
Furthermore, tools can be found on the bar on the left of your charting software. These tools will allow you to draw patterns and mark significant price points that you can use for your trades.
Here, you will have access to drawing tools that allow you to employ Fibonacci-based techniques as well as harmonic patterns. Measuring tools can be found here as well and will be used if you want to measure your risk or probable gain.
Text can also be added to charts if the client wishes it. By clicking on your text options, you can add anchored texts, notes, callouts, and price labels to keep notes for trading.
By accessing TradingView’s full version even while using the one found on VideForex’s platform, you will be able to save new charts or even load existing ones for convenience. All your data is stored in your VideForex account so that you don’t have to add all your drawing tools again.
On the bottom-right corner of your trading software, you will be able to change and set your charts from a linear price scale to a log scale. Some traders, however, use percentage scales, and clients will also be able to use this.
Chart data used here also showcases historical data that dates even as far back as the time that a certain asset was introduced to the market. This allows for easier backtesting and price analysis.
Clients can also take screenshots of their charts by navigating towards the top left portion of VideForex’s platform and accessing Charting Tools. A new link will pop up, and clients should click on the Take a Snapshot button on the top right portion of their screen, or they could simply enter the hotkey for it, which is Alt + S.
When trading CFDs and Forex, VideForex clients will be able to select from 5 different asset classes that include currencies, commodities, cryptocurrencies and crypto pairs, indices, and stocks.
(Risk warning: your capital can be at risk)
Videforex mobile app
VideForex’s mobile application functions the same way as its web-based platform. Here, you can trade all the available assets and even withdraw and deposit at a click of a button. This makes it convenient, especially for clients who don’t have the time to sit in front of a computer all day.
This is 100% free, available for Android and iPhone users, and you can download the app from the Google Play Store and Apple App Store.
How to trade with Videforex: Trading tutorial
In the next section, we will show you exactly how to trade options and CFDs on the Videforex platform.
Once logged in, the first thing you should do is confirm whether you are using a real or live account. Next, you should decide whether you will trade options or CFDs and forex.
For options trading, you will notice that you are not able to trade indices and are limited to only forex, commodities, stocks, and cryptocurrencies. To trade options, you must learn the basics of what a binary option is and the definition of the common terms such as put and call.
Trading this asset derivative is slightly different compared to regular trading but is considered to be higher risk, but it also gives more reward for a successful trade. Additionally, whether it’s going long or short on puts and calls, the expiry of your option will greatly influence your trading strategy.
For options trading, you will notice that there are different order types that depend on the expiry date of your chosen option. These three options are
Turbo allows clients to set trades that expire within the next 30 minutes, while Intraday orders expire when the day ends. On the other hand, clients may choose to execute Long Term positions that expire within the next month.
After setting your order type, you should set the corresponding expiry time and date of your option. Subsequently, you could turn on VideForex’s Fix Time mode to properly time your trades.
Afterward, you should allocate the proper amount for the trade you want as well as enter whether your trade will be a call or a put.
All trades that are pending or have been opened or closed will be listed down on a table below by VideForex’s system. This table will function as your portfolio and trading history. This contains details such as the asset traded, its strike price, expiry price, start time, expiry time, order size, payout, and whether it’s a call or put.
CFD and Forex Trading
To trade CFDs or Forex, you need to select what you want to buy or sell from the list of asset classes and their respective list of assets. The assets you can trade here include currencies and CFDs for commodities, Cryptocurrencies and crypto pairs, Indices, and Stocks.
Once an asset is selected, we suggest looking at its historical price first and do your research on this certain asset. It gives a huge advantage when traders know the recent economic news or even company background. Having this information lets clients know if a bullish or bearish trade is more favorable.
You must decide how much you’re willing to risk and input your desired investment amount in the box provided on the right-hand side of your trading platform. From here, you could execute your order automatically by way of a market order.
Alternatively, you could set a limit order that allows you to edit your entry price, stop loss and take profit levels. This allows more control in handling your trades and could lead to more gains and fewer losses.
