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InstaForex Review
Overall, InstaForex is considered a 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).
- Lesche Duvenage
Jump to:
Overview
Regulation and Safety of Funds
Awards and Recognition
Account Types and Features
Account Registration
Broker Comparison
Trading Platforms
Range of Markets
Fees
Deposit and Withdrawels
Education and Research
Bonuses and Promotions
Affiliate Programs
Customer Support
Social Responsibility
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.8/5
Min Deposit
USD 1 (13 GHS)
Regulators
CySEC, FSC
Trading Desk
MetaTrader 4
MetaTrader 5
MultiTerminal
WebTrader
Crypto
Yes
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
InstaForex is a well-known Forex broker that provides novice and experienced traders with various trading services and opportunities. While the platform is global, it is accessible and relevant to Ghanaian traders.
The No-Deposit Bonus or $1,000 StartUp bonus, an offer that allows traders to start trading without making an initial deposit, is one of the key features that attract traders to InstaForex. This feature is especially useful for those new to Forex trading and hesitant to invest money upfront.
InstaForex offers a straightforward registration process, making it simple for traders to open an account.
Once the account is established, traders can take advantage of a welcome bonus that doubles their deposit amount, increasing their trading capital. InstaForex provides a diverse range of trading instruments, with over 300 options.
This variety enables traders to diversify their portfolios by selecting from various currencies, commodities, and other financial instruments.
InstaForex also provides specialized Forex services, such as the ability to copy trades of experienced traders in real-time. This feature especially benefits new traders who want to minimize risks while maximizing potential gains.
Furthermore, the InstaForex platform operates with low commissions and no intermediaries, making it affordable for traders.
Distribution of Traders
currently has the largest market share in these countries:
➡️ Germany – 9.98%
➡️ Russian Federation – 7.89%
➡️ Ukraine – 12.34%
➡️ United Kingdom – 6.29%
➡️ India – 4.79%
Popularity among traders
The broker is among the Top 35 brokers for Ghanaian traders.
InstaForex At a Glance
| 🏛 Headquartered | The British Virgin Islands |
| 🌎 Global Offices | Bangladesh, Ghana, Guatemala, Hong Kong, India, Indonesia, Kazakhstan, Malaysia, Moldovia, Nigeria, Pakistan, Peru, Tunisia, Ukraine |
| 🏛 Local Market Regulators in Ghana | Bank of Ghana (BoG) |
| 💳 Foreign Direct Investment in Ghana | 524.3 million USD (2021) |
| 💰 Foreign Exchange Reserves in Ghana | 5.3 million USD (June 2024) |
| ✔️ Local office in Accra? | No |
| 👨⚖️ Governor of SEC in Ghana | Daniel Ogbarmey Tetteh (Director-General) |
| ✔️ Accepts Ghanaian traders? | Yes |
| 📊 Year Founded | 2007 |
| 📞 Ghana Office Contact Number | None |
| 📱 Social Media Platforms | Facebook YouTube Telegram |
| ⚖️ Regulation | BVI FSC, CySEC, FSA SVG, FCA |
| 1️⃣ Tier-1 Licenses | Financial Conduct Authority (FCA) |
| 2️⃣ Tier-2 Licenses | Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣ Tier-3 Licenses | Financial Services Commission (FSC) of the British Virgin Islands (BVI) The Financial Services Authority (FSA) in St Vincent and the Grenadines |
| 🪪 License Number | United Kingdom – 728735 Cyprus – 266/15 British Virgin Islands – SIBA/L/14/1082 Saint Vincent and the Grenadines – 22945 and 24321 |
| ⚖️ Regulation | No |
| ✔️ Regional Restrictions | The United States |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 4 |
| ✔️ PAMM Accounts | Yes |
| 💻 Liquidity Providers | JP Morgan, UBS, Barclays, HSBC, Morgan Stanley & Citibank |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Instant |
| 📊 Starting spread | 0.0 pips, Variable |
| 📉 Minimum Commission per Trade | From 0.03% |
| 💰 Decimal Pricing | Up to 4 or 5 digits after the comma |
| 📞 Margin Call | 30% |
| 🛑 Stop-Out | 10% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | 0.01 lots |
| ✅ Crypto trading offered? | Yes |
| ✔️ Offers a GHS Account? | No |
| 📉 Dedicated Ghana Account Manager? | No |
| 📈 Maximum Leverage | Up to 1:1000 |
| 📊 Leverage Restrictions for Ghana? | No |
| 💳 Minimum Deposit (GHS) | 1 Ghanaian Cedi or an equivalent to $1 |
| ✔️ GHS Deposits Allowed? | Yes |
| 📊 Active Ghana Trader Stats | Unknown |
| 👥 Active Ghanaian -based InstaForex customers | Unknown |
| 🔁 Ghana Daily Forex Turnover | Unknown, global OTC foreign exchange turnover reached $7.5 trillion in April 2022 |
| 💰 Deposit and Withdrawal Options | Credit/Debit Card Skrill Bank Transfers Neteller PayCo AstroPay Cryptocurrency |
| 💻 Minimum Withdrawal Time | 1 hour |
| ⏰ Maximum Estimated Withdrawal Time | Up to 3 working days |
| 💳 Instant Deposits and Instant Withdrawals? | Yes, deposits |
| 🏛 Segregated Accounts with Ghanaian Banks? | No |
| 📱 Trading Platforms | MetaTrader 4 MetaTrader 5 WebIFX InstaForex Multi-Terminal InstaForex WebTrader InstaTick Trader InstaForex MobileTrader |
