InstaForex Review

Author By Jeffrey Cammack
Updated: September 23, 2021
Overall Rating
3.32 3.32 / 5
Rated #62 of 68 Recommended Brokers
Min. Deposit
USD 1
Regulators
Trading Desk
Trading Cost
USD 30
Website Language
Arabic, English, Indonesian, Polish, Portuguese, Chinese, Malay, Vietnamese, Thai
Support Language
English, Arabic, Portuguese, Chinese, Indonesian, Malay
AlertAccepts South African Clients. Average spread EUR/USD 3 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 and MT5 platforms supported. Instaforex is regulated by CySEC and FSC (British Virgin Islands).

TradeForexSA follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

InstaForex is a CFD broker offering trading on Forex, stocks, indices and crypto. Regulated in the EU and the British Virgin Islands, Instaforex has four instant execution accounts and very low minimum deposits. Both the MT4 and MT5 trading platforms are available, alongside two of InstaForex’s own web-based platforms.

InstaForex appeals to many new traders for its very low-cost Cent Accounts and high leverage, but when compared to other brokers, InstaForex has wide spreads and high commission and Forex education is poor.

 

Reviews

Regulation
1110.503.5/ 5
Trading Conditions
110002/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
111104/ 5
Education & Research
111003/ 5
Assets Available
1110.503.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Bonuses

Account Information

Base Currencies
Number of FX Pairs
110
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
Fees Included in Spread
EUR/USD
0 pips
GBP/USD
0 pips
USD/JPY
0 pips
Max. Leverage
30:1

Company Details

Company Name
InstaForex Group
Founded
2007
Office Locations
Bangladesh, Ghana, Guatemala, Hong Kong, India, Indonesia, Kazakhstan, Malaysia, Moldovia, Nigeria, Pakistan, Peru, Tunisia, Ukraine

Pros

  • Wide range of assets
  • Copy trading accounts

Cons

  • Limited market analysis
  • Limited education
  • Wide spreads

Is InstaForex Safe?

InstaForex Group has been operating since 2007 and has built a reputation as a dependable broker for its many clients around the world.

While InstaForex is not currently regulated by the FSCA, it operates in South Africa via its subsidiary Instant Trading Ltd, which carries a licence and full authorisation from the British Virgin Islands FSC (License Number: SIBA/L/14/1082)

In the EU and UK, InstaForex’s European subsidiary Instant Trading EU Ltd is regulated by both CySEC (Licence Number 266/15) and the FCA (licence 728735). The firm is a member of the Investor Compensation Fund, a scheme that protects eligible retail clients by paying compensation in the event that a company fails to reimburse funds and/ or financial instruments due to liquidity issues.

InstaForex has received many awards over the years, recent highlights include the Award for Best Broker in Asia 2019 (Le Fonti Awards) Best Forex Cryptocurrency Trading Platform 2018 (UK Forex Awards) and Best ECN Broker Asia 2018 (International Business Magazine).

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
CySEC
B.V.I FSC
ECN/DMA
2007
Bangladesh, Ghana, Guatemala, Hong Kong, India, Indonesia, Kazakhstan, Malaysia, Moldovia, Nigeria, Pakistan, Peru, Tunisia, Ukraine
0.03%-0.07% Inta Eurica, Cent Eurica

 

Trading Conditions

Trading conditions at InstaForex vary slightly across four different account types, but all accounts have instant execution and relatively high trading costs.

All accounts also have a maximum leverage of 1:1000, which is very high compared to most brokers. Spreads are always fixed and two of the accounts are commission-based.

InstaForex offers CFD trading on stocks, indices, metals, commodities, and cryptocurrencies, but account currencies are limited to USD and EUR.

