Videforex

Videforex is a top-rated CFD, forex and binary options broker. Our review covers everything you need to know about the online trading platform, including the sign-up and login process, plus how to deposit and withdraw. Find out whether to register for a live Videforex account.

What is Videforex?

Videforex launched in 2017 with its headquarters based in the Marshall Islands. The company that owns the brokerage is also the owner of other well-known brands, such as Binarymate. More than 5,000 customers have signed up for an account since the brokerage started and withdrawal requests are processed in just 30 minutes.

The firm has grown in popularity due to the increase of swing trading binary options, CFDs and FX. Videforex.com offers a bespoke trading platform on the web and a free mobile application.

Markets

Videforex offers three asset classes to account holders:

• Binary Options – Investors can track a financial instrument and decide whether they think the market will go up in price (buy) or whether it will go down in price (sell). Outcomes are binary and traders know the profit or loss they stand to make before opening a position.
• CFDs – Buyers must pay the seller the difference between the current price of the asset and the price of the asset at expiry. CFDs are available on a range of popular financial markets, including stocks and shares, plus commodities.
• Forex – Foreign exchange is one of the most popular instruments among swing traders. Investors aim to capitalize on the changes between two currencies by tracking the drivers of currency movements. Major, minor and exotic currency pairs are available at Videforex.

Trading Platform

Videforex offers its own easy-to-use trading platform. Clients can deposit and withdraw in 60 seconds, manage portfolios in a few clicks and view live charts of all available assets. The platform also provides instant order executions, detailed trading history and built-in live video chat support. In addition, the browser-based solution comes with a selection of technical indicators and an intuitive market insights tool.

On the downside, the platform is fairly basic versus the likes of MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It will meet the needs of most beginners, but seasoned traders may be disappointed by the lack of advanced features.

Mobile Trading

Videforex has its own mobile app which supports the broker’s web-based platform. It is available to download for both Android and iPhone through the respective app stores or from their website.

The free mobile terminal offers straightforward order management, plus direct deposits and withdrawals via APP. Investors can also use their browser-based login details to access the mobile platform.

Videforex Accounts

Videforex offers three types of trading accounts: Bronze, Silver and Gold. Regardless of your preferred trading instrument or deposit size, all three solutions offer access to the demo account, copy trading, 24/7 live chat support and one-hour withdrawals. However, the minimum deposit varies depending on the account you choose:

• Bronze – Minimum deposit of $250 with a 20% deposit bonus
• Silver – Minimum deposit of $1,000 with a 50% deposit bonus, access to a master class web session, and 3 risk-free trades when starting out
• Gold – Minimum deposit of $3,000 with a 100% deposit bonus, the same features as the Silver account, plus a personal success manager

Note: the demo account is not free to use so clients will need to sign up for an account to refine any strategy.

Additional Features

Videforex traders have the option to double up or rollover their positions. As the names suggest, double up doubles your position at the current market price, and rollover allows traders to extend the length of the trade—initially at 100% of the contract length and 30% afterwards.

But while these are useful features, there is a lack of advanced trading tools for account holders. For example, there is no economic calendar, forex heat map or online trading forum and tutorial. As a result, veteran traders may want to consider alternative providers.

Leverage

Videforex does offer traders the option to leverage their positions. This means investors can borrow money to increase position sizes and maximize gains, however, losses are also amplified. The firm caps all accounts to a maximum leverage of 1:100, and the broker states losses are limited to the unleveraged amount.

Fees Explained

Videforex fees vary depending on the instrument being traded. As per the broker’s terms and conditions, opening an unleveraged cryptocurrency CFD position will face a charge of 1–2.5% of the transaction value. Leveraged positions are charged a commission of up to 5%. For positions held overnight, a fee of 0.7% is charged. Keep this in mind when swing trading as costs could erode margins.

Although Videforex does not charge maintenance or registration fees when signing up, the broker’s user agreement states that the client (trader) must also pay any withdrawal fee that the firm may incur.