| 💻 Tradable Assets | Forex Shares Indices Precious Metals Energies Commodity Futures Cryptocurrencies InstaFutures |
| ✔️ Offers USD/GHS currency pair? | No |
| 🚀Deposit Currencies | All |
| 💰 Dedicated Ghana Account Manager? | None |
| 📊 USD/GHS Average Spread | No |
| ✅ Offers Ghana Stocks and CFDs | No |
| 📊 Account Base Currency | USD, EUR |
| 💻 Languages supported on the Website | English, French, Malay, Dutch, Italian, German, Simplified Chinese, Slovakian, Polish, Vietnamese, Portuguese, Spanish, Romanian, and more. |
| 📈 Related lot sizes | Standard, Mini and Micro lots size |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | Yes |
| ⏰ Customer Service Hours | 24/5 |
| 📞 Ghana-based customer support? | No |
| 💸 Bonuses and Promotions for Ghanaian? | Yes |
| 📚 Education for Ghanaian beginner traders | Yes |
| 📱 Proprietary trading software | Yes |
| 🤝 Most Successful Trader in Ghana | Louis Boah |
| ✔️ Is InstaForex a safe broker for Ghana Traders? | Yes |
| 🎖 Rating for InstaForex Ghana | 8/10 |
| 🥇 Trust score for InstaForex Ghana | 84% |
| 👉 Open Account | 👉 Click Here |
Regulation and Safety of Funds
InstaForex Regulation in Botswana
InstaForex Regulation in Ghana
InstaForex is not currently regulated by the Bank of Ghana (BoG). However, InstaForex’s global regulations are listed in the table below.
InstaForex Global Regulations
| 📱Registered Entity | 🌎Country of Registration | ✔️Registration Number | 🔎Regulatory Entity | 📊Tier | 💳License Number/Ref |
| Instant Trading EU Ltd | United Kingdom | – | FCA | 1 | 728735 |
| Insta Trading EU Ltd | Cyprus | 266937 | CySEC | 2 | 266/15 |
| Instant Trading Ltd | British Virgin Islands | – | BVI FSC | 3 | SIBA/L/14/1082 |
| Insta Global Ltd | Saint Vincent and the Grenadines | – | SVG FSA | 3 | 22945 and 24321 |
InstaForex Client Fund Security and Safety Features
| 🔎Security Measure | 📱Information |
| Segregated Accounts | Yes |
| Compensation Fund Member | No |
| Compensation Amount | None |
| SSL Certificate | Yes |
| 2FA (Where Applicable) | Yes |
| Privacy Policy in Place | Yes |
| Risk Warning Provided | Yes |
| Negative Balance Protection | Yes |
| Guaranteed Stop-Loss Orders | No |
Security while Trading
InstaForex ensures security for traders in Ghana through:
- Mobile Phone Linking: Traders link phone numbers to their accounts for added protection.
- Two-Factor Authentication: A robust system enhances security via identity verification.
- Trusted Platforms: InstaForex uses secure MetaTrader 4 and 5 platforms.
- Strong Reputation: Known for capital protection and fast trades, InstaForex builds trust.
What kind of risk management tools does InstaForex offer?
Yes, the broker provides various risk management tools, such as stop-loss and take-profit levels.
Does InstaForex offer any insurance on client funds?
No, the broker does not provide insurance on client funds, but it follows strict regulatory guidelines for fund safety.
Awards and Recognition
The broker received the following recent awards and recognition:
- Best Forex Broker in 2024, awarded during the Forex Traders Summit in Dubai.
- Best Crypto Broker in 2022.
- Best Customer Service Broker in 2022.
- Best Broker in Latin America for 2022, and many more.
Has InstaForex received any notable awards for its services in the financial industry?
Yes, the broker has garnered recognition through various notable awards within the financial industry. The platform has been honored across different categories, including trading services, customer support, and technological innovations.
How is InstaForex regarded in the financial industry, and what does its reputation suggest about the platform?
The broker enjoys a positive reputation within the financial industry, reflecting its dedication to providing a wide range of trading services and maintaining customer satisfaction.
InstaForex Account Types and Features
The four basic account types offered by InstaForex appeal to a wide range of traders, regardless of their trading aims, aspirations, trading styles, or degrees of expertise. Each account type offers its own distinctive features and competitive trading conditions.
The live account options that are offered to Ghanaian are:
➡️ Standard Trading Account
➡️ Eurica Trading Account
➡️ Standard Trading Account
➡️ Eurica Trading Account
| 💻 Live Account | 📉 Minimum Dep. | 👉 Open Account | 💰 Commissions | 💸 Average Trading Cost |
| ➡️ Insta.Standard | $1 / 11 GHS | 👉 Click Here | None | 30 USD |
| ➡️ Insta.Eurica | $1 / 11 GHS | 👉 Click Here | From 0.03% | 30 USD – 70 USD |
| ➡️ Cent.Standard | $1 / 11 GHS | 👉 Click Here | None | 30 USD |
| ➡️ Cent.Eurica | $1 / 11 GHS | 👉 Click Here | From 0.03% | 30 USD – 70 USD |
Live Trading Account Details
Insta.Standard Trading Account
The Insta.Standard Trading Account is ideal for novice and experienced traders looking for flexibility. This account has a low minimum deposit of 12 GHS ($1) and no commissions, with average spreads ranging from 3 to 7 pips.
