In this latest review, I’m analyzing a new Forex and CFD broker that offers one hour withdrawals, with over 100 assets available for trading, VideForex. This review will focus on the broker, and the emergence of CFD trading, and whether or not traders should be interested in the contract for difference market. This way of trading is becoming more popular over the past 2 to 3 months, but I’m not convinced that it’s offering anything better than the traditional Forex trading approach that we currently employ.
The business in control of the brokerage, is also VideForex. According to the chap that I had at the top of the website, the company is complied with all financial regulation standards but is not limited to a particular country’s regulatory framework. In order to get in touch with support, traders can fill out a contact form, or phone +1-849-9370843. There are 5 other numbers, to encompass and serve different regions as well, all available on the contact page.
The first thing you see, when you enter the VideForex brokerage website, is a very attractive woman answering questions about the brokerage. This is a nice touch, as it creates a very friendly atmosphere right out of the gate. However, it does make it difficult for me to remember why I came to the website in the first place. Okay, just kidding.
This broker is different than most of the brokers that I normally review, because their only trading platform is web-based. Currently, they do not have access to the MetaTrader 4 platform, and so all the trades that you place, need to be placed via their website. For some, this may come across as convenient, but for me this is a total dealbreaker.
Web-based platforms are limiting. There is no way to utilize a Forex Expert Advisor with this platform, or any other indicator or tool.
In fact, the platform looks like it’s much more suited for binary options or CFD trading. I wouldn’t recommend this type of broker for a Forex trader, as it is too limited in it’s scope for Forex trading.
- Type: Forex Broker
- Founded: 2017
- Location: Undisclosed
- Minimum Deposit: $250
- Account Types: Bronze, Silver, Gold
Depending on how much you deposit with the VideForex broker, qualifies you for different account types. Currently, the broker is offering a bronze, silver and gold package. The differences between these packages is small, with silver and gold packages offering additional master classes and access to a personal success manager. I have never had any positive experiences with account managers, or success managers. The same goes for my recent reviews of KayaFX, and Shamayal.
The bronze package is qualified for at $250-$1,000, the silver package $1000-$3,000, and the gold package $3,000-$50,000.
One of the aspects being utilized in order to drive more traders to the VideForex platform, is their frequently running contests. Every single week, there are 20 winners, based on the success of their trades. We are shown the total amount of trades taken, but we are not shown the trading results, which I find quite odd.
For example, the current contest leader is Eugene Austin, with 89 trades, but we aren’t shown whether or not these trades are winners or losers. I wonder if that means the winner of the contest, is the trader the trades the most, and not the trader that wins the most.
The leader board from the past contest, seemingly agrees with my theory.
There are also links in the leader board, titled Algo, which redirects traders to a binary options robot, which I do not recommend.
In terms of Forex trading, I don’t recommend VideForex. Yet, this seems to be geared more towards CFD trading, and for that purpose, the platform does seem suitable. I like the fact that they have a contest, but I want to see more information on the contest rules because the prizes are clearly appetizing.
If you have used this broker, and you want to leave some of your experiences below, I would appreciate that very much. I will review this post frequently over the next few months, to see how well the broker is doing, and what type of clients they are recruiting.