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Instaforex, are they honest and reliable?

  • #1
  • First Post: Nov 18, 2010 11:17am Nov 18, 2010 11:17am
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 ?
  • #2
  • Nov 18, 2010 4:31pm Nov 18, 2010 4:31pm
lol @ instaforex... all you have to do is go to google and type "instaforex scam"..
  • #3
  • Nov 18, 2010 8:45pm Nov 18, 2010 8:45pm
i did , its just lame

so what about other brokers that accept online payment processors like FXCM or FXsol ?
  • #4
  • Nov 18, 2010 10:15pm Nov 18, 2010 10:15pm
most of them do. Check forexpeacearmy they have a list of most brokers and they have reviews etc. Although some reviews are biased, it gives you a sense of direction.
  • #5
  • Nov 18, 2010 11:12pm Nov 18, 2010 11:12pm
Tak isd
You mention at the bottom of your post that "A new broker is coming to Australia to set the pace of the regulated FX World"

Which one would that be?
  • #6
  • Nov 19, 2010 1:08am Nov 19, 2010 1:08am
I would be breaching ASIC's regulation by stating so, as its not all finalised. So I will not.
  • #7
  • Nov 19, 2010 1:26am Nov 19, 2010 1:26am
i recommended IBFX or FXCM(high spread) i think they are good.

i am using IBFX now and i am happy with them really, i moved from fxdd. it's a big gap difference, ibfx is much better, fxdd always disconnected during strong move or just disconected (almost 2 years with fxdd). these retail broker are ok.

you should do some homework, research them, begin the broker you like. the broker you like is the best broker.

oh .. i forget your amoung your deposit. you may go for ECN brokers. like MB trading(ecn) i hear that they are fine, or may be Dukascopy(ecn) it's swiss broker probably da best, or institution broker.

do research about ECN brokers. i dont know they are good broker or not till you get into the same boat with them. like i am using ibfx now.

may be you would start from here
http://www.babypips.com/tools/forex-brokers-guide/

sorry with my english is not my first languang.
  • #8
  • Nov 19, 2010 4:42am Nov 19, 2010 4:42am
thanks guys for helping me out , i see much clearly now ... though , i have to do some researches and take a look at forexpeacearmy and the babypips guide before deciding
  • #9
  • Nov 19, 2010 4:51am Nov 19, 2010 4:51am
Quoting khaledtag
thanks guys for helping me out , i see much clearly now ... though , i have to do some researches and take a look at forexpeacearmy and the babypips guide before deciding
also check out the thread they started at elite trader... they sure picked the wrong forum to advertise in!!!

if anything a few laughs!

http://www.elitetrader.com/vb/showth...hreadid=203376

Cheers,
  • #10
  • May 16, 2011 5:56pm May 16, 2011 5:56pm
Hello.
I have been trading with Instaforex for almost 2 years and always facing problem in making withdrawal. My current withdrawal for USD200.00 through Liberty Reserve is already unpaid for 2 days now and there is no sign that they will pay withdrawal. They said that the withdrawal can take up to 7 hours but they cannot be trusted and I faced this so many times before.

They have deducted my withdrawal in advance but didn't transfer it into my Liberty Reserve account.

Every time I ask the live support, they always say "be patient" or "its a long queue and you have to wait for that" . When I ask why they always deny my withdrawal and never answer it. When I email to both [email protected] or [email protected], they will say "We are still processing your withdrawal. I also give the operators on the live support the links for the online forum regarding their bad attitude and scam issues like withdrawals got denied, withdrawals not paid and returned back into trader's instaforex account and and a lot more.

What I feel shocked is that the operator on the Instaforex live support denied all the accusation on them and said that all those people are bad peoples who frame them to bring them down and always blackmail them for money especially the owner of http://www.forexpeacearmy.com .

I think Instaforex is very low capitalized or they are really a scam-er/greedy broker/evil broker.

Please somebody tell me how can I get back my money from this untrusted and ad scam broker.
  • #11
  • May 16, 2011 8:22pm May 16, 2011 8:22pm
Quoting ameirdin
the operator on the Instaforex live support denied all the accusation on them and said that all those people are bad peoples who frame them to bring them down and always blackmail them for money especially the owner of http://www.forexpeacearmy.com
actually that's amazing how brokers like insta are still able to get the new customers
  • #12
  • May 28, 2011 12:38pm May 28, 2011 12:38pm
Quoting provance
actually that's amazing how brokers like insta are still able to get the new customers
if InstaForex is a scam but still manages to get new clients then maybe they process selective withdrawal requests, maybe they pay some of their customers and not pay other customers, I think there must be some clients that are paid and they convince other people to choose instaforex, who knows...

