The Company InstaForex
InstaForex is a Russian Forex broker, founded in 2007 by InstaTrade Corporation. InstaForex offers forex, CFDs, and binary options trading with MetaTrader , WebTrader and IFX Option Trade broker as trading platforms.
Instaforex is not publicly traded and does not operate a bank. Instaforex is authorized one tier-2 regulator (average trust), and one tier-3 regulator (low trust).
Brokerage Licences InstaForex
InstaForex has two licenses from two different regulators: CySEC in Cyprus and FSC in British Virgin Islands.
Cyprus : Instant Trading EU Ltd, authorised and regulated by the Cyprus Securities Exchange Commission (CySEC) since 13/01/2015 under the license # 266/15. Approved Domains: www.instaforex.eu; www.forexmart.eu. Other Information: Previous Names: Tradomart Ltd, Fxco Trading Ltd
The Virgin Islands : Since May 27, 2019 Instant Trading Ltd has a status of a Currently regulated entity.
Recent fines and settlements InstaForex
On August 2018 InstaForex ( Instant Trading EU Ltd ) was fined $130 000 by The Cyprus Securities and Exchange Commission
In detail, the CySEC imposed an administrative fine:
A. of €90.000 for non-compliance with article 36(1) of the Law, as it did not act fairly, honestly, and professionally in accordance with the best interests of its clients.
B. of €40.000 for non-compliance with article 36(1)(d) of the Law and paragraphs 15 and 16 of the Directive, as it failed to ask clients to provide the necessary information regarding their knowledge and experience, to assess whether the investment service or product is appropriate for them.
In 2016 The Brazilian Securities and Exchange Commission (SMI) Superintendency of the Securities Commission (CVM) warned that InstaForex Group was not authorized by the Municipality to attract clients resident in Brazil for trading in the Forex market.
Remarks about InstaForex
After the research performed by Law Firm Mikov & Attorneys, we would like to warn you to be careful with this broker. It is true that the InstaForex web page is flashy with lots of advertisements everywhere and a well developed Facebook page with a huge community.
The problem is that we were able to find too many complaints and negative opinions and comments on the web. The base of the complaints is very often the inability to withdraw funds from your own account and slow customer service. Also, it seems that there is a problem with the bonus system and accounts get locked sometimes.