Regulators: CySEC, FSC
Minimum Deposit: $1
Maximum Leverage: 1:1000
My Score: 5
InstaForex is a Russia-based forex broker offering online trading services for investors since 2007. I can say that this broker is one of the oldest brokers in Forex market. In this process, it has expanded its client base with different types of accounts and innovative services. I can say that it has become one of the best-known forex brokers, especially among Asian countries.
There is strong interest from traders from Brazil in South America, Malaysia in Asia, Nigeria in Africa. In other words, it is a broker that has a very international reputation and serves in a wide geographical area. The broker’s official website has about 1.5 million visitors a month. This number is not very high compared to other forex brokers, but it is a good number of visitors.
After all, there are some topics that investors are curious about. Is InstaForex safe or scam broker? What are account types and trading conditions? What are the deposit and withdrawal methods? Is there a problem during the withdrawal process? What is the minimum deposit and maximum leverage? You can find all these questions in this Insta review. In addition, if you have any other questions that you suspect, you can also express them in the comments section below the article. I will try to answer in detail as soon as possible.
The issue of regulation is not a matter of stability in InstaForex. As you can see above, InstaForex has two licenses from two different regulators: CySEC in Cyprus and FSC in British Virgin Islands. When we look at client comments on different websites, we sometimes see that different licenses are being used by InstaForex. For example; There are web sites claiming that Instaforex is regulated by Central Bank of Russia (CBR) or RAFMM (Russian Association of Financial Markets) in Russia.
|Instant Trading EU Ltd||Cyprus||CYSEC|
|Instant Trading Ltd||British Virgin Islands||FSC|
Some clients have also indicated that they are licensed from Belize. However, when we examine the broker’s official website, we see that there are two different licenses. The license problem here confuses the investors’ minds that the broker’s license was canceled after a problem. The license may expire and the brokers may prefer to be licensed from another regulator instead of renewing the same license. This is understandable, but if you are serving so many countries, it is a good idea to be licensed as much as possible from different regulators.
InstaForex offers 4 different account types, but these account types can be divided into two main categories. These two categories are the standard account type and the Eurica account type. These are divided into Insta and Cent.
|Account type||Min./Max. deposit||Minimum trade size||Maximum leverage||Spreads (Commission)|
|Insta Standard||$1||0.01||1:1000||Fixed 3 pips|
|Insta Eurica||$1||0.01||1:1000||0 pips + 0.03% / 3 pips|
|Cent Standard||$1 / $1000||0.0001||1:1000||Fixed 3 pips|
|Cent Eurica||$1 / $1000||0.0001||1:1000||0 pips + 0.03% / 3 pips|
Cent account is a nano account type. It is possible trading with nano lots in nano account types. For example; 1 standard lot equal to 100,000 unit in forex. So when buying 1 lot of EURUSD trade, you will be receiving 100,000 euros. In addition, there are a mini lot equivalent to 10,000 unit and a micro lot equivalent to 1000 unit. These are already offered by almost every broker. Brokers offering nano account types, however, also have a nano lot equivalent of 100 unit. Unlike other brokers, InstaForex has a lot of other types that can be called ultra nano lot and have equivalent to 10. The minimum trade size is 0.0001 lot in the cent account offfered by InstaForex.
In InstaForex, swap-free accounts, also known as Islamic accounts, are available, but the broker may ask you to document your faith. At the end of the examination of the documents, the broker may accept or reject your Islamic account application.
There is practically no matter difference between the Eurica account type and the standard account type. There is no spread in Eurica account type but commission is charged by the broker. However, it is practically a cost of 3 pips, such as a fixed spread standard account.
The minimum deposit of all account types is $1 and the maximum leverage is 1: 1000. The maximum leverage offered by Instaforex is quite high and I would advise investors to trade carefully because this leverage ratio can be risky.
Deposit and Withdrawal Methods at InstaForex
|Methods||Fees on Deposit||Processsing Time on Deposit||Fees on Withdrawal||Processsing Time on Withdrawal|
|Bank Card||System fee||24 hours||System fee||1–6 business days|
|Bank Wire||Bank fee||2-4 business days||2%||2-4 business days|
|MegaTransfer||No fees||Instant||No fees||1-7 working hours|
|PayCo||No fees||Instant||System fee||48 hours|
|Skrill||No fees||24 hours||1.39%||1-7 working hours|
|Benecard||No fees||24 hours||1%||1-7 working hours|
|NETELLER||No fees||Instant||2%||1-7 working hours|
|China Union Pay||No fees||Instant||1.5%-1.8%||1-2 business days|
|Nganluong bank||No fees||Instant||No fees||2-4 working days|
|Nganluong wallet||No fees||Instant||1100 VND + 1.1%||7 working hours|
|Paxum||No fees||1-7 working hours||No fees||1-7 working hours|
|BPay.md||System fee||Instant||No fees||1-7 working hours|
|Carta Bleue (France)||No fees||Instant||X||X|
|CartaSi (Italy)||No fees||Instant||X||X|
|Dankort (Denmark)||No fees||Instant||X||X|
|ePay.bg (Bulgaria)||No fees||Instant||X||X|
|Electronic Payment Standard (Austria)||No fees||Instant||X||X|
|GiroPay (Germany)||No fees||Instant||X||X|
|iDeal (Netherlands)||No fees||Instant||X||X|
|Maestro (UK, Spain, Ireland, Austria)||No fees||Instant||X||X|
|Nordea SOLO (Sweden)||No fees||Instant||X||X|
|POLi (Australia)||No fees||Instant||X||X|
|PostePay (Italy)||No fees||Instant||X||X|
|Przelewy24 (Poland)||No fees||Instant||X||X|
Other payment systems
|System fee||7 working hours||X||X|
|BitCoin||No fees||3 hours||0.5%||1-7 working hours|
|LiteCoin||No fees||3 hours||0.5%||1-7 working hours|
|Transfer between accounts||X||X||No fees||1-7 working hours|
|Solidtrust||X||X||System fee||1-7 working hours|
|PAYSEC||No fees||Instant||1,75%||1 business day|
Instaforex; offers a wide variety of deposit and withdrawal methods from wire transfer to bitcoin, from e-wallet systems to credit card. I do not think an investor would say: I wanted to deposit money in the InstaForex account, but the options were not suitable for me. You can see all the deposit and withdrawal methods and fees and processing time in the table below.