Ease of use
Analysis & Research
Videforex is a CFD, forex, and binary options broker. Additionally, it also offers other asset classes, such as cryptocurrency. Videforex is designed to benefit both new and seasoned traders, with features such as a proprietary platform and copy trading opportunities. Should you use this Forex platform? Find out by reading our complete Videforex review now.
- Multiple assets available, including trading CFDs (based on an underlying financial instrument), forex, crypto
- You can trade binary options
- Excellent customer support
- The trading platform is quite easy to use
- Copy Trading tool available
- Mobile app for trading on the go
- Several deposit and withdrawal methods available
- Withdrawal requests are processed within one hour
- New trading accounts obtain a bonus
- Demo account option available only after opening a real Videforex account and depositing reach cash
- Simplistic trading conditions
- No research and education
- High minimum deposit (especially for silver and gold accounts)
- Not regulated
If you are new to the brokers’ world, Videforex may be a sound option. This broker stands out from the crowd thanks to its focus on individuals who prefer passive trading via the Copy Trading tool, which is included in all of its account types. To find out more about this broker, make sure you check out the following Videforex review below.
Headquartered in Ajeltake Island, Majuro, Marshall Islands (Trust Company Complex), Videforex is a CFD, forex trading, and binary options broker, but also provides other asset classes, including crypto coins. It provides a proprietary platform and copy-trading opportunities for beginners and veteran traders alike. To find out more about this broker, how to gain access to binary options trading, foreign exchange, and a powerful trading solution, check out the Videforex review below.
Videforex Trading Platform
Videforex does not provide access to any popular platforms like MetaTrader. It has a proprietary financial trading software whose main advantage is the Copy Trading tool. Essentially, you open an account and deposit your money on the web-based platform, then you can choose whose trades to copy.
This feature is excellent for new investors or people who prefer a passive investment style. When copying the trade of a master trader, the copy-trader must pay a commission to them.
On the in-house trading platform, traders can choose from more than 100 instruments, ranging from forex trading to binary options. Other assets include commodities, stocks, and cryptocurrencies. The web platform comes with a simple interface, which may be a huge deterrent for veteran traders looking for advanced tools and features.
Apart from the Copy Trading tool, the platform enables you to conduct simple operations, such as checking live charts, managing your account, and placing trades (Videforex trading hours are from Monday to Friday, 24 hours per day).
Videforex Mobile App
Videforex offers a mobile app compatible with both Android and iOS. The interface is quite simple and intuitive – you can make the same operations as in the web-based version of the Videforex trading platform, including checking your trading account and portfolio, making withdrawals or deposits, live charts, and instant execution of trades.
Safety and Regulations
Videforex is an unregulated online broker located in the Marshall Islands, a location that is very popular among offshore brokers. If you are not familiar with the risks of using an unregulated online broker, you may want to check out GKFX or FP Markets instead.
Research and Education
Videforex is not an ideal broker for novice traders. There is a lack of research and education, so you need to do independent research if you want to sign up with this broker. Alternatively, you could check out a broker with expansive educational and research sections, such as FXFlat.
Videforex Demo Account
On the good side, Videforex does provide access to a demo account, so you can conduct risk-free trades. On the bad side, the demo account is only available after you open a real trading account and deposit your funds, and contact customer service to get access to the demo account for risk-free trades.
Hence, beginners should be aware of the fact that they will not be able to test the broker’s tools and features unless they commit real cash first. Only checking the platform could cost you money since cryptocurrency transfers will require you to cover the network fees. Similarly, if you choose Visa or Mastercard transfers instead, Videforex will charge you 5% for withdrawals/deposits as well.
Compared to so many other brokers online, Videforex is quite high-priced for all of its online trading accounts. First, the minimum deposit is $250. This provides access to the Bronze account features, which include a bonus of 20%, a Copy Trading tool, and a demo account.
Professional traders could deposit in excess of $1,000 to open a Silver account. This comes with a master class (web session) included, while the gold account features include a personal success manager, as long as you deposit more than $3,000.
Regarding payment methods, Videforex does not charge extra fees in the case of digital currency deposits, but there is a 5% transfer fee for Visa and MasterCard payments. This payment structure also applies when you want to withdraw money, and the withdrawal request for your own money is guaranteed in one hour. The minimum withdrawal amount is $50.
In terms of trading costs, Videforex is also quite an expensive option. For instance, there is an average spread of 1.5 pips, and an account fee of $1 for forex trading. For CFD trading, the spread is variable and based on market conditions.
One aspect that makes Videforex stand out from the crowd is customer support. It is one of the very few brokers that provide 24/5 live video chat. Apart from this, you can also request a callback or contact customer support via mobile phone.
Who Is Videforex Best For?
Videforex may be more suitable for experienced and successful traders, thanks to the high minimum deposit, and lack of education and guidance. However, the lack of access to MT and other industry-leading trading platforms may deter some experienced traders, especially as the one shining feature of the Videforex platform is the Copy Trade tool, often chosen by novice or passive traders instead.
How Does Videforex Compare?
Videforex has quite an average offering compared to many other online brokers. The costs are quite high, unlike GKFX – which not only comes with lower spreads but has no minimum deposit while offering trading account options for all types of traders.
The Videforex platform is also weaker than the industry standard. While a proprietary piece of software could be a unique advantage in the competitive trading world, other forex brokers like PaxForex provide access to both MetaTrader 4 and AllPips, based on which one you find easier to use.
Finally, this broker offers binary options trading, which is a rare feature compared to other forex brokers. On the other hand, the choice of only 100 assets is not so broad – with some brokers like Monfex offering more than 200, including major currency pairs, stocks, crypto, and others.
FAQ: Videforex Review
Is the Videforex trading platform good for beginners?
Videforex’s trading platform is intuitive and simple, so it could be a good starting point for beginners. One of the best features for novices is the Copy Trading tool, which you can use to copy master traders.
What trading strategies are allowed on Videforex?
Multi-asset trading strategies are possible on Videforex, including CFD trading, leveraged trading on minor and exotic pairs, day trading forex and other assets, stock trading, and others. However, you will have to conduct independent research and potentially use auxiliary services and software to conduct analysis, as Videforex does not provide any market insights or guidance.
Is there a deposit bonus on Videforex?
Yes, Videforex offers a 20% bonus on bronze trading accounts, 50% for Silver, and 100% for gold accounts. This will increase your Videforex trading balance.
What are binary options?
A binary option is built on a “yes or no” scenario. For example, let’s assume that a company ABC’s stock price currently trades at $24. The trader buys a binary option with a strike price of $25, and expires after one day. If, at the expiry date, the stock price is higher than $25, the option expires in-the-money and benefits the trader.
Is Videforex regulated?
No, Videforex is not regulated by any authority, and is located in the Marshall Islands, a popular destination for offshore brokers due to weak regulatory supervision.
Final Verdict: Videforex
All in all, Videforex has a few shining features, although these have a mixed audience, based on our Videforex review above. The Copy Trading tool could be an incentive for novice traders to join the proprietary platform, but the high minimum deposit amounts may not be affordable for a beginner, especially if they want to start with a lower budget and increase as they gain experience.
Also, veteran traders may not be hyped about the lack of analysis tools and overall simplicity of the trading platform. The lack of a demo account without depositing real cash and the lack of regulation are important, risky aspects to be considered before you start trading and investing money.