InstaForex Egypt Review 2024 - TU expert opinion
Is the Forex market legit in Egypt?
Forex trading is legal in Egypt, but this sector is currently weakly regulated by the state. The residents of the country have the right to trade in the Forex market using a broker, but this activity carries risks as there is no mechanism for issuing licenses to financial organizations. Therefore, you need to be particularly careful when choosing a broker.
It is important to know the tax policy for traders from Egypt. Under the law, traders must declare income from investment activity and pay a 10% income tax.
How to Trade Forex in Egypt
You need to start by choosing a brokerage company. Choose a reliable broker with a European or U.S. license, good reputation and a wide choice of instruments. Next, register on the broker’s website and verify your account. The next step is to deposit money to your account using a debit/credit card or a payment system. To reduce the risks, we recommend testing your trading strategy on a demo account before trading with real money.
Our Evaluation of InstaForex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
InstaForex is a reliable broker with the TU Overall Score of 7.84 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by InstaForex clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews showed that the broker’s clients are mostly satisfied with the company.
InstaForex is the best option for traders with any level of experience. For active professional traders, there is a large pool of non-standard technological solutions for more accurate analysis. For novice traders, there are comfortable starting conditions, such as a $1 minimum deposit under the regulation of FSC and a $200 minimum deposit with the broker regulated by CySEC. There are PAMM accounts and social trading for investors.
Detailed Review of InstaForex in Egypt
InstaForex is a good choice for traders from Egypt. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
InstaForex is one of the leading companies providing services in the Forex market. The toolkit of its financial instruments is not limited to currency pairs. Clients can work with precious metals, cryptocurrency, and stock market assets. InstaForex offers the highest level of service, working closely with the major software developers - Reuters, eSigna and MetaQuotes Software. The broker was one of the first to offer traders the ability to trade on the cryptocurrencies market.
InstaForex has achieved the following results:
-
more than 7,000,000 traders are clients of the company;
-
more than 10,000,000 US dollars have been invested in the company's PAMM accounts;
-
more than 250 representative offices are open around the world;
-
more than 16 years on the market.
Advantages of InstaForex for trading in Egypt
Traders Union analysts conducted a detailed analysis of InstaForex for traders from Egypt. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
An inclusive approach to investment products. The FSC-regulated broker has PAMM accounts and social trading, the CySEC-regulated broker offers investing in stock baskets and diversified portfolios of InstaForex managers.
Р2Р trading at fixed rates.
Free-swap trading synthetic stock assets (CySEC).
2,500+ trading assets including ETFs and cryptocurrencies.
Analysis of the Main Features of InstaForex in Egypt
Traders Union analysts analyzed the key features of InstaForex for traders from Egypt. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for InstaForex traders from Egypt
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of InstaForex trading conditions for traders from Egypt. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
МТ4, МТ5, mobile trading, and WebTrader by InstaForex
|
---|---|
📊 Accounts: |
FSC - Demo, Insta.Standard, Insta.Eurica, Cent.Standard, and Cent.Eurica. CySEC - ECN, ECN Pro, ECN VIP for МТ4 и МТ5.
|
💰 Account currency: |
FSC - USD, EUR, RUB. CySEC - EUR, USD, PLN, CZK, GBP (GBP -only for accounts on МТ5).
|
💵 Replenishment / Withdrawal: |
FSC - cash deposits, bank cards, cryptocurrencies (BTC, LTC, ETH, and USDT), PayCo, and WebMoney. CySEC - Visa/Mastercard, Bank Transfer, Skrill, Neteller, Rapid, iDeal, Przelewy24 and BLIK, GiroPay, and Payoma.
|
🚀 Minimum deposit: |
FSC - $1. CySEC - €200/€1
|
⚖️ Leverage: |
FSC - up to 1:1000. CySEC: leverage is up to 1:30 for retail traders and up to 1:500 for professionals.