The most important feature of this account is its adaptability, which allows traders to fine-tune their trading strategies by adjusting the trading leverage and deposit amount.
Furthermore, the Insta.Standard Account operates under standard trading conditions and allows trading on any financial asset, making it an appealing option for many traders.
| Account Feature | Value |
| 💸 Account Base Currencies | EUR and USD cents |
| 📊 Minimum Deposit | 11 GHS ($1) |
| 🔧 Maximum Deposit Amount | None |
| 💵 Average spreads | Between 3 to 7 pips |
| 💻 Commissions | None |
| 📈 Minimum Trade Size | 0.01 lots |
| 📉 Maximum Trade Volume | 10,000 lots |
| 🔄 Leverage Ratios | Between 1:1 and to 1:1000 |
| 📞 Margin for Locks | 25% |
| 📱 Margin Call | 30% |
| 🛑 Stop-out | 10% |
| 📈 Order Execution | Instant |
| 👉 Open Account | 👉 Click Here |
Insta.Eurica Trading Account
The Insta.Eurica Trading Account is ideal for those who want to concentrate on their trading strategies rather than the complexities of spread calculations. This account type does not charge for spreads and has commissions ranging from 0.03% to 0.07%.
Insta.Eurica is appropriate for both novice traders, who may find the lack of spreads makes trading easier, and experienced traders looking for zero spreads. The account enables traders to concentrate on in-depth technical analysis and strategy implementation.
| Account Feature | Value |
| 💸 Account Base Currencies | EUR and USD cents |
| 📊 Minimum Deposit | 11 GHS ($1) |
| 🔧 Maximum Deposit Amount | None |
| 💵 Average spreads | From 0.0 pips |
| 💻 Commissions | From 0.03% to 0.07% |
| 📈 Minimum Trade Size | 0.01 lots |
| 📉 Maximum Trade Volume | 10,000 lots |
| 🔄 Leverage Ratios | Between 1:1 and to 1:1000 |
| 📞 Margin for Locks | 25% |
| 📱 Margin Call | 30% |
| 🛑 Stop-out | 10% |
| 📈 Order Execution | Instant |
| 👉 Open Account | 👉 Click Here |
Cent.Standard Trading Account
The Cent.Standard Trading Account is intended for beginners who have experimented with demo accounts and want to try live trading with a lower financial risk.
The Cent.Standard requires a minimum deposit of 12 GHS ($1) and offers average spreads ranging from 3 to 7 pips with no commissions. The account allows traders to experience live market conditions with a low financial commitment, making it ideal for beginners.
| Account Feature | Value |
| 💸 Account Base Currencies | EUR and USD cents |
| 📊 Minimum Deposit | 11 GHS ($1) |
| 🔧 Maximum Deposit Amount | None |
| 💵 Average spreads | Between 3 to 7 pips |
| 💻 Commissions | None |
| 📈 Minimum Trade Size | 0.01 lots |
| 📉 Maximum Trade Volume | 10,000 lots |
| 🔄 Leverage Ratios | Between 1:1 and to 1:1000 |
| 📞 Margin for Locks | 25% |
| 📱 Margin Call | 30% |
| 🛑 Stop-out | 10% |
| 📈 Order Execution | Instant |
| 👉 Open Account | 👉 Click Here |
Cent.Eurica Trading Account
The Cent.Eurica Trading Account is similar to the Insta.Eurica account, but it is denominated in cents instead of euros or dollars. Furthermore, Cent.Eurica is suitable for those who prefer trading in smaller quantities.
Furthermore, Cent.Eurica offers the same benefits as the Insta.Eurica account but in a format that allows for trading in cents, making it a unique option for traders. It has zero spreads and commissions ranging from 0.03% to 0.07%.
| Account Feature | Value |
| 💸 Account Base Currencies | EUR and USD cents |
| 📊 Minimum Deposit | 11 GHS ($1) |
| 🔧 Maximum Deposit Amount | None |
| 💵 Average spreads | 0.0 pips |
| 💻 Commissions | From 0.03% to 0.07% |
| 📈 Minimum Trade Size | 0.01 lots |
| 📉 Maximum Trade Volume | 10,000 lots |
| 🔄 Leverage Ratios | Between 1:1 and to 1:1000 |
| 📞 Margin for Locks | 25% |
| 📱 Margin Call | 30% |
| 🛑 Stop-out | 10% |
| 📈 Order Execution | Instant |
| 👉 Open Account | 👉 Click Here |
Demo Account
InstaForex’s demo account is ideal for risk-free practice, especially for Forex beginners. It replicates real market conditions, offering valuable insights.
InstaForex elevates the experience with contests, where traders can win prizes like cars or gadgets, fostering skill development. Their strong customer service and educational resources make it a comprehensive, safe trading environment.
Islamic Account
InstaForex offers an Islamic account, also known as a swap-free account, designed for Muslim traders to trade Forex in line with Islamic principles, prohibiting earning or paying interest on trades. The main feature is the absence of overnight interest charges or credits.
