InstaForex NG offers access to 400+ trading instruments across 6 asset classes, including Forex, Crypto, and Futures. The broker has Cent and Swap-free accounts with a minimum deposit requirement of $5.
Welcome gifts of up to 55% and a Forex training course are some of the company’s attractive offerings.
InstaForex NG; An Introduction to the broker and Its regulatory status
InstaForex is a global Forex Broker company with licenses from CySEC and BVI FSC. The broker operates in Nigeria through its representative, InstaForex NG. Key features of the company:
- Minimum deposit: $5
- 7M+ users
- Founded in 2007
- Spreads from 0.0 pips
- 10 trading servers across the UK, USA, EU, Singapore, and Hong Kong
Note that the company is not regulated by any financial authorities in Africa, including the FSCA.
InstaForex NG Specific Details
The broker offers access to swap-free and cent accounts for a minimum deposit of $5.
Let's look at some specific details about InstaForex NG:
Broker | InstaForex NG |
Account Types | Insta.Standard, Insta.Eurica, Cent.Standard, Cent.Eurica |
Regulating Authorities | None |
Based Currencies | USD, EUR |
Minimum Deposit | $5 |
Deposit Methods | Bank Transfer, Visa, MasterCard, Online Banking, Mobile Money, ATM Transfer, Mobile Transfer, Internet Transfer, Cash Deposits, Verve |
Withdrawal Methods | Bank Transfer |
Minimum Order | 0.01 lots |
Maximum Leverage | 1:1000 |
Investment Options | PAMM, ForexCopy |
Trading Platforms & Apps | MT4, MT5, WebTrader, InstaTrade, Multiterminal |
Markets | Forex, Stocks, Indices, Commodities, Crypto, CFDs on Futures |
Spread | From 0.0 pips |
Commission | From $0.0 |
Orders Execution | Instant |
Margin Call / Stop Out | 30% / 10% |
Trading Features | ForexCopy, PAMM, Cent Accounts, 55% Deposit Bonus |
Affiliate Program | N/A |
Bonus & Promotions | 30% / 55% Deposit Bonus, Free $70 After Training |
Islamic Account | Yes |
PAMM Account | Yes |
Customer Support Ways | Email, Tel, WhatsApp, Live Chat |
Customer Support Hours | 24/5 |
InstaForex NG Broker Account Types
Regarding account types, InstaForex NG doesn't believe in a one-size-fits-all approach. They offer 4 main account types to cater to different trading styles and preferences:
Features | Insta.Standard | Insta.Eurica | Cent.Standard | Cent.Eurica |
Base Currency | EUR, USD | EUR, USD | EUR Cents, USD Cents | EUR Cents, USD Cents |
Min Deposit | $5 | $5 | $5 | $5 |
Max Deposit | Unlimited | Unlimited | $1,000 | $1,000 |
Min Order Size | 0.01 lots | 0.01 lots | 0.0001 lots | 0.0001 lots |
Max Leverage | 1:1000 | 1:1000 | 1:1000 | 1:1000 |
Margin Call | 30% | 30% | 30% | 30% |
Stop Out | 10% | 10% | 10% | 10% |
Spreads (Pips) | 3 - 7 | 0 | 3 - 7 | 0 |
Fees | 0 | 0.03% - 0.07% | 0 | 0.03% - 0.07% |
While the account page on the broker’s website suggests that the minimum deposit is $1, the main page indicates that you need at least a budget of $5 to open a Live account.
InstaForex NG Pros and Cons
Like any Forex broker, InstaForex NG has strengths and weaknesses. To have a balanced view, we must weigh the company's upsides against its downsides.
Pros | Cons |
Low minimum deposit ($1) | No regulation in Africa |
Competitive spreads | Limited trading assets |
Attractive bonus programs | No support for TradingView |
High leverage (up to 1:1000) | Lack of 24/7 support |
Registration and Verification
Signing up and getting started on the website is exclusive to non-EU clients and contains a Know Your Customer (KYC) procedure.
