InstaForex Is Why Im Broke

 50 Words on – Why you can go Broke with InstaForex?

A few years back, InstaForex gained a rather bad reputation and for the last years they’ve been trying to polish it up. The results have been mixed because it still seems like a bad vibe is surrounding this broker. Forex Peace Army, probably the most prolific online forum that tries to fight Forex scams, strongly advises against opening an account with this brokerage, following a scam case against InstaForex [1]. Furthermore, many people still complain a lot about Instaforex’s practices and at least one of the positive reviews has been proven to be submitted by InstaForex employees: ZackFx, allegedly from Madrid, Spain (actually from Peru according to FPA’s moderation team) writes a very positive comment but he/she used an instaforex.com e-mail address (according to FPA’s moderation team) to register his/her forum account [1]. Also, there have been accusations of profit canceling or “corrections” made to the accounts of clients.

 

How Can You Avoid Going Broke With InstaForex

  • Take Forex Peace Army’s advice and don’t open an account. Instaforex is blacklisted by the FPA and keep in mind that InstaForex and FPA had an advertising contract which FPA decided to terminate. I can only assume they clearly considered InstaForex a scam broker and didn’t want their names tainted.
  • Read clause 5.12 from InstaForex Terms and Conditions. It states that profits that exceed 10% of your account balance can be “corrected” if they were made as a result of a difference between an instrument’s price at market close and at market open or connected with a news release. Well, news comes out all the time so they could always say that my gain was connected to news. Weekly gaps (I assume that’s what they are referring to) don’t happen so often, but still, it’s a normal market occurrence so if I make a profit that exceeds 10% of my account, why can’t I keep it? It’s not like I cheated in any way.
  • Do not accept a bonus unless you read the Terms and Conditions of that bonus. Make sure you understand them and ask for written explanations if you don’t.
  • Do not deposit a high amount until you are certain you are dealing with a respectable, professional brokerage. Although the Internet is full of negative reviews about InstaForex, we have no way of knowing for sure which are legit or not and that’s why we recommend testing them on your own. However, a small sum should be used in our opinion.
  • Make a few withdrawal requests to test their responsiveness but keep in mind that a shady broker would process very quickly a small withdrawal while a large withdrawal might be dragged on for longer.
  • Do not trade during news releases. This is recommended with all brokers, but especially with InstaForex as they clearly state they can “correct” your winnings.

 

 

Editor’s Note – Would I Trade with InstaForex? You are Kidding, Right?

We have so many choices when it comes to brokers and we are not limited to companies from the country we reside in. So my mind cannot comprehend why someone would trade with a company that says they will cancel your profits if they exceed a certain percentage and if they are connected with news. Let’s leave aside all the talk, negative comments and user reviews because those could be faked. Ok, let’s imagine that nothing has been said about InstaForex online and let’s focus on the facts: InstaForex warns their clients in a public document that profits can be canceled for unclear reasons – and I use the word “unclear” because they just say “news” with no other details. For that fact alone, I choose not to invest with InstaForex.

 

References

  1. InstaForex on FPA

 

Have We Saved You From Going Broke?

  • InstaForex Gertrude

    Dear Blogger,

    Thank you for considering InstaForex as your broker, we greatly appreciate your comment. have a good day!

    Sincerely,
    InstaForex Gertrude

    Reply
  • charo34pip

    I don’t consider InstaForex as a scam. Personally, my trading is improving every with them and i always can withdraw my earnings without problems from its part. All its services are excellent, good contests and campaigns and excellent spreads. At leat, I will keep on trading with them.

    Reply
  • Roberto

    I can’t believe that there is people that consider InstaForex as a scam. I think this broker is the best of the market, very professional and reliable. All its services are good, especially contests and campaigns, where i can earn real money to my trading account and acquire more knowledge about Forex.

    Reply
  • Maria

    I recommend InstaForex because this broker provides me all the necessary for my daily trading. Bonuses are of a great help, especially when i don’t have enough money to keep on trading. Now with non deposit bonus, i don’t need to have money anymore.

    Reply
  • rocio_caceres

    I really like to trade with InstaForex. It was very easy to start trading with them. I could open a trading account free of swap and now, i can leave my trades all night without charges. Apart from this, customer service is good, always available to help you, no matter what time it is.

    Reply
  • Ginebra1800

    ### Warning – Possible Spam! ###
    No problems with this broker so far. Good execution of trades, even at busy trade hours. No requotes and they always respect my SL orders.

    Reply
  • Andy

    ### Warning – Possible Spam! ###
    Been trading with them since 2010, they have an outstanding services, fast deposits and fast withdrawals as well. My order of execution is fine and I do not meet re-quotes, this is why I trade with them.

    Reply
  • Hectorfx2014

    ### Warning – Possible Spam! ###
    InstaForex is the best company for me because I have received a lot of money thanks to the PAMM system. Their Customer Support always replies all my emails and gives all the information and help I ask for. They have the best trading conditions for their clients. I am so satisfied with my trading so far.

    Reply
  • Wondering

    What’s up with Instaforex?? they’re paying people to write good things about them?? that’s just crazy.

    Reply
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