InstaForex Broker Review – Forex Trading Platform | Expert Insights

InstaForex Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	CySEC, FCA, FSC, SVG
💰 Minimum Deposit	$1 (400 Naira)
💳 Deposit Options	Credit Card, Debit Card, Bank Wire, Skrill, Neteller, Payoma, and Sofort.
💳 Withdrawal Options	Credit Card, Debit Card, Bank Wire, Skrill, Neteller, Payoma, and Sofort.
📌Open an account	Start Trading with InstaForex

Our Opinion About InstaForex

InstaForex is one of the most well-known forex brokers on the market. First established in 2007, it is now a large, international broker with over 7,000,000+ clients worldwide. They are an award-winning company with an excellent reputation.

InstaForex is popular for many reasons. They have four main account types – all of which have a $1 minimum deposit. This makes them an affordable choice for new Nigerian traders who are just starting out. They also have a transparent pricing model with tight spreads and low commissions. This makes them a good choice for high volume traders who are trying to minimise their trading costs. 

Instaforex offers a nice choice of trading instruments. They offer trading on forex, stocks, indices, cryptocurrencies, metals, oil, gas, and other commodities. Their accounts come with high leverage of up to 1:1000 across most trading instruments. This makes them a good choice for experienced Nigerian traders with a good understanding of risk management. 

It offers excellent copy trading features, advanced trading technology, and sophisticated trading platforms. It also offers great educational resources, helpful market analysis, and expert market outlooks. More about those below!

Key Benefits

Regulation And Safety

InstaForex has a licence from CySEC in Cyprus. This means that it abides by EU regulation and offers a high level of client protection. It is also registered with the FCA in the UK, as well as many EU regulatory bodies. As such, it is a trustworthy and reliable broker. In addition, InstaForex has licences from regulators in the British Virgin Islands and St Vincent. Here is the full list of their registrations:

• Instant Trading EU Ltd is regulated by CySEC (Cyprus), with the licence number: 266/15.
• Instant Trading EU Ltd is regulated by the FCA (United Kingdom), with the licence number: 728735.
• Instant Trading Ltd is licensed by BVI FSC (British Virgin Islands), with the licence Number: SIBA/L/14/1082.
• Insta Service Ltd is registered with SVG FSC (Saint Vincent), with registration number IBC22945.

Regulations In Nigeria

Nigerian traders can register under the Instant Trading Ltd (BVI) subsidiary, which is licensed by BVI FSC. Unlike other regulators, such as ASIC in Australia and the FCA in the UK, the BVI FSC does not require forex brokers to segregate accounts, offer negative balance protection, or join an investor compensation scheme.

That said, Instaforex still offers a high level of client fund protection. They go beyond their basic regulatory requirements, by ensuring that their clients’ funds are held in segregated accounts, and kept in secure top-tier banks. They offer negative balance protection, ensuring that their clients’ account balances can never fall below zero. This broker also participates in a compensation scheme called the International Monetary Fund, ensuring that their clients’ interests are protected, and that their clients can claim back funds if Instaforex ever fails to reimburse them following liquidity issues.

Fund Safety

As an EU-regulated firm, InstaForex must ensure that there are measures in place to protect client funds. In addition to these measures, InstaForex also has first-class security protocols to help protect client data. For example, it uses both SSL technology and two-factor authentication technology. These extra measures mean that you benefit from a high level of both client data protection and client fund protection.

Instaforex Awards

InstaForex has won many awards including best managed accounts, best cryptocurrency trading platform, and best forex copy trading platform. It’s most recent awards include:

• Best Crypto Broker 2022 (Forexing.com)
• Best Customer Service Broker 2022 (Allforexbonus.com)
• Best Forex Broker 2022 (International Investor Awards)
• Most Innovative Forex Broker 2021 (Global Brands Magazine)
• Best Forex Broker Central and Eastern Europe 2020 (International Business Magazine)
• Best Forex Broker Eastern Europe 2019 (International Business Magazine)
• Best Broker in Asia 2019 (Le Fonti Awards)
• Best Forex Cryptocurrency Trading Platform 2018 (UK Forex Awards)

Instaforex: Legit Or Scam?

