Please Note: Instaforex was not included in the 2020 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2020 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 69 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 one tier-3 regulator (low trust). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
Offering of Investments
The following table summarizes the different investment products available to InstaForex clients.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||107|
|CFDs - Total Offered||88|
|Social Trading / Copy-Trading||Yes|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||Yes|
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.
|Minimum Initial Deposit||$1|
|Average Spread EUR/USD - Standard||N/A|
|All-in Cost EUR/USD - Active||N/A|
|Active Trader or VIP Discounts||No|
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.
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.
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||No|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||No|
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.
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.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Charting - Indicators / Studies (Total)||51|
|Charting - Drawing Tools (Total)||31|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||No|
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.
|Apple iOS App||Yes|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||No|
|Charting - Indicators / Studies||30|
|Charting - Draw Trend Lines||Yes|
|Charting - Trend Lines Moveable||No|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||No|
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).
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.
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.
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.
Commissions & Fees
*Instaforex did not participate in the 2017 Online Broker Review, as a result the following data may not be up to date.