Is Videforex a scam or a legit broker?
Videforex is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.
What is Videforex?
Videforex offers Forex, CFD and Options trading with more than 100 assets available for trading. The broker guarantees the clients are able to trade from any device, any time, with a highest level of security, wide range of funding and withdrawals methods, 100% secured trading with the data protection. However, it seems like the broker is missing the most important, the regulation.
|🗺️ Registered in
|🗺️ Type of License
|🛡️ Is Videforex safe to trade
|🗺️ Recommended Licenses
||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
|🖥 Alternative Broker
||GO Markets - licensed by ASIC in Australia
Licenses & Regulation
Is Videforex regulated?
It is not safe to trade with Videforex, as it is an offshore company. Videforex as the Company, operated by INVOLVA CORP – Nr. 104693, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.
The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, GoldenSkyCapital and more. As we already know, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Marshall Islands, where the local authority doesn’t regulate forex businesses.
In fact, Marshall Islands is an offshore zone attracting various firms that for the reason or another escape from the serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.
Is Videforex a scam?
The second red flag after an offshore registration is the lack of the actual regulatory information. Videforex doesn’t seem to be regulated by any reputable authority. The broker does not provide any trading conditions/details as well as its address. All the regulated brokers keep this information transparent for their clients. The lack of these details usually tells that the company is up to something bad.
Videforex in India
Videforex accepts traders from India. However, Videforex has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.
Videforex in the USA
Videforex nor its agents or partners are not registered and do not provide any services on the USA territory. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Videforex, you are only permitted to trade with the U.S regulated platforms.
Deposit & Withdrawal
The minimum deposit is $250. You can fund your account by credit cards (VISA/MasterCard), Bank wire transfer, Bitcoin, Ethereum, Litecoin, Altcoins, Neteller, Skrill, Perfect Money. The funds will be available for trading immediately, after a confirmation from the payment system.
The minimal amount allowed for withdrawal is $50. Videforex processes all withdrawal requests within 1 hour.
For security reasons, identification of the person is required for all withdrawals, regardless of the withdrawal amount. For account without bonus: trader has to reach a 100% turnover from deposited amount, to claim for withdrawal. For account with bonus: trader has to reach 300% turnover from deposited amount, to claim for deposited amount and profit withdrawal.
Videforex CFD and Options offers Android and iPhone based trading platform. It allows to stay connected with the global market and never miss a trading opportunity. The application allows regular CFD and Options trading and direct deposit and withdrawal via APP. It allows for instant execution of trades, shows live charts of every option available on the platform, and enables traders to view their entire trade history. Application is free to download.
To receive demo account access you need to fund your trading account and contact customer support to get demo account credentials. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.
Overall, there are many questions in regards to the trust of the Videforex company services and the manner they do operate the online trading itself.
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.
You can also share your trading experience with Videforex by commenting on this review.