| Updated: September 15, 2025- Jump to:
- How to Deposit
- How to Withdraw
- Pros of Using Instadebit
- Cons of Using Instadebit
- Fees and Limits
- Instadebit Chargeback
- Security
- Conclusion
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Instadebit is one of the most popular payment solutions Canadian residents can use to pay for various online and offline purchases. The first thing you need to know about the service is that it functions as an online debit system. Just like a standard debit card, it can be linked to your bank account and later used for various purchases and online shopping. Instadebit provides debit card functionality without the need for credit card information. It also offers great features that enable you to pay instantly without waiting.
The best thing is that Instadebit is also widely accepted at various forex brokers. This allows Canadian traders to easily fund their forex accounts and, later on, cash out their money. If you are interested in the ways you can use the service for your forex trading, continue reading.
How to fund a forex account with Instadebit
Once you have made your choice and decided to trade with a certain forex broker, you will be able to deposit funds into your trading account with ease. Make sure that you have created an Instadebit account beforehand in order to use the service for your online deposits.
Open the deposit page of your forex account and enter the amount you would like to deposit. Next, choose Instadebit as your preferred deposit option. This will redirect you to another page where you will be asked to log in to your Instadebit account. To do so, you simply need to provide the login credentials you always use to access your Instadebit profile. This makes the payment process much safer, which is why many traders prefer to use it.
Once you have checked the payment details and verified the transaction, your funds will instantly appear in your forex account. This will allow you to start trading as soon as your balance is funded.
How to withdraw from a forex account to Instadebit
Some forex brokers that accept deposits via Instadebit will also allow you to initiate a withdrawal via the same service. This will enable you to easily cash out your funds and enjoy your money whenever you wish.
The withdrawal process via Instadebit is very simple and resembles that of making deposits via the same service. The first step is to head to the payments page of the broker and choose the withdrawals option. Once you have entered the amount you wish to withdraw, you will need to select Instadebit as your preferred payment method.
When you pick the service for your withdrawal, you will be redirected to another page that will prompt you to log in to your Instadebit profile. This process is extremely safe as you will not be asked to expose any card or bank account details to verify the transaction. Once you have authorised the transaction, your money will usually appear in your Instadebit account within one or two business days.
Benefits of using Instadebit for forex trading
If you are wondering whether Instadebit is the right payment service for you, consider the advantages you will enjoy thanks to this solution. There are quite a few benefits of using Instadebit for your forex trading, and safety is undeniably one of the most important. You can safely fund your forex account without exposing any type of sensitive information. Since you will simply be asked to log in to your Instadebit account when you initiate a payment, you avoid exposing any sensitive data.
Another wonderful feature of this method is its speed, which will allow you to embark on forex trading whenever you are ready. Thanks to Instadebit, you can instantly deposit to your forex account and start trading, which is definitely an advantage to consider when choosing a payment method.
When you use Instadebit for deposits at forex brokers, you can do so without being charged any fee. This makes the payment method budget-friendly and preferred by many traders.
As Instadebit works with some of the biggest banking institutions in Canada, you will have no issue using this service, provided you are a Canadian resident. Since the company works with major banks, you can also be sure that your money is always handled with the utmost care.
It is extremely easy to use Instadebit and, even though you need to create an account to make payments via the service, the registration process takes no time. In addition, creating an Instadebit profile is free and allows you to manage your payments with forex brokers easily.
Disadvantages of using Instadebit for forex trading
Despite the many advantages Instadebit offers to forex traders, there are still some drawbacks that need to be mentioned. The most obvious disadvantage of the service is its restricted accessibility. You can make use of Instadebit only if you are a Canadian resident. On top of that, you must be a client of one of the banking institutions that support the service; otherwise, you will not be able to utilise Instadebit for your payments.
Since Instadebit is available only to traders who reside in Canada, it is not the most popular payment method for forex trading. This means that you might find it difficult to locate a trustworthy broker that will allow you to use Instadebit for your payments.
