The forex and CFD broker InstaForex is the trading brand of the parent company Instant Trading EU Ltd. As a Cypriot broker, it has a current license with CySEC, the financial regulator of Cyprus.
While they do still have their license, the broker has received fines for violations in the past.
InstaForex broker caught our attention by bragging about being the best European broker and sponsoring several sports clubs and events. Since there are several controversies regarding the broker itself, we decided to expose everything.
Read our updated and honest InstaForex review and be prepared to see who we are dealing with!
- We have updated this InstaForex review in April 2022.
|Broker status:||Regulated Offshore broker|
|Regulated by:||CySEC, BVI FSC, FSA SVG|
|Scammers Websites:||InstaForex.com, InstaForex.eu & ForexMart.eu|
|Operating Status:||Forex Scam Broker|
|Broker Owner:||Instant Trading EU Ltd, Instant Trading Ltd, Insta Global Ltd|
|Headquarters Country:||Cyprus, British Virgin Islands & SVG|
|Supported Trading Platforms:||MT4, MT5, WebTrader|
|InstaForex Minimum Deposit:||$1|
|Crypto Assets:||11 Crypto Assets Available (BTC, XRP, ETH)|
|Available Trading Assets:||Shares, Forex (FX), Commodities, Indices, Cryptocurrencies, Futures|
|Maximum Leverage:||1:30 / 1:1000|
|Free Demo Account:||Yes, Available|
|Accepts US clients:||US traders are not accepted|
InstaForex Regulation & Licensing Details
InstaForex broker has 3 different entities – in Cyprus, the British Virgin Islands, and Saint Vincent and the Grenadines. Therefore, we’ve checked a couple of registers to confirm that InstaForex is regulated and how it operates. We had something to see.
Questions to InstaForex License & Regulation – Reputation Problems
As aforementioned, the broker has 3 entities owned by 3 different companies. The owner of the Cyprus entity is Instant Trading EU LTD, regulated by CySEC, with a regulation number 266/15. An entity on the British Virgin Islands is named Instant Trading Ltd and holds FSC regulation, while the one in SVG is called Insta Global Ltd and has FSA regulation.
Yet, do not think you’re in a good place so soon. First of all, there were many questions related to the broker’s CySEC regulation and many penalties included, as you can see below.
Moreover, a broker that opens an offshore entity usually has something to hide or is looking for a fertile scam ground. Since FSA is not even a real regulator, only a register that redirects brokers to opt for regulation in countries where they provide services, you can understand how InstaForex regulations validity is melting.
Past Fines for Bad Behavior
Much like Easy Forex, InstaForex had to pay a hefty fine from CySEC in the past. On June 11, 2018, the financial regulator issued a fine of €130,000 against the broker. There were two main components to the fine.
Firstly, a €90,000 for failing to act fairly, honestly, and professionally in accordance with their clients’ best interests.
Secondly, €40,000 for failure to ask clients the required information on their experience and knowledge, for the purpose of evaluating their suitability for the financial services in question.
InstaForex Reviews – Is InstaForex a Scam Broker?
Once we checked InstaForex reviews, we saw the broker’s tremendous score on Trustpilot. Of course, we had to check what traders think. Instead of real traders, this broker is buying fake reviews and presenting itself as a good company. If you take a look at reviews, most of them come from Malaysian clients who have written only one review in the whole account’s existence, and it’s the one regarding InstaForex brokerage. It sounds a bit odd, doesn’t it?
Other websites, however, give us a bit clearer picture and show broker’s objective ratings. We found a couple of reviews coming from people that posted more than once, and they are all experiencing the same issue.
Here is an example:
RIGGED! Don’t ever trust this broker. Some of my trades triggers stop loss instead of taking a profit. Don’t be deceived by their low spreads and commissions because they will double it in withdrawal fees
InstaForex Trading Platform Review
As a good thing, we need to mention the InstaForex trading platform. The broker gives us a wide range of choices, providing MT4, MT5, and a WebTrader.
InstaForex MT4 Platform – MetaTrader 4
InstaForex MT4 platform gives traders an option to trade on the leading platform among investors. Despite expanding their offer to MT5, the broker kept an MT4 with an incredible offer of features and trading indicators. Trades are executed fast, which is a significant advantage of this platform.
InstaForex MT5 Platform – MetaTrader 5
This company was one of the MT5 veterans in the trading industry. Showing that it can be competitive, the broker offered another way for PC trading and mobile apps.
InstaForex App – Mobile Trading Options
Since MetaTrader comes in two versions, for PC and mobile, InstaForex offers mobile trading through MT4 and MT5 platforms. There are links on the broker’s website for platform download.
InstaForex Copy Trading
InstaForex copy trading system is something the broker is really proud about. They developed a trading combination system called ForexCopy, pointing to client’s trades with the highest success rate. Allegedly, everyone following these trades has incredible chances to gain profits within a short period.
