|Multiple trading platforms||Delayed order execution|
|CFD and binary options||IFXBIT platform failed to load|
|Multi-asset, multi-regulated||High fixed spread|
|More than 260 representative offices|
InstaForex is an ECN broker operating out of Cyprus. The broker offers traders the choice of CFD and binary options on 300+ products comprising FX, commodities, cryptocurrencies, indices, shares and futures.
The product mix, however, mostly covers FX with over 100 pairs, while the other assets make up the rest of the offering. The USP of the brokerage is the four trading platforms: MT4, MT5 and two proprietary trading terminals – one for binary options and the other for CFD trading.
The broker’s licences pan several countries, though the key regulator is the European-based Cyprus Securities and Exchange Commission (CySEC).
As long as you are a resident in any of the EEA countries, your deposits are safe, you come under negative balance protection, and your personal information is secure due to the stringent regulatory framework.
When it comes to trade execution, you can place orders online or via live chat. The platforms support all trade execution modes, and according to InstaForex, the execution venue is Interactive Brokers.
The CFD broker’s website is very informative and has all the information you need to know about InstaForex. You can also monitor real-time data and live charts directly on the website, courtesy of TradingView. The software supports seven types of charts in nine time frames with 80+ technical indicators and almost an equal number of drawing tools.
InstaForex is right at the top when it comes to trading conditions. However, client trading costs are high due to the massive spread.
Although the broker makes up for this to a certain extent by not charging commissions, the costs are still high. If you are a professional trader, you have a choice between high trading costs, the zero spread account type, the security of deposits and competitive brokerages.
Established in 2007, InstaForex is the registered trademark of the InstaForex Group. The multi-asset, multi-regulated CFD broker is headquartered in Mesa Geitonia, Cyprus and has more than 260 representative offices globally.
The subsidiaries include Instant Trading Ltd, Instant Trading EU Ltd, InstaVestor Ltd, Insta Service Ltd, and Insta Global Ltd. The regulators include CySEC, the British Virgin Islands Financial Services Commission, and the Central Bank of Russia. The firm provides services to global clients from its offshore-registered firm in Saint Vincent and the Grenadines.
In terms of trading, the InstaForex broker offers about 300 CFD instruments across forex, shares, indices, metals, oil & gas, and cryptocurrencies.
Clients are able to execute trades in futures and binary options. Clients can access the broker’s offerings from the cutting-edge MetaTrader 4 & 5 platforms, available as web, desktop and mobile applications.
If you are a crypto enthusiast, InstaForex offers the IFXBIT platform to trade cryptocurrencies, while binary options enthusiasts can access the exclusive InstaTick Trader.
You can sign up for an InstaForex account with a minimum initial deposit of $1. The trading conditions include all types of order execution modes, zero to high spreads, high leverage, maximum trade size, position lock margins, margin calls and stop out levels.
When it comes to market analysis, the broker provides several resources, which we have highlighted in this InstaForex review under the Education section.
InstaForex has won several awards for client services. These include Best Broker in Asia, Western Europe and CIS Countries, with the most recent accolade being the Most Active Broker in Asia 2020 by AtoZ Markets.
The firm supports prominent athletes and sports teams from around the world, and offers bonuses, contests, prizes and raffles running into the millions of dollars every year. With 24/7 support, multiple deposit/withdrawal methods, and a global client base of more than seven million, InstaForex is a prime broker in the CFD space.
Who does InstaForex appeal to?
InstaForex appeals to all classes of traders – beginners, experienced and professionals. That’s because the ECN broker has something on offer for everyone.
The multiple trading platforms support manual, automated and copy trading features across CFD and binary options. Also, the broker’s trading conditions are top class, with multiple order execution modes, hundreds of analytical tools, and several educational and training resources.
Clients can also register for bonuses, actively participate in the contests and promotions, and win prizes worth millions of dollars every year.
Money managers, on the other hand, have a broad choice of affiliate programmes, can choose between PAMM and MAM accounts, and can participate in the promo offerings of the CFD broker.
InstaForex offers traders the choice of four account types: Cent Eurica, Cent Standard, Insta Eurica and Insta Standard. Traders can also opt for the instant account or the swap-free Sharia Account. In this InstaForex review, we will look at the features, similarities and differences between the account types.
