quora InstaForex Review By FinanceBrokerage - Is InstaForex Scammer?
General Information
Broker Name:InstaForex
Broker Type:Forex
Operating since year:2007
International offices:United Kingdom, Cyprus
Regulation:CYSEC 266/15
Broker status:Regulated
Customer Service
Phone:+44 2037699172
Email:[email protected]
Languages:English, Russian, Arabic, Indonesian, Malay
Availability:24 hours
Trading Platforms:MT4 (Compatible with iOS and Android), WebTrader
Trading platform(s) timezone:GMT+3
Demo Account:Yes
Mobile trading:Yes
Web based trading:Yes
Bonuses:• 250% fixed InstaForex bonus for a first time account deposit
• LFC Partnership InstaForex bonus 100%
• 55% bonus on every deposit
• 30% bonus on every deposit for investing in PAMM accounts
• InstaForex club bonus
Other trading instruments:currencies, CFDS, futures and indices, and cryptocurrencies.
Minimum deposit ($)$5
Maximal leverage (1:?)1:1000
Platform Review

InstaForex Review 2019 — Known Scammer, Unregulated, Unsafe.

InstaForex was established in Russian in 2007. They are owned by the corporation InstaTrade Companies Group. They call themselves the “best broker in Asia.” They claim to have over seven million trading accounts currently and attract over 400 news traders every day.

This InstaForex review will let you know about all the features offered by the broker. We will also thoroughly discuss their history, so please make sure to read the review fully to be aware of their scams. Is InstaForex good? NO!

InstaForex logo

Account Types at InstaForex

InstaForex, as most of the brokers online, offer several account type options to traders. They are mainly divided into two categories: standard and Eurica.
Insta.Standard account at InstaForex offers standard trading terms on the Forex market. This account functions without any fees and once the trader reaches a certain trading quota they will pay a fixed spread setting a trade,

The leverage can be changed accordingly to the trader’s preferences. The minimum deposits vary with account sub-types.
● Micro Forex — $1-10
● Mini Forex — $100
● Standard Forex — $1000

Cent. Standard is a smaller account designed for beginner traders. If you are trying to learn and test your luck, this is a great option. The minimal trade volume is 0.0001 for the lot price of 0.1 US cents. InstaForex also created a maximum deposit limit for beginners, so they do not risk too much upon registration.

Insta.Eurica requires no spreads to be paid at opening a trade. The bid is usually equal to the asking price due to account type zero spreads. The platform is MT4, and the account is recommended for beginner traders as well.

The minimum deposit is $1 with an unlimited maximum deposit. The fees vary from 0.03%-0.07%. The minimal trade amount is 0.01 of the lot with 10,000 being the maximum. The leverage can be chosen from 1:1-1:1000. Further comparison details list will be provided in the picture at the end of this section.

Cent.Eurica has the same benefits as cent.standard, and offers no huge difference to beginner traders except for the fee, which is 0.03%-0.07% depending on the trade.

Demo Account
InstaForex offers demo accounts as well. For beginner traders who do not wish even to invest one dollar into their accounts, this is a great option. You can grow your skill on a demo trading account before you decide to commit real money to InstaForex.

InstaForex logo

Trading Conditions at InstaForex

InstaForex only offers to trade with the MT4 platform. Thought MT4 is one of the most versatile platforms available; it is still quite a limiting list. The platform is available for download on desktop and mobile. InstaForex only offers the basic MT4 functions, so not NexGen or anything more advanced is available. These are the specs offered by the InstaForex MT4:

● Virtual trading (demo)
● Desktop, Windows only
● Web platform
● Social trading
● Charting indicators, 51 total
● Charting drawing tools, 31 total
● Charting, trade from the chart
● Watchlist, 7 total

Their mobile app offers these functions:
● Android App
● Apple iOS App
● Trading Forex, CFDs
● Alerts
● Watchlist
● Charting indicators, 30 total
● Charting, draw trend lines
● Charting, multiple time frames

Though the platform offers the basic tool package, it is not as advanced as most of the brokers currently online. If you are a beginner, you might want to try trading with InstaForex due to their conditions. Is InstaForex good? Keep in mind that this broker is not too safe, as well.

One thing to consider is the InstaForex bonuses. They have many things to offer to their new and old clients.
● Fixed InstaForex bonus 250% — for first-time deposits after uploading a scanned copy of their ID
● LFV Partnership InstaForex bonus 100% — introduced to mark their partnership with Liverpool FC
● 55% bonus on each deposit
● 30% bonus on every deposit for PAMM accounts
● InstaForex club bonuses

The extra care they offer to their loyal and new customers is a plus. The bonus list is subject to change, though the first time deposit is definite. They also have a current competition going on; the winner receives a red Lamborghini from InstaForex.

