InstaForex Review: Reliable Broker or Scam?

InstaForex review: InstaForex, or Instant Forex Trading, is a broker founded in Russia in 2007. It belongs to a group of companies of the same name and quickly expanded internationally. In more than 14 years of existence, the online broker claims more than 7,000,000 clients and has more than 260 representative offices around the world. In this article, we look at InstaForex’s offering in detail, along with our verdict and what clients say about it.

Who Is InstaForex?

InstaForex is both a market maker and an ECN broker. It is an international broker specialising in forex and CFDs. The group has two subsidiaries:

• Instant Trading EU Ltd for its activities in Europe,
• Instant Trading Ltd for its activities in the rest of the world, particularly in Asia and Africa.

InstaForex is therefore able to accept traders from all over the world. For its European activities, Instant Trading EU Ltd is headquartered at Spetson 23A, Leda Court, Block B, Office B203, 4000 Mesa Geitonia, CY-4000 Limassol, Republic of Cyprus. It also offers a wide range of leveraged financial products, with clients having access to more than 300 trading instruments. InstaForex is also known for sponsoring well-known athletes.

On related topics, our articles “JAFX Review” and “FTMO Trading Review” complement this guide well.

InstaForex Key Figures and Ratings

Here is a summary of InstaForex.

Source: InstaForex official website

Instruments Offered by InstaForex

Traders registered with InstaForex have access to more than 200 trading instruments, including:

• 100 currency pairs, including major, minor and exotic pairs,
• Shares, including Apple Inc, Amazon and the Coca-Cola Company,
• Indices, including the DAX 40, Nasdaq 100 and CAC 40,
• Metals, including gold, silver and palladium,
• Energies, including Brent crude oil and natural gas,
• Commodities, including corn, soybean oil, coffee and cocoa.

Is InstaForex Legit? Can You Trust It?

For several reasons, we believe traders can trust InstaForex:

• It is an internationally renowned broker,
• Its subsidiaries are supervised by regulators such as CySEC and the BVI FSC,
• It has received several prizes and awards, notably for the quality of its services, its innovative approach and the security it offers,
• InstaForex has put several measures in place to protect traders’ deposits.

Scams Involving InstaForex

We carried out our own small investigation into InstaForex. Admittedly, about ten years ago the broker was on the AMF blacklist and was not authorised to offer its services in France. However, since 2015, when it obtained a licence from the Cypriot regulator CySEC, the broker has been fully and legally authorised to offer its services in Europe and France. Since then, InstaForex has built a reputation and receives positive reviews from its clients online.

Awards Received by InstaForex

InstaForex has to date received more than thirty awards, including prestigious prizes from exhibitions and magazines. These reflect the quality of its products and services, its innovation and the security it offers. Its recent awards include:

• “Best Forex Broker Central and Eastern Europe 2020” from International Business Magazine,
• “Most Active Broker in Asia 2020” from the AtoZ Markets Forex Awards,
• “Best Affiliate Program 2020” from Global Brands Magazine,
• “The Best Forex Broker Eastern Europe 2019” from International Business Magazine,
• “Best managed account” from the IAFT Awards 2019,
• “The Best Broker in Asia 2019” from the Le Fonti Awards.

Is InstaForex an AMF-Authorised Broker?

Instant Trading EU Ltd is a broker regulated by the Cypriot financial authority CySEC. As a result, it is authorised to offer its services within the EU. Traders living in France therefore have full access to its offering. It is also listed in the REGAFI register of financial agents under identifier 63040. It has therefore been authorised by the ACPR and should no longer appear on the AMF’s updated blacklist.

Does InstaForex Exist in France?

Instant Trading EU Ltd is headquartered in Cyprus. The broker also has representative offices in Slovakia, the Czech Republic and Poland. However, it has no office in France. French traders nevertheless have access to a French-language website.

