Verifying your InstaForex account is a mandatory step for you, as you can only open positions, make deposits, and withdrawals on a verified account.
Basically, verifying your trading account is optional. Your account will still exist even if you don't add the required documents for verification. However, the services you receive will be limited.
Brokers require some documents for verification because, in a live account, you are dealing with real money. Just like when dealing with a bank, you are typically asked to provide certain documents, right?
Now, if you've just opened a live trading account with InstaForex, you're not fully done until you complete the verification. If you skip this process, you won't be able to trade in the market, make deposits and withdrawals, and claim attractive bonuses from InstaForex.
No need to worry about the security of your documents because InstaForex is an experienced broker since 2007 and is regulated by FSC BVI and FSA SVG. Millions of clients have been using InstaForex services for years.
InstaForex is an international broker that provides trading services to traders globally. Since it was founded in 2007, InstaForex has provided for clients from various countries as many as 7 million traders. Based in Kaliningrad, Russia, InstaForex always attempts to improve the quality of the company in order to captivate the hearts of their clients.
Their hard work can be proven, one of which is by achieving a variety of awards, including Best Forex Cryptocurrency Trading Platform 2018 by UK Forex Awards, Best ECN Broker Asia 2018 by IBM, Forex Broker of the Year for Eastern Europe 2018 according to le Fonti Awards, Development, and Success award at Financial Olympus 2016-2017, etc.
There are 4 types of account offered by InstaForex representing a universal trading tool that help to work on international financial markets, such as Insta.Standard, Insta.Eurica, Cent.Standard, dan Cent.Eurica. Trading account types differ by the methods of accounting spreads and commissions, which are picked by the trader opening an account.
Insta.Standard account is relevant for standard trading terms on the Forex market and allows a trade to be settled with classical spread and with no fees. Traders will be charged a fixed spread every time they make a transaction. Spreads that are provided ranging from 3-7 pips. The main advantage of this type of accounts is its universality, as a trader can change the trading leverage and work with a deposit size convenient for traders.
Different from Insta.Standard accounts, Insta.Eurica accounts do not require payment of any spread on opening a deal. Therefore, this type of InstaForex account is suitable for beginner trader with a minimum transaction of 0.01 lots.
There are also other types of accounts InstaForex, namely Cent.Standard and Cent.Eurica which can be used for beginner traders because they can use the minimum transaction volume, which is 0.0001 lots (the cost per lot is USD0.1 cent). Deposit currencies that can be used by traders are EUR and USD (for all types of accounts).
Trading in InstaForex is quite a given as traders can choose to trade with leverage between 1:1 to 1:1,000. With a minimum initial deposit requirement of only USD1 (for all types of accounts), InstaForex clients have the opportunity to get a 30% to 100% deposit bonus.
Not only that, but beginner traders are also exempt from confusion in determining forex trading strategies. Because Instaforex provides ForexCopy services that allow traders to copy orders from professional traders in just a few minutes.
And then, there are around 300 trading instruments offered by InstaForex for traders. In addition to currency pairs, there are also futures, shares, gold, silver, CFDs, Bitcoin, and others.
Every InstaForex client is free to choose a trading platform that can be tailored to their needs. There are four types of trading platforms available, including InstaBinary, WebIFX, MetaTrader4, and MetaTrader5. Each platform has advantages and disadvantages. InstaForex also provides video tutorials on how to register on each platform. It aims to make it easy for beginner traders who want to join InstaForex.
If a trader still confused after seeing the video tutorials, traders can contact customer service available 24 hours connected to various social media, including email, Skype, Whatsapp, Telegram, Viber, Twitter, and Phone Call. On the InstaForex website, there are around 30 languages provided to facilitate traders from various countries.
The trader can also help themselves with trading calculators provided on the InstaForex website. Traders can accumulate currency pairs, Leverage, volume, and currency used.
