InstaForex Review
Overall, InstaForex is considered low-risk, with an overall Trust Score of 84% out of 100. InstaForex is licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and two Tier-3 Regulators (low trust). InstaForex offers four different retail trading accounts and a minimum deposit of $1 (116 KES). InstaForex is currently not regulated by the Central Bank of Nigeria.
- Louis Schoeman
Jump to:
Overall Rating
- 4.8/5
Total Pairs
4
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
InstaForex at a glance
| 🏛️ Headquartered | The British Virgin Islands |
| 🏛️ Nigerian Based Office | No |
| 👍 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2007 |
| 📱 Nigerian Office Contact Number | None |
| ⚖️ Regulation | British Virgin Islands Financial Services Commission (BVI FSC) |
| 🔎License Number | SIBA/L/14/1082 |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | The United States |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 4 |
| 📊 PAMM Accounts | Yes |
| 📊 Liquidity Providers | J.P. Morgan, UBS, Barclays, HSBC, Morgan Stanley & Citibank |
| 👍 Affiliate Program | Yes |
| 📈 Crypto trading offered? | Yes |
| 📈 Offers a Nigerian Account? | No |
| 👨💼 Dedicated Nigerian Account Manager? | No |
| 📈 Maximum Leverage | 1:1000 |
| 📈 Leverage Restrictions for Nigeria? | No |
| 💳 Minimum Deposit (₦) | 400 NGN equivalent to $1 |
| 💳 Nigerian Naira Deposits Allowed? | Yes |
| 💰 Active Nigerian Trader Stats | 1.3 million |
| 💰 Active Nigerian-based Octa customers | Unknown |
| 💰 Nigeria Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | SARS, Credit Card, Debit Card, Southeast Asia Bank Transfers, Skrill, Bank Transfers in PHP, Neteller, PayCo, Payment Asia, Africa Online Transfers, Thailand QR Code, AstroPay, Crypto Wallets, International Transfers |
| 💰 Segregated Accounts with Nigerian Banks? | Yes |
| 💻 Trading Platforms | MetaTrader 4, MetaTrader 5, WebIFX, InstaForex Multi-Terminal, InstaForex WebTrader, InstaTick Trader (mobile) |
| 💰 Tradable Assets | Forex, Stocks, Indices, Precious Metals, Energies, Commodity Futures, Cryptocurrencies |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Nigerian Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English, French, Malay, Dutch, Italian, German, Simplified Chinese, Slovakian, Polish, Vietnamese, Portuguese, Spanish, Romanian, and more. |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Nigerian-based customer support? | No |
| 💰 Bonuses and Promotions for Nigerians | Yes |
| ✴️Education for Nigerian beginners | Yes |
| 📊 Proprietary trading software | Yes |
| 💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
| ✔️Is Octa a safe broker for Nigerians? | Yes |
| ✔️Rating for Octa Nigeria | 8/10 |
| ✔️Trust score for Octa Nigeria | 84% |
| 👉 Open an account | 👉 Open Account |
InstaForex Review – 18 key points quick overview:
InstaForex Overview
While InstaForex is not regulated by the Central Bank of Nigeria (CBN), InstaForex is well-regulated and overseen by other strict entities, ensuring that Nigerian traders have the safety of funds and a transparent, fair, and secure trading environment.
They provide a vast choice of 300+ instruments together with multiple account kinds, user-friendly platforms, trading tools and instructional resources. Clients also gain access to copy trading solutions, quick deposit/withdrawal choices and dedicated support staff.
Traders at InstaForex may trade online using contemporary and sophisticated trading platforms with fast execution rates, variable or fixed spreads, and affordable trading prices.
Top-tier banks including J.P. Morgan, UBS, Barclays, HSBC, Morgan Stanley, and Citibank offer liquidity. Client orders are distributed continuously over nine trading servers. With a wide range of financing alternatives, account types may be tailored to suit individual needs.
This InstaForex review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.
Distribution of Traders
The distribution of Traders for InstaForex is as follows:
Germany – 14.6%
Russian Federation – 14.5%
Nigeria – 7.6%
Ukraine – 5.7%
Pakistan – 5.2%
Popularity among traders who choose InstaForex
InstaForex occupies a 7% market share in Nigeria, rating this forex and CFD broker among the Top 20 brokers that accommodate Nigerian traders.
InstaForex Regulation and Safety of Funds
The Financial Services Commission (FSC) of the British Virgin Islands (BVI) has granted Instant Trading Ltd. a license under the Securities and Investment Business Act (SIBA).
