Forex INGOT Broker Review

Performance Matrix

Main Score & Risk Matrix

N/A

Score

1.5

Very Poor

Our review desk considers this broker unsuitable for most traders until transparent licensing, stronger compliance evidence, and clearer client-fund protections are demonstrated.

License 1.7

Business 1.0

Risk Control 1.3

Software 2.0

Regulatory 1.5

Terminal Snapshot

INGOT Trading Conditions

Registered Region Kenya

Operating Period 2-5 years

Minimum Deposit $100

Spread N/A

Licenses N/A

Contact Email customerservice@ingotbrokersafrica.com

Contact Number +254727174174

Website www.ingotbrokersafrica.com

Balanced Review

Pros & Cons

Pros

Low minimum deposit requirement
Diverse range of trading instruments
MetaTrader 5 platform with advanced tools
Copy trading feature available
Multiple customer support channels

Cons

Unverified regulatory licenses from ASIC and FSA
Potential risks associated with unregulated trading
Limited information on payment methods
Inactivity and currency conversion fees may apply
Concerns over customer support response times

Compliance Desk

Regulatory Licenses

0.0/10

No structured regulatory license cards have been configured yet.

Peer Benchmark

Broker Comparison

Feature	INGOT	EGM Securities	FXPesa	AvaTrade
Operating Period	2-5 years	See review	See review	See review
Region	Kenya	See review	See review	See review
Minimum Deposit	$100	See review	See review	See review
Spread	N/A	See review	See review	See review
Trust Score	1.5/10	See review	See review	See review

Product Fit

Account Types

What Account Types and Fees Does INGOT Offer?

Account Type	Target User Group	Essential Characteristics	Applicability Notes
Retail Account	Beginners and casual traders	Low minimum deposit, user-friendly platform	Suitable for small-capital practice
Professional Account	Experienced traders	Higher leverage, advanced trading tools	Requires trading volume qualifications
Demo Account	All traders	Risk-free environment for practice	No financial commitment required

Account Opening Process

To open an account with INGOT, traders must go through several steps. First, they will need to provide personal information, including their name, contact details, and date of birth. Next, employment and financial information will be required to assess the trader’s experience and financial status. Identity verification is also a crucial step, necessitating submission of an ID and proof of address. Once the account is set up, clients have flexibility in their account types, allowing for potential upgrades to a professional account in the future as their trading experience grows.

Trading Fees

Product	Spread (pips)	Commission	Notes
Forex (Major Pairs)	Varies	$0	Tight spreads for major currencies
CFDs (Stocks)	Varies	$7 per lot	Competitive pricing for stock trading
CFDs (Indices)	Varies	$0	Access to major indices
CFDs (Commodities)	Varies	$0	Includes gold and oil trading
Cryptocurrencies	Varies	$0	Selected cryptocurrencies available

Other Fees

In addition to trading fees, INGOT may charge various other fees. These include potential deposit and withdrawal fees, which traders should verify directly with the broker. Inactivity fees may apply if an account remains dormant for an extended period. Platform usage fees are not currently disclosed, but traders should inquire about any potential charges. Overnight interest, often referred to as swap rates, may also apply depending on the positions held overnight. Lastly, currency conversion fees could be applicable for transactions involving different currencies.

Editorial Verdict

Expert Verdict

R

Research Desk

Senior Broker Analyst

Our review desk considers this broker unsuitable for most traders until transparent licensing, stronger compliance evidence, and clearer client-fund protections are demonstrated.

Funding Desk

Deposit & Withdrawal Methods

No structured payment methods have been configured yet.

Trader Feedback

INGOT User Reviews

3.0

★ ★ ★ ★ ★

4 total reviews

5 star

4%

4 star

4%

3 star

4%

2 star

20%

1 star

60%

John Doe

Nairobi, Kenya

★ ★ ★ ★ ★

I’ve been trading with INGOT for a few months now, and I really appreciate the user-friendly MetaTrader 5 platform. The copy trading feature has helped me learn from more experienced traders. Overall, a solid experience so far, though I wish customer support was a bit quicker to respond at times.

Sarah Kim

Mombasa, Kenya

★ ★ ★ ★ ★

INGOT has been great for my trading journey! The low minimum deposit allowed me to start trading without a big financial commitment. I’ve had no issues with my withdrawals, and the educational resources are very helpful for beginners like me. Highly recommend!

David Mwangi

Nairobi, Kenya

★ ★ ★ ★ ★

I’ve faced some problems with withdrawing my funds. The process took longer than expected, and I had to follow up multiple times with customer support, which was frustrating. I’m still on the fence about continuing with INGOT due to these issues.

Grace Otieno

Eldoret, Kenya

★ ★ ★ ★ ★

I had a terrible experience with INGOT. I tried to withdraw my money, but it was delayed multiple times, and their customer support was unhelpful. I ended up feeling stuck and worried about my funds. I would not recommend this broker.

Kenya Market