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Instafx24 Review - is it scam or safe?

Instafx24 Review - Is instafx24.com scam or good forex broker?

RATING: 1.5 / 11 REVIEWS
Instafx24 is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Mini    Uspecified    1:100 Around 1.6 pips
Bronze    Uspecified    1:100 Around 1.6 pips
Silver    Uspecified    1:200 Around 1.6 pips
Gold Uspecified    1:200 Around 1.6 pips


Instafx24 is a forex and CFD broker. While their name sounds very similar to that of a rather popular broker, we didn’t manage to find any connection between the two. A closer look into this broker’s offer revels some issues, which we will cover below.



Instafx24 Advantages



Average spreads
The costs of trading with Instafx24 are decent, but nothing spectacular. We saw a EUR/USD spread of 1.6 pips, when playing around with the platform. Keep in mind, saving a few bucks here and there shouldn’t be your biggest concern when choosing a broker. Check the link below to view some of the most competitive offers on the market.




>>Real-time spread comparison<<




Decent leverage ratios
With the 1:100 and 1:200 offers, this broker provides more than enough “gearing”. That being said, we don’t like the fact the higher ratios are provided to the bigger account types. This creates the (false) impression bigger leverage is a “luxury”. In reality some of the bedt traders are the most conservative ones.

 

Swap-free accounts
Instafx24 offers accounts with no interest rates on forex transactions for those who avoid them for religious purposes. This is a nice addition, which can expand the client base.

 

Alternative payment methods available
One can deposit at Instafx24 via Bank Transfer, Credit/Debit Card, Skrill, Neteller and Safecharge. This variety, combined with the choice of the most popular e-wallets leaves a good impression. With that in mind, let’s move on to the negatives.


Instafx24 Disadvantages



No regulation, FCA warning
Instafx24 is registered on the Marshall Islands and does not fall under the regulatory zeal of any agency. The former point is obviously more important and probably enough for us to recommend staying away from this broker. All the more so, considering that one of the top financial regulators, UK's Financial Conduct Authority (FCA) has issued a warning against Instafx24.

 

Multiple platforms presented, only one available
The platform you will be trading wit is probably the second most important thing you should look at (after the regulatory environment). Instafx24 claims to offer the popular solution MetaTrader4. We were surprised to be given the choice between SIRIX and a “Web platform” when opening an account. Even more frustrating was the fact, SIRIX was not working. The other platform will be covered below.

 

Odd web platform
After finally starting the Instafx24 trading interface, we were not impressed. The platform felt somewhat strangely arranged, as if it was developed for an oversized tablet instead of a desktop PC. Everything seems disproportionately big and slightly misplaced. The loading times, when changing instruments were also quite long, indicating a rather heavy software. Keep in mind we have reviewed multiple forex brokers and cryptocurrency exchanges and have yet to experience something this slow. Here is a preview (click to zoom-in):



We would much prefer trading with a MetaTrader broker, as the platform supports multiple devices, excellent charting and even automated trading systems. Check the link below for more details.


>>Top MT4 brokers<<

 

Account types are meaningless
The account types provided by Instafx24 don’t have a specified deposit requirement. The industry practice is to offer slightly tighter spreads to those who are willing to invest more. The benefits provided by this broker are limited to a higher leverage ratio and secondary perks, like “more analysis”, “a dedicated account manager” and so on. This is not impressive, even if there were deposit levels provided.



Conclusion



Instafx24 is an unregulated, offshore forex broker. They may be a fairly new company, as their presentation is lacking in multiple spots. The trading platform was also not inspiring. While the spreads are relatively nice, the other issues a outweigh them.


The biggest factor when comparing two brokers should be the regulation under which they operate. Since Instafx24 isn’t under any, all clients simply accept the company’s word as the only source of credibility. We would like to mention a few of the rules which companies under the United Kingdom’s Financial Conduct Authority (FCA) must follow, to illustrate our point.


 >>FCA regulated brokers<<


Client funds must be held segregated from the company’s. In other words, an FCA regulated broker can’t simply take your deposit and offer “paper trading”. On top that, the Financial Services Compensation Scheme (FSCS) is in place. This system protects your investment against your trading partner going bankrupt. In the off chance this happens, you will be compensated for your funds with them, up to £50,000.


