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InstaForex Review – Is it Good Broker or Not?

It’s important to understand InstaForex (IFX) isn’t just an online trading platform. IFX is a fully licensed and regulated foreign exchange trading firm. They offer trading on forex, CFD, fixed income, and gold.

Trading at IFX is very similar to trading at other online trading firms. You can easily connect your bank account, deposit a payment or deposit funds directly into your trading account. The InstaForex Minimum Deposit is only 1 dollar. 

Once you’re set up, you can then either sell your positions for a profit or collect a profit on your trades. IFX does not charge fees for their services and is one of the cheapest brokers around.

Pros of InstaForex 

InstaForex offers the ability to make trades online in all days a year. They have a best customer support team that offers advice on market trends, best trading strategies and other investor related topics. They also offer a free trading trial so you can test out their platform before you make any purchases.

  • If you don’t want to be locked into a contract, you can opt for a low cost, long-term contract. IFX offers a $1 commission rate on all trades if you sign up for a month. IFX’s low commission rate makes it a cheaper option than competitors Forex and FX trading platforms.
  • The fact that InstaForex allows you to make deposits to their account and carry out your trades even after the company has closed for the day means you can trade all night long.

It’s also important to understand that InstaForex is fully licensed in the UK, and also in Australia.

InstaForex vs Other Brokers

You don’t have to pay all those fees just because you’re signing up for a shorter contract. IFX has a short-term contract only where they don’t charge for placing trades. So if you just want to test the platform out, you don’t have to sign a long-term contract.

IFX also has a unique exchange rate when compared to other brokers. They offer Forex and CFD pairs that other brokers don’t offer. This makes it much easier for IFX users to earn their commission on trading currency pairs.

Should I use InstaForex if I don’t have a lot of funds to invest?

If you have a relatively small amount of money to invest, it might be worth holding onto your money and waiting to invest a larger amount of money in IFX.

Another issue that some people have is they don’t understand how to use the trading platform. In the UK, IFX is not available on desktop computers. They offer an app called IFX Trade that you can use on your smartphone or tablet.

Once you’re familiar with how the platform works, it’s easier to earn a profit from trading on IFX.

Conclusion

Like most other brokers, InstaForex (IFX) has costs associated with investing in their services. But IFX is cheaper and easier to use than most of their competitors. Broker Labs recommends IFX as their best broker for traders who don’t have a lot of funds to invest.

 

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