|Platform||Windows Metatrader 4, WebTrader, Android / iPhone and iPad Mobile App|
|Minimum account size||$1|
|Minimum lot size||0.01|
|Spread on EUR/USD||0 pips|
|Payment methods||Credit Cards, e-Payments, MegaTransfer, Skrill, Neteller, PayCo, Bank Wire, Bitcoin, Bank Cards, InstaForex Benecard, Neteller, China Union Pay, WeChat, Alipay, Paxum, Local Transfer, Boleto, BPay.md, Carta Bleue, Dankort, ePay.bg, EPS, GiroPay, iDeal, Nordea SOLO, POLi, PostePay, Przelewy24, Rapid, SOFORT, Trustly, Other Payment Systems|
|Accepts US traders||No|
|Regulated||CYSEC (Cyprus), FSP NZ (New Zealand), BVI FSC (British Virgin Islands)|
|Support||Phone, E-mail, Live Chat, Telegram, Whatsapp, Twitter, Viber, Yahoo Messenger, Skype, ICQ, AOL IM|
- Low minimum deposit requirement
- Up to 1:1000 leverage
- Informative resources such as InstaForex TV
- Wide variety of ways to contact support
- Doesn’t accept US traders
- Minimal trade is a little higher for Cent.Standard and Cent.Eurica accounts.
InstaForex was founded in 2007 and since the start of their operations they have been able to acquire more than 7,000,000 individual and corporate customers. They have prioritized the importance in providing a full range of services to their clients starting from registration up to the withdrawal process. Sounds very promising but are they able to deliver?
They rely on the popular MetaTrader 4 which is one of the most dynamic yet simplified trading platforms today. Aside from being able to execute deals on forex, there’s also an opportunity to receive quotations about the major currency pairs and global stock indexes including news updates and reviews that can be used for making technical analysis. Getting familiarized with the all the options is plain easy since there’s a demo account that features all the functions that are available in real market trading. This warrants InstaForex with a Platform score of 8/10.
The comfortable interface of the platform is another advantage of this broker. They’ve done a great job with the design and layout which other brands are still struggling to emulate. It’s easy to determine what to click or where to find what you’re looking for and this is definitely a major plus because you won’t miss any trading opportunity that might come along the way. The sleek interface has a navigation system that is usable and easy to learn and for this we are giving them a Design score of 3/5.
One of the biggest advantages of InstaForex over its competitors is that it is possible to have an active account with funds for as low as $1. They also offer different types of accounts (Insta.Standard, Insta.Eurica, Cent.Standard and Cent.Eurica) that are designed to meet the experience and trading styles of their clients while still providing free access to all the available features regardless of how much was deposited in the account. Such universality the reason for giving them a Minimum Deposit score of 5/5.
Minimum Lot Size
Depending on the type of account the minimum lot size is 0.01 for the Insta.Standard and Insta.Eurica account types while the Cent.Standard and Cent.Eurica accounts require 0.10 of the lot. These are ideal for those who would like to trade with a much smaller lot size since the risks are much lower and the opportunity to manage them is still open. This warrants a Minimum Trade Score of 4/5.
This broker has a very wide asset index that consists not only of a diverse range of currency pairs but also other asset types including Bitcoin. Currently they have more than 300 assets and such variety deserves a Tradable assets score of 4/5.
Their spreads are no doubt competitive across all account types giving their clients much more convenient trading conditions. For the EUR/USD currency pair, the spread ranges from 0 to 3 pips for the Insta.Standard and Cent.Standard accounts while the Insta.Eurica and Cent.Eurica accounts have a spread of 0 pips. Overall, we are giving them a Payouts score of 7/10.
On most payment methods, it takes around 1 to 7 working hours to process withdrawal requests and this has improved a lot compared to when we made a first review about this brokerage. Such improvement in handling withdrawals deserves a Withdrawal Time score of 10/10.
Deposit and Withdrawal Methods
Making deposits and withdrawals to the InstaForex account is possible via a plethora payment methods including credit cards, e-Payments, MegaTransfer, Skrill, Neteller, PayCo, Bank Wire, Bitcoin, Bank Cards, InstaForex Benecard, Neteller, China Union Pay, WeChat, Alipay, Paxum, Local Transfer, Boleto, BPay.md, Carta Bleue, Dankort, ePay.bg, EPS, GiroPay, iDeal, Nordea SOLO, POLi, PostePay, Przelewy24, Rapid, SOFORT, Trustly and other Payment Systems. In fact, we do not know of a broker that has such wide coverage and for this we are rating them a well-deserved Deposit and Withdrawal Methods score of 5/5.
There are plenty of ways to contact the customer support department and this includes toll-free numbers, e-mail, live chat, Twitter and popular messaging services like Telegram, Whatsapp, Twitter, Viber, Yahoo Messenger, Skype, ICQ and AOL IM. We had the chance to test out most of these channels and the discussion that we had with their agents were impressive. Such speed and straightforwardness deserve a Support score of 10/15.
The lack of slippage is another notable feature of this brokerage. This is a great benefit for traders especially when prices are rapidly changing in the market and you need to execute an order immediately. This will allow you to enter the market with the best available price thanks to the speedy execution of orders and this deserves a Quote Accuracy Score of 9/10.
Currently, InstaForex is regulated by the Cyprus Securities and Exchange Commission (CySEC), the New Zealand Financial Service Provider and the British Virgin Islands Financial Services Commission. This gives you more assurance that they are monitored by trusted financial watchdogs. Aside from this, the majority of the comments that can be found from the online forex trading community were generally positive while the negative comments were isolated cases and most have already been resolved. Such credibility deserves a Reputation score of 13/20.
Final Score: 78/100