When you deposit funds in a currency other than the base currency of your account, the company uses the current market rate. The information on the current conversion rate is available both in Client Cabinet and on the InstaForex website (the conversion rate equals the BID price).
When you withdraw funds in a currency other than the base currency of your account, the company uses the weighted average exchange rate. Determining the rate, the broker takes into account the current rates and the amount of deposits.
The InstaForex weighted average exchange rate is more beneficial than systems of internal rates used by other forex brokers. Internal rates include huge internal spreads, whereby the replenishment is charged at one rate, and the withdrawal at another. The difference between withdrawal and replenishment rates can be up to 10%, which means that when you deposit RUB 10,000 to your account, you can lose RUB 1,000, even if the withdrawal is done on the same day.
Using the weighted average approach to determine rates gives a trader an opportunity to replenish RUB 10,000 and get back the same RUB 10,000 for the same amount of US dollars. Example of calculating the weighted average exchange rate:
Initially, a client deposited RUB 10,000 to his dollar account at the rate of RUB 66.57 per USD 1. At the time of crediting this sum to an account, the amount equaled $150.22.
After a while, a client made one more replenishment of RUB 5,000 at the rate of RUB 63.81 per 1 USD. At the time of crediting this sum to an account, the amount equaled $78.36.Sometime after that, a client decided to withdraw the earned profit of $300. The weighted average exchange rate is calculated according to the formula of the weighted arithmetic mean:
10,000/15,000*66.57+5,000/15,000*63.81=65.65.
Thus, the available amount for withdrawal is RUB 19,695.
You can top up your trading account via Skrill, Neteller, Visa cards, MasterCard cards, and bank transfers. You may also pay in cash in our offices. The same options are available for withdrawing money from your trading account.
The company does not charge any fees for depositing money to your trading account. However, your transaction amount will be charged with a commission by a payment system or a bank which credits or debits your account.
Depositing via Neteller is instant. Visa and MasterCard cards need up to 24 hours according to the chosen payment method. Topping up via Skrill also takes up to 24 hours. Depositing your account in cash in our offices takes 1-4 hours. A bank transfer lasts up to 4 days.
Withdrawal via MoneyBookers/Skrill and other online payment system takes 1-7 hours. Taking money by bank transfer takes 2-4 days. Money can be withdrawn from your Visa card in 1-6 bank days.
There are no limits to withdrawal. You can always request the withdrawal of any remaining amount on your trading account. The exception includes bank wire (minimum amount for withdrawal is 300$). For wallets, electronic payment systems and bank cards - minimum amount for withdrawal is 1 USD, including commission. Also please pay attention to the commission which a bank can charge for an operation: up to 30 US dollars.
The minimum deposit amount is 1 US dollar.
In order to change the details within one payment system you should fill in the F1 form and send the scanned copy of your ID to change_requisites@mail.instaforex.com.
