InstaForex... what regulation do they have? | Forex Factory

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InstaForex... what regulation do they have?

  • #1
  • First Post: Nov 14, 2016 11:26am Nov 14, 2016 11:26am
Hello. I'm Noorx and was wondering why most of the new customers (which are newbies with $30 deposits) join this broker? It basically lies that it has fast execution with ECN model and blame me for my connection (with 100 ping) whenever I ask why their servers are so slow. They claim on their website that they use an ECN model, which I doubt. And they advertise success stories each day with clients who started with $10... wtf?

They also tell me that I can open an account (and withdraw) with them without verification, I feel this broker is designed to **** rookies who enter this business. with such high leverage, that's an assurance. I believe that this broker needs to vanish or else it'll keep scamming newbies who want to toss $50 in.

But their customer support is great. Seriously, live chat and phone is super fast. I don't think they give a shit about what we think. Didn't see that they hunt or mess with my profits, haven't done a withdrawal yet though.

So, what is their real body regulation?
  • #2
  • Nov 14, 2016 1:38pm Nov 14, 2016 1:38pm
Quoting Noorx
Hello. I'm Noorx and was wondering why most of the new customers (which are newbies with $30 deposits) join this broker? It basically lies that it has fast execution with ECN model and blame me for my connection (with 100 ping) whenever I ask why their servers are so slow. They claim on their website that they use an ECN model, which I doubt. And they advertise success stories each day with clients who started with $10... wtf? They also tell me that I can open an account (and withdraw) with them without verification, I feel this broker is designed...
Before they was regulated by Belize FSC but now I believe their regulation has been expired. So basically they are not unregulated and there is nowhere to complain on their mayhem. Also they are known for their bad reputation and numerous beefs from traders. You can check their FPA page for reference where they are labeled as scam. They advertise their services extensively in Russia where most newbies find their ill fate trying markets with them.
To recap: stay away from them as there is no opportunity for smooth trading experience with them.
  • #3
  • Nov 14, 2016 2:21pm Nov 14, 2016 2:21pm
Quoting leebsurag
{quote} Before they was regulated by Belize FSC but now I believe their regulation has been expired. So basically they are not unregulated and there is nowhere to complain on their mayhem. Also they are known for their bad reputation and numerous beefs from traders. You can check their FPA page for reference where they are labeled as scam. They advertise their services extensively in Russia where most newbies find their ill fate trying markets with them. To recap: stay away from them as there is no opportunity for smooth trading experience with...
Yes, agreed. Everything they claim is false, nothing is true there. Their website seems very professional but sadly its just not enough to convince me to trade with them. I usually don't turn to FPA because most of the reviews there are from losers that do not know how to trade or fake ones. But everything seems clear on this one, at least to an experienced trader.

what I really noticed is that their prices on a live account is very, very different and far from the ECN model...
  • #4
  • Nov 14, 2016 8:49pm Nov 14, 2016 8:49pm
I know this broker and traded with demo/real accounts since 2011. I do not have anything bad to say about them.

I can tell their demo MT4 servers are simply the fastest I tried so far, all the others I have tried has slow start up time or very slow order placement (> 1s).

There are people who say they're scam, this and that... Well, I cannot confirm it because I never had any problem.

