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The Forex Customer Support Challenge: InstaForex

May 24 2013
By
Forexbrokerz.com

The last participant in this week's customer support challenge is InstaForex – a Russian broker that I don't really think highly of. Sadly, its performance in the challenge just reinforced my opinion as Instaforex. Alexander, the rep I talked to, was unbelievably slow (the conversation you will see below took a little more than an hour – can you believe it?!); his answers were generic; and in the end, he just left the conversation in the middle. 

 
This offended me, and therefore I gave Instaforex zero points – and yes, I know that technically 5 points is the minimum. I just got too pissed off to give this broker anything different from zero, so that's that. 
 
Apart from that, two brokers got the same rating this past week, so they will both compete at the final: Armada Markets and ICM Capital. Well done! 
 
Here's the Week 2 leaderboard: 
1. Armada Markets and ICM Capital – 19 points
2. NordFX – 16 points
3. FXCM – 8 points
4. Instaforex – 0 points
 
 
And now, the InstaForex convo: 
 
Alexander: Hello, how may I help you?

Hannah: Hi there. A friend of mine told me I can make money with forex and I wanna try it out but I don't know where to begin. Can you maybe give me any pointers?

Alexander: If you do not have experience in Forex trading you need to open demo account and use it for training. Demo account you can open using trading terminal. All information for beginners you can see on this page: [link] Also, you can use this educational website: [link].

Hannah: Ok, cool. There seems to be a lot of info on your site – I like your branded airplane.
How can I fly on it? Is it for rent or something?

Alexander: InstaForex signed agreement with Czech Airlines on InstaForex branded airplane. you can try yo contact Czech Airlines about this question.

Hannah: Cool. Can I trade on the plane?

Alexander: I can't say exactly, Laptop using, like mobile using can be prohivited during th flite.

Hannah: True that, I'll check with the airline. 
Hannah: I'm looking at the links you gave me – it says here that I have to start with a demo and then open a live account; can I go straight to live account instead? I'm not very patient, want to see the real deal.

Alexander: Yes, you can open demo account for education and then can open trading account.

Hannah: But can I open a live account straight away? Without the demo?

Alexander: Yes, you can open trading account any time you want.

Hannah: That's great. How much money can I start with?

Alexander: Minimum amount of depsoit is 1 USD.

Hannah: Isn't that too little? I mean, can I actually trade with it?

Alexander: Yes, you cna start trade with balance of trading account in amount 1 USD .

Hannah: I think that's too little. I think I'm gonna start with 1,000. How many trades can I open with this money? I want to trade gold.

Alexander: You can open deal from 0.01 till 0.7 lots.

Hannah: Why such big difference?

Alexander: You can use calciulator on this page to calculate amount of margin: [link]

Hannah: Sorry, I'm a bit confused. What's margin?

Alexander: Margin – the required equity which an investor must deposit to collateralize a position equal to 1% (when leverage = 1:100) of an open position deposit.

Hannah: I see. I am going through your home page now, and I came across the Miss Insta Asia 2012 beauty contest page. Can I enter to compete in the contest?

Alexander: you can fill registration form on this page: [link]

Hannah: I'm not Asian, though - can I still compete?

Hannah (10 minutes later): Alexander? Are you still there?
 
 

The Sentence

 
Response time: zero
Accuracy of the answers:  zero
Personal attitude: zero
Patience: zero
Sense of humor: zero
 
Overall score: 0/25
 
Overall impression: If I could talk to Alexander again, here's what I'd tell him: you don't just leave the conversation like that, dude. It's disrespectful and the message that I get is that I can't and should not trust your company – what is something happens to my account and the support reps I talk to just leave the chat when they feel like it? Thanks but no thanks. 
 
 
 

 

 

TAGS: forex broker  customer service  customer service challenge  best customer support 

More news about InstaForex

Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
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Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
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Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
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PrimeTrader
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