Why VideForex Sucks In 50 Words
Ok, where do I start? I know – at the live cam girls. If anyone tries to tell me this is something else than a cheap trick to get men to sign up, I’ll pack my toys and go home. Come on, what’s the point of having (relatively) beautiful girls on live cam other than making men stay on the platform? You can even tip them $1, $5, or $50 but they are supposed to be support reps. Do you know of any other broker where you can tip the support person? I don’t.
Ok, this is getting long so let’s get on with it: webcam girls – not good to see on a broker. Regulation: Nada. Using content from reputable brokers and presenting it as their own – Check. More on that later, of course.
Why VideForex Doesn’t Suck In 50 Words
I don’t know! Maybe if you’re feeling nostalgic and you miss the over-the-top marketing that came along with Binary Options, now you can experience that again. And on top of that, they also offer CFD trading on the same platform – more fun, more trading opportunities, and more reasons to contact their wonderful support.
Is VideForex A Scam?
There is no hard evidence that points towards this broker is a scam. However, they have questionable tactics, are not regulated and the whole thing feels gimmicky. The main “feature” of this broker is live cam support: the first thing I saw a young woman running her fingers through her hair. Live!
And before you tell me “Dude, I am here to know if this is a scam, not read your ramblings about girls” let me tell you that the same girl is live on the websites of BinaryCent, BinaryMate, and Finrally. And the similarities don’t end here: the four brokers have the same addresses and two of them (BinaryMate and VideForex) even have the same owning company. In the past, BinaryCent and BinaryMate had another “brother” – Finpari – which is now closed and was considered by many a scam. So, is VideForex a Scam? They haven’t made any blatant mistakes and they have been in business for a relatively long time now, so maybe they are not the worst of the worst but there are certainly better options out there.
Should I Open An Account With VideForex?
VideForex is an unregulated online broker that offers CFD, Forex, Cryptocurrencies and Binary Options. The operating company is Involva Corp – Nr. 104693, located in the Marshall Islands (according to the website). We cannot confirm if their offices are actually located there or if it’s just a registration address.
So should you open an account with VideForex? No! If you want to see girls on live cam, go to an appropriate website and you will get your money’s worth. If you want to trade Forex, Crypto, CFD, or Binary, go check our recommended brokers or do your own research and choose wisely. VideForex is just a rehashed version of BinaryMate and BinaryCent, with an overly simplistic trading platform that lacks the necessary features to make it a powerful trading companion.
According to online sources, this broker was launched sometime in 2017, but we cannot confirm this information. What we can confirm though, is that VideForex uses content taken from Dukascopy, which is a very well-known, reputable broker with a very long time in business. Any by “uses” I mean takes without permission. Let me explain: on the trading platform, VideForex has a Technical Analysis section (top left) where they are supposed to present their view on the markets, show charts and indicators, and talk about possible scenarios that may develop in the near future. But because they don’t really want to pay an analyst, they simply decided to put there the entire content provided by Dukascopy.
To explain it another way, Dukascopy is doing daily technical analysis and VideForex is presenting it as their own. How do I know this? They don’t even bother to remove the label that says “Powered by Dukascopy” from the charts. When I clicked on that label, I was redirected to Dukascopy and all I had to do next was to go to their Technical Analysis section where I could find all the content.
Because I don’t want to be unfair, I must tell you there’s a small chance that Dukascopy actually allowed VideForex to use the content. However, I find that HIGHLY unlikely. After all, why would a big broker allow a relatively new and unknown broker to use their content? For money? Surely McDonald’s wouldn’t give their recipes to just any corner fast food joint that asks for it, in exchange for a few bucks. Surely Coca Cola wouldn’t reveal their recipe to any beverage producer that asks for it and they wouldn’t let someone else use actual Coca Cola in non-Coca Cola bottles. But hey, maybe VideForex and Dukascopy have some sort of arrangement, let’s not rule out that possibility, although it’s unlikely, as I said before.
