InstaForex is an international brokerage company located in Russia. Established in 2007 and owned by the InstaForex financial group of companies, the broker has come a long way to becoming one of the most renowned brokers in the world. In fact, in 2011, Instaforex won the “Best Broker in Asia” award presented by the World Finance Awards. They have also won many more awards over the years from reputable publications such as the European CEO, and CNBC Business Magazine.
InstaForex offers their traders a wide range of financial services including Binary Options, Forex trading, Commodities (gold and silver), and CFDs on stocks. Read full Instaforex review below.
Is InstaForex Scam?
InstaForex has been in business for years and has managed to get a lot of awards from reputed publications. Their trading platform is of high quality and some people earn from using it.
However, InstaForex has also had its fair share of problems with complaints from traders and several blogs calling it a scam.
InstaForex has been getting a lot of negative online reviews from many disgruntled customer. Most of the complaints against the company are about withdrawals. A lot of clients report that their withdrawal requests are either being declined or delayed while others say that their accounts are being canceled for no reason.
This has made InstaForex acquire a bad reputation to countries outside of Asia. Some countries like France have even added it to a list of online scams and cautioned their residents against using it.
It is unclear whether InstaForex is regulated by any financial authority.
InstaForex Account Opening and Registration
There are two types of accounts that a trader at Instaforex can choose from:
- The Standard Account
This account requires a minimum deposit of $1 to open. The trader also has to pay for the fixed spread. The functionality of this account allows for users to trade in Micro (deposit of $1-10), Mini(minimum deposit of $100), and Standard(minimum of $1000) Forex.
InstaForex also offers an Islamic account for its Muslim clientele and others who would prefer trading under the sharia law guideline. This is also known as the Standard swap-free option.
- The Eureka Account
This is mostly recommended for new traders. The trader does not pay for spreads when opening a trade instead he pays a (0.02%-0.07%) commission of his trading volume. A trader is also able to cancel a trade three minutes before expiry time if he no longer likes the odds. However, a small percentage is charged for every trade cancellation.
InstaForex Demo account
InstaForex offers a demo account for their traders to practice and test the platform before making a real investment. This account is important because a trader is free to conduct all the virtual trades he wants without having to worry about losing money.
The trader gets to familiarize himself with how everything in the platforms works and test what he had learned from the InstaForex education center.
The platform works the same way as the other live accounts and the conditions are also the same.
How to open an InstaForex trading account
- Fill in your personal information in the forms
- Enter the trading account you want to open
- Agee with the public offer agreement and click on the open account section
- You have to undergo a verification process to become a trader at InstaForex
InstaForex PAMM System
InstaForex has a PAMM account system which allows forex traders to find investment opportunities. A user can either choose to be an investor or a trader. The investor uses the system to invest his money in a trader’s account where he is able to share on the profits that the trader makes.
The trader is allowed to get as many investments from different investors as he wants so long as each investor is given his share.
The PAMM system provides its users with control and information about everything happening in their account.
InstaForex Binary Option
Binary option is attracting more traders due to its simplicity and the fact that traders know their profits and losses beforehand. Trading in binary options involves correctly predicting where an asset price will go and place a bet. If the bet is correct, the trader wins.
InstaForex offers two types of binary option:
- Intraday binary option– this option can be active for 1 minute to a day. Trading in this option involves determining the time interval for buying the next day; predict what the price of the asset will be, and place the amount you want. A trader in this option can be able to make a profit of up to 85% in a few minutes. On the flip side, he can also lose his money in the same minutes if his prediction is wrong.
- Expiry binary option– this can be active for almost a month. This option has a preset income with fixed terms for 4 weeks. Traders who want to buy this option should do so in advance of two to four weeks before the sale date. The trader wins when his prediction is correct. However, the dates of purchase of this option can be postponed.
The terms of InstaForex Binary Option Trading
- A trading account currency should be in USD, EUR, and RUB
- Should have a minimum deposit of $1
- Trading assets are currency pairs, commodities (gold and silver), and CFDs on stock
- There are two binary options to choose from: Intraday and Expiry options
- Has a high payout of up to 80%
InstaForex Trading Platform
InstaForex offers three options of trading terminals: the Web terminal, Meta Trader4 (MT4) terminal and MT5 Terminal. The web terminal is, however, not as fully functional and developed as the MT4 terminal.
Their MT4 platform allows users to make trades with various assets, monitor their accounts balance and receive notifications of their wins and losses.
Most traders prefer the MT4 terminal because:
- It has a great variety of graphics
- Has a wide range of free indicators and advisors
- Online market news
- Fully automated trading
- 9-time frames
- High security
- Locked position
The MT4 & MT5 trader is available for download for Android, Windows, and Apple IOS devices.