I've just started trading with InstaForex and I've not made a withdrawal request yet, I will come back here to post when I'll withdraw money from Instaforex
  • #13
  • May 28, 2011 12:51pm May 28, 2011 12:51pm
I think you should not trading with Insta, i can tell you a lot of them, but it will be spam i think, as some one write before, just ask google (or any others search engine "instaforex scam"). Someone before advice you to look at forexpeacearmy. I will add - look at 100forexbrokers and earnforex - there are a lot of brokers to choose.
  • #14
  • May 29, 2011 3:31pm May 29, 2011 3:31pm
Quoting andelumut
wow, its good history trading,,
what untill now you trading in instaforex,?
This is what I call spam. The only aim of this reply is to offset the latest reply already saying that Insta is a scam!!

Insta is non regulated forex broker & come on bring it on saying it's regulated by russian body created by brokers! Nothing to compare with FSA/ NFA! Also insta love requotes. They had in the past moved profits from account member just check FPA & again same good advice google "instaforex scam".

13
Brokers are angels
  • #15
  • May 29, 2011 5:21pm May 29, 2011 5:21pm
In my opinion (at not only mine, it seems ) please get to a different broker and not instaforex.
I've been with them for a short time. No problem ofcourse to create an account and deposit and trade, but when it comes down to a withdrawal, hell unleashes
you enter the amount of money you want to withdraw, since im in Holland, its EURO, so i placed the amount of dollar in, and it would be converted to 1200 EURO it said.
All well you think...
THen 1 week goes by.... and a second week goes by....
in those 2 weeks the withdrawal was never processed, even when contacting them regularly by mail and live chat (live chat with people who don't read what you ask(!) and in very bad english).
After two weeks of nothing happening, i contacted them again and they said they couldn't send me the 1200 EURO, since the amount i entered did not convert to 1200 EURO anymore, since the rate was changed (duh... after 2 weeks! what you expect?). If they would have just processed it directly, it wouldn't have been a problem. And they did not notify about anything with the withdrawal processing..
This kinda pissed me off hard, so i was just flushing the money on the account in some bad trades (on purpose) and quit trading with them.
Instaforex.... never again
  • #16
  • May 31, 2011 7:01pm May 31, 2011 7:01pm
ido370, thanks for sharing your bad experience. Good to know.
  • #17
  • Jun 9, 2011 5:31am Jun 9, 2011 5:31am
Quoting Takisd
lol @ instaforex... all you have to do is go to google and type "instaforex scam"..

On the internet there are many feedbacks about our company, it is possible that some of them are negative to some extent. You can only appreciate our company's convenience and reliability after you've opened an account and started trading.
You cannot really believe everything you find on the Internet. It is possible that most of those feedback authors have never worked with our company and are in fact employees of rival companies trying to sabotage us.
  • #18
  • Jun 9, 2011 5:43am Jun 9, 2011 5:43am
Quoting fx13

Also insta love requotes.

13
Requotes are a result of the price change happened before the application has been accepted. Even a change of 1-2 points puts the company at risk of loss, which naturally affects the client. Requotes are common in any company. If the client attaches great significance to entering the market, we recommend setting a deviation value that would make a price change requote-free in case they occur before the application is provided by the trader.

It's a pity that black PR is prosperous.
  • #19
  • Jun 9, 2011 8:08am Jun 9, 2011 8:08am
Quoting ameirdin
Hello.
I have been trading with Instaforex for almost 2 years and always facing problem in making withdrawal. My current withdrawal for USD200.00 through Liberty Reserve is already unpaid for 2 days now and there is no sign that they will pay withdrawal. They said that the withdrawal can take up to 7 hours but they cannot be trusted and I faced this so many times before.

They have deducted my withdrawal in advance but didn't transfer it into my Liberty Reserve account.

Every time I ask the live support, they always say "be patient" or "its...
Hello! Please, give me the details of your problem situation: account number and date of the withdrawal. it will be closer to the facts.
  • #20
  • Jun 9, 2011 8:15am Jun 9, 2011 8:15am
Quoting ido370
In my opinion (at not only mine, it seems ) please get to a different broker and not instaforex.
I've been with them for a short time. No problem ofcourse to create an account and deposit and trade, but when it comes down to a withdrawal, hell unleashes
you enter the amount of money you want to withdraw, since im in Holland, its EURO, so i placed the amount of dollar in, and it would be converted to 1200 EURO it said.
All well you think...
THen 1 week goes by.... and a second week goes by....
in those 2 weeks the withdrawal was never processed,...
We will be glad to see the full picture of your situation. Please provide all the data.
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