Security of Funds, Regulations, and Licenses

InstaForex is not regulated; it is merely licensed. They have a license from BVI FSC with a license number SIBA/L/14/1082. This is a big red flag to us, as we consider regulations a huge aspect within the industry. No regulation means there is no actual safety of clients’ funds, no account segregation, or other requirements for security. Quite disappointing for InstaForex.

InstaForex logo

Is InstaForex Good? No, extensive Scam History

As mentioned in the above section, InstaForex is not at all regulated and safe broker. They have taken advantage of their clients in many ways, which we will discuss shortly. It is important to be aware of every detail of Brokers’ history before you sign up with them. Make sure to read this whole segment to keep your funds safe.

● 2011 — The CFTC files a lawsuit against InstaForex. 14 other brokers were also involved. The base of this lawsuit was that the brokers acted as RFID, which means they took the opposite side of a customer’s forex transaction.
● 2013 — The Bulgarian Financial Supervision Commission issues a warning against InstaForex.
● 2013 — The Belize IFSC revoked InstaForex’s license.
● 2014 — The Ontario Securities Commission has issued a warning about InstaForex.
● 2015 — The French AMF issued a warning against InstaForex for being an active unauthorized broker in France.
● 2016 — The Brazilian Comissão de Valores Mobiliários (CVM) issues a warning against InstaForex

Due to this extensive scam history, InstaForex has made many blacklists among forex reviewers. Many other occasions have been brought into the light of InstaForex being a scammer. Users have been very active on forums telling their stories. InstaForex has a reputation for revoking bonuses without warning or proof, seizure of client funds without any reason, working against their clients to bankrupt them, and many others.

We do not recommend you to work with this broker at all. They are not trustworthy and do not care for their clientele. They have been known to steal from clients funds and will do anything to make money. They make unsolicited calls forcing people into depositing more money with harassment.

We advise you to avoid this broker at all cost.

Additional Information About InstaForex

Though we are completely against InstaForex, we will continue to discuss their features. Our policy is to warn you of any possibility of scams but also to fully inform you about the broker and what they have to offer.

InstaForex has a modern website. It has a navigation side-bar menu with all of the information listed. The website is available in a very large range of languages such as Bulgarian, French, Chinese, Hindi, Italian, Polish, Russian, Portuguese, Romanian, Spanish, Ukrainian, Vietnamese, Arab, and more. See the full list in the picture below.

InstaForex logo

InstaForex also has educational material available, though it is quite simple and mainly aimed at beginners. They have a glossary as well, available in several languages. You can find their educational content on their website with ease.

The customer service at InstaForex is available 24/7. You can get in touch with them through chat, phone, or email. Their support is quite strong. InstaForex must have had to get a great team to keep the self-created issues somewhat in control.

The payment options are quite large. See the list below:
● Credit/Debit Cards — processed within 24 hours with a fee
● Bank wires — processed within 2-4 business days, some fees might apply
● PayCo — instant deposit with no fees
● Skrill — 24-hour process, no fees
● EPayments — 24-hour process, no fees
● Neteller — instant deposit, no fees
● UnionPay — only for Chinese residents, no fees
● WeChat — no fees, instant deposit
● AliPay — no fees, instant deposit
● ZotaPay — no fees, instant deposit
● Carta Bleue — France residents, no fees
● CartaSi — Italian residents, no fees
● Dankort — Denmark residents, no fees

The list goes on. Some deposit options might not be available for withdrawal. InstaForex processes all money payments Mon-Fri 10am-7pm (UTC+3).

InstaForex Review Conclusion — Known Scammer, Advised to Avoid

As discussed thoroughly, we advise you not to trade with InstaForex due to their extensive scam history. They are not regulated, only licensed, and have taken advantage of their clients numerous times.

They do have some specs to offer to traders. If you are a beginner, you might benefit from their bonuses and cheap minimal deposits. The educational content might also be useful to learn to trade.

Overall, InstaForex is untrustworthy. We put that as our priority so no other advantages will outweigh this scandalous history. You are advised to avoid this broker. If you have had any experience with their scamming, please leave a comment in the ratings below. If you still decide to trade with this broker, we wish you the best of luck.

InstaForex logo
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