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.
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 go 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.
The safety and security of INGOT Brokers
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 Fees and 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.
Accounts, deposits, and withdrawals of INGOT Brokers
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.
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%.
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.
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 1:100.
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.
Deposit and Withdrawals
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.
Withdrawals are charged with 1% of the transaction volume except for African local payment systems.
INGOT Brokers Trading assets and features
Trading assets offered by INGOT Brokers are diverse and include 42 Forex pairs, 190 stock CFDs, 25 cryptos, 8 indices, 12 commodities, and 12 futures. 277+ instruments in total. This is a pretty good number of assets and should include many popular instruments in each asset class.
These assets can be traded on the MT5 or MT4 advanced platforms which the INGOT brokers offer to its traders.
INGOT Brokers Customer Support Review
The live chat ensures traders can get the needing help quickly and conveniently. The Live chat is the most important support feature for any broker as it is time and cost-effective. Other options include email and hotline support, and an online form.
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.
Numerous educational videos and articles are provided by the INGOT Brokers ensuring beginner traders can understand the basics of the financial markets. With the demo account, it is possible to learn and put newly acquired knowledge into practice without risking real money.
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 behalf of the firm.
Should you consider INGOT Brokers?
INGOT Brokers may have some issues on several occasions, but overall the broker seems legit and trustworthy. the regulations ensure client safety and many additional features provided by the broker make the trading experience comfortable. 1 pip spread is within the average and there will not be downsides in using this broker’s accounts for trading.
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.
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. There is no plausible way to prove the validity of these organizations’ awards because many of the organizations that awarded the broker no longer exist and we were not able to prove the validity of these awards.
Overall INGOT Brokers seems average broker that tries to emphasize its experience on the brokerage scene and is properly regulated.
Is INGOT Brokers a scam broker?
Is INGOT Brokers a scam broker?
What are the available trading platforms offered by INGOT Brokers?
What are the available trading platforms offered by INGOT Brokers?