Is Videforex Scam or Legit Broker?

about  Videforex

Videforex is an offshore broker based in the Marshall Islands. Founded in 2017, the company claims to be the brand name of INVOLVA CORP, having regulations from the Marshal Islands Registry. According to the broker, it specializes in Forex, CFD, and options trading. The company also claims to have attracted over 5,000 customers worldwide while boasting over $3.7 million in trading volume. The broker offers a web-based trading platform and entices clients with unique bonus offers, trading contests, and referral payouts.

Is Videforex Scam or Legit Broker?

No, Videforex is not regulated. The broker claims to have regulations from the Marshal Island Registry (IRI). However, the registration has been annulled on 27 May 2022, according to the IRI register. It is worth mentioning here that IRI neither issues licenses to forex brokers nor regulates forex-related activities. The broker isn’t registered or regulated anywhere else either.

Videforex in India

Videforex accepts traders from India. However, Videforex has no mention of complying with any Indian regulators on its website. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

Videforex in the USA

Videforex nor its agents or partners are not registered and do not provide any services on the USA territory. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for Videforex, you are only permitted to trade with the U.S-regulated platforms.

Bottom Line

Since new brokers keep populating the forex market, it sometimes becomes hard to find a legitimate intermediary. However, you can take some precautions to avoid signing up with a fraud entity, by checking a broker’s regulation and reputation on brokersview. Typically, brokers overseen by top-tier regulators, such as UK FCA, ASIC, and CySEC, are considered more reliable.

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