VideForex is a binary options trading provider that rebranded and added CFDs into play. However, the company still promises up to 95% ROI in 60 seconds. As you can tell, it’s just a lure.
Additionally, the scheme reminds us a lot of the one by IQCent, and we’ll elaborate on why. Keep on reading our in-depth VideForex review, and you will understand everything.
We also want to invite you to read updated RichFielder, IQCent and TradeVTech scam broker reviews. For those unaware, their investment offers are too good to be true!
|Broker Status:||Offshore Scam Broker|
|Broker Regulation:||Unlicensed Forex Provider / No Regulation|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||AMF, CNMV, CONSOB|
|Broker Owner:||Involva Corp.|
|Headquarters Country:||Marshall Islands|
|Mobile Trading:||Not Available – only via web|
|Crypto Trading:||Available – BTC, ETH, XRP|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex, commodities, indices, shares, cryptocurrencies|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is VideForex a Scam Online Trading Broker?
In the past, VideForex was owned and operated by Algobit Ltd, a notorious company behind many binary options scams. The firm has been banned in the EU and US for running AstroFX, OctaveTrade, and Binarymate.
After the old owner’s reputation was “burned,” the firm changed domain, going from videforex.com to videforex.io, and registered as a brand of Involva Corp. The current owner is based in the Marshall Islands, a country known for its loose supervision of the financial markets.
There’s GLOFSA, an independent organization that took it upon itself to oversee the activities of Forex, CFD, and binary options brokers. So, the logical step was to look for VideForex regulation in their database. Of course, we found nothing.
The company has presented us with a false license issued by IFMRRC. When we said it reminded us of IQCent, here’s why. Both brands offer binary options trading, and both have a fictitious license by a non-existent regulator. This site has been serving only by issuing fake regulations to brokers prepared to scam customers and steal their money.
VideForex is a typical binary options scheme running unlicensed. The firm has been banned in France, Spain, and Italy.
Cautionary Warnings Issued By Financial Watchdogs
In June 2018, we received an official warning against the VideForex scam. The French authority, AMF, has blacklisted the company.
According to the alert, the site is an unregulated Forex provider targeting French citizens. Additionally, binary options were banned in the UK and EU in 2018. Hence, it sped up the regulatory decision to react.
This warning was later republished in Italy and Spain, confirming our suspicions.
Where Do VideForex Victims Live?
Our detailed research has shown that most of VideForex victims come from:
It’s a matter of time before the respective regulators in these countries will react and ban the fraud.
According to SimilarWeb traffic analysis, the company had over 80,000 visits during January 2023, with the majority coming from the US, Venezuela, and Australia. It complies with our results and shows that the scheme is still widespread, and we need to stop it.
Reviews of VideForex – Traders Share Their Experience
Besides regulators, customers have also expressed their concerns regarding the VideForex trading scam. Namely, out of 19 reviews on Trustpilot at the time of writing, 68% were 1-star. The company is rated poor, with 2.4 stars.
Additionally, the brokerage was mentioned on different forums, including Reddit, where a customer registered as u/Junior_Willow740 described their experience with the firm as quite alarming. Namely, they were banned from trading simply because they asked for a withdrawal.
That sounds like a great way of running a business, right?
What Trading Platforms Are Available?
There’s one VideForex trading platform on offer – WebTrader. However, we were unable to access the software even upon account registration. As soon as you sign up, you must deposit the money before being able to look around.
We’re unwilling to invest even a penny with a scheme broker, so we cannot comment much on their offer. We can, however, say that the broker claims to offer mobile platforms and has added a link to the Google Play Store for Android users. Yet, the link is broken and doesn’t give access to any software. At this point, we highly suspect there is one.
Regulated brokers attract so many investors because they offer reliable software, such as MT4, MT5, or cTrader. With each of these, you can have peace of mind knowing you’re getting the best.
What Can You Trade With a Broker?
If you want to trade, you can choose among five asset classes:
- Currency pairs – EUR/USD, GBP/NOK, AUD/SEK
- Commodities – gold, silver, crude oil
- Indices – AU200, IBEX35, S&P500
- Shares – Amazon, Apple, Google
- Cryptocurrencies – BTC, BCH, USDT
Note that all assets are set to binary options trading by default. However, when you register, you can request CFD trading instead.
What Are the Differences Between VideForex Trading Accounts?
Let’s take a look at the different VideForex account types and their benefits.
- Bronze – $250
- Silver – $1,000
- Gold – $3,000
Besides the minimum deposit, nothing much is different. Customers can get a 20%, 50%, or 100% deposit bonus, respectively.
Can I Trade For Free With a Demo Account?
If you trust the site, yes. However, if you check the FAQ section, you’ll find more details about the VideForex Demo account. There, you’ll notice that the broker says you can access a risk-free account after you fund your account.
Practically, they want to trap your money before allowing you to see the software. We’re pretty doubtful if there is software at all, so this might be the reason behind such unusual criteria.
Withdrawing Profits From Your Broker Account
On the website, we found a list of VideForex withdrawal methods, which include:
- Debit/credit card,
The firm charges 5% for cards, while crypto transfers are free. Knowing that digital coins are hard to track and trace and are not subject to a chargeback procedure, it’s clear why scammers love them.
If you’re about to deposit and you’re unsure about the firm, it’s always better to use your card. That way, you’re entitled to a chargeback within up to 540 days after the transaction occurred.
I Lost Money With VideForex Scam, What to Do?
First, it’s essential to understand that you’re not alone. VideForex broker has defrauded many. Global Fraud Protection is working on exposing various trading swindlers every day and assisting victims with monetary recovery.
Whether you used your card or a crypto wallet for a deposit, there might be a way to recover your money. Book a free consultation with our chargeback experts and CipherTrace crypto analysts, and we’ll see what we can do.
All In All, Don’t Let the Scammers Get Away for Free!
Is VideForex a Legit Broker, and Should I Invest In It?
VideForex is not a legit broker. If you have already invested your money with this scam firm, we might be able to assist you with a recovery procedure.
Does VideForex Offer a Demo Account?
The company claims to enable access to a Demo account after you deposit the money into your Live one.
Does VideForex Give a Welcome or Deposit Bonus?
Yes, the broker offers a 20-100% of the deposit bonus, but ensure you read Bonus Policy first.
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