INGOT Brokers scam broker review

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There are a lot of methods to find brokers for online trading. It can be a personal choice of a user in response to an inquiry on the Internet, calls of the brokerage companies themselves, if the user has already visited similar sites or left his contacts on some resources. It can also be a recommendation of acquaintances, colleagues or friends. Practice shows that fraud is very common in the field of trading. That's why you should always be careful and do not forget about financial security.

The latter option of choosing a broker is considered the most reliable, because it is tested by the real trading experience of a person who is not a stranger.

However, the most common ways are the first two - the Internet and calls, although they carry certain risks which many beginning investors prefer to forget. Choosing a reliable exchange intermediary on the Internet, a potential trader sees, in fact, a shell - a site, behind which typical swindlers can hide. If representatives of such companies prefer phone calls, then the swindlers show themselves as real actors. For example, they practice artificial creation of background noises to create an illusion of making a call from the office. Swindlers resort to the technique of manipulation and persuasion to get users to invest at least a few hundred dollars in their trading platform. As a rule, the scammers stick to the client with a starting deposit. Representatives of such offices practice psychological tricks to understand how much money can be extracted from the client. They try to attract traders by means of bright advertising, promises of high-quality free training, financial reliability and safety, stories about a great number of advantages and high profit.

INGOT Brokers scam broker review review

In reality it turns out that the company is a fake, the phone numbers are available unilaterally, there are no answers to emails, and nobody is going to withdraw the earned money to the clients' accounts.

The INGOT Brokers company, which is located at ingotbrokers.com, is just such a company. Specifying the address is important, because search engines on the Internet give different results when you ask for a company with that name, for this name created addresses on different domains. 

By the way, the company does not even hide this fact and indicates in the top of the main page of its official website, allegedly offering different sites of its brand for different continents.

INGOT Brokers scam broker review news

This is how swindlers usually act, their main task is to trick users into depositing their money.

Types of trading accounts offered by INGOT Brokers

In December 2021, three types of trading accounts were offered to users in the tariff plans section of the official website. 

Until recently, the brokerage project INGOT Brokers offered five types of trading accounts to choose from.

Today, users can choose from such trading account types as ECN, Popular and Prime. The deposit amounts are specified in U.S. currency. The minimum deposit for the first two - $100, and for the third - $25,000. Moreover, if there is no commission for the Popular plan buyers, then for the rest - ECN and Prime, the commissions are $7 and $5 respectively.

INGOT Brokers actively describes the benefits of working with them. 

Apparently, the company is trying to distract users from the high rates of leverage. The lowest risks are set for the owners of the most expensive package - 1:100. The Popular account type indicates the leverage ratio at 1:500.

This is a very alarming call, because the risks are very high. As the practice of brokers' reviews shows, such parameters of the leverage show that this is a fraudulent company. For comparison, the brokerage projects which receive the licenses from the respectable regulators cannot set the leverage parameters higher than 1:50. The conclusions are obvious.

It is very dangerous to entrust your financial capital to this platform - the conditions of the trading account types are unreliable, and behind a promising advertising may hide continuous disappointments and financial losses, sometimes even very large ones.

INGOT Brokers Trading conditions

When you get to know INGOT Brokers through the pages of the official website, you get the impression that you are dealing with a real boon - an exchange intermediary with generous favorable conditions, reliability and a wide range of professional features.

The broker assures that on its platform you can trade a variety of instruments, including Futures, ETFs, Metals, Energies, CFDs, Commodities, Forex and, of course, cryptocurrencies. 

INGOT Brokers is ecstatic about the exclusive methods of trading with a customized solution on MENA for stocks and indices for users from such states: Egypt, Saudi Arabia, UAE, Qatar and Kuwait.

However, as stated in the site's footer, access to the platform is denied to citizens of the United States.

INGOT Brokers informs users about NDD order execution environments, offers competitive prices and offers its customers access to MetaTrader 4 and MetaTrader5, some of the most popular Forex trading platforms. Here they are available on PCs and through mobile applications.

