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Instaforex, are they honest and reliable?

Quoting ybfjax
No problems here either. And Russia will be getting (more) proper regulation for forex in 2013, according to ForexMagnates.
That decision will not affect Instaforex as they are hiding out in BVI.
translate with google
and u'll undersand that traders have no chance to win

http://forum.masterforex-v.org/index...howtopic=25767
i used instaforex for few months, no problem to withdrawl.
but i don't recommend insta, its not regulated. i used it just because it supports LR and posting bonus.
OANDA or FXDD is a better choise.
How about FXopen ? Are they reliable ?
FPA lists them as scam. My friend has been scammed by them as well
Quoting ybfjax
Well, how well did the regulation stand up again MF Global, Leman Brothers et. al? It's up to the trader. It usually takes someone like Bernie Madoff to remind people that you (not your public servants) are responsible for your trading decisions. A legit company going under is actually worse than a scammer, because people really put their faith in the legit ones, seeing as the statutes/regulators supported their operations.
You make a very valid point which a lot of people miss, that the customers of any business can't & shouldn't rely on government aka politicians & bureaucrats & their "regulations", which are either designed by idiots who don't know what they are doing or by scum who will design the "regulations" in a way that suits those who offer bribes, anyone who's been in a government offices & seen how these bureaucracies work should know that they are neither capable nor interested in protecting anyone, all politicians & bureaucrats are interested in is to fill their pockets, in fact, governments themselves are the biggest scam of all, where people fool others into a false sense security in return for the "legal right" to rob & coerce everyone

Whether there's regulation or not, people will still be scammed because there's no shortage of fools who hand over their money to a business without doing their due dilligence & research, such people are bound to lose their money one way or another, if not through scams then by making bad trades because it's highly likely that they didn't do their research & education on forex-trading either; all "regulation" does is restrict freedoms of the wiser people who aren't fooled by scams & would like freedom of choice - FIFO & 50:1 leverage-restriction are a prime example of idiotic & possibly corrupt use of coercion by the "regulators", it restricts legitimate freedoms of wiser heads to supposedly "protect" those ignorant ones who won't do their due diligence, but again such people will continue to lose money one way or another, either thru scams or thru bad trading, no amount of "regulation" is going to help there - a fool and his money will soon be parted.

An unregulated market could in fact be better because it won't lull people into a false sense of security that politicians & bureaucrats are going to save their ass, MFGlobal & many other "regulated" businesses are perfect examples, & therefore in an unregulated environment, customers will actually be more vigilant & there will be even closer scrutiny of any & every business by the customers before doing business with them, & businesses will have to prove their product to the "desirable regulators" aka the customers themselves, otherwise they won't get business (except of course from fools who won't do their due diligence but then no one can "protect" them anyway).

Just like people learned that politicians & bureaucrats centrally planning agriculture, industry & entire economies wasn't the brightest idea, I hope some day, people will realize the best form of "regulation" is market-regulation which comes from the vigilant customers exchanging their views, NOT from politicians & bureaucrats who are only busy lining their pockets.
Forums like this one & FPA & such are probably the best form of regulation & in absence of government-regulations, such decentralized & more effective form of regulation will take precedence amongst the customers
The best position to be in is to have one branch in a stronger regulation and one part not in strict regulation area, or licenses in multiple jurisdictions, so you can have business from maximum amount of clients. It's unfortunate that clients in some jurisdictions cannot pick exactly what broker they want to do business with do to their residency (see this recent string of posts with hotforex thread)

Recently instaforex has implemented some more aggressive delays in order fills (8-12 seconds PER order), but after getting in touch with the dealer, they brought it back down to 2-3 seconds, and less requotes. I cannot confirm that they were targeting certain clients or all clients. I think they are trying to stop scalpers, but more specifically the ones who flood the broker with a lot of pending orders that do not get filled. Support insisted that I "contact the dealer" which I did in a rather lengthy email, but it got sorted out. Ironically I was still profitable (net). The local deposits and withdraws are pretty cool, usually 8-24 hours from request. The fees are acceptable, especially if you open an account under the IB of the local exchanger.

