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
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.
Rating: 40/100
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.
Recommended: No
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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.
For example:
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.
InstaForex Group
$1 Minimum
Pros
- You Can Use the Platform to Open and Close Trades. You Can Earn Money.
Cons
- Not Nearly as Good as They Promise.
- Employee Names May Not be Real.
- Forex Trading is Very Risky
Well, my experience with Instaforex leaves me with no choice than to call them scammers.
I made a withdrawal request and processing took 3 months and forever now.
They keep telling me my request was mistakenly cancelled and I should make a new request.
Not once, not twice.
When you send mails, they won’t reply you until you follow up on your sent mail.
Instaforex is a scam
Instaforex is a whole scam do not trust them, I am currently pointing together a legal case against companies like this on myscamexperience. The more we are the stronger our case, I believe by sharing our reviews we can help others avoid scams like this.
I find it difficult to sign in. Is wealth affiliate accessible in any country
Hey Iheanachor,
There are a handful of counties that don’t have access to the Starter Membership.
Reason being is spam. WA is a NO SPAM environment and the countries that are banned have been violators of this policy.
You can still do the Premium Membership. Which if you’re serious about building an online business, you’re going to do it anyway.
The bummer is that you can’t check the free starter membership out.
Check out this link to learn more about which countries are banned.
Thanks,
Todd
Hello,
Thanks for your Forex trading review and perspective, I found it very helpful. Can you tell me more about eToro that you mentioned in your post here.
Sam
Hey Sam,
Sure and thanks for the feedback. For more info on eToro, check out our review of this platform.
Best,
Todd
Exactly what I needed to read, do you prefer eToro or InstaForex Tom? Or which broker do you recommend, looking for one. Thanks.
Hey Randy,
I haven’t tried InstaForex, but I have tried eToro, and I think eToro is the best. They also have an app to check trades on-the-go! You can make a free account with them, but you’ll need to deposit $500 to start making trades.
Thanks.
Hey Todd. I’d never heard of Forex trading before reading this post, so naturally it was very enlightening. I always appreciate being educated on all the scammers out there! I liked how you were thorough and fair in your review of InstaForex. Besides eToro, what other trading platforms would you recommend?
Hi Hofmeister,
I don’t have any other companies I can recommend to you at this moment. But I’ll be happy to update you as I can.
In general, I prefer long term steady growth from my investments and when it comes to online income, I love the passive income stream that niche websites can create.
Once you create value in a specific niche, you can sell products all day long 24/7 for 360 days a real. It’s all about ranking on Google and bringing in targeted traffic.
Once you understand this, you can create multiple streams of passive income.
Thanks,
Todd
Great post on forex trading scams and InstaForex Group review. Much appreciated and very well done. I’m a website owner and I wanted to give you a little feedback.
I like your website, it’s attractive, and very informative. You know what you’re talking about and you did your research.
I also like all your little social buttons. What plug-in are you running? Right Incorporated in my art portfolio website online. I shared your page on Facebook LinkedIn, I also started a board on Pinterest for affiliate program reviews and financial advice if you want to friend me on Pinterest I’m Eddie Warner
Hi Eddie,
Got you down in Pinterest. Thanks for your kind feedback on our Forex Trading Scams post as well on my site. And for my social buttons (love them as well) I use Super Socializer by Team Heateor.
I think the key for me when deciding on theme, menu, etc. was influenced by Wealthy Affiliate webinar on Website Appearance and Functionality. Something like that. Just go to the live training classes offered at Wealthy Affiliate and you can see why this flow works so well.
Thanks,
Todd
Thank you for the heads up Todd!
I have always considered trying Forex Trading as a way to make money online but was always turned off by the high initial investment that you have to make.
I honestly prefer money making systems that you can start off with no money, because part of the reason I sought it out in the first place is because I had no money. And if your system truly works then I should be able to make some money from it first and use what I’ve earned to pay for it. Do you know what I mean?
Hi Joeka,
Absolutely, that was my first issue when I went exploring various programs. I was close to paying $1,200 for on program and man I’m glad I kept searching.
Wealthy Affiliate is the program I was lucky enough to have found and they provide this exact model you’re referring to.
You first have to pay for the initial training and keyword research (in my opinion) but it didn’t take long before that training is being paid for by your earnings.
As a matter of fact, I know invest a small percentage of my profits to manage my business, meanwhile provided more content, rankings, traffic, and online sales with less effort. That’s where you want to get to eventually.
Here’s a post I wrote that explains the initial process as well gives you a time from how long it takes to make money online and why you should use affiliate marketing to start off.
https://learntogrowwealthonline.com/how-long-does-i…
Best,
Todd
Hi there Todd,
Excellent review and warning of something to avoid! Forex Trading scams that is. Thanks for that and thanks for sharing it.
Goodness, even a country has declared InstaForex a scam! Now that must be seriously bad!
You’re right the horribly written English is waving a huge red “avoid this” flag as any company involved in Forex or financial trading on the world markets would have hired first class fully qualified translators, regardless of where they are based in the non-English Speaking world.
Kudos for alerting readers of a scam!
Thanks for your feedback Derek on our review. That’s one aspect that should be noted, but you always got to go into online money making programs with a skeptical eye these days.
Always just research you’re products and add a review/scam at the front of the product in Google and see what you come up with. It’s usually not too hard to find out if the program is helpful or not.
Best,
Todd
Hi Todd,
Wow! Thank you for such an interesting read on forex trading scams and InstaForex Group.
I think your article truly adds a lot of value, especially since the “promises” made by these forex trader companies are so tempting.
One can never be too careful and it is vital to have reviews such as yours online to enlighten us.
Thanks again!
You’re welcome Philip, thanks for your feedback. Yeah, since I got started online, I’ve always felt that whatever internet marketing company or opportunity you’re looking at needs to be presented so one know the expectations before committing money and time into these types of projects.
I think a lot of people want to believe it’s easy to make fast cash online, they jump into a program without thoroughly doing their research.
Forex trading scams are all over the place, so you’ve got to do your research. I prefer affiliate marketing because I like getting paid over and over again for the work I did once.
If you want to do the same, check out the Wealthy Affiliate Training Center.
Thanks,
Todd
Hi Todd,
Wow! Thank you for such an interesting read on forex trading scams and InstaForex Group.
I think your article truly adds a lot of value, especially since the “promises” made by these forex trader companies are so tempting.
One can never be too careful and it is vital to have reviews such as yours online to enlighten us.
Thanks again!
You’re welcome Philip, thanks for your feedback. Yeah, since I got started online, I’ve always felt that whatever internet marketing company or opportunity you’re looking at needs to be presented so one know the expectations before committing money and time into these types of projects.
I think a lot of people want to believe it’s easy to make fast cash online, they jump into a program without thoroughly doing their research.
Forex trading scams are all over the place, so you’ve got to do your research. I prefer affiliate marketing because I like getting paid over and over again for the work I did once.
If you want to do the same, check out the Wealthy Affiliate Training Center.
Thanks,
Todd