Countries Allowed and Prohibited by the Broker
Since the broker has several entities, it’s accepting traders from all over the world. The CySEC regulated entity can accept trades coming from the EEA zone as well as from Belarus, Egypt, Nigeria, Switzerland, Ukraine, United Arab Emirates, and Indonesia. Thanks to its offshore entity, it can take clients from other parts of the world, such as BVI, SVG, Malaysia, Singapore, etc.
As a restricted area, the broker listed the USA.
InstaForex UK Traders
After Brexit, the InstaForex UK department opted for the FCA regulation as it is currently in the TRP regime. It means it can provide specific services to UK residents, and you should check with the FCA which are those.
Which Products Does InstaForex offer? – Trading Assets
InstaForex minimum deposit for trading is $1, and with such minimum, clients are getting access to:
- Currency pairs – all the majors such as EUR/USD, USD/CHF, and over 20 exotics such as CAD/JPY
- All the major US, Asian, and EU shares – total 35
- Major world indices such as NASDAQ and DAX
- Different commodities, including metals, oil, gas, etc.
- 11 cryptocurrencies
- 2 currency futures – EUR/USDweek and EUR/USDmonth
As you can notice, the broker’s offer is not what you would expect from someone claiming to be the best.
Instaforex Cryptocurrency – Are Cryptos Available?
InstaForex broker offers 11 cryptocurrencies, the most popular ones such as BTC and XRP, but also some of the less popular, including ADA, DOT, and Uniswap.
About InstaForex Leverage
The company offers different leverage depending on the entity you belong to. Traders under CySEC regulated entity can get leverage up to 1:30, while those offshore can receive up to 1:1000. This leverage is too high and can jeopardize your money.
InstaForex Trading Accounts – Account Types
As mentioned, the minimum deposit for InstaForex is $1 for the Micro Forex account. Besides Micro Forex, the company offers:
- Mini Forex ($100)
- Standard Forex ($1,000)
- Insta.Eurica account without a spread
- Cent.Standard and Cent.Eurika accounts with the minimum trading size of 0.0001 lot
Besides, there’s an InstaForex Demo account as well as an Islamic swap-free account.
InstaForex Demo Account
Broker Demo account varies from $5,000 to $1,500,000 and the leverage from 1:1 to 1:1000. Basically, clients can choose whether they want some real trading experience or experimenting with large amounts and excessive leverage.
InstaForex Deposit and Withdrawal Methods
InstaForex deposits can be made via a wide range of payment methods such as:
- Credit cards
- Wire transfer
- Multiple Asian bank transfers
- African bank transfers
- Vast of cryptocurrencies such as BTC, BNB, LTC
- Local bank transfers from Asia
The same methods are available for withdrawals as well.
InstaForex Deposit Bonus – Welcome Bonus
As another tool for attracting clients, InstaForex is using bonuses. There are few kinds. One of the InstaForex bonuses is Ferrari F8 if you make a minimum deposit of $1,000 or 500 USD/EUR for members of InstaForex Club, and you apply to participate.
Another bonus offered is for those who deposit a minimum of $3,000 into their account. Every week, the broker chooses one trader who gets 100% of the bonus on that amount.
Beware that bonus is a tool that scam brokerages use to trap clients’ money and not let them withdraw before fulfilling some ridiculous conditions.
Deposit Bonus Ending Date: For Ferrari F8 is December 9th 2022, while for $3,000 clients can apply until December 31st, 2021.
InstaForex Withdrawal Problems – Traders Complaints
As you could already understand from our InstaForex review, everything with this broker depends on the entity you belong to. And even then, you cannot be sure you’re dealing with the right broker.
According to traders, the broker does not allow fund withdrawals. Instead, it’s blocking accounts. Since we believe this is not a behavior anyone should experience from an allegedly regulated broker, we advise you to report it.
Scammed by an InstaForex broker? – We Know What to Do!
If you have been involved with InstaForex and got scammed, you should know there is a possibility of getting your money back. You are not the only victim of the forex scam, and we’ve heard many stories. Global Fraud Protection is here to help you file a successful chargeback dispute.
Contact us via online chat, tell us your story, and let’s find the solution together!
What is InstaForex, and Should I Invest Money in it?
It is an online trading brokerage with a lousy reputation, certainly not worth your money.
Is InstaForex regulated and licensed?
The broker does have CySEC, BVI FSC, and FSA SVG regulations. However, it has been fined many times by CySEC, while the other two regulations are offshore and have no coverage.
Is InstaForex legit or a scam?
InstaForex looks like a legit broker, but it’s most certainly not one. Beware of a scam!
Does InstaForex Offer a Demo Account?
Broker offers Demo account with $5,000 to $1,500,000 for each trader to choose.
Does InstaForex Have a Mobile Trading App?
This brokerage company offers MT4 and MT5 mobile trading apps to traders.
Is InstaForex Available in the United States?
No, broker does not accept traders coming from the USA.