InstaForex review

InstaForex has been identified as a confirmed scam by multiple regulatory authorities, including the CySEC, which imposed a fine of 130,000 EUR. Regulatory bodies in Canada, France, and several other countries have consistently issued warnings about this company. This is particularly disheartening considering that the broker has been in operation since 2007. While InstaForex claims to be an established broker and holds offshore licenses, it continuously engages in unethical treatment of its clients. The company is regulated by the CySEC in Cyprus, SVGFSA in Saint Vincent and the Grenadines, and BVI FSC in the British Virgin Islands. The Cyprus regulator has fined InstaForex for unfair, dishonest, and unprofessional treatment of clients, and for non-compliance with articles 36(1) and 36(1)(d). InstaForex is comprised of a group of companies registered and licensed in various offshore jurisdictions, which further raises concerns about the safety and legitimacy of its operations. Multiple authorities, such as the Financial Supervisory Authority of Romania, the Manitoba Securities Commission, the Brazilian Comissão de Valores Mobiliários (CVM), the Ontario Securities Commission, the Bulgarian Financial Supervision Commission, and the French AMF, have issued warnings against InstaForex. Additionally, in 2011, the CFTC filed a lawsuit against 14 offshore forex brokers, including InstaForex, and since 2013, InstaMarkets is no longer licensed by the Belize IFSC. Considering these factors, including the regulatory fine, we strongly advise against opening a trading account or depositing funds with InstaForex, as the risk of losing funds is exceedingly high. It is important to note that the website and customer support of InstaForex are available in multiple languages, which increases the likelihood of unsuspecting clients falling into the broker's trap worldwide. To attract clients, the broker offers various bonuses, such as 100%, 55%, and 30%. The website is also designed in a manner that makes it difficult to spot warning signs at a glance, requiring thorough online research on reputable review platforms to fully recognize the risks associated with InstaForex.