Keep in mind that by default, trades will always have a 1:500 leverage until changed. To change the level of leverage, it is best to contact VideForex’s customer support representative.
Despite offering a lot of assets to choose from, VideForex goes the extra mile to let its clients copy trade their other successful clients. Beginners and those that are interested in passive investing may use this feature so that their capital will be put to good use.
With their copy trading feature, you will be able to see the top 10 traders of VideForex and their respective profit percentages in the past months. You can allocate a set amount of investment with any of the top traders and wait until you are satisfied with your gain.
How to open an account with Videforex
VideForex’s registration form will ask for your full name, phone number, email address, password, and preferred currency. You can choose from US dollar, Euro, British Pound, or RUB. The form can be found on the main page of the website. Make sure to read the Risk Statement and Terms forms before you hit that sign-up button.
There are three account types that clients can choose from, Bronze, Silver, and Gold. Each of these accounts has its own perks and minimum deposits. Additionally, trading bonuses are granted to account holders. The bonus depends on the account type and your initial deposit. Keep in mind, however, that this bonus can not be withdrawn. Instead, you can use it to trade or invest.
(Risk warning: Your capital can be at risk)
The Bronze account is the most basic account type. With a minimum deposit of $250, clients can access VideForex’s 24/7 live video chat support feature, a demo account, and VideForex’s copy trading tool. A 20% trading bonus is also granted to Bronze account holders. This would give you a total of $300 if you deposited $250.
VideForex’s Silver account entitles users to the same features granted to Bronze account holders, but they also gain access to a master class, which is a web session, and a 50% bonus. With the minimum deposit of $1,000 plus the 50% bonus, your total funds would be $1,500.
An added perk for Silver accounts is the client’s first three trades are risk-free. This means that if the client loses money on their first three trades, the losses will be credited back to their account as trading funds.
Gold accounts are also given access to the same features as Silver accounts. The only difference is Gold clients will be given a personal success manager and a 100% bonus instead. The minimum deposit for this account is $3,000. Added to the 100% bonus, the total funds would be $6,000.
VideForex’s demo account entitles all registered clients full access to its features and services. Here, clients can practice various trading strategies that they can use for binary options trading or for CFD and forex trading.
Using a demo account, VideForex users won’t risk their hard-earned capital. Instead, they will be using virtual funds provided by the broker. However, to be able to trade using the demo account feature, clients will need to deposit at least $250.
The demo account is only available after a $250 deposit.
Your virtual funds will depend on how much you decide to deposit into your trading account. You can speak with a customer support representative to verify your deposit, and so they could open a demo account for you.
VideForex supports numerous payment methods. These methods are Visa or MasterCard debit or credit cards, Bitcoin, Altcoins, and Ethereum. Funds will be credited to the account instantly, but it is worth mentioning that you might need to wait a little longer if you deposit during weekends or public holidays.
Although adding funds through Bitcoin, Altcoin, and Ethereum won’t require you to pay additional fees, Visa and MasterCard transfers have a 5% fee. VideForex does not charge this. Instead, the credit card company does.
Available payment methods:
- Credit cards
- Debit cards
Deposit and minimum deposit on Videforex
Depositing funds are usually instant so to ensures that VideForex clients can start trading right away. The methods and fees are mentioned above. As previously mentioned, the minimum deposit depends on which account type you want to open.
For a Bronze account, the minimum is $250. For a Silver account, you’ll need to deposit $1,000. Lastly, to open a Gold account, a minimum deposit of $3,000 is required.
How to withdraw
Clients can withdraw their profit via the methods mentioned above. VideForex makes sure to process the withdrawal request instantly, and clients will get their funds within one hour. Although, as previously mentioned, there might be a slight delay if you decide to withdraw during the weekend or public holidays. Keep in mind that the minimum withdrawal amount is $50.
VideForex is quite generous to registered clients. A trading bonus of 20 %, 50%, or 100% will be granted to users depending on their account type. The exact amount of the bonus depends on your initial deposit.
