Welcome to this blog. My name is Shahrul and today, I am going to provide an in-depth and honest review about Instaforex. Be sure to read this if you are interested to know more about forex.
What is Instaforex?
Instaforex is a forex broker from Russia that provides services to trade in the forex market with a very low deposit. They are regulated by the Russian Association of Financial Market Members (RAFMM). In the past few years, they have won numerous awards such as Best Forex Broker in Asia 2012, Best Broker in Asia 2011, Best Retail FX Provider Award 2011, The Best Forex Broker in Retail Market, etc by distinguished institutions and financial magazines.
They have a strong following in Malaysia. I recommend that you check out Carigold, Malaysia’s premier forex and finance related forum on this topic. It is very important to know that a forex broker has a customer base in Malaysia. Instaforex has a large customer base here. This is not solely because of their marketing. They are quite decent in terms of the low spreads that they provide and the low deposit to open a live account.
Instaforex has a typical spread of 3 pips and this is fixed during the day (after 08:00 GMT+00). However, from 19:00 GMT+00 till 08:00 GMT+00 spread can be increased up to 5 pips every day. Spread is a broker’s fee for transaction, and it is defined by the market conditions which the company works in. Floating spread (where spread changes according to market conditions) is used by most first-rate international brokers.
(Don’t worry about spreads charged by Instaforex. They have the lowest spreads in the industry)
Instaforex Deposit Size
This is typically between $10 to $100,000. A deposit of $10 won’t do much for you. I recommend starting out with $100 if you are a beginner or $1000 if you are an advanced trader. Always practice proper money management strategy and build on your profits.
Deposit and Withdrawals
You can deposit funds into an Instaforex live account using several payment facilities such as Paypal, wire transfer and by credit card. For most people, depositing money is not the problem. Their main concern is always how long does the withdrawal process takes place and how much will you be charged. If you are making profit while trading, you definitely would want to withdraw some funds from your Instaforex account to pay bills and other life expenses. You can withdraw money using several options such as by wire transfer or by Paypal. My preferred way of withdrawing funds is by using Paypal because it is the cheapest option. However, the maximum I can withdraw per day is $300. So, please take note on that.
Instaforex does provide a withdrawal facility that is hassle free by providing a service known as Instaforex Mastercard. You can withdraw funds from your account directly to InstaForex MasterCard. This service is very popular among InstaForex clients, as funds withdrawn from the account are available on InstaForex MasterCard at any cash dispenser of the world.
Should You Join Instaforex?
I highly recommend them. Initially, I had doubts because the reviews about them on the Internet was not so good (I suspect these bad reviews are made by competitors of Instaforex) but I still opened an account with them.
I love the fact that Instaforex has really good customer service. They will ALWAYS answer my email within 1 or 2 days.
I love the fact that I am not alone in Malaysia who is trading with Instaforex. I can get help not only from the Insta guys from Russia but also from local Instaforex representatives. Instaforex has a strong community here. They recently held a grand dinner at Istana Hotel, Kuala Lumpur, on 6th October 2012. This dinner gathered Instaforex traders and partners from all parts of Malaysia. The Instaforex community in Malaysia is HUGE! That’s all I can say.
I love the fact that to trade with Instaforex, you only need to deposit about $10 USD. I know, that might be not enough but compare that to other forex brokers that charge a minimum deposit of $250 USD. The low barrier of entry allows even the most beginner forex trader to start trading forex.
Now, you should not trade with real money if you are not yet competent at analyzing the forex market. If you are new, open a demo account and learn from there. When you are ready, try out the market with a small deposit amount ($100 USD is a decent amount) and scale from there.
Who Else Recommends Instaforex?
Khalid Hamid, the creator of forexsebenar.com recommends Instaforex as one of the forex broker to trade with in Malaysia. He is a highly rated forex trader who also happens to have a day job as a currency analyst.
I highly recommend that you try out Instaforex. If you have any questions about them, kindly comment on this blog post or send me a mail at firstname.lastname@example.org
Or you can open an Instaforex trading account right away. Click here to open a trading account with them.
I would love to hear your feedback!