InstaForex Review

SCAM
1.396 • 202 REVIEWS
Instant Trading EU Ltd Also instaforex.eu
Updated: Mar 7, 2024
InstaForex.com (.org)

Forex Peace Army considers InstaForex to be a scam and recommends against depositing money with this broker. The majority of traders who left an InstaForex review gave this company the lowest 1 star rating. There have been many complaints against the broker InstaForex in the FPA's forums. At least 6 regulators have announced warnings or penalties against InstaForex.

Please read InstaForex reviews below and share live trading experiences with this broker.

2023-05-09:  The International Organization of Securities Commissions reports that the Alberta Securities Commission of Canada has added InstaForex.com to its Investment Cautions List. CLICK HERE to verify.
2021-06-14:  The Financial Supervisory Authority of Romania issued Investor Alerts against Insta Global Limited, Insta Service Limited, Instadirect Company Limited, and Instant Trading Limited (all at www.instaforex.com) for being unauthorized to provide investment services.

CLICK HERE to confirm.
2021-02-23:  The Manitoba Securities Commission has issued an Investor Caution alert against InstaForex.  It states:

InstaForex and instaforex .com are not (and never have been) registered in Manitoba to engage in the business of trading securities or advising anyone with respect to investing in, buying, or selling securities.

InstaForex claims to be operating in Montreal, but appears to be operating from the Manila, Philippines, and the Russian Federation.

Click HERE and HERE to verify.

2018-08-02:  Cysec had fined Instant Trading EU (one of the companies behind InstaForex and ForexMart)  €130,000.  The fine was for  non-compliance with article 36(1) of the Law, as it did not act fairly, honestly and professionally in accordance with the best interests of its clients and also for non-compliance with article 36(1)(d) of the Law and paragraphs 15 and 16 of the Directive, as it failed to ask clients to provide the necessary information regarding their knowledge and experience, to assess whether the investment service or product is appropriate is appropriate for them.

CLICK HERE to confirm.
August 2016:  The Brazilian Comissão de Valores Mobiliários (CVM) has issued an alert against InstaForex.  CLICK HERE to verify.
January 13, 2015:  The French AMF has issued a warning about unauthorized forex brokers.  InstaForex is on that list.  CLICK HERE to verify.

Scam Alert!

The FPA has confirmed a scam case against InstaForex.

Click Here to read what happened.

Scam Alert!

InstaForex is hereby blacklisted by the Forex Peace Army.  We urge traders not to open accounts with Insta Forex. If you already have an account open with them, we urge you to withdraw all of your funds immediately. If InstaForex refuses to process your withdrawal, we recommend contacting your bank and local police to see if you can file charges for internet-based financial fraud.

June 9, 2014:  The Ontario Securities Commission has issued an investor warning about InstaForex.  CLICK HERE to verify.
January 16, 2013:  The Bulgarian Financial Supervision Commission has issued a warning against InstaForex.  CLICK HERE to verify.
NOTICE:  October 2013: InstaMarkets is no longer licensed by the Belize IFSC.  InstaForex's representative claims this was a voluntary resignation of its license.  Others have reported that Insta was thrown out of Belize.

2011-01-26:  The CFTC filed a lawsuit against 14 offshore forex brokers, including InstaForex.  CLICK HERE to verify.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 1000:1
Minimum to Open Live: $1
Established: 2007
Address: Kalingrad, Russia
Contact: support@instaforex.com, +443300109336
Regional offices:
Regulators: CySEC #266/15, SVGFSA #IBC22945, BVI FSC #SIBA/L/14/1082
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader
Web Trading: ✅ Yes
Mobile Trading: ✅ Yes
ECN: ✅ Yes

Trading Instruments

Currencies: (110+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (130+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes

Managed Accounts & Social Trading

PAMM: ✅ Yes
Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Alipay, American Express, Bitcoin, Diners Club, JCB, Litecoin, Local Bank Deposits, Local Bank Transfers, PayCo, UnionPay, WeChatPay
Withdrawal Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Alipay, American Express, Bitcoin, Diners Club, JCB, Litecoin, Local Bank Deposits, Local Bank Transfers, PayCo, UnionPay, WeChatPay
* Please check broker website for more information
SCAM
1.396 • 202 REVIEWS

Recent User Reviews of InstaForex

J
Jens 1985 (Really InstaForex Stephanie)
Hamburg, Germany (Really InstaForex, Peru),
Nov 5, 2015,
Registered user

Fake review from an InstaForex Employee

I don't consider InstaForex as a scam. On the contrary, since I became its client, I could trade in forex market with just $1. Now, I have different accounts, all of them with a good amount of earnings.Customer client is great, very pending of me and my process as a trader.
Forex Peace Army
Review moderation team note
Review Moderation Team Note: 5 Star rating removed. Of course, this reviewer doesn't consider InstaForex to be a scam. That's because her salary is paid by InstaForex.

This is the second fake review left from the same location used by "InstaForex Stephanie" to register an FPA Forums account. She used her instaforex.com email address to register the account. In the first fake client review she left, Stephanie claimed to be "ZackFx, Madrid, Spain".

Per FPA policy, the rating on this review has been set to Zero stars.

The FPA does not appreciate review spammers.
J
justi2001
Warsaw, Poland,
Jan 29, 2024,
Registered user

So far I have good experience.

Service use: Live Length of use: 0-3 Months
So far I have very good experience with InstaForex. Excellent customer service and great trading conditions for traders using expert advisors.
Y
Yossuan
Tuam, Ireland,
Feb 13, 2023,
Registered user

Instaforex refuses to let me withdraw.

Service use: Live Length of use: over 1 Year
InstaForex is probably the most questionable broker on the net. I had an account with them since 2013. I consider them to be scammers.

Account number: (1)8435976 and (2)5345227

They pretend that they are not market makers and that the transactions are going to be out in the interbank market. This is a lie. Instaforex is a betting agency. The difference between the entry and exit price is your profit or loss. If you win too much, they will cancel your profit. You face problems when you want to withdraw your money from instaforex. I advise everyone to avoid instaforex by far and find a regulated, honest broker.

I've had an account with instaforex since 2014, but I've had enough.  I had some money left in my trading account ($30) and at the beginning of the year I decided to trade it, making $147.  The last time (6th of February 2023) I applied for withdrawal, they refused.  I have contacted office of Central Bank Of Russia and also commissioner@bvifsc.vg to get my case escalated.

Furthermore, back in 2020 Julia N*v***va from instaforex recommended that I open a PAMM account. So that others can follow my trading. She said I don't need to upload any money, they will credit $20k to that account and I should try to open risky positions. If the money goes away, they will credit me $20k again. She suggested not to tell the traders that there is no-real-money on this account, so traders should think it's a real account with real money. Of course I did not take it. Not, because IT IS A SCAM.  This is how things work at instaforex.

About my experience with them:

They provide deposit from 1 USD, swap-free account to everyone, and 3 pips in major currencies without additional fees/commissions. They are market-makers, so they can be considered as a betting agency rather than a financial broker. The part between the opening and closing price will be your profit or loss.
Their customer service is rude, platform via web and also via MT4 and MT5 very slow and prices what they provide differ at least 4-5 pips all the time from the real market prices (at some news releases with 40-50 pips (!) for 1-2 min)
InstaForex gladly use price re-quote if market gonna with you, or if you have placed an order (buy/sell stop/limit) they usually execute it at another price what is better for them.
No doubt you will be robbed if you trading with instaforex, however money withdrawal working slowly and only with small amounts.
Above 10% profit per transaction of your initial deposit InstaForex cancel immediately your profit and scalping is although allowed in clients agreement but really no, because also all profit what you make with scalping below 5 min time period gonna be canceled by AntiFraud department and if you place a withdrawal request that will be canceled as well by reason that you tried to cheat the company before.

