After thoroughly examining InstaForex’s website and operations, we discovered that they do not fall under any recognized regulatory agency. This is a MAJOR RED FLAG!! Such a lack of regulation should be enough to dissuade you from investing with them. Additionally, InstaForex collaborates with websites promoting “Automated trading software,” a notorious avenue for scamming.
InstaForex, like many unregulated forex brokers, leaves customers unprotected. They can easily disappear with your hard-earned money, with no regulatory agency to hold them accountable.
How the Scam Works
Typically, unregulated forex brokers like InstaForex operate by calling potential clients to persuade them to make an initial deposit. They employ various tactics, such as offering deals that sound too good to be true, like doubling your initial deposit or promising easy, substantial daily profits. DON’T FALL FOR THESE CLAIMS! It’s a SCAM! After the initial deposit, clients are transferred to a “retention agent,” a more skilled scammer who will attempt to extract even more money from you.
Beware of positive InstaForex reviews online. These reviews are often paid for to artificially boost their reputation.
Withdrawing Funds
Submit a withdrawal request immediately because your funds are never safe with an unregulated broker like InstaForex. Here’s where the trouble begins. They will delay the withdrawal process for months. If they delay it for six months, you won’t be able to file a chargeback, and your money will be gone for good. No matter how often you remind them or insist on withdrawing your money, you will NOT get it back. If you’ve signed a Managed Account Agreement (MAA), you’ve essentially given them the authority to do whatever they want with your account, often resulting in total loss of funds.
How to Get Your Money Back from InstaForex
If you have already deposited money with InstaForex and they refuse to return it, there might still be a way to recover your funds. Keep all emails as proof that you’ve been requesting a refund.
**Perform a Chargeback:** Immediately contact your bank or credit card provider, explain how you were deceived into depositing money with an unregulated company, and that they refuse to return your funds. This is the simplest and most effective way to get your money back. If you need assistance preparing your chargeback case, contact us at info@thefxreview.com, but do not let the broker know about this article or our contact.
**Wire Transfers:** If you used a wire transfer, chargebacks are not an option. In this case, threaten to report InstaForex to the authorities. Prepare a letter or email for regulatory agencies in your country, explaining how InstaForex deceived you. Show this letter to InstaForex and tell them you will send it to the authorities if they do not refund your money. For assistance, reach out to us at info@thefxreview.com.
Leave Reviews About InstaForex
Help others avoid falling victim by leaving negative reviews on other sites. Describe your experience and warn others about the scam. If InstaForex contacts you from a new website, mention it in your review or let us know. Your feedback can save others from similar scams.
InstaForex Review Conclusion
Reviewing InstaForex was essential to expose their scam and save others from financial loss. Always thoroughly research forex brokers and any financial entity before making transactions. We hope this review has been helpful. For any questions or advice about the withdrawal process, contact us at info@thefxreview.com or through our contact form.
For safe trading, choose one of the trustworthy, regulated brokers listed below.
Stay informed and trade wisely with TheFXReview.
