VideForex Review – What does this broker offer?
When looking at This intriguing broker based on its name alone we couldn’t associate it with anything. Its name is Videforex. quite an interesting title for a brokerage firm. This alludes to the fact that this site uses the video format to its advantage very often. It’s quite literally in their name.
The minimum deposit on the site is $250. maximum is $50,000. As for the maximum leverage ratio, it is 1:500 and the spreads are variable. Over a few thousand trade products are offered on the VideForex broker site.
The financial instruments are available in different asset groups, including forex, stocks, cryptocurrencies, commodities, and indices. Metatrader 4 and Metatrader 5 trading platforms are not available on the site.
One can only use a web-based trading platform that doesn’t even have a name on the site. Additionally, there is also a mobile trading platform as well.
License and Security – Is VideForex Legit?
Go over the website and you’ll see all these steps and how to deposit and so on, with the live video chat one can be connected with some girls who make trading so easy and profitable. Now, we know that this isn’t the case in forex, but let’s take it to step by step. On the home page, they claim that this is a regulated broker, but nowhere else on the website does it say that. visit the menu, go to the FAQ page, there’s no written content on the site that implies any legitimate information on this very topic.
After doing a background search about the firm we have concluded that VideForex technically has a regulation qualification, but it is from Vanuatu, which isn’t the world’s strongest regulation. Many people see it as a quick fix for people who don’t want to pay the money for an FCA or a CySEC license, but it is regulated, and it claims to make withdrawals in an hour.
VideForex Review – Trading features
A forex broker is only as good as the products and services it provides to its consumers. By this logic, we can safely conclude that VideForex doesn’t meet any standard of efficiency and quality. The entire site is based on a gimmick which is the live video chat option.
They don’t even have a trading account fit for the industry standard, their format is quite outdated. if you go to the trading accounts section of the site, you’ll find that they have three different types of accounts. What we don’t know is whether this is an ECN account, a fixed spread account, a variable spread account, or a straight-through processing account. These aspects of the accounts are not disclosed to the public instead we get secondary information, which is informative but not a necessity.
The upper mentioned three account types are Bronze, Silver, and gold. But with all honesty, we can conclude that this is just a mere formality as these accounts are practically identical in every way. The only few distinctions are extra features like the web seminar and master class which are only offered to silver and gold members of the site. These users also get 3 free risk trades as well.
the same type of reckless behavior and misinformation is happening with the leverage as well on the Videforex site. This is a highly important tool that should always be disclosed to the trader, This broker doesn’t do so. In order to get any type of information about the leverage one needs to use the live video chat option, even then one will definitely not get a clear answer.
While conducting research we have tested this firsthand and the only place we could find any information about the leverage ratio was the user guidelines, which are disclosed in the terms and policies of the site. One has access to these documents only after registering on the site. This is definitely a lot of work to get the bare minimum information about the available leverage which on the site can go up to 1:500
The only information we could gather from the site and countless other sources was the fact that the spreads on the site are constantly fluctuating. This is yet another important trading tool and VideForex chooses to be secretive about it. The firm has not only haven’t mentioned any words about it on the site, additionally but there’s also no mentioning of it in the terms and agreements section even when one goes through the rigid signing up process it still doesn’t show us actual numbers.
There is no clear definition. Even if you ask the live video chat service provider girls a question about the leverage, some of them will either ignore you or tell you to read the guideline manual, which we have, and needless to say, there’s no mentioning of the leverage only the fact that is changes frequently.
The minimum amount for a deposit on the site is $250 and it goes up to $50,000, depending on which account not type one I using at the moment.
The starting point is $250, which is the minimum requirement for Bronze account users. This is the most basic account type on the site. But don’t worry there’s hardly any difference between the accounts other than the minimum depositing amount.
The silver account users need to meet the minimum requirement of $1000 to start trading with this brokerage firm. If one uses the gold account the minimum amount of money they need to deposit is $3000.
There are few bonuses available on the site. Bronze users get a 20% bonus, Silver members get a 50% bonus, and last but not least the gold users can reap the benefits of a 100% bonus. Oddly there is no mention of what type of bonus do they offer to their consumers. It could be a depositing bonus, a rebate, or maybe even a cashback. Who knows what their implication is when it comes to promotional initiatives.
Additionally if one visits the promotions section of the site, one c will see that there are also contests and giveaways available for the clientele of the site. As of now, Videforex is giving away different apple products. The winner of this specific promotional offer is chosen randomly by an algorithm. Sounds sketchy and unpromising.
VideForex Review – Final Verdict
All brokers in the globe offer a wide selection of deposit and withdrawal options, which is not a benefit at all. Trading in a secure environment with complete data protection This refers to the small lock that you see on or ahead of every website web address of every weblink you have this small log but it doesn’t refer to secure trading it refers to data protection that your payments to or through this website are protected not it doesn’t have anything to do with trading the phrasing here is made in such a way that it makes you think of trading.
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