The legal system of the British Virgin Islands (BVI) is based on English common law and the territory is currently a British Overseas Territory. The BVI’s economy relies heavily on financial services, which is why it is promoting foreign enterprise.
Because the British Virgin Islands are a major participant in the global financial services industry, the Financial Services Commission oversees the sector in the territory. At the same time as it is preventing international white-collar crime and safeguarding the privacy and confidentiality of lawful commercial transactions, the FSC is living up to its international obligations.
International organizations such as the International Monetary Fund (IMF) and the International Organization for Standardization (IOSCO) have set standards for the financial sector, and SIBA ensures that the BVI’s licensing framework conforms with these norms (International Organization of Securities Commissions).
As part of a Memorandum of Understanding in 2013, the FSC and the regulators of 31 European nations agreed to work together to oversee investment funds. This fact demonstrates that the FSC plays an important role in international financial markets and that the BVI’s jurisdiction is widely respected.
According to the requirements of the FSC (under SIBA), Instant Trading Ltd. stresses openness to the customers, functioning lawfully and defending the interests of its clients.
InstaForex Account Types and Features
The four major account types offered by InstaForex appeal to a wide range of traders, regardless of their trading requirements, goals, styles, or experience levels, each with its own unique and dynamic features and competitive trading conditions.
Insta.Standard Trading Account
Insta.Eurica Trading Account
Cent.Standard Trading Account
Cent.Eurica Trading Account
Live Trading Accounts
Insta.Standard Trading Account
In this account category, Nigerian traders get access to all the broker’s tradable financial products, as well as typical trading conditions.
Standard trading rules on the Forex market apply to this account. Traders pay a fixed spread once they have access to all trading instruments. Trades may be settled with a traditional spread, and there are no costs associated with using a standard account.
Most importantly, this account is versatile since it allows traders to adjust their trading leverage and deposit amount at any time, allowing them to tailor their trading strategy to their needs.
| 📈 Account Feature | Value |
| 💰 Account Base Currencies | EUR and USD |
| 💳 Minimum Deposit | 400 Nigerian Naira equivalent to $1 |
| 💳 Maximum Deposit Amount | None |
| 📊 Average spreads | Between 3 to 7 pips |
| 📊 Commissions | None |
| ✴️ Maximum Trade Volume | 10,000 lots |
| ✴️ Leverage Ratios | Between 1:1 and up to 1:1000 |
| 📈 Margin for Locks | 25% |
| 📈 Margin Call | 30% |
| ⚖️ Stop-out | 10% |
| ⚖️ Order Execution | Instant |
Insta.Eurica Trading Account
When initiating a transaction, this account type does not need the trader to pay a spread. The BID price is always identical to the ASK price because of the zero margins applied to the Eurica account type.
Nigerian traders must note that the offered price is half the usual spread for a certain trading instrument, which is rounded up to its integral value because of some MetaTrader 4 platform technical oddities, greater than the BID price.
When using pending orders, Nigerian traders do not need to worry about the spread, since if the spread is zero, the order will be executed immediately when the price hits its target value.
There is no need to assess the spread effects on the position outcome before GTC orders are placed and the market enters. This makes technical analysis very efficient.
As well as allowing newcomers to obtain a feel for the market via a more straightforward trading system, Insta.Eurica accounts can also be utilized by experienced traders due to their trade features being identical to those of an Insta.Standard account.
| 📈 Account Feature | 📈 Value |
| 💰 Account Base Currencies | EUR and USD |
| 💳 Minimum Deposit | 400 Nigerian Naira equivalent to $1 |
| 💳 Maximum Deposit Amount | None |
| 📊 Average spreads | From 0.0 pips |
| 📊 Commissions | From 0.03% to 0.07% |
| ✴️ Maximum Trade Volume | 10,000 lots |
| ✴️ Leverage Ratios | Between 1:1 and up to 1:1000 |
| 📈 Margin for Locks | 25% |
| 📈 Margin Call | 30% |
| ⚖️ Stop-out | 10% |
| ⚖️ Order Execution | Instant |
Cent.Standard Trading Account
Beginner Nigerian traders can use this account type after they have explored the features and benefits of the demo account. The Cent.Standard Trading Account has a minimum trading volume of $0.01, introducing traders to live market conditions.
