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InstaForex Broker Review 2024

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InstaForex Broker Review 2024
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Investing and trading in financial markets such as the stock exchange, forex, digital currencies in the form of spot or with leverage face a high inherent risk. According to the statistics of all exchanges and brokers, more than 75% of people lose!

Overview
Company:InstaForex
Founded:Limassol, Cyprus
Min Deposit:1
Max Leverage:1000
Headquarter:Limassol, Cyprus
US Accepted:
About
Founded in 2007, InstaForex offers over 300 trading instruments to around 7 million customers worldwide. The broker is licensed by CySEC and provides 24/7 customer support. This review delves into its features to help determine if it's the right broker for you.
Contact
Spetson 23A, Leda Court, Block B, B203, 4000, Mesa Geitonia, Limassol, Cyprus
Rank and Score
Pros and Cons
Account Types
Platforms
Pros
Popular trading platforms
Multiple account types
Wide range of trading instruments
High leverage
Cons
Regulation in the British Virgin Islands may not provide the same level of protection as stricter jurisdictions

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
A comprehensive review of InstaForex on features, specifics, etc.

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:

Broker

InstaForex

Account Types

FSC: Insta.Standard, Insta.Eurica, Cent.Standard, and Cent Eurica

CySEC: ECN, ECN Pro, ECN VIP for МТ4 & МТ5.

Regulating Authorities

BVI FSC, CySEC

Based Currencies

FSC: EUR, USD

CySEC: EUR, USD, GBP, PLN, CZK

Minimum Deposit

FSC: $1

CySEC: 200 EUR

Deposit Methods

Crypto, Bank Transfer, E-payment Systems, Credit/Debit Cards

Withdrawal Methods

Crypto, Bank Transfer, Skrill, Neteller, Webmoney, Credit/Debit Cards

Minimum Order

From 0.01 lot

Maximum Leverage

On CySEC 1:30 for retail clients, 1:500 for professional traders

On FSC 1:1000

Investment Options

Yes

Trading Platforms & Apps

MT4, MT5, Mobile App, Web Platform

Markets

Forex, Crypto, Stocks, Indices, Metals, Commodities,

Spread

From 0

Commission

Withdrawal fee on some accounts

Orders Execution

Instant, Market

Margin Call/Stop Out

FSA: 30%/10%

CySEC: 100%/50%

Trading Features

Crypto trading

Affiliate Program

yes

Bonus & Promotions

Yes (only on the FSC-regulated website)

Islamic Account

yes

PAMM Account

yes

Customer Support Ways

Live chat, call back, feedback form, email

Customer Support Hours

24/7

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:

Cent.Eurica

Cent.Standard

Insta.Eurica

Insta.Standard

Deposit Currency

USD Cents, EUR Cents

EUR, USD

Min. Deposit

$1

Max. Deposit

$1000

Unlimited

Min. Order

0.1 lot

0.01 lot

Max. Trade Size

10,000 lots

Max. Leverage

1:1000

CySEC jurisdiction accounts:

ECN VIP MT5

ECN Pro MT5

ECN MT5

ECN VIP MT4

ECN Pro MT4

ECN MT4

Deposit Currency

EUR, USD, PLN, CZK, GBP

EUR, USD, PLN, CZK

Min. deposit

50,000 EUR or equivalent

10,000 EUR or equivalent

1,000 EUR or equivalent

10,000 EUR or equivalent

2,000 EUR or equivalent

200 EUR or equivalent

Order Execution

Market

No Fees for Deposit

Yes

No Fees for Withdrawal

Yes

Yes

No

Yes

No

No

Personal Account Manager

Yes

VPS Server

Yes

No

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:

Drawbacks

Benefits

Regulation in the British Virgin Islands may not provide the same level of protection as stricter jurisdictions

Wide range of trading instruments

Multiple account types

High leverage

Popular trading platforms

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;

InstaForex registrationCreate 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)

InstaForex MT4
MetaTrader 4 platform for InstaForex on Windows

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)

InstaForex MT5
InstaForex MetaTrader 5 platform for traders available on Windows

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:

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:

Spread

Insta.Standard (FSC)

From $3-7

Insta.Eurica (FSC)

From 0 USD

Cent.Standard (FSC)

From 3-7 USD

Cent.Eurica (FSC)

From 0

ECN.MT4 (CySEC)

From 10 USD

ECN VIP.MT4 (CySEC)

From 3 USD

ECN Pro.MT4 (CySEC)

From $7

All ECN-accounts MT5 (CySEC)

From 0

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

InstaForex markets
Some trading instruments on the InstaForex broker

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

InstaForex Restricted countries
List of countries and regions restricted from the broker's services

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:

InstaForex scores on TrustpilotBroker 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.

FAQs
Is InstaForex regulated by a high-tier authority?

Yes, it has a license from Cyprus Securities and Exchanges Commission.

Does InstaForex offer Islamic account?

Yes, you can use swap-free accounts on the broker.

Where is InstaForex headquartered?

Its headquarters is located in Mesa Geitonia, Cyprus.

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