InstaFX24 Review (2023)

Is Instafx24 a scam or legit broker?

No, it is not safe to trade with Instafx24 Forex broker as it is an offshore company. Instafx24 is owned by INSTAFX24 LTD, registered offshore, in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Globalix, YFX Capital and more. 

Instafx24 delivers options for trading in some of the most popular liquid assets, including currency pairs, stocks, most major financial indices, and commodities.

The company does not fall under the regulation of any agency. They provide London address and phone number on the website, although the firm is definitely not registered in the UK with the FCA. Moreover, the broker has been banned in the UK by its local Financial Conduct Authority in September 2018:

” This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

Also, InstaFx24 has been blacklisted by Austrian FMA in July 2018:

“Instafx24 LTD is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others.”

Italy’s regulator CONSOB has recently issued a warning against the aforementioned broker:

Conclusion

We advise all investors and traders to avoid InstaFX24 and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and TMGM.

You can also share your trading experience with InstaFX24 by commenting on this review.