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Instaforex, are they honest and reliable?

  • #21
  • Jun 9, 2011 9:24am Jun 9, 2011 9:24am
Quoting Takisd
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.
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 .

This is what I call spam. The only aim of this reply is to offset the latest reply already saying that...
Nowadays most traders after facing a problem with their brokers turn for help at the wellknown Internet-community ForexPeaceArmy. This project claim themselves defenders of traders' rights. They create illusion that they fight with scam at the arena of Forex-market. But what do we have in reality?

The so called "fighters for the justice" are nothing more than fraudulent hacker project! Can you find any real name of the project members? Or have you ever seen any real contact of them? No doubt, you can not give positive answers to these questions. Because FPA does not provide traders with contacts except e-mail. ForexPeaceArmy is ABSOLUTELY ANONYMOUS project hiding behind forum nicknames and self-confident accusations in address of brokers.

They earn lots of money by advertisement, which is sold due to the popularity of resource, which in its turn is gained due to BLACKMAIL. In that way the vicious circle of this project shows the common structure of its business.
  • #22
  • Edited 10:47am Jun 9, 2011 10:18am | Edited 10:47am
Here is some info. about InstaForex. They are an ECN Forex broker that is founded in the Russian Federation and is registered with and regulated by The Federal Financial Markets Service in Russia according to their website. They have no offices or any investment branches in USA so they are not regulated by the CFTC in the US or the FSA in the UK.

Their affliate trading company under their "partnership program", ZtradeFX LLC, a Connecticut LLC., however, is currently being sued by the CFTC for illegally soliciting new clients in the US without being registered with the CFTC under the Dodd-Frank bill. There was another "InstaForex" on the "being sued" list but it turns out that's another completely different Forex company registered in British Virgin Island that bears no relation with InstaForex from Russia.

Here is the CFTC sue list and InstaForex's clarification:

http://forum.instaforex.com/index.php?showtopic=3893

Here is another article about some practices about InstaForex by another independant Forex review site other than Forex PeaceAmy which btw DOES help traders in recovering funds from unscrupulous brokers:

http://www.forexfraud.com/forex-arti...ble-fraud.html

My opinion? Since they are not registered with anyone, I wouldn't touch them unleess you trust the Russian Federation regulators. So far they are not breaking any laws outright but judging from what's being reported, I wouldn't consider them safe and would definitely stay away from them.
Make your losses in demo. Earn your profits live.
  • #23
  • Jun 9, 2011 1:47pm Jun 9, 2011 1:47pm
Quoting AlexandraIFX
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.
LOL reqotes are the result of virtual pluggin you use to delay execution.

I don't believe that a market maker now still defend that requotes are price changes.

This is a well know feature in MT4 that most kinky brokers like insta use.

Don't ever try to trade news or you will be totally requote requote. Why this don't happen with STP & serious broker? Because insta main goal is getting maximum spread chunk more than shown.

How can a market maker hold 3 pips spread while interbank on some news like ECB later or NFP can be over 5 pips. So bucket shops will hold that 3 pips FALSE claim then requote you requote you until you accept the real spread. But when the interbank is low they will cash all the spread difference.

So fixed spread is a SCAM. That's it they can't hold it all time & switch requotes & dealing desk.
Brokers are angels
  • #24
  • Jun 9, 2011 1:52pm Jun 9, 2011 1:52pm
Quoting Forexia
Here is some info. about InstaForex. They are an ECN Forex broker that is founded in the Russian Federation and is registered with and regulated by The Federal Financial Markets Service in Russia according to their website. They have no offices or any investment branches in USA so they are not regulated by the CFTC in the US or the FSA in the UK.

Their affliate trading company under their "partnership program", ZtradeFX LLC, a Connecticut LLC., however, is currently being sued by the CFTC for illegally soliciting new clients in the US without...
Instaforex is not regulted in russia:

http://instaforex.com/regulations_raufr.php

Wath the regulation body is an association of broker that claim self regulation. It's like NFA run by FXCM/GAIN/FDD/CITIFX that's the biggest joke I ever saw.

