Instaforex Review for South Africa 2023 - is Instaforex reliable?

The internet is full of opportunities and options for forex traders looking for a better online brokerage platform. One such platform is InstaForex. The following is an honest review that provides an in-depth insight into the broker's profile, including some of its best features and the worst flaws. The following InstaForex review could guide traders to make a precise decision of whether to use or ignore the InstaForex trading platform.

Instaforex Website

Overview:

• Minimum Deposit: 100
• Maximum Leverage: 1:1000
• Tradeable Assets: Forex, Shares CFDs, Metals, Commodities, Indices, Cryptocurrencies
• Regulated By: Securities and Investment Business Act (SIBA) of the British Virgin Islands, the Financial Services Commission
• Demo Account: Yes

Note: Your capital is at risk

Details about InstaForex

InstaForex Trading encourages instant forex trading scenario. According to its website, Instant Trading Ltd. holds a British Virgin Islands Financial Services Commission's license. The company is said to follow all the CySEC and ESMA regulations as well.

The Insta Service Ltd. has been registered with the Financial Services Commission (FSC) Saint Vincent. Some widely-known sports-related celebrities such as Borussia Dortmund team members, world chess ambassador Visvanathan Anand, and Muay Thai fighter Vladimir Moravcik appear as brand ambassadors of the InstaForex.

InstaForex is advertised as the current official partner of the Loprais Team in the Dakar Rally (formerly known as Paris-Dakar Rally) and the holder of the "Most Active Broker in Asia 2020" award. A string of successes is displayed on its award page, indicating that the InstaForex trading platform has recently won the prominent award of "Best Forex Broker Central and Eastern Europe 2020" by the International Business Magazine. The broker company won the "Best Affiliate Program."

INSTAFOREX AWARD

Pros:

• Account holders at InstaForex get access to complete knowledge regarding everything related to monetary matters. The brokerage hosts educational training courses, including videos and a forex trainer program too.
• The instant trading platform is best suited for new traders with a considerably small initial investment to support them making their first step in the financial markets but also offers many passive income programs.
• Instaforex tutorials allow novice traders to put their trading skills to the test by watching quick replays of prompt trades and learning profits, losses, and risk from the stimulated results.
• The platform welcomes new traders with the instant account opening and hassle-free verification that makes initial deposits easy as cake. The platform offers dividend and trader calculators on-the-go to help traders take a calculated and precise step every moment.
• Easily ignored yet utterly significant forex analysis tools like analytical reviews and economic calendar are also a part of the InstaForex trading platform. It allows easy buy and sell swap orders.
• Traders are allowed to choose from a handpicked selection of trading platforms such as MetaTrader 4, MetaTrader 5, Multiterminal, WebTrader, and InstaTick Trader to use as per their individual preferences.
• The best thing about this well-designed trading platform is that they keep on updating the website with new functions and features to ease customers' forex trading experience.

Cons: Like all online forex trading platforms, the InstaForex also suffers from a few typical drawbacks. The harmful factors which affect InstaForex are as follows:

• InstaForex website speaks volumes about unique bonuses, promotions, and contests which might be confusing for new customers.
• Withdrawals of funds can be availed through local transfer in some countries, money transfer to bank cards, bank wire, some cryptocurrencies (in bitcoin, Litecoin, and Tether), PayCo, Skrill, Neteller, and China's UnionPay, etc. But there is a time constraint over processing funds withdrawals depending on the schedule of the Finance Department.
• The brokerage company was the first to start “PAMM” or Percentage Allocation Money Module, which allows traders to accept or make an investment from and to others trading account, giving a sense of shared trading account. The concept might bring a surplus of profits but also could be misused by some individuals to scam traders.

Account types

InstaForex Dealer Department experts have introduced four types of trading accounts with distinguishing features, method of accounting spreads, and commissions.

Cent.Standard account type

Specially developed for beginner-level forex traders, this type of trading account guides you through a trade's basics by fixing a minimal possible trading value.

• The Cent.Standard requires 0 fees so traders can utilize it fully.
• It allows a maximum deposit of $1,000.
• The accepted deposit currencies for this account type are USD cents and EUR cents.
• The highest and lowest level of trade allowed in Cent.Standard are 0.10 of the lot and 10,000 lots, respectively.
• The leverage offered is 1:1-1:1000 (for deposits below the threshold value of $1,000).