Account Types

InstaForex offers both 4 standard live accounts and an Islamic account.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Cent.Eurica
USD 5
1000:1
0
0.03%-0.07%
Account Details
Cent.Standard
USD 5
1000:1
3
None
Account Details
Insta.Eurica
USD 5
1000:1
0
0.03%-0.07%
Account Details
Insta.Standard
USD 5
1000:1
3
None
Account Details
Islamic
USD 5
1000:1
0
None
Account Details

The four live account types include Insta.Standard, Insta.Eurica, Cent.Standard, and Cent.Eurica:

  • Standard Account: This account offers commission-free trading on all asset types and spreads start at 3 pips on the EUR/USD. This account is further divided into three tiers depending on minimum deposit:
    • Micro Account. With a minimum deposit of 1-10 USD traders will access to micro-lot trading.
    • With a minimum deposit of 100-1000 USD traders will have access to Mini Lot trading
    • With a minimum deposit of 1000 USD or over, traders will have access to Standard Lot trading.
  • Eurica Account: This account requires a minimum deposit of 1 USD and instead of the spread, charges a mark-up fee – starting at 3 pips on the EUR/USD .
  • Standard Account: This account types has the same trading terms as the Insta.Standard Account, except – as the name suggests – all trades are denominated in currency cents (1/100th of a currency unit). As risk is so low, this account is a decent practice account.
  • Eurica Account: This account types has the same trading terms as the Insta.Eurica Account, except – as the name suggests – all trades are denominated in currency cents (1/100th of a currency unit). As risk is so low, this account is a decent practice account.
  • Islamic Account: All InstaForex accounts are available as Islamic Accounts, this option can be selected at account opening.

instaforex-account-types-202010

Spreads and Commission

Spreads on the Insta.Standard and Cent.Standard Accounts are wide, starting at 3 pips on the EUR/USD – these spreads combined with the low minimum deposits and high leverage offered by InstaForex are dangerous for beginner traders and increase the risk of account wipeouts.

Similarly, the mark-up commission (3 pips on the EUR/USD) on the Eurica.Standard and Cent Accounts are also high when compared to other brokers. Other brokers usually charge a flat rate commission per lot traded, which makes it easier to calculate trading costs.

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
110002/ 5
3 pips
USD 30
0 pips
0 pips
0 pips
0.0
110.5002.5/ 5
EUR, USD
1.50 pips
USD 15
1.5 pips
2.6 pips
1.7 pips
0.0
11110.54.5/ 5
EUR, USD, GBP, PLN, DKK, SEK, NOK, CHF
1.50 pips
USD 15
0.0 pips
1.6 pips
1.5 pips
0.0

 

Deposit and Withdrawal Fees

While InstaForex offers free and fast deposits by a variety of methods, most withdrawal methods are slow, and all withdrawal methods have fees attached – usually between 0.5 – 2% of the transaction. For instance, bank wires withdrawals have a 2% fee and take 2-4 days to process.

Traders in South Africa can make deposits and withdrawals via online banking, though high fees are charged by InstaForex, and costs will vary depending on the bank.

Bonuses

InstaForex offers a variety of bonuses to its retail traders. Remember to read the fine print for all bonuses for agreeing to them. Current InstaForex bonuses available in Malaysia include:

  • 100% First Deposit Bonus
  • 55% Bonus on Every Deposit
  • 30% Bonus on Every Deposit
  • Club bonus for traders with an InstaForex club card (1% for deposits of 500 USD up to 10% for deposits of 15,000 USD)

InstaForex Bonus

InstaForex for Beginners

While InstaForex does offer two Cent Accounts targeted at beginner traders, it is not a welcoming environment for those with little trading experience. A structured trading course is only made available once a live account has been opened and the freely available education is limited in scope and poorly presented.

Market analysis, on the other hand, is updated daily by the InstaForex team. It is helpful and precise and presented in both video and text format. While market research is not as frequent or as detailed as other large market makers, it is much better than the educational content presented.

Customer service available in 18 languages, and is available via email, live chat, Skype, and a responsive call-back service. Technical support is also available via several messaging services such as WhatsApp, Telegram and Viber.

Technical support is available 24/5, while client relations is available from 08:00-17:00 (UTC +00).

Trading Platforms

Alongside InstaForex’s two proprietary web-based platforms, it also offers support for MT4 and MT5, the two most popular trading platforms in the Forex industry.