Open your account with them at your own risk, anyway.
  • #5
  • Nov 15, 2016 2:45am Nov 15, 2016 2:45am
It's a Russian broker, as far as I know. I saw so much pages that promote Instaforex that strong doubts appeared in my head. Don't know if they are reliable. Of course, some good brokers as FXCM have many ads too, but in this case all these advertising is followed by negative feedback. I'd rather thought 100 times before starting to work with them
  • #6
  • Nov 15, 2016 6:53am Nov 15, 2016 6:53am
Quoting BlueKnight
I know this broker and traded with demo/real accounts since 2011. I do not have anything bad to say about them. I can tell their demo MT4 servers are simply the fastest I tried so far, all the others I have tried has slow start up time or very slow order placement (> 1s). There are people who say they're scam, this and that... Well, I cannot confirm it because I never had any problem. Open your account with them at your own risk, anyway.
Glad to know vigilant Insta reps are always here, although it will hardly help..
  • #7
  • Nov 16, 2016 11:28am Nov 16, 2016 11:28am
I have cent pro account there, sometimes my TP are not working, really just not working, i have to close them manually and asking sometimes 5 times then i see that has been closed very lower than TP level...
When it comes to withdraw, it seems like pay.co withdraw matter but i could not withdraw any money from there, are there anyone can able to withdraw any from there lately?
  • #8
  • Nov 17, 2016 11:25am Nov 17, 2016 11:25am
Quoting buxle
I have cent pro account there, sometimes my TP are not working, really just not working, i have to close them manually and asking sometimes 5 times then i see that has been closed very lower than TP level... When it comes to withdraw, it seems like pay.co withdraw matter but i could not withdraw any money from there, are there anyone can able to withdraw any from there lately?
You can't actually withdraw your funds from them? Can you explain more?
  • #9
  • Nov 17, 2016 12:19pm Nov 17, 2016 12:19pm
I have made some of my deposits via pay.co but i have paid directly from my maestro card, pay.co has not forwarded me to a pay.co membership signup page so i have assumed it was a vpos accepting my card payment directly so it was what i was going to do but when it comes to withdraw, Instaforex has told me that i have to withdraw my card payments to the pay.co membership but i do not have a pay.co membership, i have not opened pay.co membership, the system has taken my payment without a pay.co membership, i have told that several times to the instaforex but they have final my request that i can only withdraw my payments via pay.co to a pay.co account, not to my card! I have told this pay.co and they returned to me asking some details, i have provided them and then they never returned again to me.
I have told to the instaforex too, they just dont care and final my request although it was their problem with saying that again i have to withdraw to a pay.co account.
Whats more pay.co is not verifiying my new account by asking me a bill which is in english although i have provided them a turkish bill they dont accept it.
Scheme is simple: not paying.
  • #10
  • Nov 17, 2016 2:26pm Nov 17, 2016 2:26pm
Quoting buxle
I have made some of my deposits via pay.co but i have paid directly from my maestro card, pay.co has not forwarded me to a pay.co membership signup page so i have assumed it was a vpos accepting my card payment directly so it was what i was going to do but when it comes to withdraw, Instaforex has told me that i have to withdraw my card payments to the pay.co membership but i do not have a pay.co membership, i have not opened pay.co membership, the system has taken my payment without a pay.co membership, i have told that several times to the instaforex...
I'm sorry, but I did research about pay.co and it turned out they are very unreliable. They are not even known around the web, not even discussed. No wonder Insta accepts them (newly). I can't really inform you anything or even give you an advice about where would you complain, because there is no way you can, sorry to say. They are not even regulated. Their Russian and Belize finance licensing expired and they're on the illegal group listing on FCA and French regulators.
  • #11
  • Edited 2:48pm Nov 17, 2016 2:32pm | Edited 2:48pm
And I wanted to say something about those retards, they actually (tell you) in their FAQ that how much money you can earn with $1, and they reply ''It depends on your experience and knowledge skills''. what? I can't get it, how will I make a living out of 1 US dollar and why do they promote their success stories starting from $10? why would they take my $1 with no account verification. Doesn't make much sense.

I'm not saying their scammers, but stay away from these idiots, I mean it.
  • #12
  • Nov 18, 2016 12:38am Nov 18, 2016 12:38am
I just checked their website and it seems they are not regulated lol
  • #13
  • Nov 20, 2016 12:41am Nov 20, 2016 12:41am
I will not want to waste my time with Instaforex. I traded with them for something like 1 year, it was all fine with smaller withdrawals, but the moment i managed big profits, i was put in with Anti-fraud department and when you are there, it's just time wast to say anything because they are not there to hear anything instead they will simple tell that they FEEL i did something wrong even if there is no proof over it and just take away the winning part. The worst part for me was, i had to contact Customer Service every day to ask them to tell the Anti-Fraud department to reply because they were too proud of their work and wasn't even interested to reply even after countless replies! Luckily, i didn't lose anything with my own investment, but i lost handful of profits. I won't ever wish to work with such a garbage company that have no respect for clients.
  • #14
  • Nov 21, 2016 4:41am Nov 21, 2016 4:41am
Quoting pipshaman
I just checked their website and it seems they are not regulated lol
They're not regulated indeed, as far as I know. The Bank of Russia (which is the official Russian regulator) denied them a license recently, and I haven't heard about them being licensed even somewhere in an offshore zone.
  • #15
  • Nov 26, 2016 10:40am Nov 26, 2016 10:40am
Quoting mlawson71
{quote} They're not regulated indeed, as far as I know. The Bank of Russia (which is the official Russian regulator) denied them a license recently, and I haven't heard about them being licensed even somewhere in an offshore zone.
Yeah according to their website the story is a bit different, heres screenshot = http://www.photoshar.in/instaforex-regulation
  • #16
  • Last Post: Nov 28, 2016 6:05am Nov 28, 2016 6:05am
Quoting rockthepips
{quote} Yeah according to their website the story is a bit different, heres screenshot = http://www.photoshar.in/instaforex-regulation
It's about stock markets only , nothing changes for currency trading
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