I don't understand how such a fraudulent company can survive.
I don't understand why the Russian Central Bank doesn't close it down. Instaforex is headquartered in Kaliningrad, Russia.

Nov 24, 2015 - 1 Star InstaForex is probably the most questionable broker on the net. I write because I had an account with them what was the bigger mistake in my trading history, but peoples learn hard way!

InstaForex:

They provide deposit from 1 USD, swap-free account to everyones, and 3 pips in major currencies without additional fees/commissions.
Their customer service is rude, platform via web and also via MT4 and MT5 very slow and prices what they provide differ at least 4-5 pips all the time from the real market prices (at some news releases with 40-50 pips (!) for 1-2 min)
InstaForex gladly use price re-quote if market gonna with you, or if you have placed an order (buy/sell stop/limit) they usually execute it at another price what is better for them.
No doubt you will be robbed if you trading with InstaForex, however money withdrawal working slowly and only with small amounts, above 3000 USD you will never see your money/profit, you can be sure!
Above 10% profit per transaction of your initial deposit InstaForex cancel immediately your profit and scalping is although allowed in clients agreement but really no, because also all profit what you make with scalping below 5 min time period gonna be canceled by AntiFraud department and if you place a withdrawal request that will be canceled as well by reason that you tried to cheat the company before.

Why they can do that all?

--> because InstaForex is a non-regulated online broker company, who do everything by itself

Why can be InstaForex since 2007 on the market?

--> InstaForex try to get new clients all the time with promises like "you can win Porsche car" or "you can win 5000 USD daily in the competition" ..etc. and focus to get newby clients who will deposit in the beginning a small amounts and can get a commission when they attract their friends. If no attracting and you begin to make a profit they begin to cheat you and do everything against your profitability.

Conclusion:

A V O I D InstaForex, but if at all cost you wanna try and trading with InstaForex be very-very careful, deposit only small amount, trade only with small amount, and put request to withdrawal only small amounts otherwise you will be cheated and robbed very quickly.
R
rib604
bc, Canada,
Feb 9, 2023,
Registered user

POS broker

Service use: Live Length of use: 0-3 Months
Worst experience ever...screwed around on verifcation.

Horrible MT4 software.... wouldn't enter trades then recalculates price..... complete joke of a broker.
W
woopopper
kisaasi, Uganda,
Jan 15, 2023,
Registered user

lost my deposit

Service use: Live Length of use: 0-3 Months
i read reviews about instaforex and tried to immediately withdraw all my funds but lost all of it . like WTF . SCAM
A
Amandla
Johannesburg, South Africa,
Jun 22, 2022,
Registered user

Instaforex won't authorize your withdrawal

Service use: Live Length of use: 0-3 Months
If there was an option for giving no star, I would use that.
I've been having troubles regarding making a withdrawal, it's been two weeks already and every consultant tells me that my problem is being forwarded to the finance department requesting a solution ASAP. But they never come back to me they just keep quiet. Everyday I have to launch an online chat only to be told the same thing. Oh and I have to make a withdrawal using the same method I used when making a deposit (I followed the instructions) but still I get a "Request sending failed" even today. After all this I wouldn't recommend InstaForex to anyone at all.
1 trader has found this review helpful
M
mfiori
São Paulo, Brazil,
May 10, 2022,
Registered user

Instaforex does not pay

Service use: Live Length of use: over 1 Year
Stay away from Instaforex. The broker does not make payments to customers. I've been trying to make a withdrawal for 3 months and they always provide a different excuse. Now in addition to denying my withdrawal, the funds have not returned to my trading account. Now they're not even responding. Look for a reliable broker.
I
Israelms770
Tel aviv, Israel,
Nov 14, 2021,
Registered user

