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MetaTrader Brokers

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Overall

Despite an attractive looking website with numerous sports sponsorships and flashy marketing, InstaForex is a simple MetaTrader only broker that is minimally regulated, expensive, and overall provides traders a weak offering.

Steven Hatzakis | July 11th, 2019

help 66
Trust Score
Dislikes
  • Default MetaTrader platform offered with no premium features
  • While InstaForex is authorised by the FCA, it is not regulated by the FCA

Review Sections:

Please Note: Instaforex was not included in the 2019 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2019 guide for a look at the top rated forex and CFDs brokers.

InstaForex was founded in 2007 by InstaTrade Corporation, offering forex, CFDs, and binary options trading as a MetaTrader only broker. In total, 88 CFDs are offered alongside 107 currency pairs.

While not a factor in our review of InstaForex, the firm is known for its marketing sponsorships across various sports. Since its inception, InstaForex claims on its website that over seven million traders have opened accounts.

Is InstaForex a reputable fx broker worth trading with? Read on to find out.

Is Instaforex Safe?

Instaforex is considered high-risk, with an overall Trust Score of 66 out of 99. Instaforex is not publicly traded and does not operate a bank. Instaforex is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Learn more about Trust Score.

Regulations Comparison

FeatureInstaforexIGSaxo BankCMC Markets
Year Founded2007197419921989
Publicly Traded (Listed) No Yes No Yes
Bank No Yes Yes No
Tier-1 Licenses0664
Tier-2 Licenses1412
Tier-3 Licenses0000
Trust Score66999898

Offering of Investments

The following table summarizes the different investment products available to InstaForex clients.

FeatureInstaforexIGSaxo BankCMC Markets
Forex: Spot Trading Yes Yes Yes Yes
Currency Pairs (Total Forex pairs)10791182183
CFDs - Total Offered8815000329999959
Cryptocurrency traded as actual No No No No
Cryptocurrency traded as CFD Yes Yes No Yes
Offering of Investments 3 Stars 4.5 Stars 4.5 Stars 4 Stars

Commissions & Fees

InstaForex offers two main account types: Insta.Standard (ECN / non-dealing desk) and Insta.Eurica (dealing desk). Both accounts have only a 1 USD minimum deposit.

With Insta.Standard accounts spreads average between three and seven pips depending on the pair. There is no commission for Insta.Standard accounts; instead, the commission is built into the spread.

Contrarily, Insta.Eurica accounts charge a commission for trades, which varies between 0.03% - 0.07%.

For example, InstaForex lists a spread of three pips on the EUR/USD for Insta.Standard accounts, meanwhile in an Insta.Eurica account, there is no spread listed. Instead, the commission is built in, which equates to an all-in cost of three pips. All in all, both account types charge nearly identical prices.

FeatureInstaforexIGSaxo BankCMC Markets
Minimum Initial Deposit$1£250.00$2,000.00$0.00
Average Spread EUR/USD - StandardN/A0.7500.9000.744
All-in Cost EUR/USD - ActiveN/A0.3630.6000.744
Active Trader or VIP Discounts No Yes Yes Yes
Commissions & Fees 2.5 Stars 4.5 Stars 4.5 Stars 5 Stars

Research & Education

When it comes to market research, InstaForex provides a mixed offering. Highlights include InstaForex's daily market analysis blog posts, technical analysis posts via MT5, and InstaForex TV, InstaForex's video offering, which, on average, produces four to six forex news videos each day. Interviews, weekly reviews, and other educational videos are also available.

instaforex tv

The primary drawback to InstaForex's research offering is its lack of third-party research tools and services.

Research aside, education primarily includes videos, a glossary, and a variety of very basic articles (text only) on forex trading. If there is one feature we'd like to see InstaForex add, it'd be a regular webinars schedule and the ability to view previous webinars on demand.

