InstaForex Broker Review 2024

InstaForex is a broker founded in 2007, offering over 300 trading instruments to around 7M customers across the world. This company has achieved this number through several benefits such as 24/7 customer support and a license from CySEC top-tier regulator. In this review, we will discuss its features and specifications in more depth while investigating if it's a suitable broker for you.

InstaForex Forex Broker - Company Information & Regulation

InstaForex, founded in 2007, is headquartered in Mesa Geitonia, Cyprus. The company holds more than 250 representative offices worldwide. Also, this brokerage claims that they serve over 7,000,000 clients, and every day, more than 400 new traders open accounts with them. Regulation statistics of InstaForex:

• Cyprus Securities and Exchange Commission (CySEC), license number 266/15
• British Virgin Islands Financial Services Commission (BVI FSC), license number SIBA/L/14/1082

Summary of Specifications

Let's dive into the nitty-gritty of what InstaForex offers. Here's a breakdown of the key specifications:

InstaForex Account Types

This broker offers 2 different groups of account types for users from CySEC and FSC jurisdictions. We will discuss the accounts for each region.

FSC jurisdiction accounts:

CySEC jurisdiction accounts:

You can open a demo account and start practicing and improving your skills on both websites. Also, an Islamic (swap-free) account is available.

Benefits & Drawbacks Overview

Every broker has its strengths and weaknesses, and InstaForex is no exception. Let's put on our detective hats and investigate the pros and cons:

Account Opening & Authorization

Broker InstaForex registration takes several steps. Here's a step-by-step guide for opening an account on the official website:

• Visit the website and click on "Open Trading Account";
• Choose your status, and enter your email address;
• Fill in the registration form with your personal details including name, date of birth, residential address, postal code, country, and phone number;

Create a password & a code word, and specify your account settings.

• Create a password and a code word, then choose account type, trading server location, leverage, and account currency. Activate "Islamic account" toggle if you want a swap-free account.

Now, the registration process is completed. For verification, upload the necessary documents in the profile section.

InstaForex Trading Platforms and Apps

This broker provides a variety of trading platforms to suit different trader preferences. In this section, we will have an overview of each one with related links.

MetaTrader 4 (MT4)

Most popular trading platform in the world with useful features for traders:

• 9 time frames;
• Access to financial news;
• Automated trading;
• A vast range of indicators and advisors are available for free;
• One-click trading.

Download link for Windows

MetaTrader 5 (MT5)

It's the next generation platform of MT4 with more time frames and other additional features:

• 21 time frames;
• Access to advanced technical tools;
• Expiry dates for pending orders;
• Quotes archive.

Download link for Windows

MetaTrader MultiTerminal

This platforms allows for working on several trading accounts at the same time. Traders who manage accounts for their clients, find this an ideal tool.

Windows software download link

WebTrader

It's the proprietary platform of the broker, accessible on the web from anywhere:

• Browser-based platform, no download required;
• Compatible with all operating systems;
• Access to main trading functions and charts;
• Ideal for traders who switch between devices frequently.

Access it through this link

Mobile Trader

It's the proprietary platform's app for mobile phones. Key features:

• Track all orders from various types, including pending ones;
• User-friendly interface;
• Access to different time frames;
• Little traffic consumption.

Download links:

• Android
• iOS

InstaForex Spreads and Commissions Specifics

This broker offers competitive spreads across its trading accounts on its 2 websites. In the table below, you will have a glance at the specifics:

Based on the research and investigations of the broker, there's no hidden fee on it.

Methods to Deposit and Withdraw on InstaForex

This broker provides a decent range of deposit and withdrawal options for the traders. Note that some of these options may not be available in your region or jurisdiction:

• Bank Transfer: Local payments
• E-payment Systems: Skrill, Neteller, Webmoney, PayCo, etc.
• Cryptocurrencies: Bitcoin, Litecoin, Ethereum, and USDT
• Credit/Debit Cards: Visa and Mastercard

Does InstaForex Offer Any Copy Trading & Investment Options?

This broker offers options for earning passive income, but they're only available for users working with FSC-regulated website. InstaForex's key investment options overview:

ForexCopy system

• Allows traders to copy trades from successful traders;
• Traders can become "Providers" and earn commissions from "Followers";
• Followers can adjust copying settings and risk levels;
• Real-time copying with transparent performance statistics.

PAMM accounts

• Investors can allocate funds to skilled money managers;
• Profits are distributed proportionally based on the investment amount;
• Multiple PAMM account options with varying risk levels;
• Regular performance reports and ratings available.

InstaForex Markets and Trading Symbols

This company provides access to several markets with a good amount of symbols. However, some assets might be different on websites working with different regulators. Available markets overview:

• Forex Currencies: Major, minor, and exotic pairs are available
• Shares: large market cap companies
• Indices: Global stocks indices
• Commodities: Oil, cocoa, cotton, coffee, etc.
• Crypto: BTC, DOGE, ADA, XRP, etc.

InstaForex Bonuses and Promotions

Usually, brokers with high-tier regulators do not offer any bonuses. It's the same about the CySEC-regulated InstaForex website, as it doesn't provide any promotions. However, the FSC-regulated version offers these bonuses:

• 100% bonus: earn 100% up to $2000 on your first deposit
• 55% bonus: get 55% on your each deposit (expires on 28 Aug 2024)
• 30% promotion: a welcome bonus for first-time participants

How & When to Contact Support on InstaForex?

The brokerage provides 24/7 customer services through various channels, in more than over 25 languages. InstaForex support channels:

• Live Chat: Available directly on the website, or through social media platforms
• Email: support@mail.instaforex.com
• Callback Request: accessible on the website
• Feedback form: available through the official website

InstaForex List of Restricted Countries

While the broker doesn't publicly provide a comprehensive list of restricted countries, here is a list of regions where its services may be restricted due to international sanctions or strict forex trading regulations:

• United States;
• Canada;
• United Kingdom;
• European Union member states;
• Japan;
• Australia;
• New Zealand;
• North Korea;
• Iran;
• Syria;
• Cuba.

For the most up-to-date and accurate information on country restrictions, it's best to contact InstaForex directly or consult with a local financial advisor. Always ensure you're complying with your local laws and regulations before engaging in forex trading.

InstaForex Trust Scores & Reviews

This company has received mixed reviews and trust scores from users and reliable sources. Here's a breakdown of InstaForex's ratings:

Broker InstaForex users' mediocre score on Trustpilot website

• Trustpilot: 5 out of 5, based on over 300reviews
• ForexPeaceArmy: 3 out of 5, with more than 200 reviews
• Traders Union: 22 out of 10,expert's evaluation
• Reviews.io: 3.3/5 based on +50 ratings

Some sources such as ForexPeaceArmy claim it as a scam company, while others including Traders Union recommend it to traders.

How is the Educational Section and its level of contents?

This broker has done a very good job regarding educational materials. This section on the website consists of several main parts, which will be discussed here:

• News about EURUSD pair
• Reviews of Forex by analysts
• Forex glossary of terms
• Articles and content on "How to Start Trading"
• Video tutorials
• Free online courses

Overall, it appears to be a great starting point for users new to the financial industry.

Trading Finder Expert's Suggestions

InstaForex, operating since 2007, seems to be a reputable and reliable broker with a low minimum deposit of $1 and up to 1:1000 leverage. Although these specifics are attractive, there are some differences in features for users from various jurisdictions. Nevertheless, it is a suitable choice for many users, but enough research is always essential before making any deposits.