If you wish to learn about InstaForex broker; its features and if it’s suitable for you, then this InstaForex review is just right for you. We will explore this broker in this article, particularly highlighting its pros and cons. In the end, you will not only be more knowledgeable, but also able to make informed decisions.
InstaForex Review: Overview of the Broker
InstaForex is an international online brokerage company that was established in 2007. Over the years, it has grown to become one of the most prominent brokers, particularly in the forex and CFD trading space. InstaForex is known for its wide variety of trading instruments, user-friendly platforms, and attractive trading conditions. With over 7 million clients worldwide, it has developed a reputation as a reliable broker that provides diverse services ranging from forex trading, cryptocurrencies, stocks, indices, and commodities.
However, as with any broker, InstaForex has its own pros and cons. And, this is basically what this InstaForex review will be focusing on.
InstaForex Review: Pros
1. Regulated and Reliable
One of the first things to consider when choosing a broker is its regulatory status, and InstaForex is licensed by multiple regulatory authorities, enhancing its credibility and trustworthiness. The broker operates under the regulation of the Cyprus Securities and Exchange Commission (CySEC) and is compliant with the European Union’s MiFID (Markets in Financial Instruments Directive). InstaForex is also registered with the Russian Federation Central Bank. This multi-regulatory framework ensures that InstaForex adheres to strict guidelines on fund safety, transparency and fair trading practices. Additionally, InstaForex offers segregated accounts for client funds, which means that traders’ funds are kept separate from the company’s operational funds.
2. Wide Range of Trading Instruments
The broker provides access to over 300 financial instruments. This includes a wide variety of forex currency pairs; commodities like gold, silver and crude oil; global indices such as the S&P 500, DAX 30, and FTSE 100 as well as cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin, and more. This broad range of tradable assets allows traders to diversify their portfolios and take advantage of opportunities across multiple markets.
3. Multiple Account Types
InstaForex offers a variety of account types designed to suit the needs of different traders, from beginners to professionals. The main types of trading accounts offered include:
- Eurica Account: This account is suitable for novice traders, as it charges zero spread on many instruments, although has commission per trade. This type of account can simplify trading costs for new traders by eliminating the confusion around variable spreads.
- Standard Account: Offers fixed spreads and no commission fees nor hidden charges, making it ideal for beginner traders.
- ECN Account: For more experienced traders, this account type offers tight variable spreads (starting from 0 pips) but includes a commission per trade. The ECN account provides direct access to the interbank market, offering faster execution speeds.
- Pro Account: Tailored for professional traders with larger capital, the Pro account features the tightest spreads and higher leverage options.
InstaForex also offers Islamic accounts (swap-free), which comply with the principles of Sharia law and are available for traders who cannot receive or pay interest.
4. High Leverage Option
InstaForex offers highly competitive leverage options as high as 1:1000 for forex trading. This high leverage option appeals to aggressive traders who prefer to take on more risk in the hopes of generating higher returns. However, traders should be aware of the increased risk involved with high leverage, as it can amplify losses just as easily as it can boost profits.
5. Variety of Trading Platforms
The broker offers support for several trading platforms in order to meet the needs of different traders. This includes:
- MetaTrader 4 (MT4): The industry-standard trading platform known for its simplicity, flexibility, and comprehensive charting tools. MT4 is highly popular among both beginner and experienced traders, offering advanced features such as automated trading via Expert Advisors (EAs) and customizable technical analysis tools.
- MetaTrader 5 (MT5): A more advanced version of MT4, MT5 offers additional features like more timeframes, more order types, and a greater number of technical indicators. It also allows traders to access more asset classes such as stocks and futures.
- WebTrader: InstaForex provides a web-based platform that can be accessed through any web browser. The WebTrader platform offers real-time market data, one-click trading, and full integration with InstaForex accounts.
- InstaForex Mobile Trader: For traders who prefer to trade on the go, InstaForex offers a mobile trading app compatible with both Android and iOS devices. The mobile platform is highly functional, providing access to charting tools, market news, and order execution.
This way, InstaForex is accessible to a wide range of traders, whether they prefer desktop trading, web-based platforms, or mobile trading.
6. Customer Support
InstaForex provides customer support 24/7 through various channels, including live chat, email, and phone. The broker also offers multilingual support, ensuring that traders from different countries can receive assistance in their native language. This level of customer service is essential for resolving any issues that traders may face, whether related to trading platforms, account management, or technical difficulties.
InstaForex Review: Cons
1. High Spreads on Standard Accounts
While InstaForex offers competitive spreads on its ECN and Pro accounts, the spreads on Standard accounts are relatively high compared to other brokers. For example, the typical spread on the EUR/USD pair starts at 2 pips, which may be considered costly for scalpers or day traders who require tight spreads to make quick profits. This may be a disadvantage for traders who are highly sensitive to trading costs, particularly when other brokers offer lower spreads or commission-based accounts with tighter spreads.
2. Withdrawal Fees
Another major drawback of InstaForex is its withdrawal fee structure. The broker charges fees for most withdrawal methods and these fees can vary depending on the payment option chosen. For traders who prioritize easy and cost-effective withdrawals, this fee structure can be a disadvantage, especially when other brokers offer fee-free withdrawals or limit fees to certain methods.
3. Inactive Account Fees
InstaForex charges an inactive account fee if a trading account remains inactive for a specific period (usually 12 months). This fee may accumulate over time, reducing the remaining balance in dormant accounts. Traders who do not plan on actively trading might find this policy frustrating, as it could eat into their funds if they take extended breaks from trading.
Frequently Asked Questions
How long does it take to withdraw from InstaForex?
- This may vary based on the method used, but may generally take between 2 to 4 business days.
Is InstaForex a reliable broker?
- Given that this broker is well regulated, we can safely say it can be reliable.