InstaForex is an online Forex broker with a variety of impressive features. However, when doing this InstaForex review, I found that in an effort to squeeze too much data onto the pages, the website uses a font that is far too small for comfortable reading. In addition, the faint words and use of red lettering and red highlighting throughout the pages was somewhat disconcerting. Generally speaking, I would eliminate quite a bit of the verbiage on some of the pages as I don’t believe most traders read it all.
Despite the above, I found that the information on the site is clearly laid out. By clicking ‘Why Choose Us’ you can read everything you need to know about trading with InstaForex. This is a wonderful feature not normally found on other websites where searching for information takes up far too much time.
Account Types and Information
The following types of accounts can be operated on Instaforex:
- The Insta Standard account is further subdivided into three: micro, mini and standard forex accounts (learn about the difference between forex accounts here). The minimum deposit for each is $1-$10 for micro, $100 for mini and $1000 for standard forex accounts. Trade size minimum is 1 micro lot.
- Insta Eurica trading accounts are zero spread accounts specially designed for newbies in the forex market to trade with in order to get a hang of the live trade conditions on Instaforex. Trade size minimum is 1 micro lot.
- Cent Standard and Cent Eurica accounts are very small volume accounts for forex learners. The minimum trade lot is ten-thousandths of 1 micro lot. A maximum deposit of $1000 is applied to this account type.
In addition to rendering ECN broker services, InstaForex supports 107 currency tools and 34 CFDs on American shares as well as transactions on gold. While InstaForex calls itself the leading broker of Asia, traders from all over the globe are welcome to trade with the InstaForex broker.
The trading platform is the MetaTrader 4 platform, offered through the leading trading software developer– MetaQuotes Software Company.
ForexCopy is an innovative system that enables traders to copy orders from the accounts owned by successful traders for certain instrument with a chosen ratio. ForexCopy allows users to obtain commission from each profitable copied deal and subscribers to copy a trading strategy from a successful trader, automatically opening their deals on the account.
Deposits and Withdrawals
Instaforex has a wide array of payment methods for traders to use in depositing or withdrawing from their accounts. These are listed below:
- BitCoin: Depositing funds in this cryptocurrency is free and is processed in 3 hours.
- ATM debit cards: Deposits are processed in 24 hours.
- InstaForex MasterCard: Instaforex has a branded MasterCard with which traders can make deposits for 24-hour processing.
- International Bank wire: Usually processed in 2-4 business days.
- E- payment methods such as Skrill, Neteller, FilsPay (usually attracts a transaction fee of 2.5%, and funds deposited in 7 working hours), CashU, EgoPay, Ukash, China Union Pay, PayCo, Paxum transfer and Webmoney.
- Local bank transfers are also possible for those who live in countries where Instaforex has an agent presence. These countries are Malaysia, Indonesia, Thailand, Nigeria, Ghana, Singapore, Bangladesh, India, Pakistan, China, Korea, Brazil, Chile, Peru, Mexico and Uruguay.
- Withdrawals usually follow the same route as deposits, but card deposits can sometimes be withdrawn via Skrill (must be less than $300) or by bank wire (must be over $300). PayPal, Pecunix and Payza are also acceptable methods of withdrawing from accounts. Each of these services comes with its own fee structure.
I enjoyed reading about the various promotions offered at InstaForex. The company also holds different contests and campaigns for its clients with the annual prize fund of more than $500,000. Presently, every owner of a trading account can participate in monthly and weekly contests and get a part of the prize pool. They annually arrange the raffle of an impressive prize, usually a high class automobile such as a Porsche Cayenne.
InstaForex also hosts a very informative training section on the site for beginner traders to learn the Forex market. All the steps needed to trade with InstaForex are also explained by video, which is a very nice and useful addition to the site. 24/7 chat support is available and there are toll free phone numbers to 10 countries as well as email support and callback service. There is also an ongoing forum community.
A live chat facility is available on Instaforex website, as well as an online form which can be used to initiate a callback. In addition, customer support can be reached through Email, Skype, Phones.
Date posted: September 4, 2014