InstaForex: What Does the Trader Say about it?

It’s not an easy thing for investors to seek brokers who operate with integrity and transparency in forex markets. Even regulated brokers can bring challenges. This piece delves into a scenario where a legitimate broker faces negative client feedback related to withdrawal issues and account closures.

BrokersView recently learned about a trader’s bad experience with InstaForex, a Russia-based broker. The trader talked about the predicament he encountered on the platform in his complaint, which took place a few months ago, September 2023 to be exact.

“ I deposited $22.82 on September 12, 2023, and that same day I made a profit of $18,879,” said the trader, and he added that he made a withdrawal of $2000 but was told to wait, which ultimately ended up being rejected by the system.

Strangely, a mysterious withdrawal of $2390.70 appeared in his account but he didn’t make this request. Even though the withdrawal was canceled later, the funds were not returned to his balance.

What’s worse is that he found himself failing to log into the MetaTrader4 trading platform because his account password had been changed. However, he didn’t receive an email about changing the password.

Subsequently, his account was blocked with a balance of approximately $16,500. “It should be $18,879 because the mysterious WD wasn't returned!!” the trader said.

Looking for a solution, he has tried to contact InstaForex’s support team regarding the case he was experiencing. According to the explanation InstaForex gave, the trader’s trading account was blocked unilaterally by the broker because of his fraudulent behavior.

Confusing about InstaForex’s accusation, he asked where the fraud he committed was. However, the broker didn’t give a detailed explanation.

The trader has managed to access a copy of his trading records from InstaForex's Account Department to prove that he conducted trading legitimately. The statement shows all trading positions were closed. But when he tried to withdraw his money, his account suddenly "disappeared" or could not be found on the InstaForex server at MetaTrader4.

Currently, the trader’s account has been suspended and his name has been blocked by InstaForex so that he cannot open another account with the broker. 

The client lost a total of $18,879. Until today, InstaForex has not provided any clarification on the matter. 

InstaForex has been operating since 2007 and is regulated by the British Virgin Islands Financial Services Commission (BVI FSC), and its European branch is regulated by CySEC but is no longer authorized by the FCA. While the broker’s legitimacy seems to remain intact, the case underscores the need for vigilance.