Videforex Bonuses

As outlined above, there is a minimum deposit bonus to all new customers depending on the account. The brokerage also offers other bonuses which can be applied with a promo code. These include:

• Referrals – Existing customers can gain an extra 20% income if a new customer uses their referral link.
• Contest – Traders are rewarded for the number of trades they execute. Prizes range from $250–$5,000 and are paid as a deposit bonus into the winner’s account.
• Monthly Giveaway – Each month, Videforex offers its customers a prize giveaway if they enter a promo code when depositing. There were over 100 prizes up for grabs in 2021.

Note: All traders should check the Videforex bonus rules for any potential risks before signing up for promotions.

Deposits & Withdrawals

Videforex will show a customer’s deposit as pending while it waits for confirmation from its payment system. Traders should check their funds are confirmed before entering a transaction. If the service is temporarily unavailable, this could delay entering at the desired price. Importantly, withdrawals can be processed within an hour if a customer’s ID check has been completed.

Several funding methods are offered for deposits and withdrawals:

• Skrill
• Bitcoin
• Litecoin
• Neteller
• Ethereum
• Perfect Money
• Debit and Credit Cards like Visa or Mastercard

Note: Videforex has a minimum withdrawal limit of $50. Also, withdrawals can only be made once 100% turnover has been achieved by account holders without a bonus and 300% turnover for those with a bonus.

Videforex Regulation

Unfortunately, Videforex is not currently regulated by any reputable legal and financial bodies like the FCA. A few negative reviews have also been reported as well as some customers referencing withdrawal issues.

Despite this, Videforex is a legitimate broker and not a scam. The unique features offered may offset the risk of limited regulatory oversight.

Security

Cybersecurity-related crime is an ever-present threat to online traders; so, some brokers implement high-security protocols to ensure their customer’s safety as well as their own.

When a trader signs up with Videforex, account verification is not required and your account status will remain not verified until a withdrawal is requested. As per the user agreement, payment rules state that a withdrawal of any value requires customers to verify their identity before they can receive funds.

The firm also claims to have invested in a high-tech system for data protection. However, there is no evidence of negative balance protection or other fund protection policies normally seen in brokerages registered with the CySEC or FCA.

Customer Support

Videforex offers much higher levels of customer service than alternative brokers. Featuring a 24/7 live video chat option, traders can contact a customer support assistant in real-time for help instead of a bot. The firm can also be reached by email or phone number.

The company’s forgotten password process is straightforward and customers can follow their profiles on social media, such as Twitter and Instagram for live updates.

Pros

There are several positives when trading with Videforex:

• Range of funding methods – Multiple ways for traders to fund their account including digital currency
• Strong customer support – A comprehensive, 24/7 video chat as well as contact by phone or email
• Constant market access – Customers can access their trades 24/7. This is key for swing trading as investors can monitor positions daily
• Fast withdrawal policy – Videforex aims to withdraw funds within an hour of requesting – subject to traders having completed identity checks beforehand
• Reward options – The chance to increase your net worth without risking capital through cash bonuses, referral rewards and regular competitions where prizes are paid out

Cons

There are also some negative factors when trading with Videforex:

• Unregulated – The firm is unregulated by a reputable financial body and is registered offshore in the Marshall Islands
• Limited platforms & assets – It only offers three asset classes and one trading platform which is less than competitors
• High minimum deposit – The minimum deposit on the cheapest account (Bronze) is fairly high at $250
• Limited additional features – Typically, brokers offer more training options, a social forum plus other tools
• High withdrawal limits – Traders can only withdraw from their account once they have achieved 100% turnover of their initial deposit or 300% turnover if they opened their account using a bonus. Unfortunately, some traders may struggle to hit these high targets.

Verdict

Videforex has a straightforward platform and quick sign-up process that will appeal to new swing traders. The broker also offers promotions and bonuses, 24/7 video chat and several funding methods. On the downside, more advanced traders may find the single platform and the low number of assets available limiting. And critically, Videforex is unregulated and should be reviewed carefully before committing funds.

FAQ