- Informative website
- Minimum deposit of $1
- Lots of promos and contests
- Focus on PAMM-trading
- Claimed problems upon withdrawal
- Some promotions are too extended in time
- Minimum deposit on the Standard Forex account is $1000, which is quite pricy
InstaForex: Yet Another Newbie Haven
A huge problem with massive brokerage services is almost a complete inability to get trustworthy online references – you never know whether a feedback is real or fake. Since the competitiveness of the niche is sky-high, we have to trade by trial and error, which is quite upsetting when it comes to real investments. Today, I tried to test-drive one of the well-known brokers, and find out whether trading with it is actually worth bothering.
InstaForex has been around since 2007, and by now reached a milestone of 7 million traders in multiple countries. Besides, the company has a bunch of awards – looks great by now. Let’s get right into it.
InstaForex is a group of companies registered in different countries. They are licensed by CySEC (Cyprus), license number: 266/15, and by BVI FSC (British Virgin Islands), license number: SIBA/L/14/1082.
The company offers a standard set of trading tools, including more than 100 currency pairs, cryptocurrencies, CFDs, etc. Whatever you’d like to trade, you will most likely find it here (probably aside from some really exotic assets).
Accounts, Spreads & Leverage
The company offers to choose from 2 account types: Insta.Standard and Insta.Eurica. In the first case, you pay a fixed spread for getting an access to all trading instruments. This account type is basically universal – you can choose from Micro Forex (minimum deposit $1-10), Mini Forex (minimum deposit $100), and Standard Forex (minimum deposit of $1000).
Insta.Eurica account type comes with no spread involved and is suits better for beginners. They also have Cent variations for both account types.
Available trading platforms
At InstaForex, traders can use popular platforms like MetaTrader 4, MetaTrader 5, and WEB Terminal. Besides, the company has a good-looking mobile app for trading on the go.
InstaForex is an international company: you can switch their website into 35 languages, and they have offices in Russia, China, India, Bangladesh, Pakistan, Thailand, Ukraine, Indonesia, Nigeria, Peru, Ghana, Guatemala, Kazakhstan, Moldova, and Tunisia, and also call centers in the USA, Canada, UK, Switzerland, Georgia, and Bulgaria. As far as I can see, this broker embraced a huge audience. Unfortunately, sometimes the scale of business affects its quality. People on trader boards complain that sometimes InstaForex support wouldn’t reply for days, but I haven’t had any problems with that. Some traders claim to have been waiting for withdrawal for several days (!), - the bigger the sum, the longer it takes to withdraw it, they say.
The fact that InstaForex offers a lot of awesome promos was a really nice surprise. Particularly, they raffle Lamborghini (the promo started back in December 2016 and will last till December 2019 – way too long but still exciting), BMW, and Lotus Elize, hold a bunch of contests for demo accounts like “Sniper” and “Great Race” (somewhat similar to FBS Pro contest), raffle gadgets, boast about the partnership with Liverpool FC, Dragon Racing, and other sports-related ventures.
InstaForex is widely used for its PAMM-system and ForexCopy service that allow you to copy other traders’ deals. As I mentioned in one of my previous reviews on eToro, trusting almost the entire trading process to someone else is probably a way to go for certain people, but to me it is totally pointless. I think it conflicts with the very idea of trading.
To me, it’s all about the fundamental difference between financial freedom and financial provision. Being financially free results from a basic belief that you’re smart enough and can monetize your skills whatever happens. After all, such a vibe leads you to the reality where you can make enough money for your current agenda without being dependent on someone else. It differs from the feeling of financial security – probably the same that an infantile partner would get from living at a wealthy other’s expense. Long story short, I want to do my best and be responsible for my decisions instead of depending on a “big daddy”.
Apparently, there are lots of people over there whose insecurity makes them go for PAMM, copy trading, etc. The point is I love my job and enjoy trading, and this is my best guarantee of a high profit. I am convinced that once a trader reaches a certain level of understanding and sensitivity in Forex market, he wouldn’t go for PAMM.
InstaForex is good. Seriously, due to their aggressive marketing, a bunch of people stick to their service and give them reliability points. They offer a whole bunch of promotions and contests, their website is full of information, but when you set it all aside and concentrate on the major requirements, InstaForex reveals some flaws.
They offer a leverage of 1:1000 a max, although you can find better conditions at other brokers; they focus on PAMM, although it’s not even trading; they experience problems upon withdrawal – an issue that I find unacceptable.
InstaForex may be good for beginners, but the dangerous thing about too newbie-friendly services is that they make traders get stuck and choose comfort over skill.