InstaForex Regulation

According to its website, InstaForex is committed to complying with the local laws of certain countries as well as applicable international law. The broker and its branches are supervised by the following regulators:

• Instant Trading Ltd is authorised by the BVI FSC, the British Virgin Islands Financial Services Commission. Its licence number is SIBA/L/14/1082,
• Instant Trading EU Ltd holds licence 266/15 issued by CySEC in Cyprus. It is also registered with several regulators, including the FSC, REGAFI, BaFin and the FCA.

How Are Client Funds Protected?

To protect client deposits, InstaForex has put in place several measures, including:

• Instant Trading EU Ltd is a member of the Investor Compensation Fund, whose purpose is to reimburse eligible retail clients’ funds if the broker is unable to meet its financial obligations,
• All client deposits are held in segregated accounts opened with reputable financial institutions,
• InstaForex offers negative balance protection,
• The broker applies a best execution policy.

Deposits and Withdrawals at InstaForex

For deposits and withdrawals, InstaForex applies a strict rule: the currency and payment method used for deposits and withdrawals must be the same. These transactions are processed by the finance department Monday to Friday, from 8:00 am to 5:00 pm.

Deposits

At InstaForex, deposits are unlimited. However, they cannot be made by third parties. For European retail traders, the broker is not allowed to offer any kind of bonus. Traders classified as professional do have access to them, however.

• Deposit Procedure

Making a deposit is simple:

1. go to the client area,
2. go to the “Finance” tab,
3. click “Payment details”,
4. choose the deposit method,
5. check the deposit method,
6. confirm the deposit.

• Deposit Methods

InstaForex offers several deposit methods:

1. Visa or Mastercard bank card,
2. bank transfer,
3. Skrill,
4. SoFort,

The broker processes deposits on the next business day.

Deposit Limits

The minimum deposit set by the broker depends on the payment system used:

• $10 for a bank transfer deposit,
• $1 for the other available payment methods.

Deposit Fees

Deposits are free of charge. For bank transfers, the bank may charge a fee.

Withdrawals

Withdrawals from an InstaForex trading account must be sent back to the same payer.

Withdrawal Procedure

The steps are also simple:

• Select the trading account to debit,
• Choose the withdrawal method,
• Enter the payment details by filling in the dedicated form,
• Confirm the withdrawal.

Withdrawal Limits

The minimum withdrawal set by the broker depends on the payment system used:

• $1 for bank cards and e-wallets,
• $300 for bank transfers.

Withdrawal Fees

InstaForex does not charge withdrawal fees. However, the payment system used may charge a commission on the amount transferred:

• 1.8% + €0.05 for a Visa or Mastercard card,
• Minimum €5 for a bank transfer,
• 1% for a Skrill payment in euros, with a 2.99% conversion fee if the wallet currency is not the euro,
• Minimum €5 for Sofort,
• €1 for Neteller.

The broker processes withdrawals on the next business day.

Which Trading Accounts Are Available at InstaForex?

InstaForex clients have several account types to choose from.

The InstaForex Live Account

With an InstaForex live account, users can trade in real market conditions.

Opening a Live Account

At InstaForex, traders cannot change their account type. They can, however, create new accounts and choose a different type. That said, the broker limits the number of live accounts that can be opened. Also, if an account remains inactive, it will be archived. It can then be restored at the user’s request.

For Retail Traders

Retail traders who want to open a live account should proceed as follows:

• Fill in a form,
• Log in to the client area via “InstaForex login”,
• Go to “Accounts”,
• Open a live account,
• Choose the account type you want,
• Receive a notification by email.

For Companies

A company that wants to open a trading account must follow these steps:

• Open an account in the company’s name,
• Fill in the online questionnaire,
• Upload the required verification and legal documents.

Required Documents

To make full use of a live account and access all of InstaForex’s services, traders must complete a verification process. To do so, they need to answer a questionnaire and upload proof of address and proof of identity.