If you still want to open an account with VideForex, know that accounts start at $250 (Bronze), which is high for an unregulated broker with questionable tactics. There are two other accounts: Silver (between $1,000 and $3,000 min deposit) and Gold (between $3,000 and $50,000 min deposit) but the only notable benefits of opening a more expensive account is the increased bonus percentage. Oh yea, and you will get a “success manager” who will probably manage your success… because you will have so much of it that you won’t be able to manage it on your own (or something like that).
The company is not regulated and the listed address is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The broker can be contacted at phone number +18499370843 or via live chat. The email is [email protected].
Although this broker has been in business apparently since 2017, we couldn’t locate a lot of complaints against them but we did find a few very positive user reviews on Trustpilot. And I mean VERY positive, almost making it look as someone paid the reviewers or that a company employee wrote them. Oh gosh, I don’t think they would do such a thing…
The Bronze account comes with a 20% bonus, which increases to 50% for the Silver account and to 100% for the Gold account. You can choose to accept the bonus or not by ticking a box next to it. They don’t offer information regarding bonuses other than “When trading CFD, Bonus is used only as an additional margin for order volume increase, as a leverage and can’t be withdrawn” so take everything with a pinch of salt.
The available withdrawal methods are Bitcoin, altcoins and Perfect Money. They do not show credit cards as a withdrawal method but they are supported for deposits, which could mean that this method will become available for withdrawals only if you deposit using it; however, we cannot confirm, as they do a poor job at explaining stuff.
The advertised time for withdrawals is one hour and if it’s actually respected, VideForex has one of the fastest withdrawals in all of the industry (or close to). Personally, I highly doubt that transactions are done so fast but let’s hope I am wrong. The minimum withdrawal amount is 50 USD.
The girls, of course! What a “great” extra for a broker to have… Other than this, I cannot think of anything that wasn’t already seen before.
VideForex Overall Ratings
User Friendliness 12/20
The website lacks the necessary information, is poorly structured and has a few grammatical errors here and there. The trading platform is barebones, which makes it fairly easy to use, demo accounts are available, as well as mobile apps for Android and iOS. US clients are not accepted.
Range Of Markets, Spreads And Leverage 14/20
The choice of assets is satisfactory and covers all the known classes: currencies, commodities, indices, stocks, and cryptocurrencies. The spreads are relatively low (1 pip for EUR/USD) but are floating, meaning they can widen according to market conditions. The leverage goes up to 1:500 for CFD trading (only 1:10 for CFDs on crypto assets) and for Binary Options, the return goes up to 90% (only 1 asset had this high payout at the time of our visit) but cryptocurrencies will have around 50% return for successful trades. Expiry times range from 1 minute to 30 minutes for Turbo Options, end of day and end of month for Intraday and Long Term options, respectively.
Fees And Support 13/20
We couldn’t locate any fees for depositing or withdrawing. However, that is probably due to a lack of provided information, not due to the complete lack of fees. Accounts without activity (at least 1 trade per month) will be charged a 10 USD monthly fee.
Support is offered in the form of live cams. I was treated to a very welcoming girl who actually addressed me with “dear customer” while slowly running her fingers through her hair… I know, right…
Deposits And Withdrawals 12/20
According to their Terms and Conditions document, VideForex allows wire transfer deposits only if you are willing to deposit a minimum of 5,000 USD (which is huge, by the way). They do not offer information about withdrawals via wires. The more accessible deposit / withdrawal methods are credit cards, cryptocurrency, and Perfect Money. As for speed, depositing is instant for all methods except Perfect Money, which takes 1 hour. Withdrawing takes 1 hour (after confirmation) no matter the method. It would be a wonder for these times are accurate and for VideForex to actually stick to them, but hey, you never know.
Website Extras 11/20
I am not impressed by the whole “beautiful girl on a live cam” gimmick and apart from that, all they have that could be considered extra is a trading contest and a form of copy trading. However, there’s almost no information provided about the two, which is kind of disappointing.