InstaForex ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
InstaForex are a regulated and award-winning broker. I remember them being one of the most prominent forex brokers back when I first started trading online many years ago. It is testament to the quality of their services that they are still one of the best trading brokers today, expanding beyond forex into other popular markets such as stocks and cryptos. They offer you a great range of more than 300+ financial instruments for trading on user-friendly platforms, along with powerful trading tools and educational materials for beginners to get up to speed. You can choose from a good variety of account types and convenient funding options, including digital wallets. For those of you who do not have the time or knowledge to trade by yourself, you may enjoy the access to copy trading solutions that they offer. The minimum deposit to open an account is just $1 but they also have free demo accounts if you just want to get a feel for trading without making a commitment. This is all backed by multilingual customer service who are on hand to help as and when needed.
Pros & Cons
- Decent selection of 300+ instruments
- Intuitive trading platforms
- Great choice of account funding options
- Commission free accounts
- Free VPS for those who qualify
- Lots of educational materials for beginners
- Good range of additional trading tools
- Pattern graphix price action analysis tool
- ForexCopy system for trading signals
- PAMM system for account managers and investors
- Practice accounts to try them out risk-free
- Islamic swap-free accounts for Muslim traders
- Low minimum $1 deposit
- Excellent customer service
- Cannot accept clients from certain countries
- Restricted leverage for EU clients
- No Autochartist or Trading Central
- Could add some more individual stock instruments
Founded in 2007, InstaForex provides industry leading online brokerage services to millions of traders all over the globe. They offer you a reasonable 300+ trading instruments in multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. You can trade online through modern and powerful trading platforms with good execution speeds, variable or fixed spreads and competitive trading costs. There are 9 trading servers for uninterrupted distribution of your orders. Account types are flexible which is great to support your different strategies whilst I was impressed with the good variety of funding options.
The InstaForex PAMM accounts have over 10,000,000 invested in them and 100,000+ traders subscribe to their ForexCopy signals. The InstaForex club has over 100,000 members and there are 1,000 new client accounts opened on a daily basis. They sponsor sports stars and teams whilst they frequently run contests and campaigns for clients. There is an in-house team of 30 expert analysis with an impressive 260 regional offices worldwide housing 200 professionals working in the main offices and global support in 30 languages. Great focus is put towards clients, aiming to provide the same high standards of service to all levels of traders.
The broker has established partnerships with technology companies to provide innovative and effective trading solutions and applications to traders. This includes specialised software and payment systems, as well as providers of real time market quotes. They are constantly looking to implement the latest innovative technologies to further improve their services. Liquidity is provided by top tier banks such as J.P. Morgan, UBS, Barclays, HSBC, Morgan Stanley & Citibank. In terms of liquidity I would put them alongside the likes of IC Markets, who also have a large liquidity pool for superior pricing.
The InstaForex group of related companies are registered and regulated in multiple offshore jurisdictions around the world. Regulated brokers must adhere to the highest standards of quality, working in accordance with the international laws and local standards of particular countries. Regulation helps to give potential clients peace of mind that they are using a trusted and reliable online broker. I think this regulation is satisfactory and wouldn’t have any issue trusting the broker and using them for my trading activities. If you are looking for a broker with some more top-tier regulators, Plus500 are one of the most well-regulated brokers you can find anywhere.
- Instant Trading Ltd is licensed by the British Virgin Islands Financial Services Commission (BVI FSC)
- Insta Service Ltd is registered with the St. Vincent and the Grenadines Financial Services Authority (SVGFSA)
- Instant Trading EU Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC)
There are some restrictions if you open an account with the EU brand, including limited leverage of 1:30. This is due to the European Securities and Markets Authority (ESMA) who are a financial regulatory agency and European Supervisory Authority. The markets in financial instruments directive (MiFID) is a regulation that increases the transparency across the European Union’s financial markets and standardizes the regulatory disclosures required for particular markets.
The broker accepts clients from across the world, excluding the USA and some third-world countries due to strict regulations. If your country is not accepted, you can always take a look at our broker ratings for another option.
The broker has a range of excellent platforms for you to choose from to trade the global markets depending on your own unique needs and trading objectives. You can use the powerful and widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. MetaTrader is freely available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). The mobile platforms are useful for those who need to trade whilst on the go. InstaForex also offer their very own web trading platform – WebIFX. I am a huge fan of the MetaTrader desktop platforms as I find them to be very user-friendly. I have used them for many years and never felt the need to switch platforms. They allow me to do everything I need to including detailed chart analysis, automated trading and managing trades, all with relative ease. I like the MT4 desktop platform for running my automated strategies (expert advisors) whilst the trading apps are perfect for me to keep track of my positions at any time. One of the advantages of the web trader platform is that it can run directly in your web browser without you needing to download or install any additional software. Therefore, you can access your account from any device and the platform will always be up to date.
