Videforex offers its own proprietary financial trading software and platform suitable for day traders of all levels of expertise. This article provides a comprehensive broker review, from accounts and fees to platforms and regulations. After considering the benefits and risks, we will conclude whether Videforex makes the top day trading brokers list.
A Brief History
Since its launch in 2017, the popularity of the CFD, forex, and binary options broker Videforex has grown. The company behind this brokerage, Involva Corp, is also in charge of BinaryMate. The firm is dedicated to protecting its traders’ funds and devoted to the safety of investors.
Minimum Initial Deposit
Videforex requires an industry average deposit of $250 for new trading accounts. They also give up to a 100% deposit match bonus on any first deposit (check the T&Cs before using it). Whether you’re day trading forex, CFDs, or binary options, the bonus requirements are the same.
Spreads & Commissions
With Videforex, a spread is usually charged. The spread is dynamic for particular instruments. It will take liquidity and external markets for the underlying financial instrument into account.
They are not necessarily the cheapest broker on the market and by no means the most expensive, meaning you can avoid the brokers whose fees are so low you pay the price in poor executions and the more expensive platforms that cut into your profits.
Leverage
Videforex offers leveraged trading. This effectively allows you to borrow money to strengthen your position. Importantly, it can significantly increase your profit potential. However, it also has the risk of magnifying losses.
The company restrict all customers by default to a maximum multiplier of 1:500, in line with legislation. In addition, a customer’s loss is limited to their original investment amount, so the remaining amount of equity is protected.
Videforex charges a commission for opening an unleveraged cryptocurrency CFD position. This could be anywhere from 1 to 2.5% of the transaction. Opt for leveraged CFD cryptocurrency positions, and the fee could climb to 5%.
Other Trading Fees
The platform charges a swap fee of 0.07% of the face value of the position to hold a position overnight. There is no maintenance or registration charge when you sign up for an account. However, if you do not make at least one trade a month, you will be charged $10.
Videforex Trading Platform
As customer reviews of Videforex highlight, one of the unique features of this online broker is that they have chosen to design and create their in-house trading platform. Whilst many will be used to the MetaTrader 4 (MT4) platform, there are certain advantages to the approach taken by Videforex:
- By not using a third-party platform, they can ensure both the quality and reliability of their online service
- The broker knows what is happening on their platform at all times. This can streamline the querying process and ensure any problems and glitches can be fixed swiftly
Day trading on the platform is straightforward for both beginners and experienced investors. It has been specifically engineered to retain usability while offering a variety of sophisticated tools and resources many day traders require. For example, in-depth investing tutorials can walk newbies through the platform.
The sleek system makes selecting your financial instrument a hassle-free process. You can get to your choice of currency pairs, commodities, and indices with just a few clicks. Plus, you have access to cryptocurrency pairings and fixed return options.
A useful extra feature is social trading, also known as ‘copy trading.’ This allows you to learn from experienced and successful traders, enabling you to copy the trades of high-earning investors.
Mobile App Review
The Videforex mobile app is a powerful trading solution for iOS and Android devices. It offers a full suite of tools and features and is an excellent supplement to the desktop solution. The broker’s complete range of assets is available, from cryptos and stocks to binary options and forex. Full account management and copy trading are also available.
Videforex Deposits & Withdrawals
If you’re using Videforex from the UK, Europe, or anywhere else, you can deposit and withdraw money conveniently. They have also embraced the world of digital currencies, so you can use any of the following methods:
- Credit cards (Visa/MasterCard)
- Perfect Money
- Ethereum
- Litecoin
- Altcoins
- Neteller
- Bitcoin
- Skrill
Videforex Accounts
The amount you deposit will depend on which account type you are eligible for:
- Bronze – The minimum deposit is $250. With this account, you benefit from withdrawals in one hour, 24/7 live video chat support, a 20% first deposit bonus, a demo account option, plus their copy trading tool.
- Silver – To qualify for the silver account, you must deposit a minimum of $1,000. You will then receive all the Bronze features, plus the first three risk-free trades, a 50% first deposit bonus, and a master class web session.
- Gold – This requires a minimum deposit of $3,000. You will gain all the Silver features, plus a first deposit bonus of up to 100%, and a personal success manager.
As you can see, the greater your initial capital, the more day trading help you will receive.
Demo Account
Once you have made a deposit, you gain access to a Videforex demo account. This is the ideal place to develop a strategy and get familiar with market conditions using simulated money. Then, when you are confident, you can start putting real capital on the line.
Using practice accounts like the one offered by Videforex remains one of the top day trading tips for beginners.
Videforex Additional Features
Trading Contests
One of the most exciting features is the weekly contests. There is no entry cost, and twenty winners are listed each week. Both beginners and experienced traders can compete, as all accounts automatically participate. The best part is the $20,000 prize fund.
Videforex Safety & Security
As cybercrime is on the rise and online scams prevalent, trusting your broker with your confidential data is paramount. Fortunately, security at Videforex is a priority.
They use a 3D secure money transfer and SSL certified 256-bit funds processing. Payments are also verified by Visa and MasterCard using a one-time code.
Regulation & License
The company is licensed by the Finance Group Corp, which is located at the 2nd Floor, Transpacific Haus, Lini Highway, Vanuatu. It’s worth noting this means Videforex is not regulated by CFTC, like most US brokers, which is why you can’t partake in day trading with Videforex if you are from the USA.
Videforex Benefits
Advantages of trading include:
- Low minimum trade size – You can enter positions with just $1
- Non-stop trading – You can trade every day and through the weekends
- Withdrawal speed – Withdrawals are usually processed within one hour
- Accessibility – The firm facilitates day trading for global customers, excluding the USA
- Customer support – The support time are fast and reliable. Very few brokers offer 24/7 multi-lingual video support
- Funding methods – Videforex offers transfers via a wide range of payment types, from credit cards to cryptocurrencies
- Trading contests – Videforex regularly runs trading contests. Not only are they great practice, but there are also cash prizes
Drawbacks
Downsides to investing with Videforex include:
- Unregulated – They aren’t overseen by a trusted regulatory agency
- Not available in the US – US clients aren’t accepted due to legal restrictions
Videforex Trading Hours
You can day trade binary options, forex, and CFDs 24/7. Not every online broker offers this, making Videforex a good fit for those with limited time or changing schedules. Quite simply, it ensures entering a position on the way to work, before bed, or late on a Sunday evening will always be an option.
Customer Support
The broker offers live video chat support, which you can access directly from the homepage. This makes Videforex a strong contender for newbie day traders or those that want live support a few clicks away.
Contact options include:
- Thai – 02-21345671
- Chinese – 3-395-0396
- English – +1-829-9476393
- Russian – +7-499-7033774
- Singapore – 965-65425142
- Australia – 61-8-5550-7288
- Email – support@Videforex.com
You can also contact the company that operates Videforex, Involva Corp (registration number: 104693). Their address is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960.
Verdict
If you are looking for the best online day trading brokers, Videforex deserves a look. It has tempting weekly contests, promo codes, a bespoke trading platform, plus live video support. In addition, with several online trading accounts, straightforward setup and use, this broker is an attractive proposition for both beginners and experienced investors. Keep in mind though, Videforex is unregulated, and we always recommend caution before trading with unlicensed providers.
Accepted Countries
Videforex accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Videforex from United States, Canada.