| 📈 Account Feature | 📈 Value |
| 💰 Account Base Currencies | EUR and USD |
| 💳 Minimum Deposit | 400 Nigerian Naira equivalent to $1 |
| 💳 Maximum Deposit Amount | None |
| 📊 Average spreads | Between 3 to 7 pips |
| 📊 Commissions | None |
| ✴️ Maximum Trade Volume | 10,000 lots |
| ✴️ Leverage Ratios | Between 1:1 and up to 1:1000 |
| 📈 Margin for Locks | 25% |
| 📈 Margin Call | 30% |
| ⚖️ Stop-out | 10% |
| ⚖️ Order Execution | Instant |
Cent.Eurica Trading Account
The Cent.Eurica Account reflects the trading conditions of the Standard account, with the exception that this account is denominated in cents.
| 📈 Account Feature | 📈 Value |
| 💰 Account Base Currencies | EUR and USD |
| 💳 Minimum Deposit | 400 Nigerian Naira equivalent to $1 |
| 💳 Maximum Deposit Amount | None |
| 📊 Average spreads | 0.0 pips |
| 📊 Commissions | From 0.03% to 0.07% |
| ✴️ Maximum Trade Volume | 10,000 lots |
| ✴️ Leverage Ratios | Between 1:1 and up to 1:1000 |
| 📈 Margin for Locks | 25% |
| 📈 Margin Call | 30% |
| ⚖️ Stop-out | 10% |
| ⚖️ Order Execution | Instant |
Demo Account
A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
There is a certain degree of risk involved when trading financial markets and InstaForex offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
Islamic Account
Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
Islamic trading accounts are an option offered by InstaForex to Nigerian Muslim customers who choose to do so for any of the four available live trading accounts. The InstaForex Islamic Account allows Muslims to trade in a wide range of markets while adhering to Shariah Law without incurring a swap or overnight charge.
InstaForex has a swap-free or Islamic option that allows traders to avoid swap fees, but the trading requirements of the individual account remain the same.
This has the benefit of neither increasing fees nor resulting in higher spreads for traders who convert their accounts. To make up for the lack of overnight costs, they are often levied.
InstaForex Account Registration
There is a quick account application that Nigerian traders can access from the official InstaForex website. Traders must provide some personal information, their financial information such as a source of funds, and others.
Traders must complete a trading questionnaire to determine the trader’s level of experience and trading knowledge. In addition, Nigerian traders must provide a valid copy of their identity document and their proof of residence.
Once submitted alongside the application, InstaForex will review the information and documents provided and if all is in order, the account will be approved, and Nigerian traders can fund the account to start trading.
Overall Rating
- 4.8/5
Min Deposit
USD 1 / 415 NGN
Regulators
CySEC, FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
4
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
InstaForex Vs HotForex Vs IC Markets – Broker Comparison
| InstaForex | HFM | IC Markets | |
| ⚖️ Regulation | British Virgin Islands Financial Services Commission (BVI FSC) | FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions | ASIC, CySEC, FSA, SCB |
| 📱 Trading Platform | MetaTrader 4 MetaTrader 5 WebIFX InstaForex Multi-Terminal InstaForex WebTrader InstaTick Trader (mobile) | MetaTrader 4 MetaTrader 5 HFM Trading App | MetaTrader 4 MetaTrader 5 cTrader |
| 💰 Withdrawal Fee | Yes | No | No |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 400 NGN | 0 NGN | 83,000 NGN ($200) |
| 📈 Leverage | 1:1000 | 1:2000 | 1:500 |
| 📊 Spread | 0.0 pips | 0.0 pips | 0.0 pips |
| 💰 Commissions | 0.03% to 0.07% | None | From $3 to $3.5 |
| ✴️ Margin Call/Stop-Out | 25%/10% | 40%/10%, 50%/20% | Stop-Out 50% |
| ✴️ Order Execution | Instant | Market | Market |
| 💳 No-Deposit Bonus | Yes | No | No |
| 📊 Cent Accounts | Yes | Yes | No |
| 📈 Account Types | Insta.Standard Trading Account Insta.Eurica Trading Account Cent.Standard Trading Account Cent.Eurica Trading Account | • Premium Account • Pro Account • Pro Plus Account • Zero Account • Cent Account | cTrader Account Raw Spread Account Standard Account |
| ⚖️ CBN Regulation | No | No | No |
| 💳 NGN Deposits | Yes | No | No |
| 📊 Nigerian Naira Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/7 |
| 📊 Retail Investor Accounts | 4 | 5 | 3 |
| ☪️ Islamic Account | Yes | Yes | Yes |
InstaForex Trading Platforms
InstaForex offers a choice between these trading platforms:
MetaTrader 4
MetaTrader 5
WebIFX
InstaForex Multi-Terminal
InstaForex WebTrader
InstaTick Trader (mobile)
MetaTrader 4 is the most widely used trading platform available on the internet. Easy-to-use and built-in features have made MetaQuotes one of the most popular forex trading platforms. Beginners will find MT4 easy to use, while more experienced traders will appreciate the complex features.
