Hello! Actually it depends on the register we talk or write . “For example” sounds more colloquial and we use it in everyday speech. But if we talk about some essay we better use “for instance”, it is more official and good for written texts.

In my opinion, they can be used interchangeably. However, I do use "for example" a lot more.

Use ‘for example’ if you’re talking about something hypothetical, or that really is an example. You convert from Celsius to Fahrenheit by multiplying by 1.8 and then adding 32. For example, 10 C =50 F. ‘For instance’ sounds a little better if you are talking about events in time. High tech companies have been suing each other for decades. For instance, Xerox sued Apple over the Windows interface back in the 80’s. (For example is fine here, too)

They are basically the same, But I probably use “for instance” when I am describing a possible situation, And I use “for example” for everything else. But I think they are interchangeable.

I've never seen such a complete answer 🌷 Thank you so much for sharing your knowledge 🌺