Forex Trading Scams: Is InstaForex Group a Scam?
In this InstaForex Group review, we will take a look at the facts to determine if this company is indeed a scam.
There are so many Forex trading scams out there, it’s hard to count them all.
And it when one goes under, another one appears.
Forex trading is one way to make money from the internet, but unfortunately the scammers have invaded the industry as well.
It’s easy to avoid these scams because they all have the same red-flags.
One group that has been making the headlines lately is InstaForex Group and it has been flagged a scam by several news outlets.
If you have found yourself wondering if this is a legitimate program, continue reading this review!
InstaForex Group Review Summary:
Product Name: InstaForex/InstaForex Group
Product Type: Forex Trading
Country of Operations: Russia
Price: $1 Minimum
Best For: Those good with high risk online investments that are looking to build passive income online.
Summary: Forex Trading lures a lot of people looking for the fast track to online wealth and income. While InstaForex is one of the few Forex trading platforms that we’ve reviewed that seems somewhat legit, it has it’s issues. Namely complaints of delayed withdrawals and customer service.
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What is InstaForex Group?
InstaForex was founded in 2007 by InstaForex Group and since then it has rapidly grown into an international trading platform.
The website offers a wide range of services and appears to be a legitimate trading platform, similar to well-known Forex trading companies.
There’s also the option to create a demo account to practice trading with, and familiarize yourself with the user interface.
In 2009, The World Finance Magazine called InstaForex the “Best Broker in Asia”, a title that is proudly displayed on their website.
It’s also important to mention that this company is based in Russia and most of the employees are Russian.
Additionally, a lot of the English content on the website is poorly translated.
It seems like this trading company is popular in Asia, but it has a poor reputation in other countries.
There are also numerous websites and articles out there that claim Instaforex is a scam.
But maybe everyone just isn’t using the platform properly?
Is InstaForex Group a Scam?
By far the most common complaint about this company is regarding withdrawals.
There are numerous reports from customers who have attempted to withdraw funds only to have their request ignored or delayed.
See, InstaForex offers a $200 bonus for all new traders.
Here’s the catch:
Very few new traders actually receive this bonus.
Most traders will sign-up to receive this bonus, and then use it to make a few trades, only to discover that their account has been canceled.
According to online reports, this problem happens quite often.
And if you do happen to earn some cash, withdrawing it is a hassle.
Most traders will have to chase down the company and pressure them to send the funds, or they’ll have to contact specific people within the company to green-light the transaction.
It’s no secret that this company has a lot of negative reviews surrounding it.
But does that mean it’s a scam?
In most cases, when it’s easier to find negative reviews about a product online, than it is to find positive reviews, that’s a good sign to avoid the product.
In the case of InstaForex Group, some countries have even added it to a list of known online scams.
But Can You Make Money?
InstaForex undoubtedly has a lot of issues, but people can still use the platform to open and close trades.
Contrary to what you might think, the platform does work, and some people do use it to make cash.
It’s not one of those hit and run scams that will encourage you to sign-up and deposit funds only to have your funds disappear.
This does not mean I’m defending the company, but I believe people should know the truth.
It does work.
But it’s not nearly the best Forex trader out there, and it does have a lot of flaws.
Does that mean it’s a total scam?
Not necessarily… but it doesn’t mean it’s a good company either!
There’s also an affiliate program that you can participate in.
InstaForex Group Review Employees:
When researching the company, I came across a page of company employees.
Not surprisingly, all the employees have classic Russian names that, when entered into Google, deliver a wide range of results.
For instance, Andrey Abram, the second person on the executive board list, could be a number of different people.
There’s a result for a boxer, a Doctor, a Russian athlete, a Photographer, an artist, and many others.
But nothing that matches the bio of the guy who works at InstaForex.
Similar results can be found for pretty much everyone on team.
I think that’s interesting!
And it makes me think the people on this list are using common Russian names to avoid using their real names.
When someone doesn’t want to use their real name, its usually a sign of something fishy!
At least they’re not paid actors like some Forex trading scams use!
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Forex Trading Scams – High Risk for Online Income Seekers
Many people who are new to online business end up believing that Forex trading is the best way to make money online.
The truth is that Forex trading is a very risky way to make money online and even experienced traders lose cash quite often.
And it also requires a large initial investment.
For instance, most companies require a minimum deposit of $250 to activate the account.
But it can be fun for people who appreciate the risk and have the money to invest.
I need to stress the point that it is risky and there’s always a chance that you can lose all your earnings.
If you do want to get involved with Forex trading avoid all companies that have negative reviews and focus on the legitimate companies.
Conclusion on InstaForex Group
To summarize this InstaForex Group Review, the company does have quite a few issues, and it’s not licensed.
But it does process withdrawals, and it does have a trading platform that is relatively accurate.
Therefore, I conclude that the company is not a scam.
But it’s also not a product that I can recommend.
The company has a suspicious history and there are quite a few red-flags on the website, not to mention the numerous complaints filed against the business.
I suggest that readers avoid this company and focus on more reputable Forex traders such as eToro or similar platforms.
Alternatively, learning how to build a website is another route you can take to earn cash online.
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Thanks for taking the time to read our InstaForex Group review!
We hope you have learned a bit about Forex trading scams.