Even if you come across a forex broker that allows you to fund your trading account via Instadebit, you will often have to opt for another service when you wish to withdraw your money. Most brokers will allow only deposits via the service, which can often be very inconvenient.
Most forex brokers will not impose a fee for using Instadebit for your deposits, provided you are using the funds already in your Instadebit account. That said, you will still need to pay surcharges when you use your bank account to make purchases or to deposit into your trading account.
You should also keep in mind that if you happen to stumble upon a rogue broker and cannot receive your money back, you will not be able to request a chargeback to your Instadebit account. The service does not allow chargebacks, which means that traders might risk their money when trading with brokers that have a bad reputation.
Fees and limits when using Instadebit to trade forex
Before you open your Instadebit account, it is worthwhile to check the fees that you will be charged when initiating different transactions via the service. If you have funded your Instadebit account, you will be able to make deposits at forex brokers without paying any additional fees.
If, however, you use your bank account to make purchases online or to deposit at a forex broker, Instadebit will impose a fee of CA$1.95 for every transaction. If you are allowed to withdraw your money from your forex account via Instadebit, you will also have the opportunity to enjoy a transaction free of charge.
Although it is free to receive money to your Instadebit account, you will need to pay a fee if you wish to withdraw the funds available in your Instadebit balance. Initiating a withdrawal from your Instadebit account will incur a fee of CA$2.
The fees you are charged, however, are very reasonable, which is why many forex traders opt for the service when they wish to deposit into their trading accounts. What is more, the ability to pay no fees if you directly use the funds in your Instadebit account gives traders an even more budget-friendly solution for their online payments.
Instadebit chargeback on a forex account
As there are numerous forex brokers, it can sometimes be difficult to find a trustworthy website where you can be sure that your trading will be fair and safe. There are certain steps, however, you can take to make sure you are trading forex with a reliable broker. The most important part is to check whether the operator of the website is properly regulated.
If you ever find yourself in a situation where you have been defrauded, you can request a chargeback from the regulator of the broker. If you have requested a withdrawal and have not received your money within the appropriate time, you can contact the regulator and send them your transaction history. This process might be a bit burdensome, but it will hopefully help you get your money back.
When it comes to chargebacks, it is also important to consider the type of payment solution you are using for your deposits and withdrawals. Unfortunately, if you are an Instadebit user, you will not be able to ask for a chargeback. The service does not allow you to request a chargeback even if your money has been unfairly removed from your trading account. This is definitely something you need to keep in mind when using Instadebit for your forex trading.
Security when trading forex with Instadebit
One of the biggest advantages of Instadebit is the security it provides. If you opt for a deposit via this service at a forex broker, you will be able to verify your transactions by simply logging in to your Instadebit account. This is done by entering your login details instead of providing any type of sensitive information. Of course, this automatically makes your payments safer, giving you peace of mind when depositing at a forex broker.
Another security measure that Instadebit utilises to ensure secure payments for its clients is the 128-bit encryption it uses. This technology protects any piece of sensitive information you might share while initiating payments. Thanks to this encryption, no third party will be able to gain access to the data you share and exploit it.
To make sure that your payments are always properly protected, Instadebit also incorporates the Identity Verification feature. It allows you to confirm that it is you who is trying to gain access to your money and prevents anyone else from taking advantage of your funds. To verify your transactions, Instadebit will ask you to enter your date of birth and type the last four digits of your Social Insurance Number (SIN).
Conclusion
Instadebit is a very convenient and safe payment solution for Canadian traders who wish to make fast and easy deposits with forex brokers. The service is mainly accepted as a deposit option, but some brokers might also allow you to handle your withdrawals via Instadebit. You will enjoy plenty of advantages if you opt for this payment solution, as it will allow you to make fast, secure and hassle-free payments. If you are a trader based in Canada, you can definitely enjoy easy trading by relying on the service of Instadebit.