MetaTrader 4 (MT4) Platform
MT4 is one of the most popular trading platforms for forex traders and is offered by most trading brokers. It was developed by trading software company MetaQuotes and is known for its ease of use and built-in tools. I feel that MT4 is simple enough to use for beginners whilst having enough advanced functionality to meet the demands of the more experienced traders.
MT4 will display charts of all available trading instruments with real-time bid/ask price quotes. Charts can be loaded on 9 different timeframes from 1 minute to monthly. There are a variety of technical indicators for conducting detailed chart analysis. You can choose from multiple order/execution types and keep up to date with the latest market news. The platform also supports automated trading through the use of expert advisors (EAs). You can even create your own automated trading system or custom indicator in the MetaQuotes programming language (MQL) by using the built-in MetaEditor. There are a huge variety of custom indicators and EAs available to download online, including from the MQL online community.
InstaForex have a few extra add-ons for the MT4 platform including magic button and one click trading. The magic button simplifies the process of placing, managing and closing orders. One click trading increases efficiency and allows you to choose the same settings for every position. You can use the platform on all of your device as it is freely available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).
MetaTrader 5 (MT5) Platform
MT5 is a more advanced version of MT4 with some additional features. MT5 allows you to trade more instruments and conduct more detailed chart analysis. It has 21 timeframes compared to MT4’s 9 timeframes. There is depth of market level II pricing showing volumes and different bid/ask prices. It has 80+ technical indicators compared to MT4’s 50+. More order types are supported and the strategy tester supports back testing multi-currency automated strategies. Just like its predecessor MT4, the MT5 platform is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).
I actually use MT4 because it was the first platform that I became accustomed to. I still think it is an excellent platform for all traders. Not only is it packed with tons of features, but you can also get an almost endless number of add-ons for it and even create your own. However, I think it is fair to say that MT4 is considered more of a forex trading platform whereas MT5 is geared more towards stock trading. Regardless, I don’t think that you can go wrong with either platform if you are looking for the most accessible way to trade the markets from your desktop computer and mobile phone.
The WebIFX platform is unique to InstaForex. The main advantage of the web platform is that you can run it without needing to download or install any additional software. You can trade through most browsers from anywhere in the world with an internet connection. WebIFX maintains the same functions as a traditional desktop trading platform with the ability to open/manage/close positions and conduct chart analysis. I found it to have a nice modern interface although I the functionality was lacking when compared to the MetaTrader platforms. None the less, it will do the job if you are just looking to follow market prices and manage your trades with minimal fuss.
I am pleased to see that they broker provides us with some useful trading tools. There is a good variety that can be used to improve your own trading strategies and to copy other traders. I think they could improve by adding some market analysis software such as Autochartist or Trading Central just like Forex.com. That being said, they do have their own inhouse team of analysts who provide up to date market insights which can help to inspire trade ideas.
The ForexCopy system enables you to copy the trading signals of other traders or provide signals for other traders to copy. There are thousands of traders to choose from with over 20+ criteria to filter for those who match your trading goals. Filters include total profit, balance, duration, instruments, followers, etc. Once you have identified a potential signal provider, you can subscribe to automatically have their trades copied to your account. You can subscribe to multiple signals if you wish and can cancel a position or signal subscription at any time. It must be emphasised that past performance does not guarantee future results.
The PAMM system is for money managers who need to manage the funds of several investors and investors who wish to invest any amount into a managed account. The money manager charges a success fee whereas investors can benefit if the account makes profit. InstaForex provides a PAMM monitoring tool where you can check statistics over a period of time and filter by a range of parameters to only display the accounts relevant to you. If you are looking for a PAMM solution, you might want to also consider FXGiants as an alternative. As with all managed accounts and copy trading, past performance is by no means any guarantee for future performance.
InstaForex offer free to clients the innovative Pattern Graphix plug-in for MT4 which displays the formation of graphical patterns on trading charts. You can choose which instruments, timeframes and technical analysis patterns you wish to scan for. This can be used to find potential trading opportunities or to assist with the management of open positions. It can be set to send you instant sound and visual notifications once a pattern is found or there have been some changes. Notifications can be received within the platform, via email or mobile. Patterns include continuation patterns, reversal patterns, channels and lines. There are some useful tutorial videos on the website that explains how to use this tool. I think this is a good tool for getting alerted to potential trading signals without needing to stare at the charts all day long. It can also help educate beginner traders on how to spot various chart formations.
