Instaforex broker review (2022) Review

Isntaforex was established in 2007 and its headquarters are in Cyprus. They are regulated by CySEC, FSC and BVI FSC. The minimum deposit is $ 0 and you can trade assets such as CFDs, futures, commodities, tick trades and Cryptocurrencies. They are very active in various worldwide sponsorships or social events. And hold many awards. Some of the current partners are Dakar Rally, Ole Einar Bjorndalen (Olympic champion of biathlete), Daria Kasatkina (Tennis rising star) and other prominent athletes and sports teams.

What can be traded

InstaForex primarily acts as a forex broker, with a wide selection of different assets. Instaforex provides these trading instruments:

• Currencies
• Stocks
• Shares
• Cryptocurrencies

InstaForex offers five account types. Standard, ECN, ECNPro, ECNVIP, OYS. The main difference between these accounts is the method: Standard accounts use fixed spreads, while Eurica accounts use fixed commissions.

Broker regulation

It has several licenses in several jurisdictions, which guarantees its compliance with international protective laws and coverage of traders. Instant Trading EU Ltd is fully licensed by CySEC, Cyprus. The broker serves other entities offshore, in BVI registered by FSC and Saint Vincent and the Grenadines.

Demo account

A demo account is one of the best ways to learn. It’s a virtual account mirroring the live one. You can learn on a real platform with virtual money, that is pre-loaded. Demo accounts are usually free and unlimited, but each broker has different conditions, so don’t forget to check them out. With Instaforex it is free of charge and you get virtual $ 100 000, to try out your skills. The conditions on a demo forex account are similar to the real account.

Broker fees

Broker fees can vary and change, there may be additional fees that are not mentioned in this review. All the deposits are commission-free while fees for withdrawals can be charged. They charge inactivity fees and on the Standard account costs are fixed spreads of 3 pips on majors offered, while Eurica accounts offer zero spreads and inbuilt its costs into fixed commissions.

Registration process

To register for a live account is easy. You`ll get to register on the main page. But I`ve decided to try out their demo account because I am a beginner and I need to learn and test my skills first. I had to look for the demo account. The website didn`t highlight this option enough. In the main menu at the top, I chose “Beginners” and then looked for the demo. A short form comes up. They need your name, telephone number and email.

The verification email came immediately. A SImple email with a PIN code. This PIN code needs to be entered on their pages.

And that is it. Quite simple, fast and without a problem.

Platforms

Other than the web trader, InstaForex has gone the old school route by only offering MetaTrader 4 as their platform of choice and provides its self-developed plugins such as One Click Trading and Superior Forex Desk. MT4 does practically everything a trader could want, it’s a bit old school, but MT4 is classified as one of the best platforms. It is available across all devices, it’s a user-friendly trading software and it provides you with free reports.

After verifying myself I got straight to the web trader.

The web trader looks really simple, but to be honest, I don’t know where to start or what to do. I haven`t come across the option to download MT4 so far. I tried to buy, but an error came up. I tried to sell and the same error came up.

Brokers website

The website seems cluttered, very confusing, messy and overloaded with text and numbers. I found it difficult to find any information. You see who are their partners immediately, then you have the option to open a live account. After that, you slowly get used to how they divide their clients. Beginner, Trader and Investor.

In the top part of the website, there is the main menu. In the Beginner option, you have the demo account, Training, which is full of courses and getting-started advice. In the option For Traders, you`ll find the account offer, instruments tools (economic calendar, dividend calculator etc) and charts. You also have analytics and some information about Instaforex.

Social networks

Instaforex is active on Facebook, Linked In, Twitter and YouTube. Facebook has the last post sent yesterday. They post sports news, economic news, analysis and facts. They only have 1400 followers. Twitter is also up to date. There they have around 3500 followers, which is much better and posting is similar to Facebook posting.

YouTube has ForexCopy videos, Affiliate program videos and videos about the company.

Advantages and disadvantages

There is high quality in accordance with the international laws and local standards. I like their offerings based on the client’s skills. They have received numerous awards for their quality, security, innovative approach, and wide selection of services and offers. They offer a demo account, 5 other types of accounts and an online chat. What I didn`t like was their overloaded website, I didn`t have much fun with the web trader and because the website is full of letters and numbers, it took me ages to find information.

Pros:

• Demo account
• 5 account types
• Regulated
• 24/7 customer service

Cons:

• Cluttered website
• Non-user friendly web trader
• Lack of adequate and powerful plugins on MT4
• Account types explained poorly

Our Score