VideForex Review 2022 - Forex Trading Scam?

VideForex Review 2022 – Forex Trading Scam?

VideForex provides Forex trading service, along with CFD and options trading, in an easy and secure manner. As written in their site, you can use their service from anywhere and leveraged more than 100 assets for trading.

Aside from their actual service, you can also take advantage of their promotions. The most popular one is their referral bonus where you can get 20% extra income by inviting someone to join VideForex.

Ever wonder if trading with VideForex is still worth it this 2022? Read this VideForex review to find out whether it’s a good service or just another scam.

As a disclaimer, this is a completely unbiased review of VideForex. And I’m not affiliated with VideForex, or its creators, in any way.

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VideForex Overview

VideForex Review: VideForex Website

VideForex is a broker that offers a platform for Forex, CFD, and options trading. They assure their clients that they can trade from any device, anywhere, and anytime.

In addition to convenience, they also claim to have the highest level of security. Oh, you’ll also be greeted by beautiful customer support representatives too every time.

VideForex launched their business in 2017 in Seychelles. They’re operated by Involva Corp., an entity registered in Marshall Islands (outside US just like Seychelles).

Steps to Start Earning in VideForex

First thing you need to do is complete their registration process. It only takes a minute or two to accomplish.

It’s the usual contact info they’re asking. You have to provide that info, choose the currency of your account, and input a promo code if you have any.

You also have to agree to their terms and conditions by ticking a checkbox. In addition, you have to acknowledge that you’re working with a broker operating and registered outside US.

Once you’re done, you’ll receive your trading account and welcome gifts almost immediately. The gift is a percent bonus on your first deposit.

Speaking of deposits, the second step is depositing funds to your trading account. You can do this via bank transfer or sending popular cryptocurrency tokens such as Bitcoin.

Finally, the third step is to actually start trading and predicting the market. You can do the analysis by yourself or with the help of VideForex specialist.

VideForex Account Types

There are three types of account in VideForex. Their most significant variation is the requirement for the minimum deposit.

You’ll also receive a percent bonus on your deposit depending on your chosen tier. It can range from a bonus of 20% up to 100%.

As a disclaimer, you have to use the amount from said bonus in trading within 3 months of receiving it. Otherwise, VideForex may cancel or remove it from your account.

You can also opt to not receive any bonuses (cap at $100,000) at all. This is important if you don’t want the higher turnover requirement once you receive a bonus.

More details on the turnover requirement in the VideForex’s terms to remember section. Before that, let’s talk about the different subscription tiers first.

Bronze Tier

This is the most basic and entry-level VideForex account. It requires at least $250 for its initial deposit.

The features you’ll get includes 24/7 live customer support, withdrawals in one hour, copy trading tool, and a demo account. On top of the welcome gift, you’ll also receive a 20% bonus on your deposit.

To demonstrate how the bonus works, let’s say you wired your account with a $250 deposit. With the 20% bonus alone, you’ll receive $300 instead.

Silver Tier

This is the most popular and mid-level VideForex account. You’re required to deposit more than $1,000 for this.

You’ll then receive all the features of Bronze tier and more. The bonus will be better at 50%, and you’ll have access to VideForex Masterclass.

Finally, your first three trades would also be risk-free. This means you’ll get a trading bonus to compensate for a negative results trade.

Gold Tier

This is the most premium and high-level VideForex account. You’re required to deposit $3,000 or more for this.

You’ll receive all the features of Silver tier, but with a better bonus. Instead of 50%, Gold tier subscription gives you 100% bonus.

In addition, you’ll have your own personal success manager. It may sound fancy, but it’s just another coach/assistant that will manage your account and answer your inquiries.

Pricing for VideForex Accounts

Subscribing to any tier doesn’t include any additional fees. You only need to deposit the required amount, and you’re good to go.

You can choose from a variety of payment methods to make your deposit. Specifically, the payment methods are as follows:

  • Visa or MasterCard Credit cards
  • Bank Wire transfer
  • Skrill
  • Neteller
  • Web Money
  • Qiwi Wallet
  • OK Pay
  • Crypto tokens such as Bitcoin, Altcoins, and Ethereum

Trading Platform

You can access your account through their desktop or mobile platform. The latter is available for both Android and IOS devices.

Some of the features of the trading platform are the following:

  • The option to trade Forex, CFDs, and Options.
  • Access to a price feed that updates in real time.
  • Access to a direct deposit and withdrawal page (even on mobile).
  • Display and see trader’s account and portfolio.
  • Execute your trades instantly without delay.
  • Read charts for every option.
  • Have a log of your entire trade history.

VideForex Demo Account

After depositing the required minimum amount, you’ll have access to VideForex Demo account. It’s a type of account that allows you to experiment with trading in VideForex before using real money.

This is a good way to get familiar with the trading platform. If you’re an experienced trader already, the account is a risk-free way to test your new strategies.

The way it works is you’re using a fake play money instead of a real one. However, you’ll test the trades you make with the play money under real, live market situations.

VideForex Leverage

VideForex offers leverage for their Forex trades. It’s not indicated in their website, but it’s likely 100:1 based on regulations.

FYI, the term leverage means borrowing money from your broker to complete the investment. Meanwhile, 100:1 ratio means you can trade up to $100 in value for every $1 you have.

VideForex’s Terms to Remember

In this section, we’ll discuss the terms you always need to consider when using VideForex. This is to avoid getting caught by surprise that usually leads to hassle and losing money.

Turnover Requirement

The normal turnover requirement is 100% of the initial deposit. If you deposited $1,000, you have to earn another $1,000 on top of that to satisfy the requirement.

If you want to withdraw without meeting the requirement, you’ll pay a maintenance fee. 20% of withdrawn amount, to be exact.

