Indian investors are always on the lookout for unique financial opportunities such as stock trading, forex trading, and even crypto investments. In the past few years, a significant number of investors have started their forex journey using reliable and legally compliant forex brokers. Many more are searching for better brokerage services provided by companies to maximise their profit in a safe environment. InstaForex is one such innovative and classy broker whose trading platform has several benefits, solutions, and perks to offer their clients. In the following InstaForex India review, we shall learn in detail about this broker and the documents required for opening an InstaForex account in India. This forex broker has been functional since 2007 and thus gathered mixed feedback from forex traders around the world.
Some Regulatory Concerns
Since the top Indian regulatory agency, the Securities and Exchange Board of India (SEBI), implemented proper guidelines regarding forex trading, it is easy to figure out whether a particular broker is legally compliant or not. Indian forex traders simply visit the SEBI Website to find all the required details about any forex brokerage company listed in SEBI’s directory. The company Instant Trading EU Ltd., acts as the owner and operator of InstaForex. It has secured a licensed and all the needful regulations from BVI FSC (British Virgin Islands). Retail forex accounts of this broker are also entitled to an Investor Compensation Fund that covers losses up to $24,400 (approximately).
Know more about the compliance of this broker visit Instaforex.
Documents Required for Joining
Indian forex traders are mostly inclined towards a broker that is both legal and has an easy-to-use interface. These qualities are essentially found in InstaForex which runs its business as a highly capable ECN broker powered by the MT4 trading platform with an addition of the cTrader platform. As the company information suggests, this broker is only available for those individuals who are currently living in European countries. To open an account, one can simply use the “Instant Account Opening” function which receives basic information such as Name, Email ID, and Phone Number to register a new user and sends them a welcome bonus that double the deposit.
Supported Trading Platforms and Their Features
Open for all EU-based clients, this broker has amassed several years of expertise in providing best-in-class trading services to both beginners as well as expert forex traders. For its unrivalled performance, InstaForex has received quite a lot of awards from forex industry leaders in the past.
Trading platform supported by this broker include:
- MetaTrader 4: The fan-favourite trading platform originally has 9 timeframes, a plethora of tools for technical analysis, automated trading, and other useful functions.
- MetaTrader 5: The upgraded version of MT4 is a complete package with 21 timeframes, advanced tools, ready-made expert advisors, and many other features.
- Multiterminal: Clients who wish to utilise several trading accounts to their full capabilities prefer this platform which is available as software that you can download and run on your Windows system.
- WebTrader: Developed by the in-house team of InstaForex, this web-based platform is exclusive to the broker’s clientele. It supports tick charts, all types of accounts, forex analysis, and advanced analytical tools.
- InstaTick Trader: This simple yet powerful platform is convenient for tick trades as the name suggests. A capable team of InstaForex developers has created it to support 6 digit quotes and all types of accounts.
Type of Accounts Available
When it comes to choosing a trading account type, leading forex brokers like InstaForex have more than one standard type. There are a total of 5 types of trading accounts and each of them has unique features and functionalities to enhance the trading experience of their clients. Islamic trading account that does not levy overnight charges is also available on request.
Details of each of InstaForex account types are stated below:
1. Insta.Standard
Most experienced Forex traders turn to this sort of trading account due to its unlimited capabilities. With this account, traders do not need to pay any spread while opening a trade. Zero spreads are applicable on most of the currency pairs for Insta.Standard account holders make the BID price equal to the ASK price.
2. Insta.Eurica
Even though, this trading account is similar to Insta.Standard, many believe it to be useful for newbies. The reason for that is the system of conducting trades is quite simple but it creates a highly competitive trading environment at the same time. It is an ideal choice for forex enthusiasts due to 0.0 pips on most currency pairs and a low commission percentage that is 0.02% to 0.07%.
3. Cent.Standard
This type of trading account is more suitable for beginner forex traders who are still figuring out the entire process. Cent.Standard gives traders access to minimum-sized trade volume that is perfect for someone learning forex trading with minimal risk of deposit. If you need a trading account that allows you to test several trading strategies with less negative consequences then try micro forex with Cent.Standard.
4. Cent.Eurica
Similar to the Cent.Standard, this type of account is also compatible with newcomers who have only begun forex trading. The size of minimum trade is limited and equals 1 lot i.e. $1 per pip. The trading terms are the same in both Cent.Standard and Cent.Eurica accounts. The limitation in deal size and maximum deposit is a useful method to keep risks manageable.
Gain more information about these accounts at InstaForex.
Tradable Markets Offered
InstaForex is one such broker whose capability is represented through its tradable markets. Any new trader who joins InstaForex can easily diversify their portfolio with more than 110 financial instruments from 8 different asset classes such as forex pairs, stocks, indices, metals, oil and gas, commodity futures, crypto, and Insta Futures. But it is important to note that using the MT5 account limits your choices to only 24 types of instruments that include some notable currencies, stocks, and metals.
Find more details of tradable assets by visiting InstaForex.
Minimum Deposit Required
The minimum deposit is not considered mandatory according to this particular forex broker but the details regarding each of the trading account state that there is a minimum deposit amount applicable on some advanced trading accounts to fully utilise its capabilities. The overall requirement of minimum deposit is kept low on InstaForex. The broker encourages the idea of trading with as low as $1 but experts say that first-timers should have a sufficient initial amount in their trading account to bear the risks of forex trading.
About Spread and Cost
As a renowned brokerage company that serves more than 7 million global traders, InstaForex implements low commissions and even lower spreads according to its official website. As mentioned earlier, the Insta.Eurica trading account does not involve a fixed spread but the Insta.Standard one works without fees but has a preselected spread per deal. These fixed spreads are not implemented on major currency pairs like EUR/USD. But spread on this forex brokerage platform can be increased up to 10 pips on some major forex pairs when liquidity is low.
Deposit and Withdrawal
Whilst depositing money to a trading account, the broker does not charge any fees. But the transaction might bear commissions levied by the payment system provider that one has chosen. Time taken for a transaction varies with the payment gateway you have chosen. For example, Qiwi transactions usually take 15 minutes while Neteller offers instant deposits. In the case of withdrawals, the broker does not have limits on the minimum withdrawal amount except users choose to do it via bank wire (which requires a $300 minimum amount). InstaForex accepts the following payment methods:
- Bank wire
- Neteller
- Credit/Debit card
- Skrill
- Bitcoin
- Qiwi
- Sofort
- Yandex
Withdrawing money can take up to 7 hours using MoneyBookers/Skrill and 6 days if done via Visa.
Note: If an Indian forex trader is interested in using this forex broker then perhaps the best way to understand its functionalities is to register and open a demo account at InstaForex.