Instaforex is a legitimate forex broker. They have been offering online trading services for many years and have a big, international clientbase. They are regulated by some of the strictest financial authorities in the world and operate in line with all the required regulations. In terms of their trading services, they have a nice choice of account types and trading conditions, and offer low minimum deposits. They also have a good range of payment methods and a high level of client fund protection. In our opinion, they are a reliable and trustworthy forex broker.

Trading Assets

InstaForex offers a wide range of trading instruments. You can trade currency pairs, stocks, indices, metals, commodities, and cryptocurrencies.

Trading Instruments

• Forex: Instaforex has 100+ currency pairs including majors, minors, and exotics.
• Stocks: They have 80+ stocks including Apple, Disney, Alphabet, and Coca Cola.
• Indices: Instaforex has 15 indices across the US, Europe, and Asia.
• Commodities: They have trading on Silver, Gold, Palladium, Crude Oil, and Gas.
• Cryptocurrencies: Instaforex has 12 cryptos including Bitcoin, Cardano, and Ripple

InstaForex Account Types

There are four different types of trading accounts available on InstaForex. You can trade on their Insta Standard or their Insta Eurica. You can also choose from their Cent Standard and their Cent Eurica accounts. As such, you have many options to choose from depending on your initial trading capital, trading needs, and trading strategies.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Insta Standard	From 3.0 pips	$1	1:1000	$0
Insta Eurica	From 0.0 pips	$1	1:1000	0.03%-0.07%
Cent Standard	From 3.0 pips	$1	1:1000	$0
Cent Eurica	From 0.0 pips	$1	1:1000	0.03%-0.07%

Insta Standard

This is their best option for new Nigerian traders. The minimum deposit is $1. The Insta Standard account comes with an average spread of 3.0 – 7.0 pips. There are no commissions. The account also comes with high leverage of up to 1:1000. The base currencies are USD and EUR. It is worth nothing that the minimum trade volume is 0.01 lots and the maximum trade volume is 10,000 lots.

Insta Eurica

This is another great option for new Nigerian traders. The minimum deposit is $1. The Insta Eurica account comes with zero spreads. The commission fee is 0.03% – 0.07%. The account also comes with high leverage of up to 1:1000. The base currencies are USD and EUR. It is worth nothing that the minimum trade volume is 0.01 lots and the maximum trade volume is 10,000 lots.

Insta Cent Standard

This is a great choice for Nigerian traders with more capital. The minimum deposit is $1. The Insta Standard account comes with an average spread of 3.0 – 7.0 pips. There are no commissions. The account also comes with leverage of up to 1:1000. The base currencies are USD and EUR. It is worth nothing that the minimum trade volume is 0.10 lots and the maximum trade volume is 10,000 lots.

Insta Cent Eurica

This is another great option for Nigerian traders with more capital. The minimum deposit is $1. The Cent Insta Eurica account comes with zero spreads. The commission fee is 0.03% – 0.07%. The account also comes with high leverage of up to 1:1000. The base currencies are USD and EUR. It is worth nothing that the minimum trade volume is 0.10 lots and the maximum trade volume is 10,000 lots.

Instaforex Demo Accounts

As a reliable broker, InstaForex also offers a demo trading account. This is great for so many reasons. Firstly, with a demo account you can improve your trading skills and familiarise yourself with different trading strategies. Secondly, with a demo account, you can get a feel for the Forex market and what trading is all about. Finally, you can try out InstaForex’s platforms and trading tools. This is very important for new Nigerian traders, especially if it’s your first time trading.

Instaforex Islamic Accounts

All of the InstaForex accounts are available as Islamic Accounts, and you can choose this option when opening your online trading account.

Instaforex PAMM Accounts

InstaForex does offer a PAMM service. PAMM accounts allow Nigerian traders to invest in proven strategies executed by expert traders and take a share of the profit. This service can be very helpful for new traders, as it means they can benefit from a fully-managed investment portfolio and  live investment updates.

Instaforex Spreads

As part of our Instaforex review, we checked their spreads. Nigerian traders get access to very competitive spreads. The spreads available depend on your account type. For example, you can get spreads from 3.0 – 7.0 pips on with the Insta Standard and Cent Standard accounts. You can also get zero spread trading on the Insta Eurica and Cent Eurica accounts.  

Instaforex Commission

As part of our Instaforex review, we checked their commission. Nigerian traders get access to very low commissions. The commission fees depend on your account type. For example, you can get low commission trading 0.03%  on the Insta Eurica and the Cent Eurica accounts..  You can also get zero commission trading on the Insta Standard and the Cent Standard accounts.

