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Instaforex Review

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 2011Best 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 Spread

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.

What Next?

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 forextradingmalaysiablog@gmail.com

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!

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4 FACTS about Trading Forex in Malaysia (Must Read!)

New to forex? No worries. You need to start somewhere. It might as well be today. Before venturing in the exciting world of forex trading, you must understand these 4 FACTS.

1. Forex is technically “not legal” in Malaysia. Let me elaborate. Bank Negara Malaysia does not allow any deposit-taking by to take place by any representative (authorized or unauthorized) of a forex company. All deposit-taking must be done by persons registered under Bank Negara. However, if you trade on your own, you are entitled to use money as you wish, whether to trade or to gamble it away in a casino. It’s up to you. Your life, your call. The Malaysian law is hazy on this. I have not seen or heard of anyone yet who is arrested for trading forex. I won’t guarantee that this will never happen in the future so don’t take my word for this.

2. All forex brokers have HIDDEN FEES. There is no such thing as a totally honest forex broker. Their main purpose is to make profit, whether it is from charging for deposits, or charging for withdrawals, or charging from each transactions made through the spreads, forex brokers will find a way to squeeze some money from any activities made while using their services. Take for example FXPRIMUS. They position themselves as being an honest forex broker. I agree with them to certain extent. However, some things are not stated when they sell their services to you. When you try to withdraw money using wire transfer, they will charge $50 USD  just for that to happen. $50 USD is a lot for most of us Malaysians. That’s equivalent to RM150. So, for some, FXPRIMUS might not be the right option. Regardless of this fact, they are still quite decent and worth checking out.

3. Finding a good mentor to teach you how to trade correctly can be very hard. This is a FACT. Not many successful forex traders in Malaysia are willing to teach how they got to that stage. The skills gained from forex are earned through closed doors. No fan fare, no hype and gimmick. True mastery is gained in front of the computer with deep thinking involved. But once you do find a great mentor, it won’t be as you expected it to be. It may be in form of an e-book or a simple advice from an obscure blog or a discussion in a forum. Check out this website for more insight on finding the right forex mentor.

4. Forex traders in Malaysia are divided into different camps and groups. Let me explain.  Malaysian traders who trade with easy-forex will find it more easier to communicate and get support if they join groups such as easyforexmalaysia.com or  Mocfx. If you happen to trade with Instaforex, there is a group for you to join in Malaysia. You could go to Carigold to find such groups or simply register with an established group such as instaforexmalaysia.net. One thing that I notice is that it is not advisable to trade with different brokers at the same time. This is the vibe I got by reading long discussions in online forums. It’s not that you can’t, its just that the sifu in these groups will only accept you if you show loyalty to their preferred forex broker.

Guys, I have outlined 4 important facts that you must be aware of before trading forex in Malaysia. Gaining mastery in forex takes time but the perks can extremely lucrative. Check out this link to find out one of the best learning resources on forex trading.

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