Instafx24 is a relatively new FX broker whose name is similar to that of a rather popular Forex broker in the market place. Upon close investigations, we find that Inst FX 24 has no relationship with that broker despite the suspicious broker copying nearly all aspects of the subject broker. We have also investigated and found some very disturbing things concerning Instafx24. We will not sweep these issues under the carpet in this review. Instead, we will bring them to light to prevent the broker from further mishandling their clients and making them go through hell.
This broker offers Forex trading and CFD products as well. Whereas there are some advantages which the broker purports to offer, the disadvantages far outweigh the purported advantages.The cost of trading with this broker is quite low, although it still isn’t spectacular unlike these Forex broker’s who are professional and cost is much more affordable.
The spreads for a currency pair like EURUSD was at 1.6 pips. This would be considered affordable. However, when considering to sign up for a broker’s service, cost effectiveness should never be your only focus as it could be quite misleading. By the way, if you choose Instafx24 based on this alone, you would face major disappointment along the way.
For leverage, the broker offers anywhere between 1:100 to 1:200. Again, this seems to be reasonable enough, although traders who want 1:500 may not find this platform suitable for their needs. Leverage is a double edge sword. It could build your account or finish it quickly altogether. You can only use high leverage when you know what you are doing. Otherwise, it is highly recommended that you stick to low or average leverage.
In addition to this, Instafx24 offers Islamic based accounting for those who would love to utilize this type of account due to their religious restrictions, Again, this would sound like a nice addition to their products. However, keep in mind that all decent Forex broker are offering this feature as well.
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On top of this, Instafx24 offers a wide range of payment options which include wire transfers, Skrill, Neteller and Safecharge. Since they support a wide range of payment methods, this would create a big impression on the website’s operational procedures. However, this is not a guarantee that the company will provide what we need. In fact, there have been so many complaints about this broker in the past. We will go through them as well just to show you how a broker that seemingly offers rich features can be highly controversial.
So, what makes this broker a bad choice for anyone looking for serious broker to trade with? There are certainly many points which we want to raise here.
Whereas Instafx24 claims to be the best Forex broker out there, it is only registered in the Marshall islands but not licensed by any financial regulatory body. Regulated brokers give us a sense of security. If a broker isn’t regulated or licensed by any of the main financial regulators, it can be risky to trade with them because they can simply disappear with your money with no hope of ever recovering those funds.
A regulatory agency will always ensure that a broker is meeting certain standards before operating the business. Since Instafx24 has not acquired a license and is not showing any intentions to acquire one, our best advice would be to stay away from them.
One thing you have to take note of is that when a broker claims to be professional and packed with features, the first thing you should be concerned with is the type of trading platform which they are offering. This service claims to provide the popular MT4 trading platform. However, when we sign up, we find that they are offering Sirix and another platform which they call ”Web Platform”. When we attempted to open an account for Sirix platform, we discovered that the platform wasn’t even working. That is a bad sign indeed. It only raises suspicion.
Finally, we were able to get things up and running. The platform felt as if it was designed for an over-sized tablet rather than a desktop. The features look misplaced, and everything seems misplaced. It is not impressive at all. The software also seems too heavy for no apparent reason as loading times are extremely poor. The reason this loading speed is below standards is because we have reviewed lots of brokers before and even sampled their offering. Never have we encountered such a slow trading platform.
Therefore, Instafx24 is not offering a decent product as far as trading platforms are concerned. We generally prefer the popular MT4 platform because it is user-friendly and fits in all screen sizes besides offering diverse compatibility with different other trading software. In addition to that, charting solution is good. There is nothing to confuse you in this platform.
Instafx24 offers account types that don’t seem to require any minimum deposit. The reason Instafx24 thinks that they are best in the industry is because they are offering ”more analysis”, dedicated account manager and affordable trading. This is quite unfortunate because the broker does not have a minimum deposit requirement. You see, brokers who provide some form of minimum deposit for every account type always provide some incentives such that if you deposit more, you will enjoy tighter spreads. We do not have this assurance.
Instafx24 is rather controversial in the sense that they’ve even been accused many times by different users of stealing funds. This is the most unfortunate news a broker can receive in the forums. It shows an intention to scam users just like this broker does. Many people claim they lost money in the hands of this broker who also went quiet on them after refusing to address issues. Based on what we have seen and heard, our advice is that you should stay away from them. Use these FX brokers if you want to experience professional trading.
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