Verifying an InstaForex live account requires the following documents:

• Proof of identity, such as a national identity card, driving licence or international passport,
• Recent proof of address, such as a bank statement, utility bill or certificate of residence,

Traders must upload these documents from their client area. The broker may ask for additional documents if it deems it necessary. Otherwise, the trader receives an email to validate their account.

No-Deposit Bonus

InstaForex often offers several kinds of bonuses, including a no-deposit bonus. These InstaForex bonuses vary and can go up to $3,500. Unfortunately, under ESMA guidelines, they are not available to retail traders living in Europe. They are, however, available to professional traders and to traders living outside Europe.

The InstaForex Demo Account

Clients who want to start trading or test the available tools and their trading strategies can open a demo account. The trader then gets a virtual deposit of €100,000. To open an InstaForex demo account, sign up on its website or via Google or Facebook. Simply fill in the requested information.

The broker’s system automatically closes demo accounts that have been inactive for a month. But traders can open a new one at any time.

InstaForex Islamic Accounts

At InstaForex, Muslim traders have access to a swap-free Islamic account. To get one, simply follow these steps:

• Log in to the InstaForex client area,
• Submit a request from the client area,
• Go to the “Accounts” section,
• Click “Accounts overview”,
• Select the account,
• Request an InstaForex halal account.

InstaForex Trading Account Types

InstaForex offers traders several account types. They have several things in common:

• They all give access to 6 asset types,
• There is no deposit cap,
• The broker guarantees 99.9998% server uptime and flawless execution,
• The accounts are available on all platforms.

The Insta.Standard Account

The Insta.Standard account has several features:

• Spreads are fixed,
• Execution is instant,
• It suits traders of all levels,
• It gives access to the ForexCopy system.

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The Insta.Eurica Account

The Insta.Eurica account is InstaForex’s zero-spread account. It stands out in several ways:

• Commissions are fixed,
• As an InstaForex zero-spread account, it charges no spread on FX symbols,
• Execution is instant.

The ECN Account

The ECN account has several features:

• Spreads are variable on forex symbols
• There are no fees on forex symbols,
• Market execution,
• It suits all traders.

ECN Pro Account

The ECN Pro account stands out in several ways:

• Fees on forex symbols are variable,
• Market execution,
• The trader gets VIP support,
• It suits experienced traders.

Scalping Account

This account was designed by InstaForex specifically for scalping. Its features are:

• Spreads are variable on forex symbols,
• There are no fees on forex symbols,
• Market execution,
• It is suited to short-term trades,
• It is aimed at experienced traders.

VIP Account

The VIP account has several features:

• Spreads are tight,
• It gives access to VIP support,
• Market execution,
• The trader gets a personal account manager.

Fees Charged by InstaForex

Here are InstaForex’s fees in detail:

Spreads

Some InstaForex spreads are fixed, others are variable.

• Forex Spreads

Here are some InstaForex forex spreads:

• Spreads on Share CFDs

Here are examples of InstaForex spreads on share trading:

• Spreads on Energy CFDs

Here are some InstaForex spreads on energy trading:

• Spreads on Index CFDs

Here are examples of InstaForex spreads on indices:

• Spreads on Metal CFDs

Here are some spreads InstaForex applies to metals trading:

InstaForex Swaps

Here are examples of swaps at InstaForex:

InstaForex Trading Tools

InstaForex provides its clients with several kinds of trading tools:

• Forex analysis
• Photos of recent events,
• Real-life models,
• Daily video analysis,
• Opinions on Forex TV,
• News on Forex TV,
• An information desk,
• An economic calendar,
• The Forex TV calendar,
• The forex holiday calendar,
• The pip value calculator.

Forex Services

To improve its clients’ trading conditions, InstaForex offers several innovative services:

• The ForexCopy system, which lets clients copy the trading strategy of another professional-level trader, who in turn receives a commission on the copied trades,
• The PAMM system for investing in speculative forex trading,
• VPS (virtual private server) hosting, which lets InstaForex traders set up the conditions needed to trade the forex market on a virtual private server,
• The InstaForex client area API, giving access to a wide range of functions such as login history and bonus statistics.