Opening one is a straightforward process similar to a regular trading account, with Islamic-compliant fees replacing swap and administration fees. Despite these differences, Islamic account users enjoy the same trading opportunities as others on InstaForex.
While these accounts are not unique to InstaForex and can be found with other brokers, they offer a suitable option for Muslim traders adhering to their religious beliefs in the Forex market.
Base Account Currencies
The base account currencies available to Ghanaians include the following:
- USD
- EUR
InstaForex Basic Order Types
- Market Order – A market order can be either a buy or a sell order that executes at the current market price. This is the current price displayed on your price chart. If you place a market order, you will be immediately entered at the best available price.
- Market orders are most effective when a trading opportunity requires prompt action. Click buy/sell at market to enter the trade immediately.
- Stop Order – A stop order can be either a buy or sell stop, depending on whether you wish to purchase above or below the market.
- This is useful for trading breakouts or trend continuation strategies when you want the market to continue moving in the same direction.
- Limit Order – Alternatively, if you believe the price will reverse when it reaches a certain price, you can place a limit order.
- Limit orders can be either buy or sell limits, depending on the market’s direction before your anticipated reversal.
- A sell limit is used to sell above the market, while a buy limit is used to purchase below the market.
Does InstaForex offer any account management services?
Yes, the broker does provide MAM/PAMM accounts for account management.
Can I have multiple trading accounts with InstaForex?
Yes, you can open more than one trading account.
How to open an InstaForex Account – A Step-by-Step Guide
Step 1: Start the Registration Process.
In order to start the account registration process, the applicant can simply click on “Login” located at the top right of the webpage. Once this has been done, a drop-down menu will appear that makes a registration option available.
Step 2: Complete the Registration Process.
The applicant will be required to complete a simple two-step registration form in order for the registration process to be completed. Once this step has been completed, the account holder will immediately be accredited with a sign-up bonus.
How to Close an InstaForex Account
To close a live trading account with InstaForex, Ghanaian traders can follow these steps:
- The first step in closing your InstaForex account is to close all open positions and settle any outstanding trades.
- Before closing your account, withdraw any remaining funds in your trading account. Withdrawal options at InstaForex include bank transfers, credit cards, and electronic payment systems.
- The next step is to contact InstaForex’s customer service team to begin the account closure process.
- When you contact customer service, be prepared to provide your account information and any other information needed to complete the account closure process.
- InstaForex may provide additional instructions or requirements for closing your account, depending on your account type and specific circumstances.
- Finally, once your account closure request has been processed, ensure it has been successfully closed. You can confirm this by attempting to log in to your account; if you cannot log in, your account has been closed.
Do I need to withdraw my funds before closing my InstaForex account?
Yes, you should withdraw your funds before beginning the account closure process.
Can I transfer my assets to another broker when closing my InstaForex account?
Yes, you can transfer your assets to another broker; however, you must coordinate with both brokers.
InstaForex Vs GO Markets Vs JustMarkets – Broker Comparison
| 🥇 InstaForex | 🥈 GO Markets | 🥉 JustMarkets | |
| ⚖️ Regulation | FCA, BVI FSC, CySEC, FSA SVG | ASIC, FSA Seychelles, FSC Mauritius, CySEC | FSA |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 • WebIFX • InstaForex Multi- Terminal • InstaForex WebTrader • InstaTick Trader • InstaForex •MobileTrader | • MetaTrader 4 • MetaTrader 5 | • MetaTrader 5 • MetaTrader 4 • JustMarkets App |
| 💰 Withdrawal Fee | Yes | No | No |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 11 GHC | 2 394 GHC | 119 GHC |
| 📊 Leverage | 1:1000 | Up to 1:500 | Up to 1:3000 |
| 📊 Spread | 0.0 pips | 0.0 pips | 0.0 pips |
| 💰 Commissions | 0.03% to 0.07% | From US$2.50 | $3 units per lot/side |
| ✴️ Margin Call/Stop-Out | 25% – 50% (M) 10% (S/O) | 80%/50% | 40%/20% |
| 💻 Order Execution | Instant | Instant | Instant |
| 💳 No-Deposit Bonus | Yes | No | Yes |
| 📊 Cent Accounts | Yes | No | Yes |
| 📈 Account Types | • Insta.Standard Trading Account • Insta.Eurica Trading Account • Cent.Standard Trading Account • Cent.Eurica Trading Account | • Standard Account • GO+ Account | • MT4 Standard Cent Account • MT4 Standard Account • MT4 Pro Account • MetaTrader 4 Raw Spread Account • MT5 Standard Account • MT5 Pro Account • MT5 Raw Spread Account |
| ⚖️ BoG Regulation | No | No | No |
| 💳 GHS Deposits | Yes | No | No |
| 📊 Ghana Cedi Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/7 |
| 📊 Retail Investor Accounts | 4 | 2 | 7 |
| ☪️ Islamic Account | Yes | Yes | Yes |
| 📉 Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| 📈 Maximum Trade Size | 100 lots | 250 lots | 100 lots |
| 💰 Minimum Withdrawal Time | Instant | Instant | Instant |
| 📊 Maximum Estimated Withdrawal Time | Up to 6 working days | 1 to 3 business days | 10 bank days |
| 💸 Instant Deposits and Instant Withdrawals? | Yes | Yes | Yes |
InstaForex Trading Platforms
The broker offers Ghanaian traders a choice between these trading platforms:
- MetaTrader 4
- MetaTrader 5
- WebIFX
- InstaForex Multi-Terminal
- InstaForex WebTrader
- InstaTick Trader
- InstaForex MobileTrader
MetaTrader 4 and 5
While MetaTrader 4 and MetaTrader 5 are industry standards, what distinguishes InstaForex is the level of customization these platforms provide.
