Instaforex Is a Disappointment

Irianto August 14, 2016 Broker: INSTAFOREX 28

After nearly a year of using this broker, I discovered that it had disappointed me. It started with the incident on August 4, 2016; at that time, I had a floating position of 2 buy GBP/USD positions (floating approx. -$20). I knew there was a new GBP interest rate at 18.00 WIB.

I estimate that GBP will fall sharply because the BOE will lower its interest rate, so I will place four lots of OP sell stops so that I can cover losses. When the news came true, my estimate was right, GBP weakened sharply and hit my pending order, and I made a profit of around $270 (proof attached). When I make a WD profit through IB, I get an error code of 999 (WD is processed manually because it is indicated to have committed a violation). Yesterday, August 13, I received an email from Instagram with the following news:

Dear Irianto,

We would like to inform you at this moment that the Control and Security Department has performed a correction on your account with the following parameters:

235.56 || CANCEL ERROR ORDERS

On your account 2442860 were fixed orders contradicting with point 3.14.6. of the Public Offer Agreement:

3.14.6. The Customer agrees to undergo a supplementary expert examination of the trading account, if it has been revealed that the trading methods of the Customer include opening and closing/opening lock positions with a less than 5-minute interval between them. In accord to the results of the supplementary examination the Company reserves the right to correct the outcome of the Customer's trading by the sum total of such orders.

We apologize for the inconvenience, and feel free to contact us by email address antifraud@mail.instaforex.com in case you have any questions.

My profit was canceled with a value beyond my estimate of $235. What I'm disappointed about is how it's worth that much. Is it possible for the best instatrade broker in Asia to make such a profit despite spending more than $ 500?

But yeah, I'm sorry. Without intending to insult this broker, I hope that in the future this broker will be wiser in giving sanctions and that traders who use this broker will be careful with the rules of this broker. Thank you.

Replies

Trader Discussion

11 Comment

Batman August 15, 2016 Neutral

Sorry, bro, I was just adding information about your problem. I had some time to look into what is and isn't allowed in Instaforex. I read about forbidden and prohibited trading on Instaforex, and if I'm not mistaken, one of the problems listed above is on their website: prohibited from doing news trapping with a profit of more than 10%.

Maybe that's what caused you to get penalized. We are subject to this penalty whether we are aware of it or not, whether we are sincere or not. Once again, I'm sorry, bro; I'm not defending anyone. I'd also like to ask InstaForex if the news trap in question is that.

idrus feriawan August 16, 2016 Neutral

@Batman: That's right. Such information is also available directly on the official Instaforex website. Aside from profit limits during news trading, Instaforex has scalping rules, which state that positions cannot be held for less than 5 minutes. All the provisions are clearly stated in the terms of agreement.

Irianto August 17, 2016 Neutral

Yes, bro, I understand the rules of Instaforex. That's why I don't want to use InstaForex anymore. I don't want to be colonized by rules, which are of course detrimental. There are still many brokers that are better than Insta. Keep going, Indonesian traders.

joko August 23, 2016 Neutral

That's correct. It's better to find another broker who isn't complicated than one who is already complicated and then isn't paid for; the one who isn't complicated is better, even if it doesn't pay. At least winning isn't complicated. wkwk

InstaForex Yudha August 23, 2016 Neutral

Dear All,
InstaForex continues to provide pleasure and support to its traders, and security is an important factor for us in maintaining the trust of our customers.

If a case such as the one described above occurs as a result of a transaction, there is a shared responsibility between InstaForex and the trader to ensure the trader's comfort and safety.

And if you have any problems while trading with us, please contact our customer service so that we can provide the best solution for you.

Thank you.

Khansa August 28, 2016 Neutral

Wow, if there's a rule like that, I don't want to join InstaForex.

fathur abdie August 29, 2016 Neutral

Actually, any rule at the broker must have a cause. From a broker's point of view, I understand why InstaForex restricts trading with those rules. InstaForex is also not the only broker that restricts scalping.

By informing clients, I think this is a very fair step from Instagram, because I want to be honest at the beginning. Even though it's a risk, many traders don't mind. I don't know. Maybe because I'm not a news trader or a scalper, I don't mind the rules of InstaForex Brokers at all. After all, there are other advantages to using InstaForex.

InstaForex Yudha August 30, 2016 Neutral

Dear All,
Trading safely and comfortably is most important so that profits always come regularly, because we will always prioritize safety and comfort for traders. Thank You.

wibisone December 8, 2016 Neutral

The rules are really complicated; most of the brokerage rules just want to make our money disappear, so there are lots of reasons the broker can take our money.

Diswa January 19, 2017 Neutral

If it's fair, why are only profitable operations canceled during news trapping? It would be nice if the loss was also canceled when the news came. Of course, traders will also not comment on these regulations.

InstaForex Yudha February 10, 2017 Neutral

Dear All,
InstaForex always makes trading easier for traders, and it has never defrauded anyone. And InstaForex is always open with its trades. As a result, InstaForex active traders can reach more than 3 million traders worldwide. Thank you.

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