Established in 2017, Videoforex joined the industry in providing binary options and forex trading services capped with its own proprietary platform offering. It also has 24/7 multilingual support to assist traders anytime. Videoforex, though, is unregulated.
Know more about Videoforex and its trading services by reading this broker review.
Videoforex Background & Safety
Stationed in the Marshall Islands, Videforex is operated by INVOLVA CORP and was founded in 2017. Based on the information stipulated on its official site, Videoforex provides its services to any countries all over the world except in the U.S.A. and some countries where restrictions apply.
Some of the broker’s distinctive features and services are its simple registration and verification process, various binary options available for trading, and acceptance of cryptocurrency as clients’ funding. On the flip side, the broker’s official site lacks some significant details and information such as a trading conditions overview where traders can easily gather whether the site has competitive pricing and other benefits.
Another thing to be mindful of is the broker’s regulatory compliance. Apparently, Videoforex is not affiliated with any regulating institution to overlook its trading services and adhere to standards. Videoforex needs to work on securing a regulatory certification in order to improve its trading services and gain the public’s trust.
Despite claiming that client funds are safely kept in a Europe bank and utilizing a high-tech and sophisticated system to bring you 100% secure trading and full data protection, financial regulation is still the way to go.
Videoforex Features & Fees
Videoforex offers binary options trading as well as traditional forex & CFD trading. The underlying assets for binary options trading are comprised of a good range of instruments, including over 25 forex pairs, popular cryptocurrencies, metals, and stocks. Except for stock CFDs, the same selection is also largely found for traders who prefer to stick with traditional CFD & forex trading.
The broker offers three account types: Bronze, Silver, and Gold.
With a deposit ranging from $250 up to $1,000, traders can access the conditions and features under the Bronze account which include 24/7 live video chat support, withdrawals in 1 hour, Demo account, Copy Trading tool, and a 20% bonus.
Its most popular account, the Silver account can be opened by depositing within $1,000-$3,000. Its features include 24/7 live video chat support, withdrawals in 1 hour, Demo account, Copy Trading tool, Master class (web session), first 3 risk-free trades, and a 50% bonus.
To vie for Gold, deposit with a minimum of $3,000 and a maximum of $50,000. You can leverage your trading capital with this set of trading conditions: 24/7 live video chat support, withdrawals in 1 hour, Demo account, Copy Trading tool, Master class (web session), first 3 risk-free trades, a dedicated account manager, and a 100% bonus.
Unfortunately, Demo account is only accessible after your initial account funding. Also, in the event of incurring negative trading results, risk-free trades are compensated in the form of a trading bonus.
A bunch of the popular funding methods with the addition of cryptocurrency as a provision for funding is available as funding methods under Videoforex.
These methods include VISA, Mastercard, Bitcoin, Altcoins, Ethereum, and Perfect Money. Transfer fees are not incurred when transacting using any of these methods. However, third-party fees may apply.
For withdrawal transactions, a 5% transfer fee is charged when the clients transact via credit/debit cards while the rest of the withdrawal options are free of transfer charge.
To promote its brand, Videoforex offers giveaways, trading contests, and referral incentives. 20 winners weekly can win up to $20,000 by joining the trading contest. Inviting your friends or anyone you know can merit you 20% of their deposits. For its freebies, Videoforex gives a 100% trading bonus and giveaway prizes including Apple Watch, iPhone 12 Pro, and so on.
Videoforex Trading Platforms & Tools
Videoforex introduces its own proprietary platform that is available in three versions: Web, Android, and iPhone.
The mobile platform features regular CFD and Options trading, direct deposit and withdrawal, 60 seconds, My Account, and My Portfolio. The mobile application is designed to perform instant execution of trades, allow traders to view their entire trade history, and show live charts of every option available on the platform.
Looking closer into the trading platform, we find its trading interface to be lacking in advanced charting or technical indicators. This can be crucial, especially for experienced traders.
Lastly, the broker does not offer free educational resources and research materials necessary for making apt trading decisions. This also takes a major blow on the broker.
While the broker can lure traders with a large risk appetite by offering up to 100% trading bonus and a $20,000 trading contest prize weekly, they do not compensate for the broker’s lack of financial regulation certification.
Also, the broker’s trading platform is nothing but standard. Advanced tools crucial for analytic trading are nowhere to be found on the platform.