InstaForex
Pros
- Minimum deposit from $1 across all account types
- Zero spread on major forex pairs and select crypto CFDs on EU entity
- No deposit fee and no inactivity fee
- MetaTrader 4 and MetaTrader 5 supported
- Swap-free (Islamic) account option available
- Demo account available
- Over 300 instruments including forex, indices, commodities and crypto CFDs
Cons
- CySEC fined EU entity EUR 130,000 in 2018 for compliance failures
- Multiple regulator warnings issued against InstaForex entities globally
- Withdrawal fees apply, varying by method (up to 2.5% for bank cards)
- Spread widths on Standard accounts are wide relative to raw-spread ECN brokers
- Primary operating entity registered in BVI, an offshore jurisdiction
- US clients are not accepted
- Research and educational tools are more limited than comparable multi-asset brokers