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In previous articles, Mytour introduced InstaForex and discussed its credibility. If you're still uncertain about trading with this platform, explore Mytour's review of InstaForex scam potential to make an informed decision.
Evaluating InstaForex: Scam or Legitimate?
Assessing Instaforex Trading Platform: Is it a Scam?
1. Overview of Instaforex Trading Platform
Since its establishment in 2007, InstaForex has dominated the online forex trading system worldwide. The platform currently serves over 7 million traders and attracts more than 1000 new clients daily.
InstaForex allows its clients to engage in the most profitable global markets, including Forex and futures CFD contracts, commodities, stocks, indices, and cryptocurrencies.
The trading platform is a subsidiary company managed by InstaForex Group Ltd, a Russian company headquartered in Kaliningrad, Russian Federation.
Additionally, the company has over 250 offices in various countries worldwide and provides services in 27 different languages. As InstaForex is a Russian brokerage platform, it is regulated and managed by the Russian Association of Financial Market Members (RAFMM), and is also under the jurisdiction of other regulatory bodies, including:
- Cyprus Securities and Exchange Commission (CySEC), license number 266/15.
- Financial Conduct Authority (FCA), license number 728735.
- British Virgin Islands Financial Services Commission (BVIFS), license number SIBA/L/14/1082.
- Financial Services Authority (FSC) Saint Vincent, Registration number IBC22945.
Furthermore, InstaForex has received over 35 different awards in the industry. Some of the most notable awards include: Best Broker in Asia and Eastern Europe, Best Retail Forex Broker, Best Broker in CIS, and many others.
2. Pros and Cons of InstaForex
According to user reviews of InstaForex, the platform has the following pros and cons:
Pros:
- Convenient trading conditions: Traders can trade with leverage ranging from 1:1 to 1:1000, with the option to trade with fixed or variable spreads.
- Exciting trading experience: Traders have access to VIP affiliate program, ForexCopy system, numerous promotions, contests, and bonuses.
- Managed and regulated by multiple legal entities: InstaForex is managed and supervised by the Russian Association of Financial Market Members (RAFMM), Cyprus Securities and Exchange Commission (CYSEC), Financial Conduct Authority (FCA), British Virgin Islands Financial Services Commission (BVIFS), and Financial Services Authority (FSC) Saint Vincent.
- Excellent trading platform: Traders can trade on MetaTrader 4 (MT4) platform, MetaTrader 5 (MT5) platform, MT4 WebTrader platform, and Multiterminal trading platform.
Cons:
- Limited anthropological diversity: InstaForex targets novice traders rather than experienced ones.
3. Trading Conditions
InstaForex meets all customer trading needs by providing desired trading conditions. Specifically, the trading platform offers leverage support from 1:1 to 1:1000, with traders able to execute lightning-fast orders on servers running the most advanced technology software.
Additionally, the trading platform offers and supports various types of accounts, where traders can choose to open accounts with commission-free trading, classic spreads, or commission-based accounts instead of spreads, Cnet accounts, Segregated accounts, or Islamic accounts.
4. Trading Platforms
Users rate InstaForex's platforms including MetaTrader 4 (MT4), MetaTrader 5 (MT5), MT4 WebTrader, and Multiterminal. Each platform has different trading features, with MT4 being the most popular and beloved trading platform today.
The MT5 trading platform is similar to MT4 but offers more features and technical analysis tools. The MT4 WebTrader platform is essentially similar to the desktop version, except for some missing features. The Multiterminal trading platform is designed for traders or account managers with multiple clients.
5. Mobile Trading Platform
InstaForex provides a mobile trading platform available on the Apple App Store and Google Play Store. The majority of mobile trading platforms offer tools and features similar to those on the desktop platform. However, the mobile platform is not the MT4 trading platform but InstaForex's exclusive trading platform called InstaForex MobileTrader.
After installing the app on their mobile device, traders can directly manage their accounts and various trading assets including currency pairs, CFDs, stocks, commodities, and metals.
6. Demo Account
Unlike some other online brokers, InstaForex offers traders the opportunity to open a risk-free demo account, fully equipped with MetaTrader 4 (MT4) trading platform functionalities.
With this demo account, traders can trade with 107 different currency pairs, 34 types of stocks, futures contracts, commodities, indices, and more. This account type is recommended for beginners who have no experience with the MetaTrader 4 platform.
7. Account Types
InstaForex offers 3 different types of accounts, each with its own features.
- Insta Standard Trading Account: This is the standard account type, applicable to most traders with fixed spreads and commission-free trading. Traders using this account can trade Micro Forex (minimum deposit from 1 - 10 USD), Mini Forex (minimum deposit of 100 USD), and Standard Forex (minimum deposit of 1000 USD).
- Insta Eurica Account: This account type does not use spreads on trades but uses commissions, suitable for beginners who do not need to worry about spreads. Otherwise, the account includes all the features of the Standard account.
- Cent and Cent Eurica Accounts: These account types are specifically designed for beginner traders to execute trades with small amounts of money. Additionally, traders can use these accounts to test their trading strategies.
8. Account Opening
Evaluating InstaForex trading platform, the account opening procedure is quite simple and fast. All traders need to do is provide basic personal information, including name, email address, and phone number. They will then receive an instructional email to complete the account registration.
The minimum deposit to open an account is 1 USD for all account types, much lower than many other online trading platforms. To access all the tools and features that InstaForex provides, traders must verify their accounts. However, after verification, traders only have access to 60% of the opportunities that InstaForex offers.
9. Withdrawal
Withdrawing funds on InstaForex is quite simple, as the trading platform supports various payment methods. All withdrawals are processed from Monday to Friday, from 10 am to 7 pm. Traders must fill out and submit a withdrawal request form during this time period.
InstaForex supports withdrawal methods including bank card transfer, bank transfer, ePayments, MegaTransfer, PayCo Transfer, Bitcoin withdrawal, Litecoin withdrawal, Skrill, Neteller, Solidtrust bank transfer, China Union Pay, PaySec, Paxum Transfer, and BPay.
10. Trader's Guide
Moreover, according to user reviews, InstaForex also provides a range of trading guides, documents, and instructional videos on trading, market analysis terms, and news for their traders. These materials cater to both novice traders and experienced traders to develop their skills.
11. Should You Trade with InstaForex?
InstaForex is one of the reliable online forex brokers, offering a variety of trading assets as well as providing multiple trading platforms and account types, with the most competitive spreads and commissions. All these reasons are compelling enough for traders to choose and trade with InstaForex.
Above are some reviews of InstaForex. Additionally, if you're interested in other forex trading platforms like FBS or IC Markets, readers can refer to other articles available on Mytour for more information.
Unlike well-established forex brokers such as InstaForex and FBS, Skilling is a relatively new CFD and forex trading platform in the market, attracting significant attention from investors. Faced with a lot of conflicting information about Skilling, the question is whether to invest in Skilling or not. To answer this question, readers need to refer to the content of the article sharing how to evaluate Skilling platform in the article below.
LiteForex and Alpari are also trading platforms that are currently being shared by many people. Before investing in a platform, you should take the time to research and evaluate the platform to make an accurate choice and minimize risks.
- See more: Review of LiteForex platform
- Read more: Alpari Platform Review