InstaForex Client Cabinet
This is more like a virtual office where the trader can go to trade. It has both a regular and demo version for the trader to first familiarize himself before he starts trading. It has a great design that is easy and exciting to use.
A trader is able to access all the important trading tools he needs and also get the latest news events that are happening within the company. The traders also get all the security information regarding his account, deposit and withdraw money, and easily contact his personal manager through a live chat.
This cabinet puts all important tools a trader needs in one place and makes them easy to use through its intuitive design.
InstaForex Bonus Review
InstaForex has a variety of special bonus offers that they give to their traders. Some of these bonuses are No deposit bonus, welcome bonus, the affiliate bonus, coupon bonus, and club bonus.
To be able to access any of these bonuses, a trader has to have completed the InstaForex log in process which will require filling in basic personal information and providing all the identification documents required for security purposes.
The trader is then able to get any of the bonuses offered.
- $1000 No deposit bonus– this is a bonus given to new traders when they open a live trading account with InstaForex even before making a deposit. The value of the bonus may vary from one country to another. The trader has to pass the second level verification process that involves submitting a color copy of his Passport or identification card and a recent Utility bill or Bank statement. This bonus expires on 31st Dec 2020.
- Welcome bonus– this is a 250% bonus given to newcomers after they top off their first deposit with InstaForex. This bonus is only given once.
- The Affiliate program– this is a bonus that is given to their traders who invite friends through a link to register with InstaForex.
- Coupon bonuses– these are offered to traders with high trading activities in the site.
- Club bonuses– these are offered to members of the InstaForex club.
InstaForex Deposit and Withdrawal Options
InstaForex offers a wide range of deposit and withdrawal options for their traders to choose from. These include bank and wire transfer, VISA, MasterCard, American Express, Webmoney, Cash U, Neteller, Skrill and many others. A transaction fee will be charged when using some of these options.
They also have their own Bancard and Benecard debit cards that are fast and convenient to use. Deposit and withdrawal requests are processed during office hours of 10:00-19:00(UTC +3) on weekdays.
A trader has to go through various verification processes to be able to deposit and withdraw money from the site. This will include putting the preferred mode of payment and filling out forms with personal details. This may take a while but it is necessary to ensure the security of the trader. The payment system and currency that the trader used to deposit should be the same one he uses to withdraw.
A trader is allowed to deposit as little as $1 through any of the provided money transfer options. The process is can take 2 minutes to 3 days depending on the mode of payment.
The minimum withdrawal amount is $50.
InstaForex Customer Support and Education
InstaForex customer support is available 24 hours from Monday to Friday and traders can contact them through emails, toll-free phone calls, and live chats. They use over 20 international languages including English, Russian, German, Malay, Indonesian, Arabic, Spanish, Turkish, and Portuguese.
Traders are also provided with training materials to help them get acquainted with the forex trading market and the InstaForex platform. There are training videos, interactive webinars, and books at every trader’s disposal.
Master classes offered by top international traders are also constantly given to InstaForex users.
InstaForex in Malaysia
InstaForex has a permit from the Security Commission of Malaysia to offer financial trading services to the Malaysian people. They have about 19 representative offices in several cities in Malaysia including Ipoh, Johor, Kedah, Kelantan, Kota Kinabalu, Kuching, Melaka, and Pahang. Most of the offices are opened from 10:00- 19:00(UTC +8), with a few opening an hour early.
Pros / Cons
- Minimum deposit of $1
- Has a great trading MT4 & MT5 platform
- Great training and education programs for traders
- A variety of bonuses and offers
- Numerous withdrawal and deposit options.
- A small variety of trading binary options
- Not available to many countries like the US
InstaForex is a forex trading giant that has made its mark not only in Asia but internationally. It is an award-winning company that offers a variety of financial services to its traders including binary options, CFDs on stocks, and commodity trading.
They have several bonuses that they offer to newcomers and other traders in their platform to entice and encourage them to continue trading with them. For new traders who would like to practice their trading skills, they can sign up for a demo account with Instaforex.
They allow a minimum deposit of $1 which is affordable and encouraging to new traders. There is also a wide array of withdrawal and deposit option for traders to use. InstaForex also has debit cards that are easy and faster to use.
A trader can easily contact their customer support which is available 24 hours and 5 days a week and is able to communicate in more than 20 languages including English and Russian.
On the downside, InstaForex has been facing issues with a lot of negative reviews from disgruntled traders with some countries like France including it in their list of online scams. Hope this Instaforex review helps!