- Visit the broker’s official website;
- Click “Open Live Account”;
- Fill out the registration form;
- Provide proof of ID (passport or driving license) and proof of address (utility bill or bank statement).
InstaForex NG Trading Platforms
In this InstaForex NG review, we must mention that the broker offers access to the robust MetaTrader 4 and MetaTrader 5 platforms alongside a proprietary mobile app, InstaTrade.
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
InstaTrade
- Android
- iOS (Not available on the Apple App Store)
InstaForex NG Broker Trading Fees
Whether you prefer fixed or zero spreads with a small commission, the company has covered you. Trading fees vary based on the account type:
Account Type | Spreads (Pips) | Commission |
Insta.Standard | 3 - 7 | 0 |
Insta.Eurica | 0 | 0.03% – 0.07% |
Cent.Standard | 3 - 7 | 0 |
Cent.Eurica | 0 | 0.03% – 0.07% |
Withdrawals and Deposits
The broker supports multiple deposit options, from bank transfers to credit/debit cards. However, withdrawals are only processed through the clients’ bank accounts.
InstaForex NG deposit options:
- Opay
- Sterling Bank
- Globus Bank
- GTBank
- Visa
- MasterCard
- Online Banking
- Mobile Money
- ATM Transfer
- Mobile Transfer
- Internet Transfer
- Cash Deposits
- Verve
InstaForex NG Investment Plans
The company also has investors in mind. It offers two growth plans, including PAMM accounts and Copy Trading, with the following key features:
PAMM (Percentage Allocation Management Module) System
- Access to experienced traders' accounts
- No limitations on minimum or maximum investment amounts
- Risk diversification through multiple PAMM account investments
- Transparent trading history and performance metrics of PAMM traders
ForexCopy System
- Automatic copying of successful traders' strategies
- Ideal for those who want to profit without developing their trading strategies
- More than 400 tradable instruments
What Markets Does InstaForex NG Support?
The broker provides access to 400+ trading instruments across 6 asset classes, catering to various trading preferences and strategies.
- Forex
- Stocks
- Indices
- Commodities
- Cryptocurrencies
- CFDs on Futures
Promotional Programs
Promotion is the most attractive topic in this InstaForex review.
The broker provides multiple bonus offerings, including:
- Free $70 After Forex Trading: A $70 gift upon completing the InstaForex Nigeria training course;
- Deposit Bonus: A 30% and a 55% welcome gift for each new deposit with withdrawable profits
How to Reach Customer Support?
The broker boasts 24/5 support through multiple channels, from Hotlines to WhatsApp chat.
support@instaforex.com.ng | |
Tel | +234 813 345 0038 (WhatsApp Call) |
Address | 31 Wetheral Road, Angelina House (First Floor) Owerri, Imo State, Nigeria |
Live Chat | Available on the official website |
Trust Scores
While there are no dedicated InstaForex NG reviews on reputable sources like TrustPilot, Forex Peace Army, and Reviews.io, Its mother company, InstaForex, has profiles on these websites.
You should note that ForexPeaceArmy has issued a scam alert about the broker.
TrustPilot | 3.3/5 based on 379 reviews |
Reviews.io | 2.6/5 based on 137 ratings |
Does InstaForex NG Provide Education for Traders?
The brokerage company places a strong emphasis on trader education, offering a comprehensive suite of resources, including:
- Forex training course
- Blog posts about trading strategies, platforms, and terms
- Trading signals
- Market analysis
Conclusion and Final Words
InstaForex NG provides access to 107 currency instruments and 83 CFDs on US stocks with leverage options of up to 1:1000.
The broker supports Naira deposits and withdrawals through OPay, Sterling Bank, and Globus Bank.
The minimum withdrawal amount is $10. While it has an average score of 3.3 on TrustPilot, Forex Peace Army has issued a scam alert about the broker.