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Instaforex is currently running the Grand Choice contest, offering participants the exciting opportunity to either select from a range of 5 dream cars or walk away with a substantial cash prize of $200K.
In a bid to bring excitement and rewards to its trading community, forex broker InstaForex has launched the Grand Choice Contest. This thrilling campaign gives participants the shot at winning their dream cars, running from December 26, 2022, to December 12, 2025.
This Instaforex news is important for traders looking to score big in the contest, offering not just excitement but substantial prizes or monetary gains.
The campaign is open to holders of live trading accounts with this multi-asset broker. To participate, traders must replenish their InstaForex live trading accounts with a minimum of $1000 within the campaign period and register for the event.
For InstaForex Club members, the minimum deposit required is $500, providing an exclusive opportunity for club card owners to engage in the Grand Choice Contest. Participants can increase their chances by registering multiple trading accounts; however, in the event of over 100 accounts being registered, the administration reserves the right to reduce the number to 100.
The trading conditions for participants are flexible, allowing expert advisors and trading strategies to be used. Additionally, traders can change the type of their trading account to Swap-free or vice versa.
The Winner shall be determined based on the last 5 digits of their trading account (whether it contains 5, 6, or 7 digits). If these 5 digits coincide with the Premium number, its holder will be announced as the Campaign Winner.
The Winner has the right to choose one of the five premium cars (Lamborghini Urus, Porsche Cayenne GTS, Mercedes-Benz G-Klass, Maserati Levante, Tesla Model S) or opt for a generous cash prize of $200K.
3 Comments
Magnus
Apr 27 2023
In the world of trading, the term spread can have many meanings. However, the meaning of spread in general is the difference between two prices, rates, or earnings. The most common definition of spread is the gap between the bid and ask prices of trading instruments such as Forex, stocks, indices, commodities, and metals.
Therefore, it is not surprising that many traders are hunting for brokers with the lowest spreads. With today's increasingly intense competition between brokers, it is not uncommon for brokers to compete to reduce their spread levels. Nowadays, spreads starting from 2 pips and even 1 pip have been found in many online forex brokers. The most extreme, brokers are now starting to reduce the spread to the range of 0 pips.
Indeed, I admit that at OANDA the Sperad that is offered is quite tight, especially on Core and Inti Premium accounts which have a spread of 0.2 pips. But are these two accounts suitable for beginners? I mean that the spread is not the only yardstick for the worthiness of a broker for each trader's competition. I asked like that because I saw how tight the spread offered by this broker meant that the OANDA spread met the standards for novice traders. However, is it really suitable for beginners?
Phin Kun
Apr 28 2023
Seeing the role of spreads as a trading fee which is a broker's profit, it is only natural that traders take this aspect into account when choosing the best forex broker. Therefore, in the forex learning stage, you also need to really understand spreads. The minimum spread size and the type of forex broker spread will later be important considerations when you open a trading account.
In terms of spreads, for several accounts provided by OANDA, it is quite good and tight. But I'm not sure OANDA is good for beginners if it only relies on accounts with low spreads. Apart from the size of the spread offer, we can see whether or not a broker is "expensive" from the amount of the minimum deposit offered. If I were positioning myself as a novice trader, I would not open a trader's account on the Core account, because the minimum deposit offered is very high, at least $5000.
Also, As a market-moving broker with an impressive history and a large non-CFD business, OANDA seems to be quite a disappointment as a CFD provider. Only 38 FX pairs are available for trading, besides a small number of commodities, indices, and metals and only MT4 is supported.
While there is no minimum deposit on the Standard Account, the trading conditions offered are average, and no negative balance protection is provided for Indonesian traders. Customer service is not available over the phone or in Indonesian, but the education and market analysis features are excellent and OANDA provides a number of tools and plugins for MT4.
Emilie
Apr 29 2023
Suitable for some of the criteria of traders, such as for example beginner traders. Because as you explained, the Core account offers a fairly high minimum deposit of $5000, and the premium core account must maintain a minimum balance of USD 20,000 and trade with a nominal amount of more than USD 10 million or the equivalent per month. and yeah those 2 accounts seem to be provided by OANDA not for beginners but for Expert Advisors (EA), short-term traders, and high-frequency traders.
Actually, OANDA also provides accounts that in my opinion are suitable for beginners, but the spreads offered are still above the average of other similar brokers, with EUR/USD spreads on Standard Accounts starting from 1 pip. But behind this average spread, the commission that OANDA offers for Standard accounts is much lower than for INti accounts, which is $0. So you can trade without worrying about commission fees being charged.
The trading instruments provided are the same as the Core account, which is more than 200. OANDA offers trading on four instruments: Forex, indices, commodities, and precious metals. Although only 38 Forex pairs are available and only the MT4 trading platform is supported, this broker offers three account types.