One-click trading and the magic button are only two of the MT4 add-ons offered by InstaForex. Nigerian traders can easily place, manage, and close orders with ease thanks to the magic button. It is more efficient and enables traders to use the same parameters for every location.
Additional features have been added to MT5 to make it a more sophisticated version of MT4. With MetaTrader 5, traders are given access to more instruments and the ability to undertake more extensive chart analysis with MT5’s new features.
A total of 21 timeframes are available, as opposed to only nine in MT4. Volatility and bid/ask prices are shown in the depth of market-level II pricing and with 80+ technical indicators, MT5 has more than twice as many as MT4.
The strategy tester may backtest multi-currency automated strategies, and more order types are supported.
InstaForex’s WebIFX platform is only available to InstaForex clients. The key benefit of using the online platform is that it does not need any extra software to be downloaded or installed. Opening, managing, and closing positions, as well as doing chart analysis, are all still available on WebIFX, just as they are on conventional desktop trading platforms.
InstaForex’s WebTrader is a one-of-a-kind trading platform that lets customers trade forex, CFDs, and futures all from a web browser. This version offers all the features and tools seen on desktop computers.
With InstaForex TickTrader, traders can easily place trades based on the time remaining on a tick. 6-digit quotations are its primary selling point. Traders can use this function to increase their earnings since even little swings have a significant impact on profit forecasts.
InstaForex Range of Markets
InstaForex offers the following range of markets that can be traded:
Forex
Stocks
Indices
Precious Metals
Energies
Commodity Futures
Cryptocurrencies
InstaForex Trading and Non-Trading Fees
Spreads
The typical spreads that traders can expect include:
Insta.Standard Trading Account – Spreads between 3 to 7 pips
Insta.Eurica Trading Account – Spreads from 0.0 pips
Cent.Standard Trading Account – Spreads between 3 to 7 pips
Cent.Eurica Trading Account – Spreads from 0.0 pips
Commissions
The typical spreads that can be expected include:
Insta.Eurica Trading Account – From 0.03% to 0.07%
Cent.Eurica Trading Account – From 0.03% to 0.07%
Overnight Fees, Rollovers, or Swaps
The overnight fees and swaps charged by InstaForex for each financial instrument are made clear to traders. Among the most popular swaps include, but are not limited to:
Forex – EUR/USD – A buy swap of -0.061 and a sell swap of -0.08
AAPL – A buy swap of -7% and a sell swap of -2%
Silver – A buy swap of -2.71 and a sell swap of -1.54
XAU/USD – A buy swap of -21.82 and a sell swap -7.01
Deposit and Withdrawal Fees
InstaForex charges the following withdrawal fees:
Credit Card – System Fees
Debit Card – System Fees
Cryptocurrency (Bitcoin and Litecoin) – 0.5%
PayCo – System Fees
Skrill – Transaction fee of 1.39%
Southeast Asia Bank Transfers – Fees of 2% plus 0.3 EUR
Neteller – Transaction fee of 2%
AstroPay – Transaction fee of 0.5%
Philippines Online Banking – Fees of 1.75%
Africa Online Transfers – 3/3.5% plus 0.5 EUR
Other Crypto Payments – 1% fee
NEO – 1.6% Fees
Online Transfers of 6.5% along with a $0.5 Fee
InstaForex Deposits and Withdrawals
InstaForex offers the following deposit and withdrawal methods:
SARS
Credit Card
Debit Card
Southeast Asia Bank Transfers
Skrill
Bank Transfers in PHP
Neteller
PayCo
Payment Asia
Africa Online Transfers
Thailand QR Code
AstroPay
Crypto Wallets
International Transfers
Nigerian traders are given local deposit and withdrawal methods along with the option to deposit fees in Nigerian Naira, saving them from paying currency conversion fees.
