WikiFX Review: Is INGOT BROKERS a good choice for forex traders?

About INGOT BROKERS

INGOT BROKERS, also called INGOT Brokers (Australia) Pty Ltd, is a multi-asset Australia brokerage firm founded in 2006.

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of INGOT BROKERS based on the facts.

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To explore whether INGOT BROKERS is a scam or not, we evaluated INGOT BROKERS from different aspects, such as regulatory status, exposure, etc.

1. Evaluate the reliability of INGOT BROKERS based on its general information and regulatory status

To understand INGOT BROKERS better, we explore INGOT BROKERS by analyzing three main perspectives:

A. General Info of INGOT BROKERS

B. Regulatory Status

C. Fund Security

A. General Info of INGOT BROKERS

INGOT BROKERS ' general info has been shown below:

(source: WikiFX)

On its website, INGOT BROKERS claimed itself to be a regulated online brokerage firm offering premium trading opportunities across a variety of financial instruments via the world's most popular trading platforms.

Market Instruments

INGOT Brokers offers a wide range of trading instruments across various markets, namely Forex, Stocks, ETFs, Commodities, Indices, and Cryptocurrencies, which can be traded via the world's popular platforms; the MetaTrader4 and MetaTrader5.

Account Types&Minimum Deposit

There are four account options available on the INGOT Brokers platform: ECN, Professional, Prime, and Booster. Each account represents different trading conditions involving spreads and commissions. The Booster and ECN account require an affordable initial deposit of $100.

Leverage

Four accounts offer different trading leverage. The maximum leverage for the Professional account is up to 1:500, and for the ECN account is up to 1:200. While the Prime and Booster account share the same leverage, up to 1:100.

Spreads & Commissions

The general spread amount for INGOT Brokers accounts varies between 0 and 1. If you are interested, specifically in Forex, it is noteworthy to mention that the spreads for major currency pairs like EUR/USD or AUD/USD are in a floating position. The spreads and commission charges are diverse by the account type and start from 0 pips spread, which are also depending on the instrument traders trade, e.g. commission for ETFs starting from 35$ or Futures trading at 10$.

Deposit & Withdrawal

The deposit or withdrawal may be performed via Bank Transfer, Neteller, Cards or Skrill. In addition, the broker enables traders to fund or withdraw the account with Bitcoin or Ethereum. Typically INGOT covers fees for some of the deposits, yet the payment providers may add-on internal fees, as well as e-payment incur some additional charges.

Customer Services

It offers 24/6 client support via telephone, email, Live Chat, and social media.

Accepted Regions

They do not accept US clients.

(source: WikiFX)

B. Regulatory Status

The legitimate license of INGOT BROKERS

INGOT BROKERS is a regulated broker. It is regulated by ASIC with license number: 428015.

(source: WikiFX）

C. Fund Security

Account segregation is imperative since it allows traders to have access to their funds all the time. Even if the broker is bankrupt, traders will still be capable of getting their money back.

This broker ensures maximum security of its clients‘ funds, clients can be allowed to trade with confidence knowing that their funds are protected and segregated in top-tier banks. However, it didn’t mention the specific names of these banks.

(source: INGOT BROKERS website)

2. The feedback from Twitter

To figure out whether this broker is a scam or not, we made a survey on Twitter.

Reviews on Twitter:

INGOT BROKERS has an official Twitter account, which is registered in December 2020. As of May 24, 2022, it has only 38 followers.

There is a lot of positive feedback related to this broker on Twitter. Above are two of them.

This trader claimed that INGOT BROKERS is a rich man's broker. It may cost a lot of funds to invest？ we are not sure what this trader really means.

This broker wishes that INGOT BROKERS can still provide service in the US.

3. Exposure related to INGOT BROKERS on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

As of May 10, 2022, The number of complaints received by WikiFX has reached 7 for this broker in the past 3 months. Please note that the complaints are all from China. Below are some of them.

(source:WikiFX)

This trader from China thinks that INGOT BROKERS gets involved in a Ponzi Scheme. It didnt allow trader to withdraw funds with many excuses.

(source:WikiFX)

This trader from China complained that this broker didnt let him/her withdraw and banned his/her account.

4. Special survey about INGOT BROKERS from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

INGOT BROKERS has been given by WikiFX a decent rating of 7.08/10.

(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)

(source:WikiFX)

According to the above, it seems that this broker is very poor at risk management. Risk management includes the measurement, assessment, and contingency strategy of risk. Ideally, risk management is a series of prioritized events. INGOT BROKERS seems not to have enough capital and good strategies to secure clients' assets in the unstable market.

B. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the broker's physical addresses.

• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

• WikiFX did make an on-site survey on INGOT BROKERS in 2021 and successfully found their office.

(source: WikiFX)

C. WikiFX Alerts

(source: WikiFX)

5. Conclusion:

Overall, INGOT BROKERS is a solid broker. If you are seeking a broker to invest in, INGOT BROKERS is worthy to be considered. However, please be aware of the potential risks as WikiFX received some complaints related to this broker recently. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.

Click on INGOT BROKERS' WikiFX page for details