Virtual Private Server (VPS)
Another nice feature of this broker is that they offer you the option a virtual private server (VPS). A VPS allows you to run your trading platform 24/7 without needing your own computer switched on. The VPS includes windows and is always connected to the internet. This can be useful for those who have a poor internet connection at home or need to run an automated trading system all of the time. You can order a VPS from inside the client cabinet. There is a range to choose from with differing specifications (RAM, processor, disk space, cores, etc). The servers are located in Saint Petersburg, Russia. The more you have in your account with InstaForex, the less the VPS will cost. If you maintain a balance over $5,000 then you can apply for a free VPS. You can also get a free VPS from some other brokers including Axi.
The online trading calculator allows you to easily and quickly calculate the value of a pip and margin required for a chosen currency pair. I found it basic and prefer to confirm everything with my own calculations. I do see how it can benefit some traders who need to perform calculations as quick as possible and want to try and avoid the potential of human error.
The economic calendar keeps you up to date with the latest market news releases. You can choose to display news by dates, country and importance. News importance is shown along with the previous reading, forecast and actual reading. You can subscribe to SMS alerts for specific news events relevant to you. This is useful as part of a fundamental analysis and a vital tool that I always check before making decisions on my trades. If you want more convenient access, the MT5 also has a built-in MT5 calendar which can save you switching between tabs all of the time.
There is an official InstaForex toolbar that gives point-and-click access to the various sections of the official website, company’s news RSS feed, real time market quotes and social networking pages. The add-on is supported by most modern web browsers. I must say that this is something very unique which I am yet to see any other broker provide. I think it goes to show how this broker is always trying to be innovative and lead the way for others to follow.
I was extremely impressed with the very vast array of detailed educational materials available to traders ranging from trading courses, tutorial videos and daily market analysis. I would say they are one of my top choices of broker for when it comes to educating traders. If you are a beginner, then I would certainly give them consideration along with other brokers who have plenty of content such as FXTM.
InstaForex TV News
There is a TV section that is updated daily and has a very good variety of news, analytical materials and interviews. The videos cover latest events, trends, and many other aspects of trading. InstaForex TV is managed by a large staff of analysts, camera operators, news casters, film editors and other specialists. The videos are freely available and can be useful to all levels of traders, helping you to stay up to date with latest market news and the impact it could have on various trading instruments.
The broker has an in-house team of 30 experts who analyse the markets on a daily basis and provide very detailed reports including write ups with annotated charts. Reading through some of them, I was really impressed with how accurate and professional the write-ups were. I was even inspired to look for some trading opportunities based on the analysis provided.
The broker have a training course from their expert analysts that is targeted towards those new to trading and requires a minimum $100 deposit to gain access to. The course contains detailed information on a wide range of topics such as technical and fundamental analysis, trading platforms, trading psychology, money management, trading strategies and more.
The InstaForex website has a selection of training videos that cover most of the key aspects of trading. These tutorial videos can be very useful to help improve trading knowledge and skills with a range of topics covered including markets, platforms and analysis.
There is a useful trading app that you can use to conveniently learn about trading and get an insight into the markets before trading. The educational app is available for download on both Android and iOS. This is a nice touch and something not many brokers do. We are always with our mobile phone nowadays so it is handy to have an app that you can use to educate yourself in your own time.
The glossary section contains some trading terms and explanations that are presented alphabetically for convenient accessibility. Whilst this isn’t ground-breaking, it is nice to have everything accessible in one place.
Frequently Asked Questions
The FAQ section of the website has a vast range of commonly asked questions with comprehensive answers. Topics include general account questions, platform questions, trading tool questions, etc.
When it comes to markets, you can choose from an impressive 300+ trading instruments covering a range of markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. In addition to the minor, major and exotic currency pairs, there are instruments such as gold and silver as well as CFDs on indices S&P 500, Dow Jones Industrial Average, NASDAQ Composite, FTSE 100, Euronext 100, DAX 30, Nikkei 225, Hang Seng Index, US Dollar Index, Bitcoin and many other instruments. I believe there is something for everyone to trade, regardless of your interest. It is good to have the opportunity to diversify. Even if you only trade forex now, you may want to branch out to other sectors in the future.
The forex market is traditionally the buying and selling of currencies. When trading forex instruments you are speculating in the price increase or decrease of one currency against another, e.g. EURUSD. InstaForex offer a large selection of 110+ FX currency pairs to trade. I would say they are one of the best forex brokers, along with Pepperstone.
A contract for difference (CFD) allows traders to speculate on the fluctuating prices of an asset without actually physically owning it. InstaForex have a large selection of 90+ CFDs including gold, silver, crude oil, gas, major stock indices such as Dow Jones, DAX, NASDAQ, S&P and more.
