How To Recover Funds Lost To VideForex Scam

Recover Funds Lost To VideForex Scam: VidForex claims to be a CFD (Contract Of Difference), forex and binary options trader. VideForex was launched in 2017 by a brokerage in charge of establishing BinaryMate. VideForex has been suspected to be a scamming platform; we will be talking about that extensively later in the article.

Is VideForex regulated? VideForex is an unregulated and unlicensed broker; this alone is a huge red flag because once you start trading with VideForex, you are at their mercy for the security of your funds. Since any regulatory body does not regulate them, VideForex can do anything with your funds.

Things that threaten the legitimacy of VideForex:

Live cam girls: this is no evidence that VideForex is a scam, but what the point of having a live cam girl as your customer service attendance if not to keep men on your platform. Some reviews online about these girls running their fingers through their hair doing a live session. You can even tip them $1, $5, or $50, but they should be support reps. Do you know of any legitimate broker to tip the support person?

Having a live cam girl might not be as implicating as not having a license to operate. Still, the girls on this platform were also used on websites like BinaryCent, BinaryMate and Finrally. Some of these platforms have been confirmed to be a scam; an example of this is Finrally – which is now closed and considered by many to be a scam.

Recover Funds Lost To VideForex Scam

Copied content from an established broker: VideFores uses content copied from Dukascopy, a reputable broker in business for a long time. Note, they likely copied this content without permission. The VideForex website has a Technical Analysis section, where they show charts and indicators, present their views on the market, and talk about possible scenarios. But all these stats and market insight are copied from Dukascopy.

To explain further, Dukascopy does a daily technical analysis, and VideForex presents it as their own; this is so obvious that the chart is labelled “Powered by Dukascopy,” and further digging into their analysis section shows that they were copied from Dukascopy word for word.

Recover Funds Lost To VideForex Scam

  1. Report the broker to the appropriate authorities;
  2. If you used your credit card to make payment, contact your bank to request the blocked transactions; request a chargeback.
  3. Check if the Forex broker is regulated so that you can report, if possible, on the country’s supervisory body;
  4. Hire a Fund Recovery Expert experienced in Forex because a professional will know how to file a Chargeback and retrieve your funds.

You can hire good Funds Recovery experts on Duolabs. Duolabs is an online marketplace with various services for hire such as Fund Recovery Expert, Wallet Recovery, Cryptocurrency Recovery, Data Retrieval, etc. With over 500 successful chargebacks, you can trust Duolabs to get your money back from the scammer.

We advise you don’t trade on VideForex, and to further convince you, here are some reviews from victims of the VideForex scam:

This is a detailed explanation of Megan Smith from the United States of America. This review is from TrustPilot.

1. I started trading with Videforex in April 2021 after I recommended VideForex through IM Academy.

2. I did not start withdrawing until October 2021 because I was trying to ‘build my account’ – I never even withdrew any profits. I could only withdraw my deposits as soon as my most recent withdrawal request was dipping into my profits my account was blocked.

3. First few withdrawals were approved within 24 hours, but as I started to increase the $ amount that I was withdrawing, it could take up to 4 weeks.

4. Whenever I would like to withdraw, I would always let my Success Manager know and sometimes I would even let Finance and Compliance know on the same day I made the request and the $ amount.

5. I was encouraged a few times to deposit additional funds to my account, EVEN THOUGH my account was relatively large already, which was very suspicious to me.

6. I was also encouraged to cancel my withdrawal requests and, in return, would receive a 200% bonus.

This seems to be a pattern with Videforex. They close your account and refuse to tell you why because of ‘security reasons. I have only traded one time in the past 2-3 months, and again, I was letting the Videforex team know of my withdrawals and the amounts, so to claim ‘suspicious activity is stupid. I told my Success Manager that I would start trading again when withdrawal time was sped up, and he reassured me that since the holidays were over, I would start receiving my funds sooner.

My account of $190k was closed on 1/10/2022. I recommend staying far away.

The review above depict lots of characteristics of a typical forex broker scam;

  • Account closer without rational reasons
  • Advised to add more friends to be able to withdraw
  • Unreasonable bonus offer
  • Too much bureaucratic process before a withdrawal

Similar Posts

Leave a Reply

Your email address will not be published.