Interview with InstaForex

Due to numerous requests of the blog’s readers, I’ve asked InstaForex for an on-line interview. They’ve replied positively to my inquiry and their Director for Business Development, Vladimir Syrov, has answered some interesting questions regarding this Forex broker company. Now you can read this interview and receive some important answers directly from InstaForex.
Please, name your best advantages – those that make InstaForex different from hundreds other on-line Forex brokers.

The secret of InstaForex competitive ability amid other on-line Forex brokers lies not even in the availability of particular unique market advantages, which no-one or only a short number of brokers have, but in the fact that our company offers its clients absolutely all the best services existing on present-day Forex market. In addition to a full range of currency instruments and the most favorable conditions on the market we can put forward segregated and VIP-accounts, PAMM-system, a line of contests and campaigns with a prize fund over $350,000 annually, etc.

Why don’t you offer a web-based platform to the traders? What’s your proposed solution to the traders that often have to trade from public places or from computers that don’t allow any new software installation?

A web-interface cannot satisfy the requirements of more than 99% of traders. As a rule, it is used only for balance control, since such functions as application of the EAs are not available in it. An option of balance check can be accessed in the Client Cabinet. Nevertheless, working to satisfy the needs of 100% traders we are not excluding the possibility of a web-platform establishment. Though, we do not consider it to be of exceptional importance.

What are your plans regarding the regulation? It looks like more and more Forex traders start to pay attention to the broker’s regulation. Are you going to get registered in U.S. by NFA or CFTC in the future?

At the moment this issue is under discussion, though as the information is our commercial secret, we can not reveal it. Just to mention, we will never co-operate with the regulating organizations of “Mikki Maus Authority”-type (citing a reliable international lawyer specializing in this subject); like Mauritius, which issues fictitious documents being just a piece of paper without legitimacy in any developed country.

Do you plan adding a full support for PayPal payments – both for deposit and withdrawal? What problems arise with PayPal payments’ support?

The system PayPal makes restrictions for the Russian merchants – they only are allowed to send funds. This question is being worked at; the negotiations with PayPal are in progress. We clearly understand that this payment system is very popular among the western clients.

Recently you’ve introduced 1:1000 leverage to your customers. It looks to be a rather high and dangerous leverage. Do your traders use it? Was it aimed on traders with the extremely low deposits?

We do not consider a $1,000 deposits as high, that is why we limited the leverage of 1:1000 by this sum. Further, we have a leverage of 1:600, which is also higher than most brokers have.

InstaForex is known for offering many Forex contests, promotions and bonuses to traders. Do you plan to offer them continuously or use them as a one-time promotional campaign?

All campaigns, contests and bonuses offered by InstaForex are established with a long-term prospect. The contests and campaigns are a good instrument of a client attraction, that is why one can hardly imagine a large broker without them. On this basis, we will not decrease the tempo of this direction development. Moreover, we are constantly expanding a line of contests and campaigns and the volume of the annual prize fund is over $350,000.

InstaForex was named #1 broker in Asia recently. How did you manage to do that and why in Asia?

The award Best Broker- Asia according to a reliable British financial publication World Finance is first of all a result of enormous work completed by our team in more than 2 years. We have really done a great job not only to enter the market and get a good position but also to be among the leaders of Forex brokerage. Referring to Asia, this region became a breakthrough for us. It is of no secret that Asian financial market is already growing for many years. So, most of our services, instruments and technologies have found a lion’s share of consumers in Asia. This does not mean that we are absent in other regions. We are developing in Europe, Middle East, Russia and even Africa actively enough.

There are many representatives of InstaForex on various Forex forums. At the same time, there are many complaints (in on-line reviews) that the support questions and withdrawal requests aren’t answered on time. Wouldn’t it be more useful to the company and to the traders to hire more people to work with the clients instead of building up these “forum embassies”?

Let us make the situation clear: “forum embassies” are created because one of the companies uses blackmailing against us – a constant attack from the anonymous nicks. The same people were making DOS attacks versus us in 2008, and they can artificially increase votes in any ratings. If you pay attention to the companies listed in the rating with most votes you can realize who we are hinting to.

As for the claims, we have many clients and the number of claims is corresponding. Even 0.1% of 140,000 is already 140 people. Though, the majority will agree that 0.1% is a little percent.

If we take as an example the most popular Forex companies in Russia, there is also much negative information about them on Russian forums. However, this does not mean that these companies work badly; it only means they have a lot of clients.

What are your plans regarding the new MetaTrader 5 platform? Are you going to start offering it to your clients soon? Will you use it along with MetaTrader 4 or it will substitute the previous version?

Taking into account that a programming language is being changed, we will have to provide our users a possibility to operate the former platform. It is likely to be offered to clients along with MT5 for an extended period of time.

In your opinion, is Forex a gambling? What makes so many people think that it’s some kind of gambling and that Forex brokers are casinos?

(For some reason this question was left unanswered by InstaForex.)

CFTC proposed a limitation on the currency trading leverage of 1:10. You aren’t regulated by CFTC, but what’s your opinion in this decision? How will it influence the global Forex business?

We consider logical many of the US regulating organizations initiatives. However, we are interested in providing a wide choice to our clients, that is why we will continue to offer locking positions and a leverage of 1:1000.

What new features are planned for InstaForex in the near future, if it’s not a secret, of course?

We would not really like to show our cards, it is better to list the services initiated recently. To begin with, we should mention the initiation of PAMM-system. Now our clients are able to trade and invest in the accounts of other managing traders. The establishment of InstaClub system may also seem interesting; thanks to it members of the club can receive various privileges, for example, additional bonuses and concessional participation in the contests. Moreover, we have introduced cent accounts, implemented technical security of trading accounts of the bank level, started two new contests for demo-account holders etc. InstaForex keeps advancing for its clients, constantly improving trading conditions and the quality of service.

If you liked this interview, disliked it or if you just have some comments regarding this interview with InstaForex or any ideas for the future interviews, please, reply via the form below or via the site’s contact form. You can also read some other interviews with Forex brokers if you want.