They will not go regulated under FSA/NFA or ASIC because they are totally unregulated & can do what they want.

Insta forex is a bucket shop.

Regards
13
Brokers are angels
  • #25
  • Jun 9, 2011 3:01pm Jun 9, 2011 3:01pm
Quoting fx13
LOL reqotes are the result of virtual pluggin you use to delay execution.

I don't believe that a market maker now still defend that requotes are price changes.

This is a well know feature in MT4 that most kinky brokers like insta use.

Don't ever try to trade news or you will be totally requote requote. Why this don't happen with STP & serious broker? Because insta main goal is getting maximum spread chunk more than shown.

How can a market maker hold 3 pips spread while interbank on some news like ECB later or NFP can be over 5 pips. So...
I thought they are an ECN broker which is what they stated on their website. That means they participate in an electronic network market participants and they are there to just link the buyers with the sellers and receive a commission in return so WHY would they need to requote or maintain fix spread??

And what's even more funny is their following statement:

Quoting AlexandraIFX
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.
Well if you are an ECN then you are not trading at all in the market as a principal. And if you are not trading at all, then where is this "risk of loss" coming from?? How do you get a "loss" if you don't hold any positions??

They think that we traders are this naive that as long as they plaster a label on themselves as "ECN" we wouldn't know truly how they operate?? They don't even know what they are talking about when it comes Forex trading.
Make your losses in demo. Earn your profits live.
  • #26
  • Jun 9, 2011 3:03pm Jun 9, 2011 3:03pm
Quoting fx13
Instaforex is not regulted in russia:

http://instaforex.com/regulations_raufr.php

Wath the regulation body is an association of broker that claim self regulation. It's like NFA run by FXCM/GAIN/FDD/CITIFX that's the biggest joke I ever saw.

They will not go regulated under FSA/NFA or ASIC because they are totally unregulated & can do what they want.

Insta forex is a bucket shop.

Regards
13
Oh my bad for not reading it carefully. They are even worse than I thought. Anybody who wants to trade with them is beyond my guesses. Their spread is not even competitive.
Make your losses in demo. Earn your profits live.
  • #27
  • Oct 16, 2011 1:02am Oct 16, 2011 1:02am
yeah there are scam. dont thrust them i`m already done with them. always no connection when you are in wrong OP. they know you want to close it someone playing a game here. always requotes when you want to close it so what can u do just sit and look your equity drop to bottom level haha man.. when i`m email to them it easy it my ping problem lol..i have a client under my link they also have a same problem. i never trade with this broker i`m justa partner with them. when i try to use this broker now i understand my client problem. dont take risk find another broker.i`m done with them!!
  • #28
  • Oct 25, 2011 8:24am Oct 25, 2011 8:24am
Quoting trader12345
yeah there are scam. dont thrust them i`m already done with them. always no connection when you are in wrong OP. they know you want to close it someone playing a game here. always requotes when you want to close it so what can u do just sit and look your equity drop to bottom level haha man.. when i`m email to them it easy it my ping problem lol..i have a client under my link they also have a same problem. i never trade with this broker i`m justa partner with them. when i try to use this broker now i understand my client problem. dont take risk...
It was only your fault that you started trading with them.
Their website and these "contests" with Porsche and Lotus are the clear hint for traders that they are scam. Then, who will trust a company which management consists of former seamen???
  • #29
  • Oct 25, 2011 9:26am Oct 25, 2011 9:26am
i never had a real instaforex account...but once i joined their contest...and during that contest i had many problems...once i made +160 pips and the server didnt add that profit to my account even after i closed them with the profit...
another thing...their server is mostly "busy" which doesnt give u the opportunity to close ur orders or modify them...
their analysis in their website generally doesnt reflect the reality...they are not trustworthy too...