For example, MetaTrader 4 includes a unique set of indicators and tools especially useful for traders specializing in commodities, a market gaining traction in Ghana.
MetaTrader 5, on the other hand, provides extended timeframes and economic calendars, which are frequently overlooked but can be invaluable for traders who rely on fundamental analysis, which is common among professional Ghanaian traders.
WebIFX
WebIFX stands out for its ease of use and simplicity, making it ideal for beginner traders in Ghana who may not have access to high-end computing resources. It runs smoothly on slower computers while still providing essential trading functions.
Multi-Terminal
InstaForex Multi-Terminal is a little-known but powerful platform that allows you to manage multiple accounts simultaneously. This is especially useful for Ghanaian professional traders or money managers managing multiple client accounts.
WebTrader
InstaForex WebTrader allows you to trade directly from your web browser, eliminating the need for downloads. This is especially helpful for traders who use multiple devices or are constantly on the move, which is a common scenario in Ghana’s fast-paced trading environment.
InstaTick Trader
InstaTick Trader is designed for those interested in tick trading, providing a one-of-a-kind opportunity to participate in a trading style that is not commonly available on other platforms.
MobileTrader
InstaForex MobileTrader is a boon for Ghana’s growing number of mobile-savvy traders. The platform provides powerful charting tools and real-time data, allowing traders to make informed decisions even when not at their trading desks.
Do InstaForex’s platforms support automated trading?
Yes, automated trading is available on the platforms.
Is demo trading available on InstaForex’s platforms?
Yes, you can practice trading on there platforms with a demo account.
Range of Markets
Ghanaian traders can expect the following range of markets:
- Forex
- Shares
- Indices
- Precious Metals
- Energies
- Commodity Futures
- Cryptocurrencies
- InstaFutures
Financial Instruments and Leverage offered by InstaForex
| 🔨 Instrument | 💰 Number of Assets Offered | 📈 Max Leverage Offered |
| ➡️ Forex | 110 | 1:1000 |
| ➡️ Precious Metals | 4 | 1:100 |
| ➡️ Shares | 83 | – |
| ➡️ Indices | 15 | 1:200 |
| ➡️ Stocks | 625 | 1:10 |
| ➡️ Cryptocurrency | 12 | Variable |
| ➡️ Energies | 17 | 1:100 |
| ➡️ InstaFutures | 2 | – |
Is it possible to trade indices with InstaForex?
Yes, various global indices can be traded on the platforms.
Are there any market limitations for Ghanaian traders?
No, Ghanaian traders have access to all of InstaForex’s markets.
Broker Comparison for Range of Markets
| 🥇 InstaForex | 🥈 GO Markets | 🥉 JustMarkets | |
| ➡️️ 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 | Yes | No | No |
InstaForex Trading and Non-Trading Fees
Spreads
The spread, or the difference between the bid and ask price, varies according to the type of account. Spreads for EUR/USD on Insta.Standard and Cent.Standard accounts, for example, range from 3 to 7 pips.
Insta.Eurica and Cent.Eurica accounts, on the other hand, offer spreads starting at 0.0 pips, making them more suitable for traders who prefer tighter spreads.
Commissions
Commission fees for Eurica accounts with zero-pip spreads range from 0.03% to 0.07%. Additional commissions apply when trading specific financial instruments.
For example, trading energies and commodity futures costs $30 per round turn, while cryptocurrency trading costs 0.1% and InstaFutures trading costs 0.5%.
Overnight Fees, Rollovers, or Swaps
Overnight fees are added to or deducted from the trader’s account based on the position size, financial instrument, and interbank rate. Below are some of the typical overnight fees that Ghanaians can expect.
Deposit and Withdrawal Fees
InstaForex does not charge deposit fees, but withdrawal fees vary depending on the method used. Below are the withdrawal fees charged by InstaForex:
- Credit/Debit Card – System Fees
- Bitcoin, Litecoin – 0.5%
- PayCo – System Fees
- Skrill – 1.39%
- Southeast Asia Bank Transfers – 2% + 0.3 EUR
- Neteller – 2%
- AstroPay – 0.5%
- Online Banking in the Philippines – 1.75%
- Africa Online Transfers – 3% – 3.5%
- USDT – 1% – 2%
- Ethereum – 1%
- Online Bank Transfers – 3.2% – 3.8% + 0.35 – 2.35 USD
- Payment Asia Vietnam, Indonesia, Malaysia – 1.6%
- Local Transfer Malaysia, Thailand, Africa, Nigeria, Ghana, China, Bangladesh, India, Korea, Singapore, Pakistan, Indonesia, UAE, Bahrain, Qatar, Saudi Arabia, Oman, Ukraine, Iran – Bank Fees vary
Inactivity Fees
Accounts inactive for over three months will be charged a monthly fee of 5 EUR or its equivalent in the account’s base currency until the balance is depleted.