Training Offered by InstaForex

Whatever their level, InstaForex traders have access to several kinds of training:

• PDF courses for several levels (beginner, intermediate or advanced),
• Trading platform user guides,
• Videos,
• InstaForex videos on YouTube,
• Audiobooks,
• E-books,
• FAQs,
• A forex glossary,
• Several articles.

Trading Platforms Offered by InstaForex

Traders have several platforms at their disposal:

InstaForex MobileTrader App for iPhone, iPad and Android

The MobileTrader trading app works on any mobile device connected to the internet. It includes all the functions of a desktop version.

MetaTrader 4 for Windows and macOS

InstaForex’s main trading platform offers several advantages:

• It allows technical analysis,
• It stands out for its user-friendly interface,
• It is multifunctional,
• Its features are suited to forex trading,
• It includes a whole range of indicators, charting tools, market analysis tools, online quotes and charts.

To download the platform, simply click “InstaForex MT4 download” on the broker’s website or download it from the App Store or Google Play.

InstaForex WebTrader

This platform lets traders trade directly from a web browser. It has several strengths:

• The interface is very user-friendly,
• It offers several options to ensure efficient trading,
• Its features are the same as those of the MT4 platform,
• It includes three interface modes: chart, dashboard and classic.

Slippage and Order Execution at InstaForex

Order execution type is one of the criteria for choosing a broker. According to InstaForex, in order to offer the best order execution, the broker regularly upgrades its technology infrastructure. It is committed to executing its clients’ orders efficiently and quickly.

At InstaForex, order execution speed by account is as follows:

• Standard: 0.21 seconds,
• Eurica: 0.21 seconds,
• ECN: 0.25 seconds,
• ECN Pro: 0.25 seconds,
• Scalping account: 0.25 seconds.

InstaForex Customer Service Reviews

In the table below, we have collected some reviews of InstaForex’s customer service.

Source: Trustpilot

How to Contact InstaForex

InstaForex has multilingual customer support. Traders around the world can reach advisers in 17 languages through the following channels:

Support Department 24/5 (UTC+2)

• Tel: +35725654112,
• Live chat,
• Callback,
• Whatsapp +357 99 089745
• Viber
• Telegram
• Skype
• Facebook chat

Partner Department 10:00 – 19:00 UTC+2

• Tel: +35725030962,
• Whatsapp,
• Viber,
• Telegram,
• Skype,

Finance Department 10:00 – 19:00 UTC+2

How to Become an InstaForex Affiliate in November in [userip_location type=”country”]

InstaForex has an affiliate programme with several advantages, including:

• Partners receive commissions for each client they refer to the broker,
• As well as attractive pay, the broker has set up transparent, flexible and fast payment systems,
• Affiliates get multilingual support,
• They have a whole range of marketing tools, promotional materials and detailed statistics at their disposal,
• The broker does not cap commission size.

To become an InstaForex affiliate, simply open an affiliate account by filling in the contact form available online. A representative will then get in touch with the new affiliate.

InstaForex Compared With Other Brokers

To complete our review and clients’ opinions of InstaForex, we have also compared it with other brokers.

Sources: official websites of InstaForex, Vantage, eToro and BDSwiss

InstaForex Review Summary: Pros & Cons

In the following table, we have completed our ThinkMarkets reviews and our InstaForex review with its pros and cons.

Is InstaForex the Best Forex Broker?

InstaForex stands out in several ways, including its bonus offers, wide choice of accounts and high leverage. InstaForex client reviews online are generally positive, particularly regarding fast withdrawals and the quality of customer service. However, the broker charges fairly high fees on some assets. It also offers limited choice in terms of trading platforms.

Have you used InstaForex and want to share your experience? Leave us a comment!