InstaForex Platforms

InstaForex WebTrader: Designed by InstaForex, the WebTrader trading platform is available only to the broker’s clients. WebTrader enables investors to trade directly in a web browser, so there is no need to download and install any software. This platform offers access to all the latest Forex news and analysis and synchronises with all other InstaForex platforms, allowing for multi-platform trading.

InstaTick Trader: InstaTick Trader is an in-house trading platform developed by InstaForex, its key advantage is 6-digit quotes. Most platforms only offer 5-digit quotes, so the InstaTick platform provides traders with an even more detailed overview of the tiny fluctuations in the Forex market. InstaTick is available in a web browser with no downloads required.

MetaTrader 4 – The MT4 trading platform is the most widely used Forex trading platform and can also be used to trade other instruments like commodities, cryptocurrency, stock index, and stock CFDs. Though it is now showing its age, MT4 is still immensely popular for its auto trading features that enable algorithmic trading and strategy backtesting with expert advisors (trading robots).

MetaTrader 5 – The MT5 trading platform is being adopted by more Forex brokers all the time, it has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market, and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system. In addition, the MQL5 scripting language is more efficient than its precursor and MT5 has more advanced charting tools than MT4.

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Broker
Platform Choice
Copy Trading
Platforms
111104/ 5
111104/ 5
Sirix
11110.54.5/ 5

 

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the InstaForex product offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. InstaForex would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.24% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

InstaForex is a BVI-regulated market maker broker with low minimum deposits, high leverage and high trading conditions. In comparison to many other brokers with a focus on Asia, InstaForex has poor trading conditions and little educational support.

Both MT4 and MT5 are supported, alongside two proprietary platforms, and tradeable CFDs include stocks, indices, commodities, and cryptocurrencies. Deposits are fast and free, but withdrawals are generally slow and expensive.

AlertAccepts South African Clients. Average spread EUR/USD 3 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 and MT5 platforms supported. Instaforex is regulated by CySEC and FSC (British Virgin Islands).
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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.32/ 5
USD 1
ECN/DMA
Commodities
Forex
Equities
110
11
  • Wide range of assets
  • Copy trading accounts
  • Limited market analysis
  • Limited education
  • Wide spreads
1110.503.5/ 5
110002/ 5
111104/ 5
111104/ 5
111003/ 5
1110.503.5/ 5
111104/ 5
71.71% of retail investor accounts lose money when trading CFDs with this provider
30:1
0 pips
Cent.Eurica
Cent.Standard
Insta.Eurica
Insta.Standard
Islamic
Bank Transfer
Visa
Mastercard
Skrill
Neteller
Bitcoin
Unionpay
Broker to Broker
Fees Included in Spread
1110.503.24/ 5
USD 250
Market Maker
Commodities
Cryptocurrencies
Forex
47
4
  • Good for beginners
  • Great customer support
  • Copy trading accounts
  • Expensive withdrawals
  • Local regulation only
111003/ 5
110.5002.5/ 5
111104/ 5
100001/ 5
1110.503.5/ 5
11110.54.5/ 5
11110.54.5/ 5
73% of retail investor accounts lose money when trading CFDs with this provider
200:1
1.50 pips
Bronze
Gold
Premium
Silver
Sirix
Bank Transfer
Neteller
Visa
Mastercard
Fasapay
Fees Included in Spread
11110.54.32/ 5
USD 100
Market Maker
STP
Commodities
Cryptocurrencies
Forex
Indicies
Equities
ETFs
50+
26
  • Tight spreads
  • Good for beginners
  • Wide range of assets
  • Expensive withdrawals
1110.503.5/ 5
11110.54.5/ 5
11110.54.5/ 5
111115/ 5
111115/ 5
111104/ 5
11110.54.5/ 5
72.5% of retail investor accounts lose money when trading CFDs with this provider
500:1
1.40 pips
Classic
VIP
Raw
Bank Transfer
Sofort Banking
Visa
Mastercard
Skrill
Neteller
Giropay
Fees Included in Spread
Visit Broker

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