Thinking of getting into business with INGOT Brokers? Here is what you must know about this broker. Carefully read this review to find out if ingotbrokers.com is the trading platform you will want to trade with.
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About INGOT Brokers
INGOT Brokers is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from St. Vincent & the Grenadines.
There are different account types the broker offers. See below.
To clarify, regardless of the trading instruments INGOT Brokers claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
ingotbrokers.com: Reasons to Avoid This Broker
Firstly, ingotbrokers.com is a platform with no financial authority overseeing its financial services. We believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate brokers.
Secondly, we noticed ingotbrokers.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under withdrawal policy, INGOT Brokers withdrawal process takes 6 to 14 business days on Wire Transfer. While for ewallets, it takes 2 working days.
Minimum Deposit
INGOT Brokers minimum deposit is pegged at $100 according to the account type.
As for the payment methods, the broker accepts cryptocurrencies, Wire Transfer and Credit/Debit cards. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
INGOT Brokers Platform
INGOT Brokers claims to offer both MT4 and MT5 (Industry standard trading platform), however, the option of MT4 or MT5 doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, the broker discusses 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
INGOT Brokers Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
Instead, Trade with TOP RATED BROKERS
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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Minimum Trade Deposit $100
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BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is ingotbrokers.com a Reliable Broker?
No, ingotbrokers.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.