Broker Comparison for Range of Markets
| InstaForex | HotForex | IC Markets | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | No | No | No |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | Yes |
| ➡️️ Options | No | No | No |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | No | Yes | Yes |
How To Minimize Risk While Trading?
1. Use Stop Losses
👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.
👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.
👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.
2. Use Proper Lot Sizes
👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.
👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.
3. Control Your Losses
👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.
👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.
4. Use Leverage Carefully
👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.
5. Choose The Time Of Day That You Trade
👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.
👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.
👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.
6. Buy The Rumor, Sell The News
👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.
👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.
All About InstaForex’s Rebate System
How much rebate can I pay back?
👉 Rebate percentage can be set to be anything between 0% and 100%.
Payment schedule
👉 Rebates are paid daily to the selected referred clients who have closed any trades within the last 24 hours. Daily payments need to be approved by the partner.
👉 Once rebates are set up from your PA, rebates will be automatically calculated for the selected referred clients every time you receive rewards. Total daily rebates will then await your approval in the Approval section of the Rebates tab, or be automatically distributed if you have selected automated approval on rebates for specific referred clients; more information about this is available in the article about how to manage rebates.
InstaForex Education and Research
The educational tools and materials that InstaForex offers beginners include:
Demo Account
Training
Trading Platform Guidelines
FAQ Section
How to Start Trading
Video Tutorials
Forex Glossary
Knowledge Base
The Trading Tools and Research Resources offered by InstaForex includes:
Chief Strategies
Analytical Reviews
Economic Calendar
Video Analytics
InstaForex TV
Trading Sessions
News in Pictures
ForexCopy System
PAMM System
InstaForex Bonuses and Promotions
InstaForex offers the following bonuses and promotions to Nigerian traders:
100% Deposit Bonus
55% Deposit Bonus
30% Deposit Bonus for recurring deposits
$1,000 Start-up No-deposit bonus
Ferrari from InstaForex
Lucky Trader
Chancy Deposit
Real Scalping
Great Race
FX-1 Rally
Ms InstaForex 2023
Free Devices
One Million Option
InstaForex Affiliate Program
InstaForex offers a comprehensive affiliate program that offers:
Some of the highest commission on forex, up to $10 to $13.3 commission per market lot
Two-Tier affiliate program divided between Sub-Introducing Broker and Master Introducing Broker
Brand production for every partner
Personal Manager
Multilingual support in 19 languages
InstaForex helps its partners attract clients by providing the following:
Three authoring systems
Excellent trading conditions
A powerful range of bonuses and promotions
A wide range of payment systems
Regular contests with lucrative prizes
An automatic system
Verdict on InstaForex
InstaForex, a multiple award-winning online trading broker, has a global clientele and is one of the biggest in the industry. More than 300+ trading instruments are available in a broad range of marketplaces from which to choose.
Aside from customizable trading platforms, they provide a wide range of trading tools and resources. Customers benefit from the security that comes with strict regulation, and they also appreciate the responsiveness and efficiency of the support staff.
Overall Rating
- 4.8/5
Min Deposit
USD 1 / 415 NGN
Regulators
CySEC, FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
4
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
InsaForex Pros and Cons
| ✔️ Pros | ❌ Cons |
| There is a low minimum deposit requirement | There is no Naira-denominated trading account |
| There is a choice between live trading accounts which feature competitive trading conditions | There is a limited selection of base account currencies |
| There is a selection of powerful trading platforms offered | The spreads on some accounts are not the tightest |
| Nigerian traders have local deposit and withdrawal methods, with the option of depositing in Naira | |
| There are no inactivity fees applied | |
| There is a wide selection of deposit and withdrawal methods for global clients | |
| There is free VPS, Pattern Graphix, a ForexCopy System, and PAMM System |
Frequently Asked Questions
Is InstaForex regulated and by whom?
Yes. InstaForex is regulated by the British Virgin Islands Financial Services Commission (BVI FSC).
What is the overall rating for InstaForex out of 10?
The overall rating is 8/10.
Is InstaForex suitable for beginner and professional traders?
Yes, InstaForex is ideal for both beginner and professional traders.
Which trading platforms are supported by InstaForex?
- MetaTrader 4
- MetaTrader 5
- WebIFX
- InstaForex Multi-Terminal
- InstaForex WebTrader
- InstaTick Trader (mobile)
Does InstaForex offer leverage and what is the maximum ratio offered?
Yes. InstaForex offers leverage between 1:1 and 1:1000.
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