 
Here are the strong and weak sides of Instafx24:

Pros Cons
Average spreads No regulation, offshore company
Decent leverage ratios Multiple platforms presented, only one available
Swap-free accounts Odd web platform
Alternative payment methods available Account types are meaningless

 

Latest news about Instafx24
No news about Instafx24. Check back later.
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Traders` reviews for Instafx24

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Gabriele Nowald, Cancellation/Re-transfer credit balance,

Subject: Gabriele Nowald, Cancellation/Re-transfer credit balance, e-mail from 30.08.2018
Dear Sir or Madam
Ms Gabriele Nowald, has authorized me to represent her interests in relation to the "InstaFX24". Power of representation can be presented at any time.
Facts:
On 12.07.2018, Mrs Nowald paid 200,00 Euro into the account of InstaFX24 (FXPLACE.TRADEFXPLACE/NICOSIA) and could use her trading platform. A request to increase the deposit to 250 Euro was never made.
On 30.08.2018, Mrs Nowald terminated the contract by e-mail according to her General Terms and Conditions (point 25) and asked you to transfer back the due balance to her immediately.
In your e-mail of 31.08.2018 you now surprisingly inform Mrs Nowald that she would have to pay 60.00 Euro at first, since your company only carries out bank transfers from 250,00 Euro.
Mrs Nowald's credit balance at the time of termination is EUR 189.42.
As you do not indicate a minimum withdrawal limit in your general terms and conditions or in your deposit and withdrawal guidelines, I hereby request that you transfer back to her credit card the credit balance of 189.42 Euro due to Mrs Nowald immediately, i.e. by 20.09.2018 at the latest. I also expect Mrs Nowald's account to be closed immediately.
If you do not comply with this request at the above-mentioned date, I will file criminal charges against your company on behalf of Ms Nowald for consumer deception, intentional fraud and embezzlement, both in Germany and at the registered office of your company.
At the same time, I will make your business conduct public and publish it. I will also point out here that your company is an: " UNREGULATED BROKER ", banned from trading in Austria by the FMA and your company in the UK blacklisted by the FCA.
I will also inform the Federal Financial Supervisory Authority (BaFin) about your business practices.
Whether this is worthwhile because of 189,42 euro for enterprises I doubt. In any case, on behalf of Mrs Nowald, I will continue to oppose your machinations until this matter has been satisfactorily resolved for Mrs Nowald.

Best regards,
Legal advice for cybercrime G.Gaertner

Gaertner 09/05/2018

Do not Invest any money in instafx24

I was contacted by Intstafx24 which claimed to have aquired o4trade. I was promised lots, and my money should have been transffered from the o4trade.com platform etc. bottom line. I have asked Instafx24 to close my account and return my investment. THe only thing i hear is silence... I have not seen any of my investment or earnings from the o4trade platform. Please, for you sake good. Do not make any business with this firm it is scam and fraud.

Thomas 08/14/2018

my stolen money

You basted why did you stole my money out of many people you decided to stole from poor people how heartless you are guys I wish you burn in hell and even your generations. Rubbish you are not helpful but thieves. You deserve hell all of you.

Phila 08/04/2018

insafx24 scam - steer well away

I invested 4000 euros with the trader and made a surplus of 3380. When I tried to withdraw the total 6380, Alex my trader made several conditions such as repay in cash any losses made - 320 euros. when I asked to withdraw the balance of 6380 he went into my trade and deliberately made sufficient losses to cancel my profit and added minus 1094 on my account. He also insisted on having all the details of any credit/debit card I used, and also insisted on using teamviewer to make my positions.I have got new credit/debit cards to stop him taking money from them. So I warn anybody thinking of investment in instfx24 to steer well away from this scam and Simon who will entice you to invest and Alex the trader. j87w7p

mervyn carson 07/07/2018

Instafx24 scam

I feel that this company is an absolute scam I have foolishly transferred some euros into an account as I wanted to try my hand at trading but I have since changed my mind it is impossible to get. them to perform the simple task of transferring the money back to my account I feel like I have been duped and have received. Different calls from different people trying to persuade me to stay so I sat to anybody else beware

Elaine Jenkinson 07/06/2018

instafx24 truffa

instafx24 e' una super truffa fate attenzione, non esiste nulla ed i vostri conti saranno polverizzati in un solo momento appena capiranno che non avete intenzione di mettere altri soldi....il vostro account manager che usera' un nome ovviamente falso nel mio caso Antony Cain con il numero telefonico +44 7424 597572 iniziera' ad aprire posizioni in contro tendenza facendovi azzerare il conto in modo da richiedere altri soldi.......ATTENZIONE ATTENZIONE ISTANFX24 truffa truffa
vi prometterano bonus e quant'altro, vi diranno che alcuni dei nomi che ho visto sopra scritti (es.marvin) sono stati allontanati dalla societa', ma sono sempre loro che cambiano nomi, non vi fate fregare come hanno fatto con me.......loro si intascano i vostri soldi ed inizialmente vi aprono delle posizioni false che vi faranno guadagnare promettendovi bonifici mensili.....attenzione con noi hanno fatto dei piccoli bonifici per indurci a fidarci ma erano solo delle trappole.....appena hanno avuto il grosso dei soldi la truffa si e' materializzata.......atttenzione attenzione

Translated by Google:

instafx24 is a super scam be careful, there is nothing and your accounts will be pulverized in just one moment as soon as you understand that you are not going to put any more money ... your account manager who will use an obviously false name in my case Antony Cain with the telephone number +44 7424 597572 will begin to open positions against the trend making you cancel the bill in order to request more money ....... ATTENTION ATTENTION ISTANFX24 scam scam
they will promise you bonuses and anything else, they will tell you that some of the names I have seen above (es.marvin) have been turned away by the company, but they are always changing names, do not be fooled like they did with me .. ..... they pocket your money and initially you open some false positions that will make you earn money promising monthly ..... care with us have made some small wire transfers to lead us to trust but they were just traps ... .. just have had the bulk of the scam has' materialized ....... attention attention