Other than that, their live support could be improved. 8 times out of 10, they like to give a copy/paste vague reply, as if the support staff is in India or something and cannot answer some question directly.
Measure trends automatically with zero lag
Quoting khaledtag
i have been trading live successfully with insta but with a tiny deposit ... now i'm thinking about depositing $2000

i heard that all brokers that use online payment processors are not reliable

i thought about FXDD but the $35 commission the bank takes every withdrawing is backing me up

so depending on your experience what is the best for me ?
hi,
I'm facing same trouble,really I also heard that,mostly broker's are not reliable.
Quoting ybfjax
The best position to be in is to have one branch in a stronger regulation and one part not in strict regulation area, or licenses in multiple jurisdictions, so you can have business from maximum amount of clients. It's unfortunate that clients in some jurisdictions cannot pick exactly what broker they want to do business with do to their residency (see this recent string of posts with hotforex thread)
Do you realize that all this "regulation" involves increasing the costs of running the business? They must hire & pay people to look after whether everything is "in compliance", they must hire lawyers to interpret the complex regulatory crap & not to mention, bribes are inevitable in government offices otherwise they will hold you up & create problems! Being "regulated" in many jurisdictions means more such costs! How do you think all these costs will be met? Well, as is natural with any business, the business must raise its prices otherwise, which means they will either have to increase their spreads or cut costs elsewhere, which will lower their efficiency, be it the support-staff or systems or management or whatever!
Besides, even these increased costs don't do shit because the bad businesses can always bribe the "regulators" & get things done anyway while the good businesses who didn't even need to incur these costs aren't able to provide better service to their customers.

Pardon me if I'm wrong but they mayn't be able to open different "branches" with different rules to get around FIFO, leverage, etc, it will probably have to be a separate registered company; so let's say Broker ABC is "regulated" under US jurisdiction then all its "branches" will be under its regulation, either that or they'll have to register a different company elsewhere if they wish to offer services which are outside the specified scope of American "regulators"

Of course, working around present "regulations" is important but in the long-run, we must question whether people have rights to engage in peaceful voluntary engagements or not, if yes then what right do some idiots have to tell anyone whether one can engage in a perfectly voluntary & legitimate activity like trading on higher leverage or hedging, which does NOT involve stealing, defrauding or killing anyone

Quoting ybfjax
Other than that, their live support could be improved. 8 times out of 10, they like to give a copy/paste vague reply, as if the support staff is in India or something and cannot answer some question directly.
I think that's more or less the case with most brokers, most of the times, they don't have a competent support-staff, usually they won't have a clue about how to resolve problems; personally, I wouldn't mind paying a pip more on the instruments, if I'm assured of a functional support-staff, which has a clue about how to resolve problems, if & when they do occur.
Quoting r41225
Do you realize that all this "regulation" involves increasing the costs of running the business? They must hire & pay people to look after whether everything is "in compliance", they must hire lawyers to interpret the complex regulatory crap & not to mention, bribes are inevitable in government offices otherwise they will hold you up & create problems! Being "regulated" in many jurisdictions means more such costs! How do you think all these costs will be met? Well, as is natural with any business, the business must raise its prices otherwise,...
I agree. It's amazing when you see entities like GoMarkets and IBFX Au were able to pull it off. Perhaps they started much earlier, but still it's quite a feat. The same is true in other similar jurisdictions, especially USA. I think FxOpen is still buried in ASIC regulation paperwork. Most of the multinational companies and savvyier small and mid-size businesses take the offshore route for certain parts of their development for the simplicity. Overall cost of raw material and labor is much cheaper in most cases, and regulations are generally more friendly to businesses requiring flexible operating conditions. You'd be surprised how difficult it can be (for a foreigner) to find reliable employees in some of these countries. Takes a lot of patience; as many of them have a laid back attitude on work ethics (western work ethics). Then again, you envy their stress-free living.

Quote
I think that's more or less the case with most brokers, most of the times, they don't have a competent support-staff, usually they won't have a clue about how to resolve problems; personally, I wouldn't mind paying a pip more on the instruments, if I'm assured of a functional support-staff, which has a clue about how to resolve problems, if & when they do occur.
Yep. We want it all. low spreads, low commissions, and perfect execution. I've learned to get past minor slippage and delays and look at the main benefits that each broker provides. If I'm getting in and out of trades reasonably for my strategy (i don't super-scalp) and the deposit/withdraw times are acceptable, then I'm ok.
Measure trends automatically with zero lag
Quoting duyk20
FPA lists them as scam. My friend has been scammed by them as well
its not the first accusative opinion about them.
+1.
very nice, good price..!
i have been trading with instaforex for some time now, i would say that their trade execution is instant compare to some other brokers. Their deposit method is instant if you are using LR. I have not made any withdrwal, but i believe their payment will be fast and they are honest. ithink most listen to what people say, that they forget to use their head.
check forexpeacearmy, they have lot of reviews there..
Please this one is a joke...when i first started i fell onto their good looking website..thought they were professional long before i know what a shady market maker is capable of...For top trading environment instaforex is one of the worst. I am a scalper so...even if there were no broker left in the world i still wouldn't use them.

I am not trying to close their shop..i just want to let them know that they should improve their trading conditions to compete in the competitive margin fx brokers arena. Because right now they s*&%s big time.