CFDs on shares are contracts for difference where the underlying assets are shares in the world’s leading companies such as Apple, Amazon, Microsoft, Google and others. The shares are quoted on major exchanges and over-the-counter securities markets.
InstaForex CFD trading conditions include low margin requirements and commissions, flexible leverage up to 1:10, fixed spreads and the ability to hold positions for an indefinite period of time.
Cryptocurrency is an online digital currency based on complex mathematical algorithms. It is decentralised which makes it resistant to government interference or manipulation.
Traders can speculate on Bitcoin price fluctuations without buying the cryptocurrency. The broker supports crypto trading based on Bitcoin and Ethereum.
In terms of accounts, InstaForex let you choose between a cent and standard account in three currencies, USD, EUR and RUB. Each account has access to all instruments and differs by the spreads and commission fee. You can choose depending on whether you prefer low spreads or no commission. I personally like the Eurica account as it has the lower spreads which is important for my scalping strategies. Generally speaking, I find the accounts to be sufficient and the spreads/fees not that different to what you will find elsewhere. Unless you are trading very large volumes, then the difference should not be that significant. If that is the case, you may want to look at IG who have great facilities for institutional size trading volumes.
This account is targeted towards all types of trader and has higher spreads starting from 3 pips with no commission fee charged. The minimum deposit is just $1 for a micro account, $100 for a mini account and $1,000 for a standard account. Flexible leverage of up to 1:1000 is available with a minimum lot size of 0.01 and maximum 1000 lot size.
The eurica account spreads are tighter, starting from zero pips with commissions from 0.03%-0.07%. There is no limit on the minimum deposit. Flexible leverage of up to 1:1000 is available with a minimum lot size of 0.01 and maximum 1000 lot size.
This account is designed for new traders who are just learning to trade and would like to practice in a real trading environment with the minimal trading volume possible (0.1 US cents). The other conditions are the same as the normal standard account including higher spreads with no commission fee.
This account is designed for new traders who are just learning to trade and would like to practice in a real trading environment with the minimal trading volume possible (0.1 US cents). The other conditions are the same as the eurica standard account including spreads starting from zero pips and a 0.03%-0.07%. commission fee.
Demo accounts are available to test the different trading platforms and conditions before opening a real account should you wish to do so. I would always test a broker on a demo account to begin with just to make sure they have suitable conditions for my strategies. It can also be a great way to build up your confidence without the risk if you are new to trading.
There is a short online account opening form to complete on the brokers website. Following on from that, you will need to verify your email address and upload proof of identification (e.g. passport) and proof of address (e.g. utility bill). Once your documents have been verified by the accounts team you can fund your account and commence trading. Online support is available to help you during the registration process if need be. I found the process to be relatively straightforward and received my login details almost instantly.
The broker has global support in 30 languages, 24 hours a day. They can be contacted via local telephone numbers in 9 countries, live chat and email. They are also reachable through popular apps including Telegram, WhatsApp and Skype. I have always received second to none support and wouldn’t hesitate to put them up there with the very best brokers when it comes to customer service.
This is another area in which the broker really shines. I like how there are over 10 ways for you to make account deposits and withdrawals. These methods include bank transfer, credit card and online payment processors. This gives greater flexibility for the needs of each individual client. For instance, I prefer digital wallets as I find it to be the quickest way to get funds into my trading account which is important if I need to act quickly on some market news. On the other hand, those without a digital wallet may be happy to wait a few days for a bank transfer to clear whilst they experiment on a demo account.
Some fees may be charged when using certain payment methods. Bank transfers may take a few business days to clear whilst some methods such as card payments can be instant. Some methods may only be available to specific countries. You must use the same currency and payment system for depositing and withdrawing. Accounts can be opened in USD, EUR, RUB. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. I think they could improve by adding some more base currency options considering they are a global broker.
The award winning InstaForex is one of the largest online trading brokers with a vast client base stretching across the globe. They have a wide selection of over 300+ trading instruments across multiple markets for you to trade with minimal hassle. You can choose from a good variety of flexible account conditions and generous range of funding methods. I have no problem with the provided user-friendly platforms, whilst they offer plenty of trading tools for conducting in-depth market analysis and an excellent range of resources to educate beginners. Strict regulation helps to give clients peace of mind whilst the support team is very prompt and efficient. If you want to get started, signup takes just a few minutes and the minimum deposit is only $1. There is even a free demo account if you want to try them out without making a financial commitment. All in all, I think they can be a great choice for those of you want to primarily trade forex. However, if you are looking for lots of stock instruments, then you may want to consider TMGM as another option.