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brokers reviews > INGOT broker review – Can this broker be trusted?

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INGOT broker review – Can this broker be trusted?

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Licences

ASIC, FSA

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Minimum deposit

$100

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Maximum leverage

1:500

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Spreads

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Bonus

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US Clients

No

INGOT Brokers is an Australian broker that has over a decade’s worth of experience in the industry. It has multiple branches all over the world. Clearly an international company, however, they seem to be not providing their products and services to certain jurisdictions like the USA. This mainly is because of the Forex trading laws in different jurisdictions.

As the company is also targeting international markets it’s only natural that the website of the broker is available in ten different languages which are English, Italian, French, Vietnamese, Portuguese, Dutch, Danish, Turkish, Spanish, and Arabic. English is the primary language of the broker’s site.

This firm was founded in the year 2006. Ingot brokers offer over a thousand different assets to their consumers alongside the highly acclaimed MetaTrader Software. The site has both MT4 and MT5 trading platforms available for their clientele.

The available trading instruments on the site include Forex pairs, ETFs, equities, energies, cryptocurrencies, metals, and indices. This is quite a lengthy selection of assets. one has many options to choose from which is definitely an advantage the broker has over some other firms who can’t compete in regards to the diversity of assets.

The minimum deposit amounts are different for each account type available on the broker’s site. The required amount of money is the lowest with the ECN, Professional, and Booster accounts and it is $100. You can use bank transfer, cryptocurrency, or an electronic wallet, specifically Neteller to make their initial deposit.

the maximum leverage ratio available on the site is 1:500 but only the professional account owners can reap the benefits of such a high leverage ratio, as they are not limited to a certain leverage ratio like the other three account types. the second-highest leverage ratio is given to the ECN account and the other two have a limit on their leverage ratio which is a hundred to one.

As for the spreads it is fixed for currency pairs and starts from 0.0 pips for some accounts and goes all the way up as the spreads for other assets are not fixed but rather in a variable position.

The extra features the site advertises include negative balance protection and educational material. The customer service team will only be able to give you email and live chat support. There is no phone number that one can call.

reviewing INGOT brokers

License and regulations – Is INGOT Broker legit?

According to the broker’s website, they have two different qualifications. This is an Australian-based firm, therefore, it’s no surprise that one of their acquired licenses is by a local regulatory organization. The Australian financial services is a regulatory body that monitors the activities and products of the INGOT brokers firm.

The second license the company has is from another country. The Financial Services Authority of Saint Vincent and the Grenadines is an organization that monitors the international activities of the firm.

Overall, This broker is regulated but in this day and age it’s not enough to just have licenses, a broker firm needs to prove its legitimacy in other ways as well. specifically by the products and features, it provides to the consumers.

INGOT Brokers – Trading Features

In this section of the review of INGOT Brokers, we will be discussing the main characteristics of the firm. It’s highly important for one to know every single detail about the trading features of a broker, specifically the trading tool and additional offers. A broker is only as good as its defying features, usually, these are the leverage, spreads, minimum depositing amount, and promotional offers.

Account Types

The available account types on the site are the ECN, professional, Prime, and booster accounts. Each of them has different qualities which we will thoroughly discuss in this section of our review. An individual, joint, corporate, or agent account can be formed for each of the account categories. Demo accounts are also available on the site which can be used by anyone to strategize beforehand. There may be extra costs not stated in this INGOT Brokers review because broker costs fluctuate and change. Before you open an INGOT Brokers account for online trading, make sure you review and comprehend all of the newest information. These accounts have more similarities than distinctions. the stop-out level for all of them is 25%.

account types of INGOT brokers reviewed

Swap-free accounts are only available for certain account owners. This is definitely a huge disadvantage the site possesses. for a company with so much experience, one would think they would be up with the times. The way they have structured their accounts and their features are extremely outdated. ECN account users don’t have access to Islamic accounts but professional account holders do.

Some of the accounts have commission fees which is not a piece of great news for the consumer of the website. The ECN and Prime account users have to pay fees. The ECN account commission fee is $7 whereas for the prime users it’s $5. We find it very odd that the broker charges more to the account type geared towards low-end consumers rather than the high-end one.

Leverage

The maximum amount of leverage ratio available for the consumers of the website is 1:500. However, not all of the account types have access to a leverage ratio this high. Brokers usually use trading tools to make a distinction between accounts, to make them seem distinctive, and cater to different types of consumers at the same time by not upsetting anyone. In theory, this might be a great approach but its execution by the firm is not as good as one might think. Only professional account users can take full advantage of the high leverage ratio provided by the firm.

