InstaForex has been active on the market since 2007 and it is a registered trademark of InstaForex Group. The information provided regarding their regulation status is the following:
- Instant Trading EU Ltd licensed by CYSEC, License number 266/15
- Instant Trading EU Ltd (Cyprus) is registered with FCA (UK), Reference number 728735
- Instant Trading Ltd (BVI) is licensed by BVI FSC, License Number SIBA/L/14/1082
- Insta Service Ltd is registered with FSC Saint Vincent, Reg. Number IBC22945
- InstaForex IT UK Ltd, a company incorporated in England and Wales, Reg. Number 10802032
- InstaForex Trademarks are registered with EU and US trademark offices, including United States Patent and Trademark Office.
Their list of products includes: 107 currency pairs, 88 CFDs on US shares, CFD on futures, cryptos, gold and silver trading. Available in 26 languages, the website points out in each language how this broker has a background full of awards and recognitions, such as The Best Broker in Asia at the World Finance Awards for several years in a row, awards from the CNBC Business Magazine and the European CEO (The Best Retail Broker Award).
Account types and deposit options from Instaforex.com
They offer various account types: commission-free with classic spreads (the minimal trade size equals to 1 lot ($1 per pip) with balance over $100,000 or its equivalent in other currencies), accounts with commissions instead of spreads, cent accounts and Islamic accounts (with forex swap). InstaForex offers the possibility to open a PAMM account. All accounts are segregated.
Platform at Instaforex.com
They used three interfaces available in all forms (desktop, mobile, iOS and Android): MetaTrader 4, MetaTrader 5 and WebTrade. Impressive? Absolutely! All professional forex brokers use the MT4 as their platform because of its comprehensive list of tools, advanced charts and accessibility. The MT5 platform has the same features as MT4, with some additional tools. Even if it’s less popular and not widely-used, WebTrader is an efficient software which has its perks and both beginners and professional traders can enjoy it.
Customer support service from Instaforex.com
All the information regarding their departments is presented in the support section. Their call centers are located in 10 countries (schedule and numbers on their website). You can contact their Client Relations Department from 08:00-17:00 (UTC + 00) via mobile, their technical support team is available 24 hours/day and you can also reach them via e-mail, Skype, Viber, WhatsApp or Social Media channels.
We called their support team to ask a few basic questions and they managed it pretty well. Satisfying and professional answers, but little did we know what was about to happen. A heads up, once you get in touch with them or give them any contact information, they will call you multiple times and manipulate you to open an account. This is on top of the list of the worst things an online broker can do.
The safety of your capital with Instaforex.com
Other than segregated accounts, a withdrawal process page and the basic conditions and policies there isn’t other information regarding the safety of your funds. Make sure you read carefully all the information they shared.
Advantages of Instaforex.com
Apart from the three free platforms we already mentioned, they have a stellar educational center and post on a regular basis news articles. They seem to offer everything to keep you anchored into reality and get a glimpse of what’s happening around the world. Knowledge means success in trading and they are aware of it.
They weren’t kidding about the tools; they do have an impressive list of instruments that can be very useful throughout your trading process. The various account types they put at your disposal – a big plus!
Disadvantages of Instaforex.com
Unfortunately, InstaForex has a big list of disadvantages. From the harassing customer support service to the lack of information about their brand and an excessive brag about their awards, this online broker simply seems like a beautifully packed lie.
Instaforex.com – successful broker or not?
We did our homework and tried to dig deeper to find out even more about this broker. It seems that in 2014, The Ontario Securities Commission has issued an investor warning about it. A year later in 2015, The French AMF has issued a warning about unauthorized forex brokers and InstaForex was on that list. Many of their customers complained on reputable forums that they encountered problems while trying to withdraw their funds.
We’re not 100% that InstaForex is a scam, or if it used to be and now it’s on the right track. Now, it seems like a decent broker and if you want to try it, we advise you to rigorously read everything on their website and go for a small first trade. All in all, we do not recommend it.