Modern online brokers are ready for the craziest things to draw your attention! Think of Videforex – they hire sexy ladies as a support team to consult users via live video stream! But are there any other advantages to respect Videforex for?
While a sexy female customer center trick is a good attention grabber, digging deeper into the Videforex website unveils some unpleasant facts.
Despite they have a very catchy REGULATED logo, there is no information on which financial regulator actually controls the broker’s activity. What authoritative body gave them the license? Probably, it is a corporate secret which cannot be publicly available. But how can we then trust Videforex our hard-earned dollars? The first impression goes even worse when you fail to discover any regulation/documentation section on their website – there is nothing of this kind except privacy policy and terms of use pages.
Videforex is operated by Algobit Ltd, a company registered on Seychelles. The address is provided: 309&310 Office, Albert Street Victoria, Mahe, Seychelles. To be honest, offshore brokers are not the most credible financial partners to deal with, and when you mix this with the absence of a license, you may end up with quite a risky combination.
The broker does not explain its real trading environment. You will not find tables with leverage ratios, spreads, margins, and other essentials which a curious trader may want to know first of all. It is not a sign of a serious broker. However, the list of tradable instruments is hidden in the “Trading Platform” section (why not make it clearly-visible?):
Trading is executed on a platform called Binarymate which comes with three versions: a web-based solution and mobile apps for Android and iOS. The platform is equally good to trade binary options and CFD with a live video chat (can Videforex go without their beautiful female operators?)
The platform interface seems not to be overwhelmed with sophisticated functionality and is more focused on non-professional traders. However, advanced charting is available if you take time to scrutinize the software, as well as a copy-trade feature.
If you continue to explore their trading platform, you will see that a fixed spread for a popular EUR/USD asset is 2 pips, which is not the lowest offer in the field.
$250 will be enough to open an account with Videforex, though the sum can be even higher up to $50000. Get ready that a deposit bonus will be imposed on you. Bear in mind that it cannot be withdrawn unless a trader reaches a 300% turnover from the deposited amount.
However, there are some positive moments with this broker, too:
7 Comments
10/06/2020
Recently they dumped the accounts of many traders (me as well) in the time of collapse and fall down of the pound. The fall in GBP/USD was 450 points lower than most other brokers. While this crooks claimed the phrase like “ the problem is not at our side, it’s all about vendors".
28/01/2020
They have been deceiving since the 70s of the last century. Today, their work has become even better, because communicating with customers has become much easier. Every day someone is mistaken and believes them, do not do this, take pity on yourself and your money.
08/10/2019
This is not a broker, these are ordinary crooks. In general, it is not clear how they allowed to trade. And I generally doubt that they work legally
18/09/2019
So much false covered by sugar promise – “you can get even the star from the sky with our great platform”. Yeah, rlly, five times already. In fact, they ignore you and don t bring the money out. Quit
21/07/2019
I think that this broker earns me dishonestly. Although I had 400 investments with them, and they reached 50 with huge losses, even without profit. I decided that so far there is no point in trading with a broker.
09/06/2019
They will FLEECE you and KICK you OUT!! This broker is afloat for so long only because it squeezes newcomers dry! There is no saying about technical support since they ignore their clients! This broker is nothing but a SCAM!
02/05/2019
Despite I heard really many good things about this broker, in my very case, I’m not happy with the way they treat me as a client. Sometimes my VISA deposits are declined for no obvious reasons and I have to put money via a different payment system. Customer center is hard to reach out by phone, and emails are not answered for long time, too.
250$
1:100
yes
WebTrader
2016
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