Instaforex Leverage

Nigerian traders get access to very high leverage. The leverage available depends on your account type and trading instruments. That said, you can 1:1 – 1:1000 on most trading accounts, for deposits less than $1000. 

Instaforex Fees

InstaForex is very transparent when it comes to their fees. Their Standard accounts come with  zero commission trading, with all trading costs included in its fixed spreads. Meanwhile their Eurica accounts come with zero spread trading, with all trading costs included in a commission of between 0.03% – 0.07%, depending on the instrument. This fee system is very straightforward and makes it easier to manage your trading costs. 

It’s worth keeping in mind that there are also other fees that may be charged to your account. For example, InstaForex also charges a small currency conversion fee on some transactions. It also charges withdrawal and inactivity fees. Check their website for details. 

Instaforex Registration – How To Open An Account 

As part of our Instaforex review, we looked at their online registration requirements. If you live in Nigeria, then you are eligible to open an online trading account at Instaforex under their FSC subsidiary. The registration process is quite simple and you can register online.

The first step is to register online. This is so that Instaforex can gather some basic personal data and create your account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.

The next step is to take a short test about online trading. This is so that Instaforex can determine whether their online trading services are suitable for you. At this stage, all you need to do is show Instaforex that you have the skills and knowledge needed to trade properly. If you pass the test, you will be fully registered and ready to open an account.

The final step is to complete the KYC process, submit your documents, and choose your preferred account type. This is so that Instaforex can process your trades. At this stage, all you need to do is deposit funds, using your chosen payment method.

Instaforex Registration – How To Verify An Account

To open a live trading account you’ll need to show Instaforex a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The account verification process is simple. You can provide copies of your National ID card, Passport or Driving License . You can also provide copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add funds and start trading.

Forex Bonuses

As part of our Instaforex bonus review, we looked at what forex bonuses are available. They have several forex bonuses for you to choose from. They also run trading contests. Their promotions change regularly so it is worth checking their site for updates. 

100% Bonus

InstaForex gives you a unique opportunity to get a 100% bonus on your first deposit. You just need to open and top up an Instaforex account and fill in the application form. Bonus funds are not available for withdrawal and are credited to deposit up to $2000 but you can withdraw all the profit from these funds without any restrictions. T&Cs apply.

55% Bonus

InstaForex gives you a unique opportunity to get a 55% bonus on all of your deposits. You just need to open and top up an Instaforex account and fill in the application form. Bonus funds are not available for withdrawal and are credited for each new deposit. You can withdraw all the profit from these funds without any restrictions. T&Cs apply.

30% Bonus

InstaForex gives you a unique opportunity to get a 30% bonus on all of your deposits. You just need to open and top up an Instaforex account and fill in the application form. Bonus funds are not available for withdrawal and are credited for each new deposit. You can withdraw all the profit from these funds without any restrictions. T&Cs apply.

Chancy Deposit

The Chancy Deposit is a competition, based on a lucky draw. To take part, you need to deposit a minimum of $3000. You will then be automatically added to the competition draw. At the end of the month, one prize winner is chosen at random and their trading account is credited with the prize funds. The amount of prize funds changes every month.

Payment Methods

As part of our Instaforex review, we looked at what payment options are available. As the Instaforex minimum deposit amount is so low, opening an account is fairly easy. They also offer a wide range of convenient payment methods, including popular e-wallets. 

Instaforex Deposits

Deposits Methods

InstaForex has many deposit methods. These include credit cards, debit cards, and bank wire transfer. It also accepts Skrill, Neteller, Payoma, and Sofort. The average deposit processing time is three hours. Most deposits are free of charge.

Instaforex Minimum Deposits

Instaforex has very low entry requirements in terms of its minimum deposits. The Instaforex minimum deposit is $1 on all of the account types. This means that you can choose whichever account best suits your needs in terms of leverage, spreads, and commissions. It is worth keeping in mind that some payment methods may have their own minimum deposit requirements, higher than the account requirements. 

Instaforex Withdrawals

Instaforex Withdrawal:  Rules, Options, Methods

The company has many withdrawal methods. These include credit cards, debit cards, and bank wire transfer. It also accepts Skrill, Neteller, Payoma, and Sofort. The average Instaforex withdrawal times are mostly in line with the industry standards. For instance, bank wire withdrawals have a 2% fee and take 2-4 days to process.

