International online forex broker offering ECN trading, PAMM accounts, and ForexCopy system for trade copying.
The platform itself is okay, but the customer service at InstaForex is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Fast deposits|Full transparency|Stable platform|Educational resources
Cons: Could offer more webinars|No fractional shares
The onboarding at InstaForex was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Portfolio tracking tools|Educational resources|Dedicated account manager|Smooth onboarding
Cons: Some tools only available on higher tiers|Wish they had more educational resources
Started with InstaForex optimistically but my experience has been mixed. The platform itself is good and execution is fast. However, I noticed spreads widen significantly during news events and the swap rates are higher than competitors. Good for day trading, less so for holding positions overnight.
Pros: Good platform, fast execution for day trading
Cons: Wide spreads during news, high swap rates
The mobile app from InstaForex is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Economic calendar|Professional team
Cons: Inactivity fee applies after 12 months
InstaForex does the job for casual forex trading. Platform works, spreads are okay but not the best I've seen. Customer support is hit or miss - some agents are very helpful, others seem to read from a script. Deposits are instant but withdrawals take 3-5 business days.
Pros: Functional platform, instant deposits
Cons: Average spreads, inconsistent support, slow withdrawals