This review is a result of months spent with brokerage firm, InstaForex. The review team had performed an exhaustive test on all the brokerage’s offers and services. This it did to come up with an evaluation so as to aid interested parties in making an informed decision on whether or not they would want to enlist the firm’s services.
Preliminary findings paint a positive image for InstaForex. Much of the positive opinion that the firm had received is owed to its multiple account types, its partnership with MetaQuotes, and its offering of ForexCopy as software for Copy Trading.
These have to be looked into in great detail so as to find out why the online trading community lauds these InstaForex offerings.
Established back in 2007, InstaForex had poised itself to be the ultimate go-to for traders wanting to expand their investment portfolios in Foreign Currency Exchange. The firm is classified as an ECN broker serving over 7,000 clients across the globe.
InstaForex’s legal status is not to be a made a concern given that it is licensed by the British Virgin Islands Financial Services Council (BVI FSC).
In Cyprus, the firm is being regulated by the Cyprus Securities and Exchange Commission (CySEC).
Its relatively-long tenure and its apparent regulation from two noteworthy financial authorities are enough to entice both novice and seasoned traders to enlist the firm’s services. However, not two traders are alike. As this is the case, a look into the specific services of the broker firm is in order to render a fairer and pointed assessment of the InstaForex’s over-all capability.
Offers and Services
Probably the most noteworthy among InstaForex’s offers is the minimum deposit amount of only $1. This low deposit amount already allows for the access of several markets such as Forex, CFDs, Stocks, Commodities, Indices, and CFD Cryptocurrencies.
Through InstaForex, traders would be able to trade Foreign Currency Pairs through an ECN account with average reduced Spreads of up to 0.8 pips. As the review team affirms through their own experience of having to trade through the term, the firm offers over 200 different Forex Pairs, hence permitting more diverse and well-rounded investment portfolios.
One of the more advantageous offers that InstaForex makes available is the maximum leverage of 1:30 that takes cues from the European Union regulation on Foreign Exchange trading for the retail-oriented clients.
Naturally, the Spreads and the Commissions that InstaForex offers varies in accordance to the type of account the trader had chosen to open through the brokerage. These accounts are as follows:
- Standard Account
This type of account makes use of Fixed Spreads that start from 2 pips. The currencies in which trades are transacted are the EUR, USD, and the GBP. No limits are set for deposits.
- Eurica Account
The Fixed Commissions in this type of account starts from 0.02%. Like the previous account, the currencies for transactions through this account are the EUR, USD, and the GBP. Also, no limits for deposits are set.
The other types of account, specifically the ECN Account, ECN Pro Account, and the Scalping Accounts are only being offered to clients who are based within the regions which are members of the European Union. The Floating Spreads in these types of accounts are pegged at either 0.8 or 1.2 pips.
In addition, InstaForex also offers a Demo Account that permits the usage of the MT4 platform. The account is filled with virtual currency that can be manipulated to simulate actual trading.
The firm offers the MetaTrader 4 platform as the main software for administering transactions. Through InstaForex, the MT4 platform is downloaded with plug-ins such as One-Click Trading and the Superior Forex Desk.
InstaForex also provides Copy Trading through its Social Trading platform called, ForexCopy.
Through this, the system permits traders the opportunity of strategies and profiting off of commissions within the firm’s platform. Through ForexCopy, traders are privy to trades made by the more seasoned traders and are ultimately allowed to copy them with ease.
Probably the only con that the review team had found within InstaForex’s services is that given the stature of the broker, it is expected like with its competitors and contemporaries, that it had already built for itself a proprietary platform. In addition, much is to be desired with the plug-ins available for the MT4 as its one and only trading software.
Trade with InstaForex Today!
With the cons concentrated only on the lack of MT4 plug-ins and the absence of a proprietary platform, InstaForex’s services are actually noteworthy and appears highly gratuitous to its clients.
Based on its findings through its experience with the firm, the review team recommends InstaForex as a viable brokerage to do trades through.