InstaForex Review – Pros and Cons


Are you looking at trading with a new forex broker? Thinking of InstaForex? There are thousands of brokers and hundreds of different things to think about, making it really hard to choose the right company for you. Luckily, we have done extensive research and testing into InstaForex, so you don’t have to! Are they the broker for you? Let’s find out…

InstaForex are regulated in the British Virgin Islands.
The minimum deposit with this broker is just $1.
InstaForex offer MT4, MT5, FastTrader and WebTrader.
The maximum leverage offered is 1:1000.
The funding options are all of the usual options such as bank/wire transfer. They also accept Cryptocurrency including bitcoin.
InstaForex have a terrible reputation in the online trading space, being known for not paying out withdrawals.

Who Are InstaForex?

With over 7,000,000 registered accounts, InstaForexOpens in a new tab.

This sounds like a great broker so far, but let’s take a bit of a deeper look…

InstaForex Trading Conditions

Having great trading conditions can really make a huge difference as a forex trader, especially when a few percentage compounded can lead to huge gains. The trading conditions at InstaForex are definitely not industry leading to be honest, but they do offer a few perks that make it a very attractive broker for beginner traders…

Minimum Deposit$1
Forex Pairs100+
CFDsYes
CryptocurrencyYes
Leverage1:1000 Maximum
Execution SpeedsInstant
SpreadsVaried per account
Commissions Varied per account

The 1:1000 leverage and tiny deposit option can be a bit of a worry for traders lacking risk management. Leverage this high can of course grow your accounts extremely fast, as you’re able to risk such a high lot size on your account – however, it can also cause you to blow your accounts extremely fast as well. Leverage is a double edged sword so please use it with caution.

The product offerings at InstaForex are pretty substantial. If you typically only trade the Major forex pairs, maybe a few Minors and a commodity or two, you’re going to have absolutely no trouble trading with this broker! They even offer huge deposit bonuses and incentives to keep trading, which allow you even more margin to trade with on your capital.

Account Types

InstaForex offer 4 different account types for retail traders. These accounts are suitable for all types of traders, ranging from professional to beginners just looking to get a grasp of the markets.

A Insta Standard Account has a fixed spread, ranging between 3-7 pips. There is a minimum deposit of $1 and a maximum leverage of 1:1000. There is no commission on trades on this account, and no maximum deposit, allowing traders to access all tradable pairs and customise the deposit and leverage to your own needs.

The Insta Eurica Account is very interesting, because the price is slightly manipulated to where you do not have any spreads on your pairs. It’s a cool idea but really not needed, the standard account with a small spread is a lot more practical for most traders. Again the minimum deposit is $1 and the maximum leverage is 1:1000. You can a fee for trading this account type.

Cent Standard and Cent Eurica Accounts function in exactly the same way as the standard Insta accounts, however, they allow for a much smaller minimum lot size. This is the perfect choice for beginners only looking to risk a tiny fraction per trade.

Are InstaForex Regulated?

Regulation of forex brokers is extremely important for us retail traders to bare in mind. If a broker is unregulated, you may be open to unfair trading conditions, withdrawals going missing, spreads being manipulated and generally just conditions that make it harder for you to gain an edge. So, is this broker regulated?

InstaForex are regulated and licensed by the FSC under the SIBA act, in the British Virgin Islands. Although this is great to see, in terms of regulation worldwide, this is certainly not the strongest regulation a broker can have. The majority of reputable forex brokers are regulated by governing bodies in multiple jurisdictions.

Trading Platforms

InstaForex offer a few different platform choices for retail traders, which is great to see as a lot of brokers these days are only offering MT4. The platforms offered are:

Out of these platforms offered, MT4Opens in a new tab.

MetaTrader5Opens in a new tab.

WebTraderOpens in a new tab.

FastTraderOpens in a new tab.

Deposit And Withdrawal Options

Having a range of deposit and withdrawal options really is key with a forex broker, as limited options can make it much harder for traders in certain countries. InstaForex have a huge amount of deposit methods, most of which there is completely no fee! They also offer a HUGE deposit bonus for traders on every single deposit, meaning you get much more margin to trade with when you deposit. The main options are…

MethodFees
Bank CardSystem Fee
Bank WireBank Fee
SouthEast Bank TransfersNo Fees
PayCoNo Fees
BitcoinNo Fees
LiteCoinNo Fees
TetherNo Fees
Local Bank TransfersBank Fees Vary

Deposits are typically processed extremely fast, with options like PayCo and Bitcoin only taking a few hours, whereas bank transfers can take up to a few days. There are many benefits of using Bitcoin with your forex broker, so definitely consider it. Some other brokers are also adopting bitcoin deposits like HugoswayOpens in a new tab.

Client Support

There are a number of ways to get in touch with InstaForex, which is incredibly important. I have used brokers before that have been near enough impossible to get in touch with, which really does make you worried. With that being said, these are the best ways to get in touch…

There are too many numbers and emails to list, as every department has a different email address. Click hereOpens in a new tab.

I have personally used the live chat feature on the website and I was fairly impressed at the support I received. However, with a really big query, I would definitely advise contacting the support team via email or request a callback.

Reputation And Reviews

We need to bare in mind reviews from traders all over the world when looking at suitable brokers, as some traders experience may vary from others. There are multiple blogs and forums where traders share their brief reviews, which we have extensively researched. Sadly, InstaForex have an absolutely terrible reputation on these forums.

As you can see here by these reviews on ForexPeaceArmyOpens in a new tab.

Conclusion

In summary, although InstaForex do offer a lot of incentives and bonuses for traders and it’s clearly a very popular broker with millions of accounts, I would not currently recommend trading with this broker. This is purely because of the regulatory infringement and the warnings from regulators all around the world, warning about this broker.

There are plenty of other unregulated brokers in the world that offer much better trading conditions and have much better reviews, like EagleFxOpens in a new tab.

If you have any experience with this company please do let me know in the comments below, as it will help out other traders.

Kyle Townsend

Kyle Townsend is the founder of Forex Broker Report, an experienced forex trader and an advocate for funding options for retail forex traders.

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