Regards,
Sorry for the harsh language guys..
I am a member of INSTAFOREX Broker. I was struck by the change in the graph of Instaforex Silver on the Day 12 September 2012 at 14:43. As You can see there is a sharp drop to 33.33 and then climbed back to 33.88. As usual I always check the correctness about the charts, but there was no drop value like this in that time. For comparison I take the example from Liteforex Broker and FOREXPROS the result is same, there was no such value on that time. I'm worried about this because I trust this Broker.
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I have been trading with them for 2 years.

Pro:

- 30% deposit bonus on all deposits
- 1.5 pip rebates
- fast withdrawal
- every problem i had was solved(eventually)

Con:

- some of their support doesn`t speak English well, making it hard to explain to them what`s the problem
- their platform cuts off at times(rare, for a few minutes)
- during spikes you may have problems with their platform(cuts off)

- lately(last and current week) it has been taking me 5 to 20s to open/close a trade. Not sure if it`s a con as it`s just recent and they may fix it, BUT i`m a bit suspicious about it.(it was like the 2nd day after i reached a milestone for my account)


Overall i was staying with them because ever since i started trading with them i had profits, and kept having them for the past 2 years. BUT lately i`m looking for other options... due to the slow order processing.

Hope this helped!
  • Post #97
  • Quote
  • Edited 10:22am Sep 17, 2012 10:11am | Edited 10:22am
Quoting alexandru987
I have been trading with them for 2 years.

Pro:

- 30% deposit bonus on all deposits
- 1.5 pip rebates
- fast withdrawal
- every problem i had was solved(eventually)

Con:

- some of their support doesn`t speak English well, making it hard to explain to them what`s the problem
- their platform cuts off at times(rare, for a few minutes)
- during spikes you may have problems with their platform(cuts off)

- lately(last and current week) it has been taking me 5 to 20s to open/close a trade. Not sure if it`s a con as it`s just...
Send an email to the dealer. include screenshot or copy/paste of a fewww trads from the journal tab clearly showing the 10 second delay. Their standard response is "orders can take up to 15 seconds to be executed during volatile market conditions." But 10-12 second on EACH order? And a possible requote on top of that? (they do a lot of asynchronous slippage). I complained to dealer intelligently and they reduced the fill delay to 2-3 seconds. Not perfect, but tolerable. They will not admit that they are delaying the orders intentionally, only the standard reply. No technical details for the exact reasons for the delay.

And yes, I've also experienced the mysterious disconnect during some news announcements. It usually lasts for 10-30 seconds and then the platform journal reports some bizarre disconnect error. I use grid trader with no stops (on individual trades placed on platform), so I can survive just about anything any broker can throw at me, although insta tested the limits. They are definetly NOT STP. GoMarkets and VantageFx have local deposit/withdraw options.
Measure trends automatically with zero lag
I feel like the downgraded me to the "hey let`s make him wait up to 30s to open/close a trade THEN requote him... so he can`t manage all his trades while the market is moving even 0.2 pips per 10s" server.

First i got this:

Quote
Kindly ask you take into account that accordign to 3.1.4 the amount of
time needed to process a request and order depends on the connection
quality between the Client terminal and the Company server, as well as
on the market conditions. With normal market terms, it usually takes
1-5 seconds to process the request and order. At market conditions
differ from normal this time might be extended to up to 10-15 seconds.

If you have any further questions, please do not hesitate to contact us.
Thank you for your letter.

Sincerely yours, Client...

Then this:

Quote
Dear Client,

Information has been passed to the Trading Operations Department. Please wait for the response. The Client claim will take no longer than 10 working days to be settled by the Company.

If you have any further questions, please do not hesitate to contact us.
Thank you for your letter.

Sincerely yours, Client Service
InstaForex Companies Group
http://instaforex.com

If it`s not solved in 10 days i`m changing brokers... going to start looking for a new one now. When i started i did not have the money to go to a good one as they were asking 5.000 up to 10.000$, however now i can pick one of those. Was staying with instaforex as i liked the 1.5pip spread on all majors(with rebate) but not like this....


All the best,
Alexandru
The issue above was fixed, yes the issue when withdrawing is sometimes it takes ages.... it says like 7h on the website, but in reality it can be 2 weeks, unless you specifically contact their finance department and ask what`s going on.... and this leads to trust issues...
When I made withdrawal request was to InstaWallet which they should send the passcode to my cellphone. It came after 3-4 days after contacted support and the code was not valid anymore. Then new request made and the cycle repeated. They blamed the mobile network service provider.

If I made a fresh transfer in, never had such issue but drawing profit was the issue.
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