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VideForex Broker Review
In 2022, VideForex had a rebranding with a new owner but kept its previous practices. This company offered illegal financial services, was banned by a number of regulators in 2019, and went underground. In contrast, it’s back with fresh plan techniques, and we’ll go into detail about each in our VideForex review.
Broker status: Offshore Broker
Regulated by: Unlicensed Scam Brokerage
Scammers Websites: videforex.com
Blacklisted as a Scam by: CNMV, CONSOB, FSMA
Owned by: Involva Corp Ltd
Headquarters Country: Marshall Islands
Foundation year: 2019
Supported Platforms: WebTrader
Minimum Deposit: $250
Cryptocurrencies: Available
Types of Assets: FX, commodities, indices, shares, cryptocurrencies, options
Maximum Leverage: 1:500
Free Demo Account: Yes
Accepts US clients: Yes
What Are the Regulations for VideForex?
Algobit Ltd, a Seychelles-based company that was blacklisted for many brands, including AstroFX, owned VideForex. Since this owner was being monitored, VideForex changed owners and relocated from the Seychelles to the Marshall Islands under the ownership of Involva Corp.
Has the status of VideForex’s regulations changed? Actually, no.
Why is a license required for brokers?
Brokers are getting licenses to prove they are abiding by financial regulations and to reassure their clients that they won’t just disappear with their clients’ money. Additionally, the majority of Tier 1 regulators are exercising care by requiring investment businesses to establish sizeable compensation funds with sufficient cash to compensate possible victims.
VideForex, despite claiming to have a license, is actually shifting from one offshore nation to another.
Warnings Regarding VideForex from Financial Regulators
A while back, the Spanish CNMV, the Italian CONSOB, and the Belgian FSMA all placed VideForex on their blacklists.
According to CNMV, VideForex offers illegal financial services.
In an effort to prevent their constituents from falling for the con, CONSOB and FSMA have republished this warning.
Review by Traders: VideForex Scam
It appears that trading company has come back strongly. Clients report they are pressured until they make the initial deposit, and the company is aggressively running adverts across social media. When the payout period arrives, this broker, however, freezes their investment account, preventing them from even requesting a withdrawal.
Where Does the VideForex Trading Scam Operate?
Broker primarily conducts business in:
- US
- UK
- Germany
- Canada
- Sweden
Supported Trading Platforms – Software for Trading
WebTrader is made available by VideForex as an app for mobile devices and desktop computers. However, this platform is essentially a TradingView chart and lacks several features found in MT4 and MT5, such social trading and EAs.
The broker guarantees up to a 95% return on investment in 60 seconds while the leverage increases to 1:500. Furthermore, it appears that they offer binary options rather than conventional Forex trading.
Mobile App for VideForex
In addition to WebTrader, the company offers a free mobile app for Android and iOS customers.
All Information Regarding VideForex Trading Accounts
There are three different types of VideForex accounts.
- Bronze – $250
- Silver – $1,000
- Gold – $50,000
The deposit bonus increased from 20% to 100%, the account manager’s experience, and risk-free trades are other differences. Since there is no such thing as a risk-free trade, we have done a little additional research. Additionally, it appears that the broker will include a bonus if you lose money on the “risk-free trade.”
Demo Account for VideForex
Customers can test the environment using the company’s Demo account. Virtual investments, however, can never be compared to genuine investments.
Deposit, Withdrawal, and Bonus Options for VideForex
Trading Company accepts the following payment methods and has a $250 minimum deposit requirement:
- credit or debit card
- a wire transfer
- Cryptocurrencies
Additionally, the company offers a 100% deposit bonus. However, the Bonus Policy advises that you need to achieve a 3 times turnover within three months if you accept any bonuses before you may withdraw money. If a rollover of three lots is required, it essentially means you must trade $300,000 before receiving a withdrawal.
There is a provision regarding withdrawals for accounts without bonuses as well: “Trader must achieve a 100% turnover from the deposited amount to claim for withdrawal.” Let’s imagine you deposited $50,000; to get it back, you would have to trade all of your funds.
Is VideForex A Scam Broker?
An unlicensed online forex and CFD trading provider is VideForex. Contact us for help if you believe this company has defrauded you.
Spain, Italy, and Belgium have blacklisted VideForex as a fake company.
Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]