This broker also hosts giveaways on the website. Traders who enter the giveaway have a chance to win various gadgets that help make trading more convenient. Usually, the prices are tablets, computers, smartphones, or smartwatches.
Referral links can also be used to get additional funds. Simply share your link with a friend, and you can get 20% of the amount that they deposit. You can get your referral link from the “Referrals” tab.
Upon creating an account, VideForex will welcome you with a promo code that you can use to get three to five risk-free trades. However, not all promo codes entitle clients to the same bonus. Also, these are time-limited promo codes. They usually expire after 45 minutes or an hour, depending on the time limit given to you. Make sure to read VideForex’s terms and conditions before you use their promo code.
Customer support and services
VideForex has a live chat trading feature that is open to all their clients. Here, you’ll have the freedom to speak to any of the online representatives. VideForex’s representatives support multiple languages. You can see a full list of the supported languages on the drop-down box found in the chat window. Although you’ll be sending messages on a public group chat, a private chat feature is available for registered clients.
You may also send them your question or concern by filling up the form found on the “Contacts” page. It’ll ask for basic information like your full name, email address, and phone number. A customer representative will get in touch with you via email once they have processed your form.
For time-sensitive concerns, VideForex has six different hotlines from different countries. Here are the numbers and corresponding countries.
- English – +1-829-9476393
- Australia – 61-8-5550-7288
- Singapore – 965-65425142
- Thailand – 02-21345671
- China – 3-395-0396
- Russia – +7-499-7033774
As an added service, VideForex hosts trading contests every week. There is no registration fee, and as soon as you sign up and make your first trade, you will automatically be a part of the contest. Twenty winners are chosen each week to win various prizes. The top four traders get $20,000, while the rest get trading bonuses or gadgets.
Winners are chosen based on the number of trades executed each week. The more you trade, the higher you’ll get in the ranking. You can see a complete list of winners in the past and active trades on the “Contest” tab. If you joined the contest, you could even check your rank anytime.
Conclusion: Videforex is not a scam but an unregulated trading service
The great thing about VideForex is they have a wide range of assets to choose from. This gives their clients maximum exposure to the different types of asset classes on the market. The deposit bonuses also help increase the clients buying power or working capital.
VideForex is also generous when it comes to promo codes. Every now and then, they post promo codes on their Twitter or Instagram account, and they even give away codes as soon as you create an account. The trading contest also encourages clients to be more active in the trading scene, and the referral links give additional bonuses to you and your friend.
VideForex makes sure that all their clients have what they need. There are video tutorials on how to use the platform so their clients can easily execute trades and navigate their way through the broker’s system.
When it comes to this broker’s customer support representatives, they are prompt to reply and are often able to answer queries and help with concerns. They support multiple languages to make sure that all their clients will be able to get the support they need.
Videforex is an unregulated trading platform.
VideForex does come with a couple of disadvantages, however. One of these is their demo account. When traders come across the words “demo account,” they expect it to be free. This is not the case with VideForex. You need to make a deposit before you can even test out their platform.
Another is leverage. It is fixed and can not be changed. Some traders prefer to trade with less or no leverage at all. Fixed leverage is considered risky and inconvenient to some, if not all, traders. This broker is also not regulated.
In conclusion, if you are careful and know how to manage your funds properly, VideForex can help you increase your profit. It is not a scam but an unregulated service.
(Risk Warning: Your capital can be at risk)
With all the asset classes available, as well as bonuses and promo codes, VideForex can be considered a good broker, depending on how you define it.
The website claims that they are regulated, but there is no evidence to back this claim. It’s best if you exercise caution when trading with this broker.
It takes at least one hour to withdraw your funds. It can take up to 3 days. It is depending on the working day and time.
The minimum deposit is $250 for bronze accounts, $1,000 for silver accounts, and $3,000 for gold accounts.
There is no need to verify your account. Once you register and deposit funds, you can start trading with VideForex.
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