Currency Conversion Fees
Currency conversion fees can apply if traders deposit or withdraw in currencies other than the trading account’s base currency.
What is the spread for EUR/USD at InstaForex?
The spread on EUR/USD with InstaForex ranges from 0.0 pips on Eurica Accounts to 7 pips on Standard Accounts.
How can I find out about all the fees at InstaForex?
The official website of InstaForex has a detailed fee structure.
InstaForex Deposits and Withdrawals
offers Ghanaian traders the following deposit and withdrawal methods:
- Credit/Debit Cards
- Skrill
- Southeast Asia Bank Transfer
- Asia United Bank
- Banco de Oro
- Bank of the Philippine Islands
- Chinabank
- Coins.ph
- EastWest
- EON by Unionbank
- ePSBank Online
- Landbank
- Maybank
- Metrobank
- Philippine National Bank
- RCBC
- Robinsons Bank
- Security Bank
- UCPB
- Unionbank
- Neteller
- PayCo
- Africa Online Transfers
- AstroPay
- Cryptocurrencies
- Online and Offline Bank Transfer
- Local Indonesian Bank Transfer
- Local China Bank Transfer
- Local India Bank Transfer
- Local Malaysian Bank Transfer
- Local Nigerian Bank Transfer
- Local Ghana Bank Transfer
- Local Singapore Bank Transfer
- Local Pakistan Bank Transfer
- Local Korean Bank Transfer
- Local Bangladesh Bank Transfer
- Local UAE Bank Transfer
- Local Bahrain Bank Transfer
- Local Qatar Bank Transfer
- Local Saudi Arabia Bank Transfer
- Local Oman Bank Transfer
- Local Kuwait Bank Transfer
- Local Ukraine Bank Transfer
Broker Comparison: Deposit and Withdrawals
| 🥇 InstaForex | 🥈 GO Markets | 🥉 JustMarkets | |
| Minimum Withdrawal Time | 1 hour | Instant | Instant |
| Maximum Estimated Withdrawal Time | Up to 3 working days | 1 to 3 business days | 10 bank days |
| Instant Deposits and Instant Withdrawals? | Yes, Deposits | Yes | Yes |
Deposit and Withdrawal Processing Time, Withdrawal Fees
| 💳 Payment Method | 💵 Deposit Processing Time | 💳 Withdrawal Fee | 💸 Withdrawal Processing Time |
| Debit Card | 24 hours | System Fee | 1 – 6 Days |
| Credit Card | 24 hours | System Fee | 1 – 6 Days |
| Skrill | 24 hours | 1.39% | 1 – 7 hours |
| Southeast Asia Bank Transfers | Between 1 – 7 hours | 2% + 0.3 EUR | 1 – 7 hours |
| Asia United Bank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Banco de Oro | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Bank of the Philippine Islands | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Chinabank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Coins.ph | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| EastWest | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| EON by Unionbank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| ePSBank Online | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Landbank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Maybank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Metrobank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Philippine National Bank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| RCBC | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Robinsons Bank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Security Bank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| UCPB | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Unionbank | Between 1 – 7 hours | 1.75% (5 EUR min) | 1 – 7 hours |
| Neteller | Instant | 2% | 1 – 7 hours |
| PayCo | Instant | System fee | 48 hours |
| Africa Online Transfers | Between 1 – 7 hours | 3%/3.5% + 0.5 EUR | 1 – 7 hours |
| AstroPay | 24 hours | 0.5% | 48 hours |
What deposit methods are available for Ghanaian traders at InstaForex?
The broker accepts deposits via local Ghanaian bank transfers, credit/debit cards, and e-wallets.
Is it possible to withdraw in GHS at InstaForex?
Yes, Ghanaian traders can withdraw GHS funds via local bank transfers.
How to Deposit Funds with InstaForex
Step 1 – Log into your account
Traders can log into their personal area on their trading account.
Step 2 – Go to section for deposits and withdrawals
Traders can navigate to the section dedicated to deposits and withdrawals.
Step 3 – Choose preferred payment method
Traders can select their preferred payment method, currency, and the amount they wish to deposit.
Step 4 – Confirm your deposit
Lastly, traders can finalize and confirm their deposits.
Fund Withdrawal Process
To withdraw funds from an account with InstaForex, Ghanaian traders can follow these steps:
- You can access your account via the client portal.
- Select the ‘Withdraw Funds’ option from the financial operations section.
- Select your preferred withdrawal method from the list of options.
- Enter the amount of your withdrawal: Enter the amount you want to withdraw and any other required information.
- Submit the withdrawal request after reviewing all details.
- Additional verification steps may be required depending on the withdrawal method.
- The funds will be transferred to your preferred payment method once the withdrawal is processed.
The processing time for withdrawals differs based on the method selected. Using Skrill usually takes 1 to 7 hours to withdraw funds; however, local Ghana bank transfers may take up to two days.
Withdrawals made by some methods could have a maximum estimated wait of three business days.
Can I withdraw my deposit bonus from InstaForex?
No, deposit bonuses typically have terms and conditions that must be met before they can be withdrawn.
Is there a minimum withdrawal amount at InstaForex?
Yes, the minimum withdrawal amount is usually $1, but it can vary depending on the withdrawal method.
