InstaForex: What Do Consumers Say about it?

In the process of selecting a broker, a multitude of considerations come into play, with user reviews ranking among the paramount factors. Brokersview previously collected user reviews for brokers such as IC Markets and DOO PRIME in order to allow investors to better understand their potential brokers through the lens of analyzing user reviews.

In today's post, we have collected user reviews for forex broker InstaForex, so let's see what users think about it.

About InstaForex

Russia-based InstaForex which has been operating since 2007, is one of the world's leading forex brokers, offering a wide range of trading instruments such as MetaTrader and WebTrader as well as services such as PAMM SYSTEM and FOREXCOPY, etc. InstaForex is regulated by the BVI FSC, and its European branch is regulated by CySEC. The company has 250 offices worldwide.

From our extensive collection of user reviews, it appears that InstaForex has received mostly positive reviews, but it has also received quite a few poor ones, and most of the positive reviews were posted by users earlier, with fewer received more recently.

How do positive reviews praise InstaForex?

In terms of the early positive reviews, users mostly praised InstaForex for its fast deposit and withdrawal, responsive customer support, suitability for beginners and scalpers, and trustworthiness.

Turning our gaze to the recent positive reviews, we have seen several users recognizing the broker regarding withdrawal speed as well as the technical team support.

In addition, two users, including a customer in the picture above, mentioned InstaForex's mobile app, saying that it provides analytical insights and forecasts all delivered free of charge, they seem to be satisfied with the app. The US-based user nicknamed ali firouz, who commended the broker's customer service for its patience. ali firouz further praised InstaForex's automated verification and KYC processes as being fast.

With regard to the bonus and spreads, one comment left in November 2022 shared some information. The user disclosed how InstaForex had responded receptively to his complaint about high spreads on XAUUSD. He also praised the broker that its bonus will never expire and can be withdrawn after certain lots are reached. However, there are several users who have given bad feedback about the bonus, which will be discussed in detail later.

What shortcomings do users think InstaForex has?

Quite a few users have given feedback about withdrawal issues with InstaForex, either there are delays and technical errors, or its finance department doesn't respond to emails, customer support doesn't go smoothly, and one user reported a strict verification procedure for withdrawals. Fortunately, however, they eventually withdrew successfully.

Earlier, one user in the picture above shared a detailed withdrawal experience, which he described as a "withdrawal challenge". According to the user, he sent several withdrawal requests via email, and not only did he not receive the funds for a long time, but he also received the same response from the broker several times. He also claimed that the broker's customer service sucks. Finally, his funds arrived, so he changed his star rating for InstaForex. He said that the broker still has a lot of work to do, especially in terms of withdrawal requests. This user also stated that InstaForex is not a scam, it just makes it challenging to get your money back, while several users giving bad ratings were worried that the broker is a scam, so let's see what they experienced.

What users find terrible about InstaForex

Although on the whole InstaForex has received a lot fewer negative reviews than positive ones, one-star ratings make up a decent percentage of all negative ones. These negative reviews are mainly centered around withdrawal issues and the bonus. One user was unable to make deposits and withdrawals due to account verification issues, while another claimed that InstaForex stole his deposits and profits, though InstaForex replied that its anti-fraud department had already processed it. Another user said withdrawals were delayed and neither the finance department nor customer service replied to messages. So they were concerned that the broker is a scam.

There seem to be quite a lot of puzzles from users when it comes to the bonus. Some users said that they were unable to withdraw their StartUp bonus profits, and one user asked, "How do you expect people to multiply start up bonus to 3X when you are giving them only 5 trading days?". 

From the official response, the StartUp bonus is used to increase deposits, allow investors to try various trading options, and gain strength psychologically. InstaForex provides several types of bonuses and all of them have specific conditions. According to the official information, to withdraw the 100% bonus, the client needs to make a number of transactions in the amount equal to the bonus amount multiplied by three.

Perhaps it is true that there are too many terms behind the bonus and they are not easy to understand, which makes it troublesome and confusing for some users to do with it. According to the following user, the bonus InstaForex offered may seem a competitive incentive, but the terms behind it are a recipe for disaster.

Besides, two other users claimed that the broker does not like earning traders and that it removes profits if the user makes a large profit. One stated that he used the same card to deposit but couldn't make a deposit, while the other said that $2,000 was wiped off the profit he earned. While InstaForex has replied to both users, we don't know what the final outcome was.

In addition, a user said that InstaForex's replies featuring simple apologies made him feel uneasy. We also found several users giving bad reviews who left more than one message, does this indicate that InstaForex is slow to address their issues? Another user said that reviews about InstaForex are mixed, and he advised users to do their own research and due diligence.

The above reviews were collected from the Internet on August 8.

If you have any questions about your potential broker or would like to know reviews about it, please ask us a Question. BrokersView will review it for free.