FeatureInstaforexIGSaxo BankCMC Markets
Daily Market Commentary Yes Yes Yes Yes
Forex News (Top-Tier Sources) No Yes Yes Yes
Weekly Webinars No Yes Yes Yes
AutoChartist No Yes Yes No
Trading Central (Recognia) No No No Yes
Delkos Research No No No No
Social Trading / Copy-Trading Yes Yes Yes Yes
Social Sentiment - Currency Pairs No Yes Yes Yes
Economic Calendar Yes Yes Yes Yes
Research 3 Stars 4.5 Stars 4.5 Stars 4.5 Stars

Platforms & Tools

InstaForex is a MetaTrader4-only broker. This means it offers the MT4 platform suite from MetaQuotes Software Corporation, developer of the widely popular MT4 and MT5 platforms for desktop, mobile, and web. To learn more about MT4, read our full MetaTrader guide.

While MetaTrader 4 comes standard, with little that varies from broker to broker on the surface of the platform, there can be significant differences in how the platform is set up when it comes to trading spreads and commissions, the available execution method, and other tools, features, and administrative areas that can affect your trading experience.

instaforex metatrader

Unfortunately, for InstaTrader clients, the MetaTrader platform (branded as InstaForex) comes with only the default functionality. Furthermore, there are no other third-party platforms or plugins provided to traders.

FeatureInstaforexIGSaxo BankCMC Markets
Virtual Trading (Demo) Yes Yes Yes Yes
Proprietary Platform No Yes Yes Yes
Desktop Platform (Windows) Yes Yes Yes Yes
Web Platform Yes Yes Yes Yes
Social Trading / Copy-Trading Yes Yes Yes Yes
MetaTrader 4 (MT4) Yes Yes No Yes
MetaTrader 5 (MT5) Yes No No No
cTrader No No No No
Charting - Indicators / Studies (Total)51224781
Charting - Drawing Tools (Total)31171724
Charting - Trade From Chart Yes Yes Yes Yes
Watchlists - Total Fields712128
Order Type - Trailing Stop No Yes Yes Yes
Platform & Tools 3 Stars 4.5 Stars 4.5 Stars 4.5 Stars

Mobile Trading

Since InstaForex is a MetaTrader-only broker, iOS and Android versions of the MetaTrader 4 mobile app come standard and are both available for download from the Apple iTunes store and Android Playstore, respectively.

FeatureInstaforexIGSaxo BankCMC Markets
Android App Yes Yes Yes Yes
Apple iOS App Yes Yes Yes Yes
Trading - Forex Yes Yes Yes Yes
Trading - CFDs Yes Yes Yes Yes
Alerts - Basic Fields Yes Yes Yes Yes
Watch List Yes Yes Yes Yes
Watch List Syncing No Yes Yes Yes
Charting - Indicators / Studies30264123
Charting - Draw Trend Lines Yes Yes Yes Yes
Charting - Trend Lines Moveable No Yes Yes Yes
Charting - Multiple Time Frames Yes Yes Yes Yes
Charting - Drawings Autosave No Yes Yes Yes
Forex Calendar No Yes Yes Yes
Mobile Trading 3 Stars 4 Stars 4.5 Stars 4 Stars

Other Notes

Forex traders considering an account with InstaForex should be aware that while the broker is FCA licensed, it is not FCA authorised and regulated. Because of its CySEC (Cyprus) authorisation, InstaForex is passported through to the UK, meaning it can accept UK residents. However, it has yet to receive formal FCA authorisation, which negatively impacts trustworthiness (see section, "Trust Score" above).

Final Thoughts

Despite being in business since 2007 and offering a website that is well designed and full of advertising sponsorships to suggest that InstaForex is a reputable, trustworthy forex broker, our research does not back up the broker's claims.

InstaForex is minimally regulated and has yet to receive reputable operating licenses in Europe, for example from the FCA (UK). Regulation aside, InstaForex only provides its clients with the default MetaTrader experience, and despite offering its own video content through InstaForex TV, the providing research is weak compared to industry leaders.

ForexBrokers.com does not recommend InstaForex. View our guides to the best FCA brokers and CySEC brokers.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.


Steven Hatzakis

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

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Ratings Overall

Summary

Commissions & Fees
Offering of Investments
Platforms & Tools
Research
Customer Service
Mobile Trading
Education

Commissions & Fees

*Instaforex did not participate in the 2017 Online Broker Review, as a result the following data may not be up to date.

Commission Notes

None. See review above.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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