Standard features of the trading accounts include being able to deposit funds in either USD or EUR, a $1 minimum deposit, and a maximum trade size of 100 lots. When it comes to trading conditions, clients can place Instant Orders with maximum leverage of 1000:1. The margin calls are at 30% and the stop out levels are at 10%. Active clients can earn interest of 5% per annum on deposits and inactive clients can earn interest of 2% per annum.
There are a few differences in the account types. The Insta Accounts do not have a maximum limit on deposits, while the deposit cap on the Cent Accounts is at $1,000.
The Eurica Accounts have zero fixed spread, while the commission on the other two accounts is at 0.03%-0.07% of the volume. There is no commission on the Standard Accounts, while the spread can range from 3 to 7 pips.
The following illustration highlights all the features of the four account types:
Markets and Territories
InstaForex has over seven million clients from more than 260 countries. The CFD broker provides 24/7 client support in more than 30 languages, and the website is also accessible in 22 tongues. InstaForex is an active participant in various international expos and financial conferences and has taken part in more than 50 such events so far.
To ensure speedy, uninterrupted trading and distribution of client orders, InstaForex has nine servers spread across various countries. It maintains its servers in intermediary data centres. When it comes to coverage, InstaForex’s presence can be felt in almost all the regions except the US and a couple of other countries.
InstaForex Instruments and Spreads
InstaForex offers more than 300 tradable instruments across asset classes and market segments. In this InstaForex broker review, we have emphasised all the product offerings and their features.
The product mix includes CFD trading in FX, precious metals, energy, cryptocurrencies, stocks and indices.
Besides providing access to the spot markets, InstaForex gives traders the choice of trading futures and binary options.
Futures contracts are available in precious metals, crude oil, natural gas and agro commodities. The binary options offering includes intra-day and expiry contracts in FX, precious metals and share CFDs.
The following table highlights all the tradable instruments at InstaForex:
|Tradable instruments||Description||Number of products|
|Precious metals||Gold – 100,500 ounces, Silver||03|
|Binary options||21 FX pairs, 49 cryptos, gold, silver||72|
The fixed spreads offered by InstaForex are a component of the account type. The broker charges a spread of 3 to 7 pips on the Insta Standard and the Cent Standard Accounts.
In comparison, individuals registering for the other two account types – Insta Eurica and Cent Eurica – do not have a bid-ask difference. Scalpers and algo traders may find the spreads a little high for their liking, despite the broker not charging a commission. One way to avoid the high spread is to choose either the zero spread Insta or the Cent Eurika Accounts.
InstaForex Fees and Commissions
This InstaForex CFD review covers all information related to the fees and commissions charged by the broker. The CFD broker charges the following fees:
- Swap fee – For holding overnight positions in any of the financial instruments. These differ across products.
- Copy-trading fee – These fees are for traders following and copying the strategies of professionals. It includes a commission of 0.01 per lot on profitable trades and 0.5 pip per lot on all copy trades.
The commission is a component of the account type. The broker charges a commission of 0.03%-0.07% on the Insta Eurica and Cent Eurica accounts, while the other two account types carry zero commission.
InstaForex Platform Review
The InstaForex broker offers clients the choice of four trading platforms: MetaTrader 4 & 5, and the broker’s proprietary IFXBIT and the InstaTick platforms. While MetaTrader and IFXBIT are for CFD trading, InstaTick is only for traders betting on binary options.
In this InstaForex review, we analysed the demo applications of the client trading MT4 and InstaTick terminals, and have detailed the key features of the platforms and the purpose they serve.
The InstaForex MetaTrader 4 platform is a user-friendly interface available in 39 languages and is accessible on all computers and mobile devices.
The trading terminals include the web, desktop, mobile applications. MT4 supports all browsers – Windows, Linux, macOS, and the handheld Android and iPhone devices. All the platforms come with reliable data protection and free access to the MQL5 community.
Here are some of the other key features of the InstaForex MT4 platforms:
- Access real-time streaming data with product-wise spread.
- Three chart types in nine time frames.
- The technical analysis tools include 30 indicators and 24 graphical objects.
- All the platforms support multiple order types, including one-click trading.
- View open positions, account history and trading exposure.
- The desktop terminal also features market depth, automated trading, quick access to download trading signals, and the option to carry out copy trading.
- The other features of the downloadable app include placing trading alerts.