Francesco 06/29/2018

Withdrawal problems

The broker did a few trades for me, but forget to take profit.
When I send a withdrawal request the problems started. They don’t want to give your money back.
Don’t go there

Willem Lasonder 06/16/2018

altamente sconsigliato

hanno operato al posto mio prosciugandomi il conto, per fortuna solo 200 euro, non credo serva aggiungere altro-

Translated by Google:

they worked in my place drying up my bill, luckily only 200 euros, I do not think it's necessary to add more-

andrea 04/27/2018

recupero deposito

Salve, volevo gentilmente chiedere se era possibile ritirare il deposito fatto sulla cosiddetta piattaforma soprannominata istaFX24, perché settimane fa sono stato contattato da tre diversi personaggi, l'ultimo addirittura Era quello che doveva seguirmi negli investimenti e mi aveva dato appuntamento il lunedì seguente, il giorno del contatto era venerdì!

Comprendo bene di essere caduto in una bella truffa Anche perché il sito non si apre più, alle mail che mi ero salvato del supporto, pur avendo le mandate 4,! Non ho mai ricevuto risposta!

So che la cosa impossibile, poi parliamo di €250 che comunque da fastidio buttar via così oltretutto Questi personaggi dovrebbero essere messi in galera, cosa che in Italia non ti mettono neanche se uccidi... tutti e tre i contatti sono stati fatti in lingua perfettamente italiana!

Vi chiedo cortesemente Se conoscete qualche sistema perlomeno da infastidirli, o addirittura recuperare il deposito per poi partire, sempre se possibile, con una bella denuncia che tanto so già a nulla servirebbe!
Logicamente, essendo che sono vent'anni che lavoro online proprio di professione, conosco i canali anche legali, ma proprio con quelli che non si ottiene quasi mai ...niente.

Per cui, un'ottima pubblicità al vostro sito, Sarà garantita, da parte mia e tutti i miei collaboratori! ringrazio cordialmente fin da ora, in qualsiasi modo le cose finiscano, Ma perlomeno posso divulgare la notizia in modo che più persone possibili non vengano truffate.

Cordiali saluti...
Davide Zanella

Translated by Google:

Hi, I would kindly ask if it was possible to withdraw the deposit made on the so-called platform called istaFX24, because weeks ago I was contacted by three different characters, the last one was the one who was supposed to follow me and made an appointment on the following Monday, the contact day was Friday!

I understand well that I fell into a good scam Also because the site does not open anymore, to the mails that I had saved the support, despite having the 4 sends! I never received an answer!

I know that the impossible thing, then we talk about € 250 that still bother throwing away so moreover These characters should be put in jail, which in Italy do not even bring you if you kill ... all three contacts have been made in language perfectly Italian!
I ask you kindly If you know any system at least to annoy them, or even recover the deposit and then leave, always if possible, with a nice complaint that I know so much to nothing would serve!

Logically, being that twenty years working professionally online, I know the channels also legal, but with those that you almost never get ... nothing.

So, an excellent publicity to your site, It will be guaranteed, on my part and all my collaborators! I cordially thank you from now on in any way things end, but at least I can divulge the news so that as many people as possible are not cheated.

Best regards...
Davide Zanella

davide zanella 04/27/2018

Constantly calling even though I am not interested

Somehow they got my number and have been calling me constantly all hours of the day.
Every time they call it is from a different number and from different parts of the world. Today it was Norway, other locations are London, Toronto, Sweden and Switzerland.
I tell them I am not interested and they argue with me.
I ask to speak to a supervisor and the supervisor argues with me.
I have asked them to remove me from their records and stop calling me but this does not help.
I would like to report them to some organization that could investigate them but don't know how to do this.

Tom 04/10/2018

Tutor indecente

Non mi pronuncio sulla piattaforma ma vi parlo del tutor che mi è stato assegnato. Non vi dico il nome in pubblico perché conosco bene le regole della buona educazione ma se volete essere tutelati contro queste persone maleducate che vogliono solo approfittare degli altri, scrivetemi in privato e sarò lieto non solo di fornirvi il nome ma anche tuta la documentazione per confermare la mia opinione. Il tutor in oggetto mi ha anche chiamato minacciandomi ed intimandomi di non scrivere recensioni su di lui.

Translated by Google:

I do not speak on the platform but I'm talking about the tutor assigned to me. I do not tell you the name in public because I know well the rules of good education but if you want to be protected against these rude people who just want to take advantage of others, write to me in private and I will be happy not only to provide the name but also the documentation to confirm my opinion. The tutor in question also called me threatening me and telling me not to write reviews about him.

Marco 03/27/2018
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