Insta.Standard account type

People who are used to the standard trading conditions related to the forex market might find the Insta.Standard account by InstaForex, more to their likings. The account functions without fees.

• This one works for all kinds of traders with a classical spread.
• This type of account enables the traders to choose a deposit size based on their requirements and convenience.
• Insta.Standard account holders can also adjust the leverage of each trade. Traders need only pay a spread.
• This account functions as Micro Forex for a minimum deposit (lower than $10) and Mini Forex for a minimum deposit of $100.
• To function as Standard Forex, the minimum deposit required is $1,000.

Cent.Eurica account type

Just like Cent.Standard, this type of forex trading account is also best suited for beginner-level forex traders. Same name terms are for the two similar versions on InstaForex to minimize confusion and make the platform more user-friendly.

• This type of trading account implies a minimum risk for individuals while making any trades. For people who intend to learn more about InstaForex and its functionalities, find this account useful.
• Similar to Cent.Standard, this type of trading account also utilizes USD and EUR cents for deposit currencies and allows a maximum deposit of $1,000 for trading.
• Fee involved with Cent.Eurica type trading account ranges from a nominal rate of 0.3% to 0.07%.
• For a 0% trading fee, traders may prioritize other trading account types available on InstaForex, such as Insta.Standard and Insta.Eurica.

Insta.Eurica account type

This type of trading account is specially designed for those new to forex trading and are not aware of most technicalities. Insta.Eurica accounts do not involve any kind of spreads. Inexpert traders can efficiently perform orders instantly when prices influence trade values using this account type.

• InstaForex trading accounts are suitable for novice traders and best utilized for expert traders due to the resemblance with the Insta.Standard account.
• A fixed fee rate of 0.03% to 0.07% is applied to all trades performed on this type of account. Orders are executed almost instantly over the InstaForex platform.
• Since there are no spreads applied on Insta.Eurica accounts, the BID price for trades is always equal to the ASK price in this scenario.
• According to the website, this type of trading account makes technical analysis effective as there is no need to calculate the spread influence of different trades.

Demo Account

Like most forex trading platforms, InstaForex also offers a demo account through which an individual considering to start trading with the platform could create a "no-risk" account to perform a few trades and get the hang of the platform and the services and functionalities it offers, etc.

• As mentioned above in the InstaForex review, the website offers free demo accounts access to let inexpert individuals practice general trading using the MT4 system in a safe environment where no negative fees and risks are applied on the orders executed.
• The demo accounts come with virtual money for practicing correct bidding and order placements so as to make the maximum amount of profits. The demo account is based on MT4 and includes all the necessary automated systems, indicators, and signals to help make the most out of their practice experience.
• All one has to do to set up a demo account at InstaForex is to open the account by following simple instructions to receive an account number and password. After that, download MT4 from the website and simply login to their demo account to commence their forex trading journey.

Most companies deceive potential customers by showing huge profits before making an account on the platform and actually trading. Do your own research and read many reviews and instructions before stepping into forex trading.

How to open an account?

Opening an account is relatively easy since the main website is full of information, help, and details regarding what to do next if an interested individual wishes to give InstaForex a try. Based on the overview of InstaForex, there are two ways to create a live forex trading account on the platform to begin depositing funds used to buy/sell trades in the forex market. The methods are explained below in details:

• The site claims to have the most straightforward method for opening forex trading accounts that takes almost minutes to finish correctly. Users are promised a 30% welcome bonus deposited into their account right away as soon as the account comes live.
• First, all those who apply to open a new account on InstaForex are asked to accept the Public Offer Agreement to binding them into a legal constraint, which is considered a standard procedure in the forex trading world. Upon receiving the said agreement, applicants are supposed to fill in a registration form, which is typical for any forex broker.
• After submitting the registration form, you will receive the critical confirmation email on the registered email address containing your account number and password required to access the client cabinet of InstaForex and the trading platform. The forex account thus opened is valid for 30 days after the registration with minimum deposit size of $1.
• The other alternative method of forex account opening available on the InstaForex website is the "instant account opening." The option is placed at the very top of the website and needs just a simple click and filling information such as the applicant's name, email address, phone number, and country to create an account.

Each forex trading account comes with its own set of risks, and one must take precautions before delving deep into this regard.