Education and Research
Education
offers the following Educational Materials to Ghanaian traders:
- Demo Account
- Training
- Trading Platform Guidelines
- FAQ Section
- How to Start Trading
- Video Tutorials
- Forex Glossary
- Knowledge Base
Research and Trading Tool Comparison
| 🥇 InstaForex | 🥈 GO Markets | 🥉 JustMarkets | |
| ➡️ Economic Calendar | Yes | Yes | Yes |
| ➡️ VPS | Yes | Yes | Yes |
| ➡️ AutoChartist | Yes | Yes | No |
| ➡️ Trading View | Yes | Yes | No |
| ➡️ Trading Central | No | Yes | Yes |
| ➡️ Market Analysis | Yes | Yes | No |
| ➡️ News Feed | Yes | Yes | Yes |
| ➡️ Blog | Yes | Yes | Yes |
Also offers Ghanaian traders the following additional Research and Trading Tools:
- Chief Strategies
- Analytical Reviews
- Economic Calendar
- Video Analytics
- InstaForex TV
- AutoChartist
- Trading Sessions
- VPS
- News in Pictures
- ForexCopy System
- PAMM System
Is there a research section available at InstaForex?
Yes, the broker provides extensive research tools, such as an economic calendar and market analysis.
What kind of trading platform tutorials does InstaForex offer?
The broker provides trading platform guidelines and video tutorials to assist traders in navigating their platforms.
10 Best Forex Brokers in Ghana for 2024
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Bonuses and Promotions
Offers Ghanaian traders the following bonuses and promotions:
- 100% Deposit Bonus – the broker offers a 100% bonus on all deposits, doubling customers’ trading funds.
- 55% Deposit Bonus – A 55% bonus is available on all deposits made after June 15, 2013.
- 30% Deposit Bonus for recurring deposits – A 30% bonus is offered on each deposit, which can be increased to 40% for InstaForex Club members.
- $1,000 StartUp Bonus – Traders can receive a $1,000 bonus to their live trading account with no deposit required.
- Grand Choice Contest – Participants in the Grand Choice Contest can win cash prizes by correctly predicting the exchange rate of specific currency pairs.
- Sniper – This contest has a $1,500 prize fund and involves trading competition.
- Lucky Trader – For a $3,000 prize fund, participants must accurately predict the closing price of a specific trading instrument.
- Chancy Deposit – Traders who deposit at least $3,000 are eligible for this promotion, which includes a $50,000 monthly prize fund.
- Real Scalping – Traders can compete for a $6,000 prize fund in this contest.
- Great Race – With four stages and a final, this contest offers a $55,000 prize fund.
- FX-1 Rally – Participants can compete for a $1,500 prize fund in this contest.
- Ms. InstaForex 2024 – A beauty pageant with a $45,000 prize fund and the title of Miss InstaForex.
- Free Devices – As part of various promotions, the broker provides its clients with free smartphones and tablets.
Does InstaForex offer any trading contests?
Yes, the broker has several trading contests with cash prizes, including the Grand Choice Contest and Sniper.
Is there a no-deposit bonus available at InstaForex?
Yes, a $1,000 StartUp Bonus is available with no deposit required.
How to open an Affiliate Account
To register an Affiliate Account, Ghanaian traders can follow these steps:
- Visit the website of InstaForex.
- Go to the Affiliate Programs page.
- Select the type of collaboration that best suits your preferences and goals. InstaForex has two types of partnerships available: Introducing Broker (IB) and Webmaster.
- Fill in your personal information on the registration form, such as your name, email address, and phone number.
- Fill out the “Comments” field with a detailed description of your proposed work and any additional information to help the InstaForex team understand your goals and expectations.
- After completing the form, click the “Register” or a similar button to submit your application for an Affiliate Account.
- Examine your email. When your Affiliate Account is activated, you will receive an email with your account information and a password. This email will also contain a link to the Partner Cabinet, where you can log in to your account.
What types of affiliate partnerships does InstaForex offer?
The broker provides a few partnership programs, including Introducing Broker (IB) and Webmaster programs.
How are commissions paid to InstaForex affiliates?
Commissions are paid based on referred clients’ trading activities, including account top-ups and trades.
Affiliate Program Features
- Affiliates can withdraw their earnings anytime using the same options available to trading accounts.
- The program provides affiliates with various partnership options, including Introducing Broker (IB), Webmaster, and VIP programs, allowing them to choose the type of collaboration that best fits their goals and preferences.
- InstaForex invests in client education by providing courses, seminars, and a comprehensive library of educational materials. Affiliates can use these resources not only to attract clients but also to improve their trading abilities.
- InstaForex has created three distinct systems to help affiliates and their referred clients collaborate effectively, streamlining the partnership process.
- To entice customers, the program provides a tempting array of bonuses. Affiliates can earn up to a 55% bonus on each deposit and a 100% bonus on their referrals’ first deposit.
How flexible are the withdrawal options for InstaForex affiliates?
Affiliates can withdraw their earnings using the same methods as traders, providing them convenience and flexibility.
Is there a VIP program for high-performing InstaForex affiliates?
Yes, the broker has a VIP affiliate program for long-term business partners.
Customer Support
Customer assistance is available in 18 languages, including English, Arabic, Portuguese, Chinese, Indonesian, Malay, and others, through email, live chat, Skype, and rapid call-back service.