- Monitor live news from FxWirePro and other sources.
Illustration of the InstaForex MT4 desktop terminal:
InstaTick is the InstaForex binary options trading platform. It has won over 40 international awards. You can sign up and deposit funds in three currencies: USD, EUR and RUB.
The platform comes with a clean user interface, is accessible in 10 languages, and supports CFDs in FX, precious metals and shares. You can execute both intra-day or carry positions until expiry with a minimum deposit of $1.
Here are some of the primary features of the platform:
- Access to 21 FX pairs, two precious metals, and 49 share CFDs.
- Supports all browsers and is available only as a web-based terminal.
- Comes with six-digit quotes and is customised for tick trades.
- Start trading intra-day binary options in five-minute to three-hour time frames.
- Access to live chat support or callback request.
The InstaForex MT4 mobile trading application is accessible on Android smartphones, iPhones and iPads and has most of the features of the computer-based terminals.
The best part of the InstaForex broker’s MT4 offering is that all the platforms, even on the demo account, are in sync. It doesn’t matter if you are trading on your PC or mobile, you can still monitor positions, view pending orders, trade history and account balance. You can download the app from Google Play or the Apple App Store.
As part of our extensive evaluation, we reviewed the InstaForex MT4 mobile app from a demo account, and have highlighted the key features, along with screenshots and a short video of the app.
The key features of the InstaTrader mobile app include:
- Multiple order execution options.
- Three types of charts in nine time frames with 30 technical indicators and 24 analytical objects.
- Real-time streaming data.
- Live monitoring of positions, trading history and account balance on the go.
- Alerts and push notifications.
- Access to live news from FxWirePro and other sources.
- Live chat to communicate with other traders from the MetaTrader community.
Social Trading and Copy Trading
InstaForex does not provide traders with the opportunity to carry out social trading. However, clients can copy the trades of professionals and successful traders from the broker’s trading community.
The InstaForex broker allows copy trading in FX binary options, and the feature is accessible on MetaTrader 4. Forex copy trading on the InstaForex platform is beneficial to both copy traders and followers. Copy traders registering with the broker profit either in the form of daily commissions, profit share, commissions per trade, or commissions based on the volume of copied trades irrespective of profits/losses.
Followers, on the other hand, can benefit from copying the strategies of profitable traders. To ensure adequate risk management, beginners can follow several traders or strategies, adjust the copying ratio, or set copy trading parameters based on volumes.
There are several subscription options for followers, which include daily charges, commission per deal, or on only profitable trades.
InstaForex cryptocurrencies trading is accessible from MetaTrader 4 and InstaTrader’s proprietary IFXBIT platform. However, the CFD broker offers a limited choice of only five digital currencies, comprising bitcoin, bitcoin cash, Ethereum, Litecoin and Ripple.
InstaForex charges a commission of 0.1% on crypto trading. The spread varies from 50 to 12,000, and virtual currencies such as Litecoin and Ripple have a minimum lot size of 100 and 10,000 respectively.
Charting and Tools
MetaQuotes and TradingView are associated with the InstaForex broker as its technology partner. While the former provides cutting-edge trading platforms with lots of analytical tools and automated and copy trading features, the latter is the official provider of real-time quotes for InstaForex.
TradingView is an active social network for traders and investors in the financial markets. In this InstaForex CFD broker review, we have distinguished the analytical tools based on the trading platform:
- Three chart types in nine time frames
- Analyse charts using the 60 technical indicators and 46 graphical objects
- Market depth
- Financial market news
- Automated trading
- Option to download indicators, trading signals and expert advisors
- Access to the MetaQuotes programming language
- Three chart types in 21 time frames
- Analyse charts using the 30 technical indicators and 24 graphical objects
- Open up to 100 charts at a time
- Supports advanced market depth comprising tick chart and time & sales
- Access all the order types, including one-click trading
- Financial market news
- Automated trading
- Option to download indicators, trading signals and expert advisors
- Access to the MetaQuotes programming language
- User-friendly platform, accessible as a browser-based, tablet and smartphone application
- Supports CFD trading in cryptocurrencies, FX, shares, indices and futures
- Customisable interface
- A tick chart dashboard
- Charts accessible in nine time frames
- 30+ technical analysis tools
- Live market news
Unlike most of the other CFD brokers, InstaForex does not have a separate education section on its website. However, you can find lots of educational, training and analytical resources for traders/investors under the ‘For Beginners’ and the ‘For Traders’ sections.