Alternatively you can open your Account right here:

Trading platform  

Being a world-class brokerage company, InstaForex supports various types of trading platforms, giving forex traders of different abilities the benefits and functionalities of each of the following platforms:

1. MetaTrader 4:

The most easily recognizable and globally-used trading platform is offered by InstaForex brokerage as an obvious choice. Equipped with features like nine different frames, a plethora of tools for better technical analysis, locked positions, a set of free indicators and reliable advisors, and 128-bit high-security encoding, MT4 is a perfect match for a one-click trading experience.

2. MetaTrader 5:

MetaTrader 5, the most popular trading platform other than MT4, is also provided by InstaForex brokerage. This platform is based on an MQL5 programming language with 21-time frames (12 additional ones), an automated quotes archive, and advanced technical tools, pending orders with expiration dates, ready-made trading advisors, indicators, and scripts. Traders can download the MT5 platform for free in case they meet the system requirements.

3. Multiterminal:

The third kind of trading platform available on the InstaForex site is the functional Multiterminal. As the name suggests, this platform allows trading via several InstaForex accounts simultaneously. This feature makes the Multiterminal platform ideal for those experienced forex traders who handle many accounts at once. Multiterminal is smooth to operate on and gives proper account management capabilities to the user. Users can install it on any computer system running on Windows OS 7 or higher version.

4. WebTrader:

The customized online WebTrader platform is a product offered by InstaForex for users who want to trade forex, futures, or even CFD on their browser without downloading and setting up the trading platforms mentioned above. InstaForex WebTrader consists of a fully functional and customizable tool kit and works on every desktop computer version.

InstaForex traders can efficiently utilize all of the instruments and account types supported by this web-based platform. This platform has some of the best features like choices of work interfaces, balance charts, and the latest market news to analyze trades.

INSTAFOREX WEBTRADER PLATFORM

5. InstaTick Trader:

Besides WebTrader, this trading platform is also made by the InstaForex development team to give the users an opportunity to trade freely on a custom-made functional platform. The InstaTick is said to make tick trades easy by providing six digital quotes. The customized platform of InstaTick features a comfortable & user-friendly interface that supports all types of accounts, accessible from a web browser just like WebTrader without having to log in and install MT4 plug-in.

The best piece of advice for inexperienced or less-experienced forex traders is to carefully read the terms and conditions before making any decision to open a live forex trading account.

Payment and Withdrawal methods

InstaForex supports a multitude of payment methods accessible and functional in every corner of the world, for example, all bank cards and wire transfers, Qiwi, Yandex.Money, Skrill, Neteller, Sofort, bitcoin (via Skrill), and B2BinPay. The company boasts a commission-free deposit capability, which means that anytime a trader deposits some money into their trading account, InstaForex charges a 0% fee. But according to the FAQ section, payment system providers or banks are liable to charge a commission on the transaction amount and the minimum deposit amount is $1.

On the InstaForex platform, there is no minimum withdrawal amount needed and can be requested anytime. The withdrawal speed varies for different types of payment methods like withdrawals are processed within 1-7 hours using Qiwi, MoneyBookers, and some other online payment platforms. Traders who withdraw via bank transfers have to wait 2-4 days for its completion. Even Visa card withdrawals take 1-7 days at a time. InstaForex imposes $1 as the minimum withdrawal amount if traders use wallets, electronic payment systems, and bank cards.

Before involving money with any broker, one must ensure that there are no negative impacts later on.

INSTAFOREX WITHDRAWAL METHODS

Bonus and Promotions

InstaForex advertises most about its various bonuses, deals, and other promotional features. The brokerage company aims to be the most rewarding and thus trusted in the world of forex trading and hence provides bonuses to keep forex traders interested in its platform. Some popular bonuses and promotions from InstaForex are listed below:

• The main bonus available on InstaForex is the 30% welcome bonus, which is guaranteed for any initial deposit.
• Another bonus, called the Fixed Bonus, can be requested at any particular schedule.
• The platform has many other lucrative bonuses, such as "bonus on every deposit," with varying stop-outs and leverages. High leverage is supposed to be more rewarding than the lesser one.
• Usually, InstaForex does not require verification, but for some bonuses, such as the 100% bonus, the platform asks for second-level verification.

Due to the EU government's strict policies, users must be aware that InstaForex deals and promotions are not available in European countries. InstaForex avails bonuses only if a user has a live trading account. It is important to note is that the InstaForex rewards are applicable on all types of trading except "Options Trading."

