VideForex was launched in 2017 and it offers CFD, Forex, Crypto, and Binary Options trading. This is not a usual broker and you can realise that from the first moment you enter the website. There is a live video feed system meant for interaction with clients. But don’t get too excited. Those girls that offer live support are there for marketing purposes only, not for real help. Why do I say that? Well, you will see in the rest of this VideForex review.
Quality of service
At the very beginning, I want to go through some of the main things that affect trading in general. For example, Trading Accounts and conditions. What can you expect? A decent amount of accounts, three to be precise. You can choose between Bronze, Silver, or Gold and some of the things you get within each account are fast withdrawals (in one hour), constant Live Video chat support, and bonuses (from 20 to 100 percent).
Once you decide about the account and make your first deposit, it’s time to go to the Trading Platform. Unfortunately, this broker doesn’t provide an option to download MetaTrader. Instead, VideForex provides its own platform. There is one big problem, though. If you want to download it on the mobile phone, you won’t be able to do that. This broker gave a non-existent link to the app.
As the last part of this segment, I want to mention education. This is an extremely important part of every broker but this time, I won’t spend much time on it because VideForex doesn’t have a single educational article on the website. Apparently, this broker from the Marshall Islands doesn’t pay a lot of attention to the client’s improvement.
Speed of response
Do you remember how I said that the video feed system is there just for marketing purposes? It’s time to explain that. Those girls are supposed to provide constant support with Video Live Chat. Well, in reality, that is just a filmed video implemented on the landing page. There is nothing live in it, it’s an mp4 format and you cannot even send a message on the chat.
First, I tried to reach out to them on group chat (available without registration), but no matter how many times I send a message, nothing appears. This is just an automatic chat that shows generic messages.
After that, I wanted to see if someone would reply to me on private chat and nothing. So, you cannot count on that Live Support, it’s just a bad trick to make things visually appealing, and nothing more.
There is a Contact Page and you can choose one of their phone numbers (six languages are available) or fill-in online form. That said, the speed of response is very bad, and you should not expect to have instant support, no matter the claims of this broker.
The transaction speed is quite questionable. What this broker promotes is ultra-fast withdrawal (just one hour), but once again, the reality is a little bit different. Yes, withdrawal time is up to an hour, but you have to read things carefully. That is the time after confirmation. Of course, VideForex never specified the waiting time for confirmation. The only thing this broker wrote is “However verification may take longer.” As an addition, transactions are always delayed during weekends and public holidays.
The only certain thing we learned about this broker is that theory and reality are complete opposites. On the website, you can find a statement that VideForex does not charge any transfer fees. But when you go to funding methods and choose Visa or MasterCard, you will have to pay a 5% transfer fee.
I was naive enough to believe I would find the Terms and Conditions page and see what other commissions this broker charges. This page doesn’t exist, so if you decide to open an account, be prepared for hidden fees.
I hope you didn’t think VideForex is regulated. With a business like this, it’s more than obvious we are dealing with an unlicensed broker and the only advice I can give you is to stay away from it.
Variety of payment methods
The variety of payment methods is good. There is a possibility to choose Credit Cards, Bitcoin, Altcoins, Ethereum, or PerfectMoney, but after everything we saw, I fail to understand why anyone would deposit their money here.
There is not much left to be said. It is more than obvious this broker is not here to be fair and treat clients properly. Instead, you will most likely lose the money you deposited, and you won’t be able to seek help since this is not a regulated broker.