Hi all,
I have selected instaforex as my prime broker about 1 month ago. I had referred here by my friend who earlier used to trade a big account.
Sine I manage my clients account ( total $150k with another broker whose multiterminal interface was down ) so I tried instaforex with small accounts of $600, $800, $1000 and $5000 from my clients.
First 2 weeks was good. No big problems.
However, I started making some good profits of about 70% of account in first 2 weeks. Even though my account sizes were small and total profit I made was just $4500, things started to change dramatically -
1) When I used 1 pip maximum deviation from price, order gets executed by deviations as high as 8 pips. Since I have number of accounts to watch, I was able to catch this fault once and I am 100% sure, it was happening all the times.
2) When I used 0 pips maximum deviation from price, then situation for trading was nothing less than suicide.
a) When market is not moving at all, it's server will wait for the price to move against me and then give a new quote for me to trade.
When the market is not moving at all, it's server will wait for the price to move and if it moves in my favour, it will quickly execute the order at the price I previously selected.
If the market is fast moving, then I end up literally making profit for instaforex and not myself.
a) They keep on giving me requotes and also requotes on requotes. On one ocassion, I found myself like egg thrown on my face. I predicted the market direction correctly but instaforex keeps giving me requotes on requotes untill market has moved 15 pips in the direction which I decided to enter.
And do you think closing your order is easy task? Try instaforex then -
1) If the market is fast moving and you are in profit, don't expect to see your positions closed unless you see a 10 to 15 pips requotes and your profits going out like sand.
2) If the market is fast moving in your direction when you close at profit, just watch them closing your positions immediately as soon as the market moves in your favour.
And that's not end of all. They block my IP as and when they want. I just feel helpless when I find my profits just going out of my hands because I cannot close the trades because of this IP blocking as well as when my small loses turning into catastophic losses
May god save the accounts of my clients. Only thing I am happy is that I haven't transferred all my accounts to them which worth over $150,000.
Saddest part, I am Introducing Broker of Instaforex and this is happening to me
Instaforex really bad exection when you start becoming a profitable trader
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