InstaForex review

InstaForex has been identified as a confirmed scam by multiple regulatory authorities, including the CySEC, which imposed a fine of 130,000 EUR. Regulatory bodies in Canada, France, and several other countries have consistently issued warnings about this company. This is particularly disheartening considering that the broker has been in operation since 2007. While InstaForex claims to be an established broker and holds offshore licenses, it continuously engages in unethical treatment of its clients. The company is regulated by the CySEC in Cyprus, SVGFSA in Saint Vincent and the Grenadines, and BVI FSC in the British Virgin Islands. The Cyprus regulator has fined InstaForex for unfair, dishonest, and unprofessional treatment of clients, and for non-compliance with articles 36(1) and 36(1)(d). InstaForex is comprised of a group of companies registered and licensed in various offshore jurisdictions, which further raises concerns about the safety and legitimacy of its operations. Multiple authorities, such as the Financial Supervisory Authority of Romania, the Manitoba Securities Commission, the Brazilian Comissão de Valores Mobiliários (CVM), the Ontario Securities Commission, the Bulgarian Financial Supervision Commission, and the French AMF, have issued warnings against InstaForex. Additionally, in 2011, the CFTC filed a lawsuit against 14 offshore forex brokers, including InstaForex, and since 2013, InstaMarkets is no longer licensed by the Belize IFSC. Considering these factors, including the regulatory fine, we strongly advise against opening a trading account or depositing funds with InstaForex, as the risk of losing funds is exceedingly high. It is important to note that the website and customer support of InstaForex are available in multiple languages, which increases the likelihood of unsuspecting clients falling into the broker's trap worldwide. To attract clients, the broker offers various bonuses, such as 100%, 55%, and 30%. The website is also designed in a manner that makes it difficult to spot warning signs at a glance, requiring thorough online research on reputable review platforms to fully recognize the risks associated with InstaForex.

COUNTRIES

Afghanistan, Albania, Algeria, Andorra

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REGULATIONS

CySEC, FSC of BVI

ACCOUNT CURRENCIES

EUR, USD

ASSETS

CFDs on Stocks, Crypto CFDs, Energies, Futures, Indices, Precious metals

PLATFORMS

MT4, MT5

DEPOSIT METHODS

Bank Transfer, Credit Card, Crypto, Neteller, Skrill

OTHERS

Segregated accounts, Cent Accounts, Copy trading, Demo account, Exotic Pairs, Expert Advisors, Fast withdrawals, Hedging allowed, High leverage, Lowest minimum deposit, Lowest spreads, Micro accounts, Micro Lots, Mini lots, Negative balance protection, PAMM, Part of compensation scheme, Provides webinars and seminars, Signals, Swap-free

PROMOS

Credit bonus, Deposit bonus, Welcome bonus

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InstaForex offers multiple trading accounts, including Insta.Standard, Insta.Eurica, Cent.Standard, and Cent.Eurica. The minimum deposit starts from 1 USD, but the spreads range from 3-7 pips, which are considered high. Surprisingly, the trading commission for 0 spreads is 0.03%. Leverage is set at 1:1000 for all accounts, and the minimum lot size is 0.01 lots. The broker's location in Moscow, Russia raises further concerns amidst the numerous regulatory warnings and fines. They provide MT4 and MT5 trading platforms, as well as a multiterminal for Forex and CFD trading. Due to the multitude of allegations, we strongly advise against opening a trading account with this broker. Moreover, the poorly designed trading accounts page obscures the details of Cent.Standard and Cent.Eurica, hinting at a deceptive tactic to lure unsuspecting newcomers. The website offers educational resources like trading courses, video tutorials, and glossaries. Additionally, InstaForex provides market research tools such as economic calendars and analytics. While IPO trading and VPS services could be beneficial, they lose their value due to InstaForex's lack of legitimacy and reliability. The loss of their license from the Belize regulator and the numerous warnings from reputable authorities solidify our strong recommendation to steer clear of this broker.

FAQS ABOUT INSTAFOREX

Is InstaForex legit or not?

No, InstaForex is not a trustworthy broker. It has been exposed as a scam by multiple regulatory authorities and has a history of unethical practices. CySEC also fined InstaForex 130 000 Euros for treating clients unfairly and unprofessionally. Belize regulator suspended InstaForex’s license in October 2013.

How to make money on InstaForex?

Since the broker was exposed by several authorities worldwide as a scam, it is impossible to make a profit and withdraw from InstaForex. The chances of losing money are extremely high.

Where is InstaForex?

While the broker is registered and regulated by the offshore authorities of CySEC in Cyprus, SVGFSA in Saint Vincent and the Grenadines, and BVI FSC in the British Virgin Islands, InstaForex is based in Moscow, Russia.