I couldn’t believe what was happening. After months of trading with InstaForex, I had built up a balance of $3000 in my account, and I decided it was time to withdraw some of it. But when I submitted my request, I received an error message saying that the transaction could not be processed at this time. I tried again, and the same thing happened. I contacted customer support, but all they told me was that they were looking into it and that I should try again later.
I was frustrated, but I didn’t panic yet. I had heard of withdrawal issues with some forex brokers before, and I assumed that it was just a technical glitch that would be resolved soon. But as the days went by and I still couldn’t withdraw my funds, I started to get worried. I decided to do some research online, and what I found was concerning.
In a reporting website named Report Scammed Bitcoin, I found a detailed overview of this broker. They mentioned many red flags of this broker such as unregulated authority, no license, false social media reviews, etc.
InstaForex had mixed reviews from its clients, with some praising its services and others warning against it. I noticed that the positive reviews look paid and fake. I also discovered that the company was regulated in the British Virgin Islands, which is an offshore jurisdiction that doesn’t have the same level of oversight as more established financial markets. Some regulators in other countries had even issued warnings against InstaForex for inappropriate client-related practices.
I was starting to feel like I had made a mistake by choosing this broker, but I still held out hope that I would eventually be able to withdraw my funds. Unfortunately, as time went on, I found more and more people with similar experiences to mine. Some had even lost their entire balances when they tried to withdraw.
What frustrated me the most was that I couldn’t get any answers from InstaForex. Customer support was unhelpful, and there was no indication that the company was taking my issue seriously. I felt like I was being ignored, and it was hard not to feel like I had been scammed.
To make matters worse, I discovered that because InstaForex was regulated offshore, as mentioned on the RSB’s website. There was nothing the local authorities could do to help me. I was stuck in a frustrating situation with no end in sight.
I reported the incident through RSB’s web form. When they contacted me, I explained my whole scenario. They provide me with some good suggestions and also, some reputable recovery service recommendations to get back my money.
File A Complaint Against Scam Brokers
Their blogs and guides section was also very helpful in learning about different kinds of scams, tips to avoid them, and how to recover lost funds.
Looking back, I realize that I should have done more research before choosing InstaForex as my broker. But at the time, I was new to forex trading, and I trusted that the company’s long establishment and use of popular trading platforms like MT4 and MT5 meant that it was a safe choice.
Now, I’m left with the bitter taste of regret, and the frustrating realization that I may never see my $3000 again. Despite my efforts to contact the company and seek help from regulatory authorities, he felt like he was hitting a brick wall. It was a frustrating experience for me, but I hope that by sharing my story, others would be warned and avoid the same fate.