At the same time, it is known about the unavailability of micro lots for trading at this brokerage project. Scalpers will also be disappointed: scalping is prohibited on the platform INGOT Brokers.

Ingot Brokers offers fixed spreads on standard accounts of 2 pips on EUR/USD. This is average for the Forex market. However, contrary to most brokers with fixed spreads, this broker charges commission fees.

According to the Ingot Brokers project itself, the company cooperates with ZuluTrade, which is considered a pioneer of social trading. The project attributes such cooperation to its desire to open up access to advanced automated trading capabilities to its clients.

The website lists a large list of payment systems through which customers can make investments.

It all looks great in the ads on the site. In reality, there are no real trades on the INGOT Brokers trading platform. Fraudsters act according to a typical scheme, common among con brokers: they adjust charts, create the appearance of successful trading, and in the end the show continues with the client being persuaded to deposit more money, because even on small investments they are shown a plus. However, it is a traditional trap - a dubious big game will turn out to be a fake and the final client of INGOT Brokers will face a major financial failure, because the broker is not real and is not going to withdraw money to its customers.

The project was originally designed to deceive as many traders as possible.

INGOT Brokers Licenses

The INGOT Brokers website states that the company was founded in 2006. 

The leaders of the project assure that they operate exclusively legally.

They present themselves as an Australian broker, citing the name of the regulator and the license number - SVGFSA, company number 1386 LLC 2021. 

Let's refer to the regulator's website to confirm the information. Although even if the information is confirmed, there is little confidence in the company - a license from an offshore regulator with a low reputation is questionable security for traders' finances.

The website of the regulator has not heard about a company with such a name. But when you specify the license number, we see confirmation that INGOT Brokers has a license. 

They tell us that for several years they have diversified their portfolio into Asia, MENA and international trading regions through their offices in New Zealand, Switzerland and Bahrain.

But here's another problem - according to the regulator, the document to conduct activities was issued to this dubious broker on September 10, 2021. But the site of INGOT Brokers indicates 2006 as the date of its foundation.

It is a common practice of swindlers - to launch a project, deceive their clients, change the name a little or, on the contrary, drastically and start their show all over again.

Let's see what INGOT Brokers domain name and IP verification service WhoIs will tell us about the site.

This information is totally confusing. It turns out the site was registered in early February 2007 and was updated in 2019 afterwards.

As stated on the site, the company seems to have three offices in different countries. Nevertheless, the official address of the office is not listed. 

It is known that the company regularly updates news information on their pages in social networks. Only this does not confirm their reliability, but just another confirmation that the project called INGOT Brokers wants to seem in demand and popular.

Total confusion with dates and addresses kills any desire to work with them, let alone invest money in the platform of this fraudulent office.

INGOT Brokers Reviews online

Through various forums the traders who have been cheated by INGOT Brokers try to warn the users not to get involved with this firm. 

People say that scammers steal money, do not withdraw profit, and block accounts for no reason.

By the way, on a popular resource with reviews about brokers, there is no information about this project.

However, there is a lot of negative information on other resources. And for the period of previous years, too. This is strange, because as we checked, the license was issued a couple of months ago. 

It turns out that the company has been operating illegally up to this point. Or it was another broker with a similar name. There are plenty of unanswered questions, which just does not add to the desire to invest in this questionable trading platform.

Safety and security of funds with INGOT Brokers

The website of INGOT Brokers assures that clients can be assured that their funds are always safe since they adhere to a strict policy that all client funds must be kept completely separate from INGOT Brokers own funds. 

There is no proof of that. So it's just another attractive advertisement for inexperienced and gullible traders.

Summary 

INGOT Brokers is a fraudulent brokerage project. Even after a thorough check the company's activity raises a lot of questions that remain unanswered. Everything is very confusing and murky, which is why we would definitely not recommend investing in such a dubious trading platform run by secretive, dexterous scammers.

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