InstaForex awaits clarification on denied Russian forex license, will reapply

InstaForex awaits clarification on denied Russian forex license, will reapply

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InstaForex, a forex broker operating in Central and Eastern Europe and Asia, announced it is expecting further clarification from the Bank of Russia regarding its decision to deny the broker’s application for a Russian forex license.

The statement comes after Russia’s central bank posted a brief piece on its website, informing that it has decided to deny a license for a forex broker and professional participant on the securities market to the forex broker InstaForex, a brand of Fix Trade, registered in Russia in the city of Kaliningrad.

Next week, InstaForex is awaiting a list of formal remarks and comments from the regulator. The company will fulfill all requirements and present the amended package of documents to obtain the license,” the broker said on its website.

InstaForex was among the first forex brokers operating in Russia to apply for a local forex license after the new legal requirements came into effect this January, but is by far not the first to be snubbed by the Bank of Russia.

The regulator has already denied the applications of the two largest forex brokers – Alpari and Forex Club, as well as of several smaller ones, bringing the total number to five. For comparison, only three got licenses:  TeleTradeTrustForex and Finam.

Other three: VTB24 Forex, Rodeler (owner of the binaries brokers 24Option, Grand Option and QuckOption and the forex broker 24FX) and Forex Club, which re-applied shortly after its first application was rejected, are awaiting the decision and one – Alfa Forex, is considering applying.

12 Comments

  1. A few years with InstaForex giving me satisfied experience. They have supportive support service that always there for us to refer our problem, they have may contest to participate like InstaForex sniper & one million option. The most important is, their deposit & withdrawal process are quick and smooth; depo just take 5-60 minutes and withdrawal only 1-24 hour.

    1. This is Gertrude, one of the official representative of InstaForex.In behalf of InstaForex, we would like to thank you for choosing us as your broker and for giving us a very satisfactory rate. We will continue to provide an excellent service, have a good day 🙂

      Sincerely,
      InstaForex Gertrude

  2. I am very pleased with InstaForex. A week back there had been some technical issues with platform and I had open trades that time. The Platform got closed for more than 3 hours and later on too for three days I had some issues. Due to this problem I had to incur losses. But knowing InstaForex for quite long I did not worry. I took up the matter and explained what happened to the open trades and loss incurred. After few days, the customer support team called me and said InstaForex is pleased to compensate whatever losses incurred due to technical issues. I would say this broker is simply great and would advise all to use InstaForex for their trading. This is my second review about this broker.

    1. Thank you for giving us a very satisfactory rate . Your opinion is very important to make our more job better 🙂

  3. It is a pity that most of us, satisfied and professional traders, we use most of our time to trade, and making profit and also improving our knowledge on Forex trading , we don’t normally have the time to post reviews. But I will like to use this period of holiday break to share my experience of trading with Instaforex. My name is Moshood, I am a professional trader, I have been trading with Instaforex since 2010, over 6 years now, and it has been a very positive experience. I initially thought that trading with Instaforex will only bring me loss, because of some negative comments(which are false comments) that I read earlier about this awesome broker. But little did I know that all those reviews are false, they were written by some other brokers who see Instaforex has their major competitor. When I joined Instaforex, started trading with just $200, I started trading on GBP/USD,I can now basically tell you that I have made a large profits over the years. If you want to be a successful trader just like me you should go for Istaforex I bet you, you will thank me later for recommending Instaforex!

    1. Thank you for giving us a satisfactory rate. We are aimed to develop reliable trading services convenient to newbies and professional Forex traders. We wish the best of luck to you. Happy trading!

  4. I trade with InstaForex for more then one year. I have 2 accounts at the moment. I started with a Cent.Standard which was better for me as a newbie and after 6 months I opened Insta.Standard account on which I can trade bigger volume. After I opened the first account I deposited 200$ with ePayments and applied for 55% Bonus, which give me 55% at every deposit I made. The MetaTrader 4 platform works great with fast execution and without re-quotes. I like the fact that the broker has regular contests and campaigns where you can win from money prize to Lamborghini. I trade daily on currency EUR/USD, USD/JPY and USD/CHF, also Gold and Oil. The tools Autochartist and ForexCopy System are a must if you want to trade easy and successful. My average monthly profit is 1700$ ( it could be more like 3000$ on my best month). The support team are very polite and friendly. Over all I recommend the broker, I don’t have complains.

    1. Thank you for choosing us! We will do our best service to help traders like you! 🙂

  5. Their analysis is very helpful and I always start my trading days reading them. They provide innovative trading technologies, which help me boost my income in the forex market. I’m a PAMM trader with this company for five months now. It’s been really profitable for me to trade on behalf of investors and to earn hefty commissions.

    1. Thank you. Your opinion is very important to make our job better 🙂

  6. It’s been a great one year so far trading with Insta. My main problem with my former broker, which is Alpari, was the expensive commission and insanely high spread. EUR/USD went up to over 10pips even on normal trading conditions. With Insta, spreads are stable. There is no requote whatsoever, and my orders are getting filled smoothly. Both entries and exits are hassle free.

  7. Thank you for choosing us! We will do our best service to help traders like you! 🙂

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