Instaforex Withdrawal Fees

Many of the Instaforex withdrawal methods have fees attached. The fee is usually between 0.5 – 2% of the total transaction amount.

Instaforex Withdrawal Problems

Instaforex is a regulated broker and takes client fund safety very seriously. In order to comply with their regulatory requirement, and to ensure funds are safely returned, Instaforex insists that all Instaforex withdrawal requests from a trading account must go to a bank account or a source in the trader’s name. 

During the withdrawal process, InstaForex reserves the right to request further documentation or to decline a withdrawal request to withdraw money using a specific payment method. Instaforex also reserves the right, if it is not happy with the documentation provided, to reverse a withdrawal transaction and deposit the amount back in your trading account.

Trading Platforms

InstaForex uses one of the industry’s most powerful trading platforms – MT4. There are several different versions of the platform available – including MT4 for PC, MT4 for mobile, and MT4 Webtrader. 

MetaTrader4 – MetaTrader4 (MT4) is great for new  traders. It has a user-friendly design and many helpful trading tools. You can use it to trade many instruments including forex, stocks, and indices. The Instaforex MT4 trading platform has plenty of charting tools, order execution types, technical indicators, and analytical objects. 

InstaForex also uses another of the industry’s best trading platforms – MT5. There are multiple versions of the MetaTrader platform available – including MT5 for PC, MT5 for mobile, and MT5 Webtrader. 

MetaTrader5 – MetaTrader5 (MT5) is also another great choice for beginner traders in Nigeria. It has a simple design and an easy-to-use interface. As with MetaTrader4, you can use it to access and trade all your favourite trading instruments. The Instaforex MT5 platform also has a wide selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. 

Trading Tools

Instaforex offers a wide range of helpful trading tools designed to help you carry out better research and make more informed trading decisions. These tools include a VPS hosting service, a copy trading service, various educational apps, and several market analysis resources. 

• VPS – They offer free VPS services to Nigerian traders with more than $5000 in their trading account. The service is provided by a third party company called Beeks FX. The hosting only runs on Windows OS.  

• ForexCopy –  They offer a free copy trading service. Their ForexCopy mobile app will help you find expert traders to follow and give you the opportunity to copy their trading strategies and potentially make money on their successful trades. 

• Forex Signals –  They offer a free trading signals service. Their Forex Signals app helps you carry out market analysis, find new potential trading opportunities, and stay on top of key market developments.  

• Forex Strategies – They offer access to forex trading strategies. Their Strategies app, helps you learn about different trading strategies, gain additional trading knowledge, and use the information provided to potentially earn profits. 

• Forex Quotes and Analysis – They offer a free market analysis service. Their app helps  traders to get quotes, read financial news, stay on top of economic events, monitor market conditions, and receive market reviews from experts.

Extra Trading Services

InstaForex offers trading technologies for trading binary options. You can trade instruments like intraday and expiry binary options using their cutting-edge services.

Education and Research

As a beginner-friendly forex broker, InstaForex provides both a forum community and education centre. The forum is a training ground where Nigerian traders can learn about forex and perfect their trading skills. Meanwhile, the education centre has an eLibrary complete with training guides and learning materials. The education centre also has online tutorials, videos, eBooks, and journals.

Trading Hours

Instaforex operates during standard trading hours. You can open trades whenever the forex market is open. Trading hours may vary on public holidays.

InstaForex Customer Support

As part of our Instaforex review, we also check their customer support. The InstaForex Support team offers excellent customer services and is quick to respond to any customer inquiries. You can reach them via live chat, email, or phone.

Our Verdict

InstaForex offers high quality trading services including a PAMM system, a copy trade system, and an instaWallet system. It also offers excellent educational materials, great trading conditions, and a high level of trading support. This makes InstaForex a great choice for all traders – whether you’re just starting your journey in Forex or if you’re looking to change to a better broker!

InstaForex Broker Review FAQ

Ready to start trading? Register for an online trading account with InstaForex here.

InstaForex Broker Review – Similar Brokers

InstaForex is a great forex broker. However, if you want to look at all your options, there are also many other good brokers in Nigeria to choose from. Here are some brokers like InstaForex.

Looking for more information? Check out some of our other forex broker reviews.