Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
Invest in over 300 trading instruments and save money on the spread with this well-known forex broker.
InstaForex Canada is an online trading broker that claims to work with over 7 million traders worldwide. It was founded in 2007 by InstaTrade Corporation and is designed to let you trade in currency pairs, contracts for difference (CFDs) and futures.
When you sign up for InstaForex, you’ll choose from a number of different trading platforms, including the proprietary WebTrader platform and MetaTrader 4. From there, you’ll be able to load funds into your account and start trading.
- Think about this online forex trading platform if you want to trade a number of different forex instruments and you would prefer direct control over your portfolio.
- Choose something else if you’re not comfortable with using an online trading platform or you want your investments to be regulated in Canada.
What investments does InstaForex Canada offer?
InstaForex offers a number of different forex, contracts for difference (CFD) and futures trading instruments.
- Foreign exchange. Trade in several major and minor currency pairs using the platform of your choice.
- Options. Buy and sell investments when they reach a certain price, depending on whether you think the market is going up or down.
- Contracts for difference. Forecast how stocks will perform for a number of CFDs without needing to invest in actual assets.
What types of CFD trades can I make?
- Equities. Anticipate the way stock prices will change so that you can link the performance of specific companies to the trades you make.
- Indices. Predict the movement of stock indices to earn money on the rise and fall of baskets of shares.
- Commodities. Predict price movements for commodities like coffee, flour and mined products like gold or oil.
What trading platforms does InstaForex Canada offer?
- WebTrader. The WebTrader platform offers quick and easy trading with a diverse range of research options and charting tools.
- MetaTrader 4. Take advantage of one of the most popular trading platforms in the world with MetaTrader 4. It comes with an intuitive interface, customizable layouts and a wide range of plugins.
Who is InstaForex Canada best for?
InstaForex’s software is designed to suit beginner and experienced investors who are interested in trading forex, contracts for difference and futures. It offers two main platforms to choose from along with average spreads and commissions on its investment products.
Both platforms can be tricky to learn how to use, so it will help if you’re somewhat tech-savvy before you give it a try. You may want to avoid this broker if you’re not familiar with how to execute trades online or you’d prefer more dedicated market analysis.
How simple is InstaForex Canada to use?
InstaForex offers its own trading platform alongside the ever-popular MetaTrader 4 (MT4) software. MT4 is one of the most popular trading platforms in the world, while the WebTrader platform is less well known.
It only takes a couple of minutes to sign up for an account, and you can start trading as soon as you load funds into your wallet. You may also be able to sign up for a demo account if you go the MT4 route. This will allow you to test out the software without spending any of your actual money.
What research does InstaForex provide?
- Forex trade news. Receive updates on important forex news through dedicated blog posts and the InstaForex TV channel.
- Market analysis. Make more informed decisions about when to buy and sell your investments with real-time market analysis.
- Charting tools. Use specialized tools to chart out your investments and forecast how they’ll perform.
Pricing and fees for an InstaForex account
- Account fees. There don’t seem to be any account fees that you’ll have to pay to keep your account up and running.
- Trade costs. You’ll usually pay a markup on the foreign exchange spread (which averages out to between three and seven pips). You may also have to pay a commission depending on what you’re trading.
Is InstaForex Canada safe?
InstaForex is less safe to use in Canada than many other forex brokers. This is because it’s not regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and it doesn’t have insurance with the Canadian Investor Protection Fund (CIPF). This means any money you invest won’t be protected if InstaForex goes bankrupt.
How does InstaForex keep my money safe?
InstaForex has a number of security features in place to protect your money and personal information. These include full site encryption and two-factor authentication to protect your account details. They also include bank-level security features and segregated accounts to protect at least a portion of your money in the event that InstaForex goes under.
Customer reviews and complaints
InstaForex has mixed reviews online from customers and traders alike. Positive reviews indicate that InstaForex offers a stable platform with a number of useful research tools. Customers also seem to enjoy decent profits, no account fees and zero commissions when trading.
However, some customers seem unhappy with the level of customer service on offer from InstaForex. Many also complain that the WebTrader platform is prone to freezing when they’re trying to execute trades, which can result in financial losses.
Pros and cons
How do I sign up?
If you think you meet all the eligibility criteria and you’re ready to start investing with InstaForex, you just need to follow the steps below:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and load funds into your account to start trading.
- Set up a demo account if you want to get used to the software before you invest any real money.
InstaForex is a forex, CFD and options trading broker that offers reasonable spreads and an array of research tools. It uses the InstaForex WebTrader platform and the MetaTrader 4 platform to help you execute your trades. Just be aware that InstaForex can be a more risky option since it isn’t regulated in Canada, and it’s not protected by CIPF insurance. Learn more about how InstaForex works and get started with your account today.