In addition, multiple chat programs, including WhatsApp, Telegram, and Viber, are available for technical support. Client services are available from 8 am to 5 pm (UTC +00), and technical support is offered 24 hours a day, five days a week.
| Customer Support | InstaForex’s Customer Support |
| ⏰ Operating Hours | 24/5 |
| [email protected] | |
| 🗣 Support Languages | 18 languages |
| 🗯 Live Chat | Yes |
| ☎️ Telephonic Support | Yes |
Corporate Social Responsibility
The InstaForex website is frequently updated with new projects demonstrating InstaForex’s dedication to social responsibility. Furthermore, InstaForex supports the following organizations and causes:
- Ronald McDonald Children’s Charities Fund of Malaysia
- Peduli Anak Foundation
- CPOC Foundation in Cambodia
- InstaForex helps earthquake victims in Nepal
- The Malaysian Red Crescent (MRC)
- Wikimedia Foundation Inc
- SOS Children’s Villages, and more.
Our Verdict
After thoroughly examining, we conclude that InstaForex provides a stable trading environment suitable for novice and experienced traders.
InstaForex’s various account types, including Insta.Standard and Insta.Eurica, offer spread and commission flexibility, catering to a variety of trading strategies. Although the fee structure is clear, traders should know about commissions on zero-pip spread accounts and various withdrawal fees.
We like how many educational and research tools are available, such as a demo account, training materials, and trading signals. These resources can be especially useful for traders in the African market, where interest in forex and other financial instruments is growing.
With its 24/7 uptime and backup power supply, the VPS service adds an extra layer of reliability, especially for those who use automated trading strategies.
Another notable feature is InstaForex’s cashback rebate program, InstaRebate, which offers a high rate of spread refund and $15 for each closed market lot. This program is clear and straightforward, which increases its appeal to traders.
The platform, however, is not without flaws. While InstaForex provides various deposit and withdrawal options, including local Ghanaian bank transfers, some traders may be concerned about the associated fees.
Furthermore, the lack of instant withdrawals may be a source of contention for those who value quick access to their funds.
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Pros and Cons
| ✔️ Pros | ❌ Cons |
| InstaForex offers a range of instruments that can be traded over powerful platforms | There is a limited selection of individual stocks |
| InstaForex is a beginner-friendly broker with several educational materials and tools | Withdrawal fees apply |
| There is a comprehensive ForexCopy system for Ghanaians who want trading signals | |
| Commission-free trading accounts are available | |
| There is free VPS offered to eligible traders | |
| Ghanaians can register practice accounts | |
| InstaForex’s customer support is multilingual across communication channels | |
| InstaForex is praised for its excellent customer support |
Conclusion
For each of our broker evaluations, we investigate, evaluate, analyze, and compare what we feel to be the most crucial criteria to consider when selecting a broker.
Based on our findings, this evaluation comprises positives, disadvantages, and an overall score. We want to assist you in locating the ideal broker for your requirements.
Our broker review should not be considered financial advice. However, traders are urged to seek professional financial advice before making investment decisions.
Now it is your turn to participate:
- Do you have any prior experience with InstaForex?
- What was the determining factor in your decision to engage with InstaForex?
- Was it because of the minimum deposit, regulation, retail trading accounts, or other factors?
- Have you experienced issues with InstaForex, such as difficulty withdrawing funds, inability to verify regulations, unresponsive customer support, etc.?
Frequently Asked Questions
How can I start Forex trading with InstaForex?
To begin Forex trading, simply accept the agreement, register, deposit, and install the trading terminal.
Is InstaForex regulated?
Yes, the broker is regulated by the FCA (Tier-1), CySEC (Tier-2), the British Virgin Islands (BVI FSC) (Tier-3), and the FSA SVG (Tier-3).
Does InstaForex have Nasdaq 100?
Yes, Nasdaq is available under the symbol “#NDX,” it can be traded commission-free.
What is the ForexCopy system offered by InstaForex?
The ForexCopy system is a service that allows followers to copy the orders of the most successful forex traders in real-time mode, allowing them to benefit from experienced traders’ expertise.
Is InstaForex Safe or a Scam?
The broker is a legitimate broker with multi-regulation, numerous awards and recognition, numerous partnerships, and a high trust score.
Does InstaForex have VIX 75?
No, Volatility 75 is not included in InstaForex’s extensive portfolio of CFDs on Indices.
Does InstaForex offer a $1000 free no-deposit bonus?
Yes, the broker is well-known for providing a $1000 no-deposit bonus, allowing traders to begin trading without making an initial deposit.
How long does it take to withdraw from InstaForex?
With InstaForex, withdrawal times range from 1 hour to up to 3 working days, depending on the payment method used.
Does InstaForex offer demo accounts for beginners?
Yes, te broker offers demo accounts with virtual funds ranging from $5,000 to $1,500,000, allowing beginners to learn how to trade without risking their own money.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is volatile and may change anytime, even if the information supplied is correct when going live.
Investor Warning: Foreign currency trading on margin is associated with an elevated risk and may not be appropriate for all Ghanaian investors.
Before engaging in foreign currency or Contract for Difference (CFD) trading, you must evaluate your investing goals, expertise, appetite for risk, and willingness to be exposed to risk. In addition, you should not start investing capital you cannot afford to lose because you could lose part of your original investment.
