Established back in 2017, what is known about Videforex usually focus on two things that are positive, specifically its Customer Support team and its equally responsive social media platforms. VideForex’s development of its own trading platform instead of partnering with already industry-tested software is a different discussion altogether.
But the most standout issue that clients have with this broker is its lack of regulation. While it is true that VideForex adheres to the standards of financial regulation, the matter stands that it is not subject to a specific regulating framework. However, the firm holds a license issued by the Finance Group Corp, an authority based in Vanuatu. What this means is that unlike other Forex brokers, VideForex is not duly regulated by the CFTC.
And while this may foster bad press, a look into what VideForex actually offers may help traders decide if the broker has more positive traits than what the online community gives it credit for.
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WHAT VIDEFOREX OFFERS:
- TRADING PLATFORM
As already mentioned, VideForex opted not to enlist the aid of already established trading platforms. Instead, its developers had created its own trading software. Clients agree that this brings two specific benefits to the fore:
1.1. The native platform ensures its own quality and reliability
1.2. In effect, VideForex is privy to everything that is going on with their platform. In theory, this speeds up the querying process and assures clients that all kinks in the system would easily be ironed-out.
In addition, through the platform, Day trading is straightforward. As such, VideForex’s clients agree that processes are more convenient. Another thing that the Day Trading users had noted is the platform’s sustained reliability through its wide variety of trading tools and educational resources. According to a number of users, the tutorials available through the platform effectively walks new traders through its many functions. As a result, selection of financial tools is a hassle-free process. Apart from easily getting currency pairs and indices, clients are also given access to crypto pairs and fixed return options.
Another standout advantage that clients have pointed out is because VideForex’s platform is web-based, complicated downloads are altogether avoided.
MOBILE PLATFORM
VideForex’s trading platform can also be accessed through Android and iOS devices. The application, which is free to download through the PlayStore and the Apple Store has the following features:
* Regular CFD and Options trading
* Direct deposit and withdrawal
* The client’s account dashboard and portfolio
* Instant trade execution
* Live charts
* Ability to view entire trade history
* Login credentials are the same for the web-based platform and the mobile application
- ACCOUNT TYPES
VideForex offers three types of account:
- BRONZE
* Has a minimum deposit of $250
* Clients are given 24/7 live video chat support
* Withdrawals are completed in 1 hour
* Has a Copy Trading tool
* Clients are allowed a Bonus of up to 20%
- SILVER
* Has a minimum deposit of $1,000
* Clients are given 24/7 live video chat support
* Withdrawals are completed in 1 hour
* Has a Copy Trading tool
* Clients are given an online Master class
* Clients are allowed a Bonus of up to 50%
* Clients are allowed first 3 risk free trades
- GOLD
* Has a minimum deposit of $3,000
* Clients are given 24/7 live video chat support
* Withdrawals are completed in 1 hour
* Has a Copy Trading tool
* Clients are given an online Master class
* This account comes with a Personal Success Manager
* Clients are allowed a Bonus of up to 100%
* Clients are allowed first 3 risk free trades
Across all accounts, clients can avail of a 1:100 fixed leverage from 2 pips.
DEMO ACCOUNT
Once a client makes a deposit to VideForex, he or she is automatically given a Demo Account. Much like the Demo Accounts given by other firms, clients agree that the simulation is an ideal venue for a trader to develop techniques and strategies, get acquainted with market conditions, and develop over-all trading confidence.
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- PAYMENT METHODS
VideForex clients from the UK, US, and Europe agree that deposits and withdrawals through the firm can be done with ease. Clients can either choose the more tradition Bank wire transfer or Credit cards (VISA/MasterCard).
VideForex had also made it possible to transact through the following cryptocurrencies and eWallets:
* Bitcoin
* Ethereum
* Litecoin
* Altcoins
* Neteller
* Skrill
* Perfect Money
REGULATION
As discussed briefly earlier, VideForex complies with financial regulation standards, However, the firm does not submit itself to a country’s regulatory framework.
Its license on the other hand was granted by the Finance Group Corp that had established a base in Vanuatu.
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CRITICISM
Despite the seemingly positive reputation that VideForex has, the firm still gets criticized for two things:
TRADING PLATFORM
A number of clients find this to be restricting as all trades should be placed through VideForex’s website.
LIMITATIONS ON ADDITIONS
Due to the restriction in trading platform, some clients have discovered that they are unable to use certain systems, namely, Forex Expert Advisors. Some also attest that other indicators and tools are not compatible.
HIGH DEPOSITS
Some prospective clients are turned off with the required minimum deposit especially for the Silver and Gold accounts.
CONCLUSION AND RECOMMENDATION
While the criticisms discussed above are valid arguments against VideForex, the positive points for its more enticing features remain legitimate.
If one is thinking of enlisting VideForex’s services, it would be wise to still do the legwork by researching further and not rely on a single online review.