Mega Scam. Certificated scam broker. Stay away

Service use: Live Length of use: 0-3 Months
Lost my whole money after making good profits. They started to manipulated my trades and my proven strategy just made me huge loss only because of their nasty manipulation!!! They are pure SCAM and I'm not surprised to see that they already received a SCAM tag here in FPA. Stay away They are just a scam and you will 1000% loss your money
N
Navjot Gill
Mumbai, India,
Oct 20, 2021,
Registered user

Apparently Fraudulent and Definitely Unethical Conduct

Service use: Live Length of use: 0-3 Months
It seems some seriously fraudulent stuff is going on in Instaforex. I opened an account there and my account number was 21535061. As per Instaforex, it accepts payments through Astropay. Accordingly, i made a transaction of USD 100 on 11-Oct-2021. At the time of writing this review i.e. as on 20-Oct-2021 the funds have not been credited to my account. While inefficiencies to a certain extent are understandable, Instaforex tried to cover all tracks of this allegedly failed transaction by scandalously deleting this transaction record from transaction history (earlier it was reflecting under incomplete section of their so-called client cabinet). I am in the process of sending a separate representation to the relevant regulator on this fudging of transaction records and I would strongly advice other traders to be careful while dealing with this unethical broker.
F
francel911
MINDANAO, Philippines,
Apr 20, 2021,
Registered user

RIGGED! STAY AWAY!

Service use: Live Length of use: 0-3 Months
RIGGED! Don't ever trust this broker. Some of my trades triggers stop loss instead of take profit. Dont be deceived by their low spreads and commissions because they will double it in withdrawal fees

If i can upload images. I can show you lot of evidences
1 trader has found this review helpful

Frequently Asked Questions

Is Instaforex a good and legitimate company?

InstaForex has been fined by Cysec for several reasons, including that "it did not act fairly, honestly and professionally in accordance with the best interests of its clients.

InstaForex has been sued by the US CFTC.  InstaForex has been the subject of warnings by at least 4 other government regulators around the world.

The FPA does not consider InstaForex.com, InstaForex.eu or any related site to be a good or legitimate company. 

You can not only see many client complaints about InstaForex on their review page, but also read many trader complaint threads about InstaForex in the FPA's forums.

Can I withdraw an InstaForex bonus?

Getting bonus money or else profits from a bonus at InstaForex is not always easy.  Even if a trader follows all the rules, InstaForex can accuse a trader of cheating, cancel the bonus, and confiscate all profits.  InstaForex can do this without presenting any evidence.

In 2008, two FPA members were accused of cheating while using an InstaForex bonus.  InstaForex not only removed the bonus, but also confiscated the profits that both traders had made.  InstaForex's representative to the FPA promised to provide evidence to back up this cheating accusation.  She never provided a single piece of evidence.  Instead, she just kept emailing her claim that they cheated and said that her repeated unsupported claims of cheating qualified as proof of cheating.  The FPA does not consider repeating an accusation dozens of times to be evidence that the accusation is true.  The clients were never paid for the profits InstaForex took from their accounts.

Even without a bonus being involved, it is possible for InstaForex to confiscate profits based on an unsupported accusation of cheating.

The FPA is not surprised that Cyprus fined InstaForex for being unprofessional, unfair, and dishonest in dealing with its clients.  The FPA is only surprised that it took so long before this was done.

Is InstaForex regulated?

Even in March of 2020, InstaForex.com's website still claimed that the InstaVector branch of the company is registered with the Russian Federal Financial Markets Service.  The FFMS was disbanded in 2013.

InstaForex was regulated in Belize.  It is not regulated there any more.  Some people claim that the Belize IFSC threw InstaForex out.  InstaForex claims they voluntarily gave up being regulate there.

InstaForex is regulated by CySEC in Cyprus.  InstaForex has also been fined by CySEC for being dishonest and not acting in the best interests of its clients.

Outside of Europe, InstaForex is regulated by the BVI FSC, which is not known for being a very strict regulator. 

InstaForex is also registered with the SVG FSC, which specifically does NOT regulate forex, binary, or crypto trading.