Much of the results rendered from the search of online reviews about InstaForex, had been positive. These are owed to the firm’s offering of multiple account types, the availability of the MetaTrader platforms, and finally of the ForexCopy offering for Copy Trading.
The review team have looked into these facets to build its own assessment of InstaForex’s capabilities, alongside the other pertinent aspects of its service.
As this is the case, the review team had spent months with the brokerage firm. The team had conducted an exhaustive test on all the brokerage’s offers and services. All the results will be discussed within this short review.
InstaForex was founded back in 2007, with the aim of being established as traders’ ultimate go-to for the expansion of their investment portfolios in Foreign Currency Exchange. Since its inception, the firm went on to be recognized as an ECN broker in addition to its intended niche. As of writing, the firm serves over 7,000 clients across the globe.
InstaForex goes under the authoritative financial regulation of the British Virgin Islands Financial Services Council (BVI FSC), thus accounting for its legitimacy.
As it also runs operations in Cyprus, InstaForex is also being regulated by the Cyprus Securities and Exchange Commission (CySEC).
Being regulated by two financial authorities of repute would suffice as a testament to InstaForex’s legal status.
Offers and Services
Minimum Initial Deposit
Looking into account creation, the review team had noted how cheap the initial deposit is. Those wanting to open an account with InstaForex need only deposit a measly $1. On the up side, this amount already allows access to a number of markets namely, Forex, CFDs, Stocks, Commodities, Indices, and CFD Cryptocurrencies. The downside? Trading with only $1 in one’s account is not only impractical, but will definitely not account for any potential loss in initial trades.
It is to the contention of the review team that InstaForex should increase the minimum account if it aims to train its clients to become more conscientious in trading, it should imbue that they need more money to take risks so as to open up to more potential profits.
Traders in InstaForex are given the opportunity to trade Foreign Currency Pairs through an ECN account with Spreads of up to 0.8 pips. The firm offers over 200 different Forex Pairs, permitting its clients to build more diverse and well-rounded investment portfolios.
Another advantageous offer made by InstaForex is the availability of the maximum leverage of 1:30. This is in observance of the European Union’s regulation on Foreign Exchange trading for clients who are retail-oriented clients.
Available Trading Accounts and Trading Platform
The type of account dictates the Spreads and the Commissions offered to InstaForex clients. The accounts that are available through the brokerage are as follows:
- The Standard Account
This type of account offers Fixed Spreads starting from 2 pips. Trades may be transacted through currencies such as EUR, USD, and the GBP. Deposits are not hampered by any limits.
- The Eurica Account
The Fixed Commissions in the Eurica Account starts from 0.02%. The currencies allowed for transactions through this account are also EUR, USD, and the GBP. And like the Standard Account, no limits are set for deposits.
The other types of account, specifically the ECN Account, ECN Pro Account, and the Scalping Accounts are only offered to clients based in the regions under the jurisdiction of the European Union. The Floating Spreads for these accounts may start at either 0.8 or 1.2 pips.
For the more safe-playing traders, a Demo Account is also available which allows for the usage of the MetaTrader 4 platform. The account is furnished with virtual currency for trade simulations.
The MT4 platform is also provided across all Instaforex accounts. The version of the MT4 platform licensed with the firm is downloaded with a couple of helpful plug-ins such as One-Click Trading and the Superior Forex Desk.
InstaForex also opens its client to the opportunity to perform Copy Trading through its Social Trading platform called ForexCopy.
This system allows for the opportunity of seeing and using strategies and profiting off of the commissions that come with Copy Trading. This is especially beneficial for those who are just starting out with trading. Going through Copy Trading allows for learning on the trader’s part as ForexCopy gives traders inside information on trades in which the more seasoned traders are engaged in. In turn, the traders enlisting the aid of ForexCopy are given the freedom to copy the trades that they are most interested in.
The only criticism that the review team has of InstaForex’s services is its absence of a proprietary platform. This is the same criticism that the review team has with other brokerages with the same stature as InstaForex.
In addition, much is to be desired with the plug-ins for the MT4 platform, given that it is the only trading software that InstaForex offers.
Trade with InstaForex Today!
With the minimal cons that the review team had noted, InstaForex’s services are actually noteworthy with the prospect of trading with the brokerage posing great benefits.
The review team’s experience with InstaForex has been generally positive and leaves little room for possible opposition. Truly, InstaForex is a reliable broker.