  • The leverage ratio for an ECN account is 1:200.
  • The leverage ratio for professional accounts is 1:500.
  • The prime account leverage ratio is 1:100
  • The booster leverage ratio is one hundred to one.

Bear in mind the thought that the accounts are mostly the same, only the most exclusive accounts geared towards high-end consumers have features that at most up-to-date broker firms one would be given in a standard account.

Spreads

Spreads are another important trading tool that one uses to enhance one’s trading experience. Usually, brokers who have high spreads don’t have any commissions as they solely benefit from the spreads being high. At INGOT broker spreads are in a floating position which means that they constantly shift. The site of the broker doesn’t claim that spreads start from 0.0 pips but we can surely say that for currency pairs they are pretty much fixed. Keep in mind the fact that only ECN and Prime accounts get a spread that starts from 0.0 pips, the other two account-type users get spreads that start from 1 pip.

Minimum deposit

The minimum deposit is a feature of any broker that a firm uses to further emphasize the distinction that each account type might have, This is definitely the case with INGOT brokers. As we have mentioned before the account types are pretty identical in many ways. The difference is quite a few, including the minimum depositing amount. The lowest minimum depositing requirement on the site is $100 and the ECN, Professional and booster account owners need to meet this requirement in order to start their trading experience at the INGOT brokers firm. The prime account has a drastically different requirement for depositing, which is 2500 times bigger than for other account types. Prime users make $25,000 as minimum deposits.

payment methods at INGOT broker reviewed

Bonus

INGOT Brokers has no bonuses available for the traders however there are contests that one can take part in. It could maybe even be beneficial. Not having any bonus offers doesn’t mean that the firm is not trying to focus on the benefits of its consumers. This is the reason why they have contests, to have more engagement on their website. as of now the prize pool for the ongoing INGOT brokers contest is $20,000. This is quite a huge amount.

It might seem that all of the users can participate in the contest however this might not be true as one needs to meet rigorous standards to participate in the contest. specifically one needs to have a professional account which is the most exclusive account type on the website with the biggest minimum depositing amount requirement. Clearly, this contest is only for the high-end consumers of the platform, this initiative further emphasizes the fact that the broker doesn’t even try to hide the fact that the account types are made for high and low-end consumers in mind.

INGOT Brokers Review – Final Verdict

All in all, we do not recommend doing business with INGOT brokers. This is such a shame as at first glance this does seem like the type of broker that one can trust but the devil is in details. Once you start taking a good look at the website and see the details that the firm tries to make less accessible one can really see the real face and value system of the company, which is greed.

occasionally the site doesn’t run as smoothly as it should, which raises questions about the security of the website. From the teams and agreements, we know that the site uses SSL encryption and a two-factor authentication process. This is true but also a lie. Yes, the site does use SSL encryption but it’s very outdated which on occasions makes the site hard to use as it doesn’t run smoothly anymore. A for the Two-factor authentication process it is a complete lie as after sing up for the services and products of the firm we could not benefit from this security measure.

The general spread value for INGOT brokerage accounts ranges from zero to one. It’s worth mentioning that spreads for major currency pairings like EUR/USD and AUD/USD are now floating if you’re primarily interested in Forex trading. This is true for all of the available currency pairs on the platform. Which is definitely nothing to brag about.

another big lie on the site is the promise of multilingual customer support, oddly the site doesn’t even have a legitimate phone number displayed on their website. we find it recourse that an internationally acclaimed forex broker would do such things. This again goes to show just because a firm is regulated or has years of experience doesn’t necessarily mean that they have your best interest and would not be involved in fraudulent behaviors.

The Broker likes to take pride in the fact that over the course of ten years they have been given numerous awards. They have displayed them on their website for quite a while now. after conducting a search about the validity of these awards we have come to the conclusion that this might be a case of fraudulent behavior on the behalf of the broker firm. All of the awards seem to be fake as there is no plausible way to prove the validity of these organizations because they don’t exist in the first place. This is rather an odd move by a company that has so much experience in the industry.

There are additional widgets available on the site like the Economic Calendar, Trader’s Calculator, and Currency Converter. however these are not as useful as one might think, the trader’s calculator is very faulty and is in desperate need of fixing, it’s incredibly off. Currency converter functions efficiently however it’s easily accessible anywhere on the internet or even on one’s smartphone. Overall, these widgets barely function as a whole and are a cheap ploy to seem thoughtful on the behalf of the firm.

Overall we would never recommend to our readers such a negligent broker firm that doesn’t care about all of its demographics of users. This is a greedy company that pays more importance to the website’s look rather than its functionality. It is evident in many aspects of the firm.

Important news

iFOREX:

Top Forex Brokers Staff

June 26, 2022

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