Beginners can also get all the information they need while choosing a product or service. However, if you are looking for something more specific or advanced, you will be able to find them in the analytics section.
Illustrated below are the various educational and analytical resources offered by InstaForex:
Trader protection by territory
As mentioned earlier, InstaForex is a multi-regulated CFD broker headquartered in Mesa Geitonia, Cyprus. Our in-depth InstaForex broker review covers all the regulators monitoring the European broker and the scope of client protection:
- In Europe, Instant Trading EU Ltd comes under the directives of CySEC.
The other licences/registrations of the InstaForex subsidiaries are:
- Instant Trading Ltd (BVI) is a licensed BVI FSC firm, under licence number SIBA/L/14/1082.
- InstaVector Ltd (Russia) is licensed by the Russian Central Bank, under licence number 039-11737-100000.
- Insta Service Ltd and Insta Global Ltd. have registrations in FSC Saint Vincent. The registration numbers are IBC22945 and IBC24321, respectively.
The Cyprus Investment Firm (CIF) comes under the MiFID directives, which allows it to offer its services to the other countries within the EEA and outside the EU. The CySEC regulations also bring the InstaForex broker under the membership of the Investor Compensation Fund (ICF).
Retail investors in Europe receive protection and compensation of up to €20,000 if the broker fails to settle claims or goes into administration. European residents signing up with the broker are also eligible for negative balance protection, stringent client privacy, and data security framework of the regulator.
How to open an account
If you are an international client and wish to register with InstaForex, you have the choice of four account types: Insta Standard, Insta Eurica, Cent Standard and Cent Eurica. The account opening process is quick and straightforward.
However, before you start the process, you are required to fill out some basic information and submit. Once you have done this, use the login credentials and go to the client area, where you can complete the rest of the account opening procedure. Submit your ID and proof of residence documents, download the trading platform of your choice, deposit funds, and start trading.
The InstaForex broker provides several client support options to get in touch with the helpdesk. These include live chat, callback request, email and the support area where you can find answers to frequently asked questions.
We found it intriguing that InstaForex has not provided telephone numbers for individuals or clients to get in touch, except for those registering in Europe.
Besides these support channels, you can also reach out to the broker via several other approaches such as Viber, WhatsApp, Skype and Facebook Messenger.
Illustrated below is the contact information to get in touch with InstaForex:
As part of this InstaForex broker review, we also got in touch with the live chat team several times to gauge the response time and the quality of support offered. Based on our interactions, we found the response time to be < 1 minute and were happy with the professionalism of the team operating the help desk.
The bottom line
As we conclude our in-depth InstaForex broker review, here is our broad analysis of the CFD broker. InstaForex operates in several countries under various licences, has millions of customers, and provides best-in-class trading platforms, analytical tools and educational resources.
The account opening process is simple; a tier-one monitoring agency regulates the broker in Europe; and you can deposit/withdraw funds through several payment processors, including cryptocurrencies.
When it comes to the safety of funds, individuals registering with InstaForex in Europe are secure, though the same may not be true for its international clients.
You can also register for the several partnership programmes, participate in contests/campaigns, and gain from the hundreds of rewards on offer. On the flip side, the trading costs – especially the spread – are very high, the helpdesk could be better, and the email delivery system needs improvement.
InstaForex is a reliable broker, caters to all clientele, and provides some of the best trading conditions in the industry. Although there are a few drawbacks, InstaForex is a solid choice for clients who don’t mind paying a little more to gain from the several attractive features offered by the brokerage.
What kind of spread does InstaForex offer?
InstaForex offers a fixed spread on all trading instruments. However, during times of low volatility, the existing spread could be raised on some or all FX pairs. These are generally after 23:00 InstaTrader terminal time.
How does InstaForex protect client funds?
According to InstaForex, the Client Cabinet is protected by a reliable SSL certificate and HTTPS technology. Clients can also protect their trading account from hackers by activating SMS passwords, which can be made mandatory during fund withdrawals.
Does InstaForex run contests and campaigns?
InstaForex runs contests and campaigns only for its international clients as all bonuses, contests and campaigns are not permissible under the CySEC regulations.
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