to sum up...i have only had a contest account with instafrex and it sucks...stay away from it )
Imagination rules the world ...
Selym Hyll Return This Year: na
  • #30
  • Oct 29, 2011 2:13am Oct 29, 2011 2:13am
A friend of mine tried to trade with Instaforex. According to his words the broker didn't let him close the position with about 80 pips of profit because the server suddenly became "not responding". That was kind of strange since there wasn't any high volatility at that time.
  • #31
  • Nov 29, 2011 9:34am Nov 29, 2011 9:34am
did a local deposit and withdrawal from Thailand. Pretty efficient. Plus rebates are solid.

I'm using the 4 digit account. The only way to get 5 digit pricing is to open live account under the Europe server. They are definitely using the virtual dealer plugin or some variation of it, because I am being re-quoted a new price, but the price on the chart is not changing. But all in all, their cabinet is very comprehensive and they do have good live support, if you use the skype option... Made some modifications to allow 1 Pip slippage, and now i rarely see requotes and grid EA is seemless.

1:1000 leverage allows for "all-in" approach on high probability setups.
Measure trends automatically with zero lag
  • #32
  • Nov 29, 2011 9:12pm Nov 29, 2011 9:12pm
Quoting ybfjax
did a local deposit and withdrawal from Thailand.
Which is illegal.

Quoting ybfjax
1:1000 leverage allows for "all-in" approach on high probability setups.
1:1000 says it all. Having fun lining the pockets of a very bad market maker?
  • #33
  • Nov 29, 2011 10:07pm Nov 29, 2011 10:07pm
Quoting jafar00
Which is illegal.



1:1000 says it all. Having fun lining the pockets of a very bad market maker?
How exactly is that illegal? It must be from the same account you funded with. You cannot fund with wire transfer and withdraw via moneybookers. It must be the same method for withdraw. The only exception is credit card deposits after a certain time period. Or if one deposit method is no longer available. If you use multiple methods, then the proportions of withdraw are similar. So it is best to deposit with only 1 method per account, and then do internal acct-to-acct transfer. VantageFX also has local deposit options (outside australia), as do other brokers who have clients in different parts of the world. Depends on how they do things in that part of the world. Thai is a cash society.

they do have some slippage of a pip at least 20% of the time. But that's the price you pay for the flexibility. Getting in and out of trades is not a problem. If that's not what you want, there are other brokers. Because my strategy is so flexible, I can use just about any broker and be profitable. Obviously higher leverage allows more buying power

i have my reservations, but I decided to try them out and so far I am impressed. Especially with the cabinet, ive only seen that level of sophistication with Fxopen and MBtrading. They encourage security which is a good thing. It does seem like their skype support is staffed by their own people whereas the live chat on website can sometimes be answered by some outsourced persons. They even have support on the weekends sometimes.
Measure trends automatically with zero lag
  • #34
  • Dec 20, 2011 12:14am Dec 20, 2011 12:14am
I've been trading with InstaForex for about a year. I've had no problems with "no connection". I do get re-quotes often but this doesn't really bother me. When it comes to making a withdrawal (moneybookers) its a bit of a worry, they state up to 7 hours. It takes about 2-3 days everytime. 3 pip spread on most pairs - not the best.
  • #35
  • Dec 20, 2011 4:18am Dec 20, 2011 4:18am
Quoting ybfjax
How exactly is that illegal? It must be from the same account you funded with. You cannot fund with wire transfer and withdraw via moneybookers. It must be the same method for withdraw. The only exception is credit card deposits after a certain time period. Or if one deposit method is no longer available. If you use multiple methods, then the proportions of withdraw are similar. So it is best to deposit with only 1 method per account, and then do internal acct-to-acct transfer. VantageFX also has local deposit options (outside australia),...
You will find that unlicensed forex brokers taking cash deposits are acting illegally. Check it with the BOT.

