Instaforex does not process withdrawals

Discussion in 'Forex Brokers' started by dw31583, Oct 12, 2015.

  1. dw31583



    I have submitted a withdrawal from my Instaforex account to my Neteller account and it's been several days and they don't process it. I've called their finance department and they're not willing to give any explanation they just say that we'll process it as soon as we can.

    I do not want to say things like avoid this broker or anything like that but make your conclusion. We're talking about a few thousand dollars and it looks like they either cannot process my withdrawal because I was too profitable and my orders was not routed to the market or they're simply not willing to send my money.

    Luckily I just gave them a try with a small deposit but it looks like I won't do business with them.

    Now whenever I try to contact them they just don't answer. Interestingly when you make a deposit they do their best to help you.

    [ Since they're based in Russia, if this happens to you also then you don't have any chance to get your money back! ]

    Do you have any similar experience with this "broker"?
    ras72 likes this.
  2. rtff, how many times have you and others been warned NOT to do business with bucket shop fx brokers, especially in Russia, Ukraine, Nigeria, but pretty much in most countries that do not have established and highly reputable regulators. Even then customers get frequently fleeced, but you apparently are begging to get ripped off. Write off your loss, and move on, but above all, LEARN from your experience.

    archeolog108, d08 and sculptor66 like this.
  3. carrer


    ras72 likes this.
  4. carrer


    You will only have problems with these bucket shops when:

    1. You are profitable.
    2. The broker does not hedge your positions, they trade against you.
  5. dw31583


    It's not a big deal since I took a few hundred dollars of deposit but I quickly turned it into almost 5 figures. I just wanted to test them. So my actual loss is less than $1k (my deposit). I wanted to warn other traders also and I wanted to know whether it's just a regular delay or they really won't process my withdrawal.
    Last edited: Oct 12, 2015
    lawrence-lugar likes this.
  6. dw31583


    Yes, indeed. My deposit was a few hundred dollars and within a few trades I turned it into an almost 5 figures amount. I think they did not hedge my position like you said. I opened this thread because I wanted to know whether it's a regular delay or they really won't process my withdrawal. However based on the link you posted it looks like they won't give my money back.
  7. you turned it quickly into 5 figures...lmfao

  8. dw31583


    This thread is not about performance. Yes, I quickly turned a few hundred bucks into several thousand dollars. Within 2 weeks to be exact however this thread is about Instaforex and not about my performance.

    Before you'd write another funny reply I tell you now that obviously the strategy I was using with this broker was lack of a proper risk management therefore I nearly doubled my balance on each trade. Only one losing trade but since my deposit was a few hundred dollars I didn't care whether I lose it all or not. The purpose was to try out this broker and usually I try them out like this. I deposit a few hundred and I make a few thousand with an aggressive strategy.

    What was really interesting is that regardless of the size of the trade they filled my orders instantly without any slippage which is really unusual when you trade more than a million units (10+ lots). So I guess they didn't hedge my positions.
  9. 5 figures is > 10,000 ;-)

  10. dw31583


    Please read!

    " almost 5 figures "
    #10     Oct 12, 2015