Meanwhile, the turnover requirement will be much higher once you receive any bonus. Instead of 100% of the initial deposit, it will be 300% for every deposit including the bonus.

For example, let’s say that you deposit $1,000 and received $500 as a bonus. You have to earn 300% of the deposit AND bonus combined which is $4,500.

The said turnover requirement will be added every time you deposit. Any amount over your previous requirement doesn’t matter.

Let’s say you earn $10,000 on your initial deposit and bonus. It’s greater than the minimum turnover requirement by 6,500.

However, you’ll disregard the said excess amount once you make a new deposit. Basically, it doesn’t count over the next transaction.

If you decide to deposit another $1,000 with the same $500 bonus, you have to earn another $4,500. In total, the turnover amount you need to satisfy is $14,500.

Referral Bonus Requirement

I mentioned earlier about the referral bonus adding 20% extra income. The exact figure is 20% of the amount deposited by the person you refer.

If the person you refer makes a deposit of $1,000, you’ll get $200 as a commission.

However, you’ll only be able to claim the 20% bonus when the person you refer meet a turnover requirement. For this case, the amount is at least 100% of the initial deposit.

There’s also a catch when the person you refer withdraws more than 50% of their deposit. When this happens, VideForex can cancel the commission you earn for that person.

Withdrawal Requirement

As written in their terms and conditions, VideForex will be the one to determine the method of withdrawal and not you. For withdrawal amounts higher than $1,800, they will also require you to provide multiple identification documents.

Worst case, VideForex can reject your withdrawal request at their discretion. It doesn’t matter if you need your funds for emergency, they can reject your request, and they’re notorious for that.

Lastly, VideForex will charge $50 as transfer fee for every international bank transfer.

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Pros and Cons of VideForex

Pros

In this section, we’ll talk about the things I like with VideForex.

Trading Platform Available in Desktop and Mobile

As the title implies, you have two options on where you’ll access your trading account.

Low Deposit Requirement

You can start trading for deposit as low as $250. You will not pay any membership fees as long as you trade once a month.

If you’re not able to do the trades, you’ll pay a relatively cheap fee of $10.

Cons

In this section, we’ll walk you through the cons of VideForex. Buckle up because some are extremely negative.

Limitations of Platform

Starting with the lesser negative, the mobile app provided by VideForex is not 100% equivalent of the desktop version. You still need to open the desktop every now and then for some transactions.

They also don’t support MetaTrader 4 and MetaTrader 5 which are the standards for Forex trading platform. You’ll be stuck using their in-house solution that’s likely subpar to both MetaTrader apps.

Frequent Platform Crashes

From the reviews in Trustpilot and other broker rating sites, you’ll see many complaints regarding the frequent crashes of VideForex platform. You don’t want this on an endeavor where you need to act in real time.

VideForex is also known for not taking accountability for such events. Especially for winning trades that turn unfavorable due to platform errors, they will deny acknowledging it.

This is with people being fortunate to record the whole thing as it happens. It doesn’t matter if you have the most solid piece of evidence, they will still deny a win and/or an error on their part.

Unregulated Broker

As mentioned earlier, the corporation operating VideForex is registered at Marshall Islands. It’s a popular offshore jurisdiction for businesses after all.

However, you should know that any Forex brokers registered there is not regulated by the government. They’re not actually registered as a legitimate Forex Broker, but only as a legal business.

This is bad since VideForex can do whatever they want as a broker. Without any oversight, there’s no stopping them to lowkey ignore the usual broker rules.

For this matter, you’ll have to look for brokers with license from Commodity Futures Trading Commission (CFTC). This is for any investment services in America.

It’s not always CFTC, though. For example, you’ll need a broker licensed by Financial Conduct Authority (FCA) instead if you’re in the UK.

Problems With Withdrawal

Remember that I mentioned 1 hour as the time it takes to process withdrawal? Apparently, it’s just a BS lie from VideForex.

Don’t take my word for it, many people mentioned the same sentiment. It’s not just a few hours of processing, but a week or month even.

VideForex can’t use the “too many requests” excuse, though. This is because they’re only slow on withdrawals, but the exact opposite on processing deposits.

Unwarranted Closing of VideForex Account

VideForex Review: Suspicious Activity Email

This is the worst case scenario when withdrawing funds in VideForex. They can close your account without any explanation at all.

Well, I don’t think “suspicious activity” is a valid one since you’re only withdrawing your OWN funds. It’s the overall theme of the people that got their account suspended, no legit suspicious activity at all.

The part where they said that you’ll get refunded in Bitcoin? Forget about that too, it’s just an obvious lie especially with the chosen type of currency.

In short, they will take your money. The most logical reason why they are slow on withdrawals is because they want you to keep depositing funds.

In the end, they will still take all your money and run away with it.

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Is VideForex a Scam?

It’s clear as day that VideForex is just a scam. The reports of people losing money, without getting their initial deposits even, is just too many.

They have taken funds ranging from a measly $300 to a whopping $83,000 from different people. The only reason they’re still operating is them being on an offshore haven.

Remember to only transact with licensed Forex Brokers. Also, don’t be fooled with high bonus figures like the one in VideForex.

As the saying goes, “if it’s too good to be true, it probably is.”

Final Verdict – VideForex

Unless you love losing your hard-earned money, I don’t recommend joining VideForex this 2022. Forex trading is already a high-risk endeavor, why would you add some more risks?

I’m talking about the risks you’ll add when you choose a sketchy Forex broker. Either you win or lose in trades, these brokers will likely run away with your money.

Besides, it’s a very stressful biz too. If you’re looking for a chill side hustle, you might as well skip this business model altogether.

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