Not to mention it violates all manner of AML legislation. :o
  • #36
  • Dec 20, 2011 5:29am Dec 20, 2011 5:29am
Quoting jafar00
You will find that unlicensed forex brokers taking cash deposits are acting illegally. Check it with the BOT.

Not to mention it violates all manner of AML legislation. :o
I know of another company that processes local deposits: GlobalCollect. VantageFX uses them. You still must withdraw with same method (or to the payoneer debit card), which would require that you have a bank account in the same name as account holder. In countries like that and thoughout SE Asia, cash is still used very heavily. Done several deposits and withdraws without any issues. It's best to open an account under the IB of the guy. He offers a discount off the exchange rate if you use his accounts. He also offers rebates, but better off using cashbackforex. They have better rebate and infrastructure to process them. You can open multiple accounts and then just do acct-to-acct transfer request in the cabinet.

Not sure how exactly it violates AML. They may not be as strict as other companies, but it gets the job done. I tried to do a withdraw from account that never had a local deposit, and I was denied, even though it had the same email address and name on the account. No exceptions were made. I had to transfer the money back to the same account I funded with.
Measure trends automatically with zero lag
  • #37
  • Dec 20, 2011 5:41am Dec 20, 2011 5:41am
Quoting RBlackburn
I've been trading with InstaForex for about a year. I've had no problems with "no connection". I do get re-quotes often but this doesn't really bother me. When it comes to making a withdrawal (moneybookers) its a bit of a worry, they state up to 7 hours. It takes about 2-3 days everytime. 3 pip spread on most pairs - not the best.
I was getting requotes often, but then i adjusted the slippage in the EA to 1 pip, and requotes rarely ever happen now on their UK server. Their "europe" server (in texas, USA), has 5 digit pricing (same fixed spreads, but more precise) doesn't slip as much.

I get around the 3 pip spread by getting rebate. So it ends up being 1.7 pips spread, and you have to wait for the 2nd day from daily rollover to receive rebate. Actually, I got a special deal to where I get an extra 0.3 pips, but have to wait for CBF to manually process that.

Their support (skype) has been very efficient for the most part. I do not like moneybookers (vs paypal). Their support is terrible. But some people don't seem to have a problem with them. And some brokers use their gateway to process credit cards. Unfortunately, they require that you sign up with them.
Measure trends automatically with zero lag
  • #38
  • Dec 21, 2011 6:32pm Dec 21, 2011 6:32pm
Quoting ybfjax
Not sure how exactly it violates AML. They may not be as strict as other companies, but it gets the job done. I tried to do a withdraw from account that never had a local deposit, and I was denied, even though it had the same email address and name on the account. No exceptions were made. I had to transfer the money back to the same account I funded with.
Have a read of some AML/CTF legislation. http://www.austrac.gov.au/aml_ctf.html

If Instaforex is taking cash deposits, they are involved in money laundering for the drug and prostitution trade a well as being involved in the financing of terrorism whether they know it or not.
  • #39
  • Dec 21, 2011 10:03pm Dec 21, 2011 10:03pm
Quoting jafar00
Have a read of some AML/CTF legislation. http://www.austrac.gov.au/aml_ctf.html

If Instaforex is taking cash deposits, they are involved in money laundering for the drug and prostitution trade a well as being involved in the financing of terrorism whether they know it or not.
- instaforex is regulated in Russia, and I was referring to Thailand (and other SE Asia countries).
- Your link did not specify that forex broker (regulated in Australia) could not take cash deposits
- Both VantageFX and GoMarkets accept local cash deposits in Australia (maybe that has changed).

Like I said earlier, not all countries are credit based, and still deal heavily in cash. This does not make them money launderers.
Measure trends automatically with zero lag
  • #40
  • Dec 22, 2011 12:44am Dec 22, 2011 12:44am
I'm using their European sever. I get re quotes. I'm more concerned about them using VDP & not processing withdrawals properly. I'm moving all my funds to axi-trader within the next month (if instaforex will give them to me).
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