|
💼 PAMM-accounts: |
Yes
|
📈️ Min Order: |
From 0.01 lot
|
💱 Spread: |
FSC - from 0-0.3 pips subject to the account type. CySEC - from 0 pips subject to the asset type.
|
🔧 Instruments: |
FSC - currency pairs, stocks, indices, metals, oil and gas, commodity futures, cryptocurrencies, and InstaFutures. CySEC - currency pairs, commodities, stocks, indices, cryptocurrencies, synthetic stocks and ETFs, and stocks at the moment of IPO.
|
💹 Margin Call / Stop Out: |
FSA - 30%/10%. CySEC - 100%/50%
|
🏛 Liquidity provider: |
Barclays, Citibank, HSBC, J.P. Morgan, Morgan Stanley, UBS, Nomura
|
📱 Mobile trading: |
Yes
|
➕ Affiliate program: |
Yes
|
📋 Orders execution: |
Instant Execution, Market Execution
|
⭐ Trading features: |
The ability to open segregated and Islamic (swap-free) accounts; Hedging currency risks; Cryptocurrency trading.
|
🎁 Contests and bonuses: |
available with the FSC-regulated broker.
|
InstaForex Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by InstaForex for traders from Egypt. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Traders Union specialists have analyzed InstaForex trading conditions for explicit and hidden commissions. All information on the size of commissions contained is on the broker's website. Trading account replenishment through the popular payment system takes place without commission. The commission is charged only by the bank or e-payment system. Information on the amount of commission fees is available on their website. Withdrawal fees range from 0.5% to 3.5%, depending on the electronic payment system. PayCo does not charge a withdrawal fee.
Account type | Spread (minimum value) | Withdrawal commission |
Insta.Standard (FSC) | From 3-7 USD | yes |
Insta.Eurica (FSC) | From 0 USD | yes |
Cent.Standard (FSC) | From 3-7 USD | yes |
Cent.Eurica (FSC) | From 0 USD | yes |
ECN.MT4 (CySEC) | From 10 USD | Yes |
ECN VIP.MT4 (CySEC) | From 3 USD | No |
ECN Pro.MT4 (CySEC) | From 7 USD | Yes |
All ECN-accounts MT5 (CySEC) | From 0 USD | No |
Additional fees vary, and depend on the account type, trading platform, assets type, and deposit. For example, there is no fee on the Standard account (FSC), and it is 0.03-0.07% on the Eurica account (FSC). Fees on ECN accounts (CySEC) depend on the asset. Also, spreads on standard accounts (Standard/ECN.MT4) for the EUR/USD pair were compared with those of the broker’s competitors.
FAQs
Is InstaForex legal in Egypt?
Yes. InstaForex operates legally in Egypt. The broker holds the necessary licenses.
Can you learn trading with InstaForex? Does the broker offer courses for traders from Egypt?
Yes, InstaForex offers good trading courses and a lot of educational information for clients from Egypt.
Can InstaForex be trusted? Has the broker been operating in Egypt long?
InstaForex has been operating in Egypt quite long and has a good reputation. Therefore, traders can work with InstaForex.
Is InstaForex suitable for novice traders from Egypt?
Yes. InstaForex offers optimal trading conditions and good education for beginners from Egypt.
How efficient is InstaForex customer support in Egypt?
InstaForex offers a sufficient number of ways to contact customer support in Egypt, and also provides support in the state language.
Has InstaForex had any incidents involving theft of funds of clients from Egypt?
No. InstaForex provides reliable security of funds of clients from Egypt.
Will I be able to file a lawsuit in Egypt if InstaForex violates my rights?
Yes. If InstaForex violates your rights, you can file a complaint with the regulator of Egypt, and then with a court.
Can InstaForex clients from Egypt use the broker’s mobile app?
Yes. The mobile app of InstaForex is available for the clients from Egypt.
Does InstaForex provide Egypt market analysis?
Analysis of Egypt is featured in the information provided by InstaForex.
How can I withdraw funds from my account at InstaForex in Egypt?
InstaForex supports bank transfers and debit/credit cards of the banks operating in Egypt.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.