The Forex industry and trading attract tons of new investors every day. The significance and popularity of Forex also catch the attention of scam companies, as they realize they have a big opportunity in the market.
Delayed processing of withdrawal requests and unresponsive emails or phone calls are often early signs that your broker may be struggling.
We recently learned that some clients of VIDEFOREX, a Forex broker operating under the videforex.com website, complained about the company’s delayed withdrawals and unresponsive customer service. We investigated the broker and found several red flags, so let’s discuss them in detail.
Although the broker’s offer looks attractive, you should know that it doesn’t matter if the broker doesn’t have the correct license and is run by a scammer. Our detailed VIDEFOREX scam review will tell you what is wrong and what to consider before cooperating with this or any other trading company.
Regulation And Safety At VIDEFOREX.com
Let’s start with regulation and licensing. According to the website, the company claims to have a license with registration number MH96960. However, that doesn’t mean anything.
The Marshall Islands is a well-known offshore zone and the preferred location for shady brokers. The SVG government has repeatedly stated publicly that it does not regulate foreign exchange transactions, so it is easy for us to conclude that VIDEFOREX’s business is not regulated.
Trading with an offshore, unregulated brokerage firm involves many risks. Additionally, the broker appears to be conflating the company’s finances with the clients, creating a completely unsafe environment for the client’s funds.
In conclusion, the security issue of VIDEFOREX is a serious red flag, and we do not recommend any trader to cooperate with this company.
VIDEFOREX Trading Platform
The broker claims to offer a best-in-class proprietary trading platform in desktop, web, and mobile versions.
The platform offers advanced charting packages, many technical indicators, an extensive backtesting environment, and various Expert Advisors (EAs). However, we cannot register a demo account on VIDEFOREX.com.
We also could not download the platform from the website at all. Therefore, even if information about trading conditions is available on a broker’s website, especially when it comes to shady broker sites, we cannot be 100% sure whether it is true or not.
Account Types And Minimum Deposit
The standard account of VIDEFOREX requires a minimum deposit of USD 250. There are three types of trading accounts: Bronze, Silver, and Gold. Each of them offers different bonuses and promotions, tools, and services to attract as many traders as possible.
However, these are just words, and their services do not deserve to be trusted or tried.
What Payment Methods Does VIDEFOREX Offer?
VIDEFOREX accepts multiple payments. You can pay with a Visa/Master card or cryptocurrencies like Bitcoin, Ethereum, or other altcoins. In general, the problem with all Bitcoin and crypto payments is that they are almost anonymous and 100% irreversible. This is not the same as paying with VISA or Mastercard. While you can request a refund to prevent card fraud, this is impossible when paying with Bitcoin.
According to the website, the transfer fee only applies if you use Visa/Master card for your payment. The fee is 5%, which can be quite a lot if you deal with large funds. This way, the broker tries to trick you use the crypto payment options. However, as I mentioned, the bank card is safer when dealing with a suspicious broker.
Conclusion
In conclusion, VIDEFOREX just enriches our huge list of scam brokers. We do not recommend working with them, and we hope our review will be helpful in your future decisions.
In addition to this, VIDEFOREX recently deactivated the site, possibly because they were caught engaging in dangerous activities.
Anyway, if you want to start trading and looking for a decent broker, check out our list of Forex brokers. You will find a variety of brokerage firms with a good reputation, excellent trading conditions, and strict regulatory policies. So please be sure. We wish you a successful transaction.
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