One of the most important decisions you can make as a trader is to choose a reputable trading brokerage that’s right for you. While there are numerous viable online trading brokerages out there to choose from, it can still be difficult knowing which one is right for you. We understand the struggle and importance of choosing the right trading brokerage, which is why we have compiled numerous in-depth reviews of viable online trading brokerages. See below, our in-depth review of the VideForex online trading brokerage and decide if they’re the right broker for you.
An Introduction to VideForex
VideForex is an international online trading brokerage that provides traders with the opportunity to trade a broad range of CFDs and binary options on an array of financial instruments. The brokerage is owned and operated by Vide Projects Ltd which is a division of Financial Group Corp, an international financial services company who owns numerous online trading brokerages. The VideForex trading brokerage was founded in 2016 and is based offshore in the Seychelles. Even though Seychelles has their own regulatory authority who governs the financial services businesses based here, VideForex remains unregulated by them. While this is somewhat concerning, VideForex comes from a reputable background and has been competently providing trading services since 2016. As mentioned earlier, VideForex is an international trading brokerage that serves traders from all over the world. However, they do not provide services to traders from the US and parts of Europe and Asia. VideForex does however offer their services in multiple languages including English, Russian, Spanish, French, Dutch, and Thai languages.
VideForex Trading Platform
VideForex features their very own proprietary web based trading platform that’s accessible via any web browser on most desktop computers and smart mobile devices. The platform is not required to be downloaded or installed and is accessible from anywhere in the world. Upon using the platform for the first time, it’s evident that it is intuitively designed and great for beginner traders. The platform keeps things very simple and features everything a trader needs to competently trade CFDs and binary options. The platform comes complete with a basic charting package where traders can conduct basic technical analysis with a few key technical indicators, time frames, and chart types. All in all, the platform is great for novice traders.
VideForex Account Types
While VideForex is primarily geared towards servicing novice traders, they do offer three different account types that reward traders who make larger deposit amounts. See these account types overviewed below.
- 24/7 Live video chat support
- Withdrawals in 1 hour
- Demo account
- Copy Trading tool
- Bonus +20%
- Everything from the bronze account +
- Master class (web session)
- Bonus +50%
- First 3 risk free trades*
- Everything from the Silver Account +
- 100% bonus
VideForex does not fall short in terms of the number of financial assets available to trade on their platform. For instance, traders can participate in the global markets by trading over 15 forex currency pairs, 9 commodities, over 80 stocks, and 13 market indices. While this may not be as many assets as some trading brokerages, it is quite substantial for novice traders which is the market VideForex is going for. However, it is somewhat disappointing that VideForex is not offering CFD cryptocurrency trading pairs as most new online trading brokerages of this kind are.
VideForex Bonuses & Promotions
VideForex rewards traders who are dedicated to their brand by allowing them to participate in weekly contests where prize funds of $20,000 are awarded every week. 20 skilled traders receive cash prizes, electronics, tickets, and more from the $20,000 prize fund every week. Other bonuses include an initial deposit bonus that ranges from 20% up to 100% depending on the size of your initial deposit.
VideForex Commissions & Fees
Unfortunately, VideForex is not very transparent with their associated fees and commissions. No where on their website do they state the account fees if any, as well as trading fees and deposit and withdrawal fees. However, upon reviewing and testing out the platform we discovered that the trading fees are relatively high and range from around 3 to 5 pips for major currency pairs and even higher for others. All in all, VideForex does not have favorable fees and commissions and this is common with unregulated trading brokerages who primarily target novice traders.
The one area where VideForex blows all other online trading brokerages out of the water is their high level of customer support. VideForex is one of the only online trading brokerages we know of who provide live video chat support. Upon going to the VideForex website you are greeted by a friendly live support representative that you can see and interact with. The live video chat service is available 24/7 to VideForex customers and is accompanied with other contact methods such as email and telephone support. All support methods are very quick to respond and are very friendly, helpful and informative with their responses. Additional methods of support include the websites extensive FAQ page and contact via VideForex’s social media channels.
VideForex provides novice traders with an exceptional online trading experience with a personalized level of support that boosts the trader’s confidence and ability to trade. The trading platform featured by VideForex is very simple yet sophisticated enough to competently trade CFDs and binary options on a variety of financial assets. The brokerage may not be licensed or regulated, but they have thus far proven to be a reliable and competent online trading broker. All in all, we would highly recommend VideForex to beginner and novice traders around the world.