InstaForex Review – Trading With InstaForex
Here is InstaForex review. I have not heard of them before until I came across InstaForex at one of their ShowFX Asia exhibition several years ago.
They offered a no deposit bonus of US$50 to anyone who signs up for an account at the show and I took up the offer. That’s how I started with InstaForex.
General Info About InstaForex
InstaForex was founded in 2007, offering Forex, stocks, futures and indexes for traders. They claim to have more than 2 million clients with more than 1000 new accounts being opened everyday.
Visit their website and you will find a very comprehensive and impressive site with lots of features and information for beginners to professionals.
Bonuses, trading competition, Forex copy systems, PAMM, Free VPS, all kinds of deposits and withdrawal methods and even offering local transfer and too many others for me to mention here. It’s best you find out for yourself what they have to offer.
However, despite all the info, there is one thing that I cannot find much on their site is their license and regulation. I may be suffering from information overload with tons available there and may have miss it so if you do find it, please let me know.
InstaForex Trading Account Type
InstaForex offer different account type, mainly commissionable or spread based and a cent.standard (some call it nano) account for beginner traders and those who are just starting to learn how to trade.
This is a good feature in my opinion because it allow new traders to practise or test strategies with minimal risk in a live account rather than using demo account where for some traders, they will never make the switch over from demo to live.
Trading with InstaForex
Spread and commission is not the lowest in the market but I have to say that I love fix spread where they won’t open up even during critical news release. And as far as trading with InstaForex is concerned, I have never seen their spread open up during critical news release while I was trading with them.
A fixed-spread account is good for news and algorithmic traders and those trading with a fix strategy because you know well in advance what the spread is.
Trading execution was good and didn’t encounter any problems until I tried to make a withdrawal. I wanted to know the ease of withdrawal and tried to do that with my profit minus my no deposit bonus.
That’s when bells and whistles started sounding. They threw their books at me and said my trades violated 3.14.6 and 5.12 of their client agreement. Don’t get me wrong, I have no problems with trading T&C’s if it was implemented after my trades have been executed or soon after and make my trades invalid.
The problem is, it’s only made known to me only after I tried to make a withdrawal of my profits and they couldn’t point out which of my trades are in violation and just made a general statement.
Will I Continue Trading With InstaForex?
It was a good learning experience for me and luckily, it’s profit from a free no deposit bonus. Not much loss except for the amount of time I spent testing and trading. I have learned to be more careful after that and pay more attention not only to InstaForex but also other brokers T&C’s before I open accounts with them.
I still have other trading accounts with free bonus from InstaForex but they are not being used because their ambiguous trading T&C’s is at the back of my mind all these time. Having said that, I still like my trading experience with them because of their trade execution and steady spread even during news release.
As I have always said, no brokers are created equal and what doesn’t suit me may not necessarily mean it’s not going to suit you. As far as I know, they are a very popular broker in some parts of Asia and I do know of many traders personally who have accounts with InstaForex and trading without any problems.
Hope you find my InstaForex review helpful. Good luck and safe trade.