The payment system in InstaForex is also diverse. Traders can pay deposits via Visa, Mastercard, Skrill, Neteller, PayCo, as well as Wire Transfer. All in all, InstaForex is a well-rounded broker for many types of traders.
Documents Required for InstaForex Verification
Especially at InstaForex broker, the verification process is divided into 2 levels. Here are the documents you need to upload for InstaForex account verification:
Level 1
- Passport (data page - double-page spread)
- Driver's license (both sides)
- Residence permit (both sides)
Level 2
- Document proving the client's address
- Utility bill with a barcode/QR code not older than 3 months
- Bank statement not older than 3 months signed and sealed by a bank official
Additional documents may be required depending on your country, such as:
- Family register
- Bank book (two spreads: data page with the holder's name and address and the one listing transactions for the last 3 months)
Basic Requirements for Uploaded Documents
Are you experiencing issues when uploading documents on InstaForex? Have your documents been rejected or encountered errors? Has your verification failed? Perhaps, you may not be meeting the specific requirements for the uploaded documents. Here are the rules:
- Provide a high-quality photo, not a scan, of an identification document.
- The validity of your identification documents should be more than 6 months remaining at the time of applying for verification.
- A photo of the document should be clear, in color, and legible.
- Provide a full photo of the original document (for example, a two-page spread of a passport with edges and lamination corners. The company may refuse verification even if the part of the document not included in a photo does not contain any information.)
- A photo of an ID card should contain both sides of the document.
- No obvious erasures, additions, scratch-outs, or other unauthorized manipulations are allowed.
- The name(s) on the account must be identical to the one(s) in the document.
- Accepted file types are: .png, .jpeg, .jpg, .gif, and .pdf. The total size of the uploaded files for each verification level should not exceed 25 MB. The resolution should be no more than 400 pixels.
- It is not allowed to type your name in capital letters. Only the first letters of the name/names can be capitalized.
- Electronic bank statements and electronic utility bills are not accepted for verification
InstaForex Verification Guide
If all your documents are ready, it's time for you to complete your verification process so that you can start hunting for profits on InstaForex. Follow these steps sequentially:
- Log in to your Client Area using your InstaForex trading account ID and password. Here, you can view all details and information related to your account.
- Next, in the menu column on the left, look for the "Verification" menu, then click "Verify account".
- You will be directed to a page where you need to upload your documents one by one. From top to bottom, upload your documents according to the requested columns.
- In the "Personal Information" column, enter your full name, phone number, state, address, date of birth, country, city, and zip code, then click "Save."
- Fill in the first column, which is "Identity Verification". Select your country, choose the document type, and then upload the document by clicking on the cloud icon and upward arrow. Once done, click "Save".
- Continue until all documents are uploaded.
- Once completed, wait for approximately 24 hours. In some cases, account verification takes more time.
Upon successful upload, the Verify Account page will display the status indicating that the documents have been successfully uploaded and are awaiting approval. You will also receive an email confirming the successful upload of your documents.
Once your application undergoes processing, the status in your Client Area will be updated, and you will receive an email containing the verification results.
If the documents were uploaded via the mobile app, you can monitor the verification status through InstaVerify for Android/iOS or receive updates through push notifications.
Conclusion
As long as you fulfill all the requirements for InstaForex verification, the live trading account verification process should go smoothly till the end.
However, if you upload a scan of your documents instead of a photo, or if the uploaded photo is blurry, there's a high likelihood that you'll need to redo the process.
Mismatches in names, addresses, or birthdates will also invalidate your submission. Therefore, double-check all the information you provide. Review it 2-3 times until you are completely sure everything is correct.
In conclusion, the verification process is something you must inevitably go through to open positions, make deposits, withdrawals, claim bonuses, and fully enjoy all of InstaForex's services.
If you don't complete the account until verification is complete, your account essentially remains non-functional.
InstaForex has been operating since 2007. With more than 15 years of experience, this broker provides access to over 300 trading instruments, complete trading packages that support all levels of traders, and various types of bonuses and trading contests.