Spreads and Commissions

Any trading account opened on InstaForex benefits from various spreads and commissions depending on the type of account. The two previously discussed standard type accounts available on InstaForex enjoy spreads starting from 2 pips and goes maximum to 7 pips, while Insta accounts do not involve any spreads. The site claims that it does not ask for any sort of commissions or hidden fees. But InstaForex makes money by charging the spreads. Any trader needs to be cautious because impulsive trading at times does more harm than anything else since market volatility widens spreads.

Leverage

Leverage on this broker platform starts at 1:1 and goes up to a maximum of 1:1000. Maximum leverage for Europe-based users is 1:30 in accordance with EU laws and regulations. The leverage increases with time if the account holder turns out to be an experienced forex trader. Following this logic, newly-joined traders stay away from high leverage as it could drastically drain all capital in an instant.

Minimum deposit and withdraw

• The minimum deposit available on InstaForex is 1$ for almost all types of trading accounts. The minimum deposit value for Micro Forex, Mini Forex, and Standard Forex is offered under the Insta.Standard account is $10, $100, and $1,000 respectively.
• There is no minimum amount that can be withdrawn from an InstaForex trading account.

Customer Support

InstaForex has an online support channel open 24/7 for its customers worldwide. Some notable features of the InstaForex support are as follows:

• Through the "Contact Us" page, traders on InstaForex can ask for technical support within hours through either WhatsApp, Viber, Telegram, or Skype.
• The support team at InstaForex is said to be an expert in the finance department and partner relations.
• Users may request a callback from the support team by only submitting a short contact form.
• In the support section, users are guided to find numerous answers to relatable questions and situations.
• There is an online chat window available to solve any problem which could arise while using the platform.
• The contact page lets users find the details to reach the technical support team via different social media networks.
• Correspondence with InstaForex client relations, finance, partner relations, and dealer department is also possible through the information and contact details shared on the website.

Education

InstaForex is considered one of those broker platforms which also offers forex trading training for interested individuals. An introductory course is available on the InstaForex training section from where enthusiasts and first-time forex traders can download training materials tailor-made for them. A few of the notable features and details regarding the InstaForex distance training program are as follows:

• The course is instructive and follows a simple approach to make it easy for first-timers and beginners to learn more about the basics of forex trading using InstaForex trading platforms.
• Through the course of the distance learning program, users will get accustomed to technical, fundamental analysis, and how to forecast value changes.
• The entire learning material guides people through MetaTrader 4 and MetaTrader5 functions, indicators, and strategies.
• For beginners, InstaForex provides dedicated video tutorials to educate them about the main concepts behind currencies, quotes and spread involved in forex trading.

Conclusion

All in all, Instaforex is a pioneering international broker that offers its 7 million customers (as of 2019) access to the world’s financial market in a safer and rewarding way since 2007.

FAQ

Yes, under the Securities and Investment Business Act (SIBA) of the British Virgin Islands, the Financial Services Commission issued a license to authorize Instant Trading Ltd. to operate as a broker.

In order to withdraw the bonuses earned at InstaForex, one must have a live forex trading account. Options trading does not win any bonuses from the broker company. According to the website, forex traders from any of the registered countries (except EU countries) can withdraw "profits" through the bonuses.

The minimum deposit is 1$ for all types of trading accounts. But for Micro Forex, Mini Forex, and Standard Forex account types, the minimum deposit is $10, $100, and $1,000, respectively.

InstaForex accepts Visa, Mastercard, Bank wire transfers, Skrill Moneybookers, Neteller, PayCo, and even bitcoin for deposit. AstroPay, Litecoin, Tether, and local transfers in few selected countries are available for depositing money as other methods.

The broker company makes no promises of paying profits but indicates that traders may find it easy and advantageous to trade using the InstaForex platform. The vast set of features and different types of bonuses provided makes forex traders try it out once to see if InstaForex is worthy of high praise or not.

InstaForex offers bonuses in percentage for those who have a live trading account on the platform. The bonuses allow traders to make 30%, 55%, and sometimes even 100% profits while trading. The profits made through the bonuses are sent to the forex trader's live account from where it could be withdrawn using the available methods. Options trading does not gain any kind of bonuses. Similarly, these are not available for EU based users due to the stringent regulatory framework.

Note: Your capital is at risk