VideForex is a broker that started as an innovative idea back in 2017. It offers CFD, Forex, Crypto, and Binary Options trading and the whole concept is to receive live support and interaction with representatives through a video feed system.
Although this sounds exciting, it turned out to be nothing but a marketing trick and by the end of this VideForex review, you will understand why.
Quality of service
When we talk about the quality of service of this broker, there are some good and bad things. Let’s start with the good ones — decent amounts of accounts. There is a possibility to choose between Bronze, Silver, or Gold. Of course, trading conditions are different for each account, but there are some similar things. For example, you will get fast withdrawals (in one hour), constant Live Video chat support, and bonuses (from 20 to 100 percent, depending on the account type).
The bad thing is education. We all know how important this segment is, but as a client, you won’t have the possibility to learn with VideForex. There isn’t a single article that will help you improve skills and gain new knowledge, which is quite disappointing.
The trading platform is another thing that disappointed me. There isn’t an option to download MetaTrader and I would be fine with that if the one this broker provides is good. Unfortunately, it’s not at all because you cannot trade on any other device besides the computer. There is a link where you can download an app for mobile, but once you click on it, it doesn’t exist.
Speed of response
It’s time to see why I said that Live Video Support is just for marketing purposes. On the landing page, you will see girls that provide constant support with that video chat. You are supposed to type a message and one of them will reply. In reality, that is just a filmed video implemented on the landing page. It’s not live at all, just an mp4 video clip that was filmed long ago.
If you want to send a message on that chat, you won’t be able to do so. You can send whatever you want, but nothing will ever appear, there are some generic messages that are implemented in the chat, to make it more realistic, but that’s it. You can also choose to call the customer support (six languages are available) or fill-in online form and wait for someone to reply. As you can see, the speed of response is terrible.
When I talked about accounts, I said that you get fast withdrawals. That’s exactly what this broker promotes. Again, we can see that at VideForex promises and reality are two different things. The withdrawal time is up to an hour, but that is the time after confirmation. And how long do clients wait before confirmation? Well, that’s not specified. The only sentence you will find is “verification may take longer.”
Also, withdrawals are always delayed during weekends and public holidays, so don’t be surprised if you do not receive the money when you expect.
When you see that VideForex doesn’t charge any fees, don’t get too excited in advance. We already saw that with this broker things are different than they look like. In reality, you will have to pay a 5% transfer fee if you choose Visa or MasterCard. Aside from that, don’t get surprised if there are some hidden fees because there isn’t any Terms and Conditions page on the website, so you won’t be able to stay informed.
When you look at all those trading conditions and fake promises, would you believe that VideForex is a regulated broker? Of course not. Don’t expect to see the license and trust me, when the conditions are like that, you want to trade with someone who is regulated by the law.
Variety of payment methods
I cannot say anything bad about the variety of payment methods. You can deposit/withdraw money using Credit Cards, Bitcoin, Altcoins, Ethereum, or PerfectMoney. But I really hope you won’t do that since this broker is nothing but a scam.
As you can see in this VideForex review, this is definitely a place to avoid. It all started good with those trading accounts, but it turned out into one big disaster. It is possible this broker will make some tricks and you won’t be able to complain to the authorities, since you chose to trade with an unlicensed broker.