VideForex is an online broker that offers CFD, Forex, Cryptocurrencies and Binary Options. The owning company is Algobit Ltd (IBC No: 198028 – it is not clear what this number actually means because the website doesn’t provide any information).
Editor’s Note: 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. Stealing content from reputable brokers – Check. Yes, stealing content! 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 price manipulation that came along with Binary Options, now you can experience that again because this broker gives you CFDs and Binaries on the same platform.
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 three of them (BinaryMate, Finrally, 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. The other two brokers don’t enjoy a stellar reputation either! So, is VideForex a Scam? They haven’t made any blatant mistakes yet, but they are new, so give them time.
The company is not regulated and the listed address is 309&310 Office, Albert Street Victoria, Mahe, Seychelles. The broker can be contacted at phone number +1-829-9476393 or via live chat. No email is provided.
Should I 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 tool.
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 where they are supposed to present their view on the markets, to 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 new and relatively 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.
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.
We couldn’t locate any complaints on this broker but we did find two 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 “Bonuses awarded by Videforex are not withdrawable or tradable separately”. In fact, I couldn’t even locate a general Terms And Conditions document on their website, so take everything with a pinch of salt.
The advertised time for withdrawals is one hour and the methods are credit cards, Bitcoin, altcoins and Perfect Money. If the timeframe is actually respected, VideForex has the fastest withdrawal 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. Minimum withdrawal amounts are not specified.
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 hard to read because it has grammatical errors. The trading platform is barebones, which makes it fairly easy to use, demo accounts are available but you will have to fund your account to get one. US clients are not accepted.
Range Of Markets, Spreads And Leverage 13/20
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 1:100 for CFD trading (only 1:5 for CFDs on crypto assets) and for Binary Options, the return goes up to 80% but cryptocurrencies will have around 50% return for successful trades.
Fees And Support 13/20
There’s a 5% fee for deposit and withdrawing via credit cards but other than that we couldn’t locate any fees. However, that is probably due to lack of provided information, not due to the complete lack of fees (remember that VideForex doesn’t even show their Terms and Conditions document). Support is offered in the form of a live cam. 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
Surprisingly enough, VideForex doesn’t allow wire transfer as a method to deposit or withdraw. The available 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 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 live cam 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 and usually, these gimmicks are either rigged or don’t work as they should.