ITCFX

ITCFX Review
Trader's rate 0
Editor's rate 3.0

Classic Account:

minimum deposit: $100

minimum lot size: 1k (micro lot)

maximum leverage: up to 1:1000 

spread: fixed, 3 pips

 

Fast Execution Account:

minimum deposit: $2500

minimum lot size: 1k 

maximum leverage: 1:400

spread: floating, as low as 0.6 pips

 

Islamic Account:

minimum deposit: $500

minimum lot size: 1k

maximum leverage: 1:500 

additional fees: no

 

PAMM/MAM Account:

minimum deposit: $50 000

minimum lot size: 1k

maximum leverage: 1:300 

 

Execution: STP (NDD) 

  

Deposit/Withdrawal methods

Bank Wire, Credit card

 

Trading Platforms:

Metatrader 4, Sirix Web, iPhone, iPad and Android platforms

 

Extra Services:

Coaching lessons. Ebooks, Webinars, Trading signals, Personal account manager

GET 200% ON YOUR FIRST DEPOSIT

TRADE WITH 0.5 PIPS FIXED SPREAD 

Headquartes: Anguilla West End AI-2640Anguilla

 

Promotions: 200% bonus, free 1-on-1 coaching, 1pip fixed all majors, protected account, and more

 

Website: www.itcfx.com 

InstaForex

InstaForex Review
Trader's rate 4
Editor's rate 2.0

Trading Accounts

 

Account type Min./Max. deposit Minimum trade size Maximum leverage Spreads (Commission) 
Insta Standard $1 0.01 1:1000 Fixed 3 pips
Insta Eurica $1 0.01 1:1000 0 pips + 0.03% / 3 pips
Cent Standard $1 / $1000 0.0001 1:1000 Fixed 3 pips
Cent Eurica $1 / $1000 0.0001 1:1000 0 pips + 0.03% / 3 pips

 

InstaForex offers its clients a choice of 4 account types, which can be divided into two categories: Standard and Eurica ones.  All of them are accessible via depositing just $1 and offer leverage up to 1:1000, Cent and Micro account option (with 0.0001 minimum trade size) and annual interest rate of 5% (accrued on the last day of each month).

 

While Standard accounts offer fixed spreads and are commission-free, Eurica ones provide Forex trading without spread, which is quite unusual. Nonetheless, a commission of 0.03% applies to trades on Eurica accounts, which equals a 3-pip spread.

 

Besides, InstaForex provides Swap-free (Islamic) services, as well as a PAMM accounts service - a tool of collective investing in projects rendering investment services. Every client of InstaForex Company can accept investments from other traders or invest funds in someone else`s account and become a share owner in this account.

 

The Company. Security of Funds

 

InstaForex, part of InstaForex Group, is an MM forex broker headquartered and registered in Russia. This broker has been providing online trading services to traders worldwide since 2007.

 

InstaForex’s product portfolio is pretty impressive. It includes 107 currency pairs, 88 CFDs on US stocks, futures, gold and silver, Bitcoin on both MetaQuotes’ platforms, as well as options trading (via the InstaForex Option Trade).

Forex services in Russia are rendered by Insta Service Ltd, registered in Saint Vincent and the Grenadines. At present, SVG legislation does not require a special license for a forex service provider. As for the stock market, InstaVector Investment Company Ltd, a brokerage company within InstaForex Group, has been holding a license for a professional service provider since 2008.

 

At present, the broker is applying for a license with the Central Bank of Russia (CBR). The CBR is Russia’s financial mega-regulator which oversees the banking and all other financial markets in the country. As of 1 January, 2016, locally-based forex brokers are required to be licensed by CBR in order to operate in the country. However, foreign brokers are still allowed to target local citizens without any significant restrictions and most market participant continue to operate in the country through their foreign units.

 

Currently, only seven brokerages hold CBR licenses: Alpari, Finam Forex, TeleTrade, TrustForex and VTB24 Forex, and Forex Club.

 

In addition, InstaForex is the developer of MT5.com - a universal portal with variety of tools and services, available to all traders. The community there is quite active and helpful.

 

Trading Conditions

 

Minimum Initial Deposit

To open an account with InstaForex, one has to deposit just $1 and the unusual thing is that this minimum initial amount is set to all account types. In comparison, Russian broker TeleTrade requires $2000 as a start.

 

Spreads & Commissions

InstaForex offers fixed spreads only, which are a bit high, amounting to 3 pips on EUR/USD. Trading costs on its zero-spread Eurica accounts are practically the same, and most fixed-spread brokers offer 2 pips spread.

 

In comparison, TeleTrade also provides a spread of 3 pips on EUR/USD, but it also offers variable spreads as low as 0.1 pips for this pair. For further information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by InstaForex is 1:1000. We find leverage that high to be damaging to proper risk management, so consider it carefully before opting it for it. 

 

Trading on margin allows traders to control large amounts of capital, however, if not used in combination with a proper risk management strategy, can lead to heavy losses.

 

Trading Platforms

 

As we have already mentioned, InstaForex offers both MetaTrader4 (MT4) and its successor, the MetaTrader 5 (MT5).

 

MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own EAs and let the program do all the work.

 

The broker also provides VPS hosting services (free of charge for clients with account balance over 5000 USD) to ensure continuous operation of EAs.

 

InstaForex also supports MetaTrader 5, a versatile and powerful trading platform that gains popularity lately, as the hedging option was finally added to it, and a number of other enhancements were made. MT5 allows the execution of orders in several financial markets and stock exchanges through a single trading account. The platform features advanced charting package, trading and analysis tools, alerts, signals, EAs and customizable indicators.

 

Besides, this broker provides Forex Copy system designed to enable traders to copy orders of successful traders online. Every user of the ForexCopy system may follow profitable trading strategies by selecting Traders in the public monitoring list and copying their successful trades.

 

A ForexCopy Trader receives a commission for allowing one or more ForexCopy Followers to copy his trades. There is also a commission per copied trade, a commission per day and a trade profit share. If a Follower chooses the latter, he pays only for profitable copied trades.

 

Promotions

InstaForex is famous for its trading contest and bonuses. Below you may check out all bonuses available:

 

 

Methods of Payment

 

InstaForex offers its clients a wide range of payment methods: credit/debit cards, bank wire transfer, MegaTransfer, Paxum transfer, PayCo, Skrill, Neteller, Boleto, BPay.md, ePay.bg, CartaSi, ePayments, Dankort, Electronic Payment Standard, Nordea SOLO, POLi, PostePay, Przelewy24, iDeal, SOFORT, Trustly, QIWI, Bitcoin, and a number of local transfers.

 

Besides, with the help of the InstaWallet system, every InstaForex customer can transfer money to accounts of other company’s clients.

 

Conclusion

 

InstaForex is a Russian forex & CFD broker with 10 years of experience and rich product portfolio. It provides numerous bonuses, as well as interest rate on deposits, however its overall pricing is not very competitive and it is not regulated. Besides, it uses fixed spreads and probably acts as a Market Maker. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

 

Pros

Cons

Part of international group with 10 years of experience

Not regulated (yet)

Both MT4 and MT5 offered

Wide fixed spreads

Low minimum initial deposit required

Market Maker model

Wide range of financial instruments offered

 

Micro & Cent accounts available

 

Annual interest rate of 5% on deposits, bonuses available