INGOT
Pros and 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
Basic Information
User Reviews
INGOT Overview
INGOT is a forex broker established in Kenya, operating under the name INGOT AFRICA LTD. With an operating period of 2-5 years, the broker provides a platform for trading various financial instruments, including forex. While INGOT claims to hold regulatory licenses from ASIC and FSA, these claims remain unverified, which may raise concerns for potential traders regarding the broker’s regulatory status and compliance with financial regulations.
The broker offers a range of trading instruments and features designed to enhance the trading experience. Clients can access trading through platforms like MetaTrader 5, which provides advanced tools and charting options. INGOT also allows for copy trading, enabling less experienced traders to follow and mimic the strategies of more successful traders. With a minimum deposit requirement that is relatively low, INGOT aims to cater to a wide audience. Customer support is available through various channels, ensuring that traders receive assistance when needed. However, prospective clients should carefully consider the broker’s unverified regulatory status and the associated risks before engaging in trading activities.
Is INGOT Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| ASIC | Australia | Unverified |
| FSA | Seychelles | Unverified |
Is INGOT Regulated and How Are Client Funds Protected?
The broker INGOT is not regulated by any recognized financial authority. Although it claims to hold licenses from ASIC and FSA, these claims remain unverified, indicating potential risks associated with trading through an unregulated broker. The absence of verified regulation raises concerns regarding the safety of client funds and investor protection. Traders may face higher risks of fraud or financial loss when engaging with unregulated entities, as there are no formal safeguards typically provided by recognized regulatory bodies. As such, it is crucial for potential clients to carefully consider these factors before choosing to trade with INGOT.
Trading Products and Services
What trading instruments does INGOT offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs | Varies |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US, UK | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
INGOT provides a diverse range of trading instruments across multiple asset categories, including Forex, commodities, indices, stocks, and cryptocurrencies. This variety enables traders of all experience levels—from beginners to seasoned professionals—to find instruments that suit their trading strategies and preferences. By offering such a wide selection, INGOT facilitates portfolio diversification and flexible trading strategies, allowing traders to adapt their approaches based on market conditions and personal risk tolerance. This comprehensive coverage of different markets supports a more robust trading experience, catering to the needs of various traders in pursuit of their financial goals.
Account Types and Trading Conditions
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.
Trading Platforms and Apps
What Trading Platforms and Apps Does INGOT Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 5 | Windows, macOS, iOS, Android | Secure login (2FA), multiple order types, technical indicators, economic calendar | Demo account, copy trading |
| Web Version | Any web browser | Secure login (encryption), market search, price alerts | None specified |
| Mobile App | iOS, Android | Secure login (biometrics), push notifications, one-click trading | None specified |
INGOT offers a range of trading platforms suited to various trader needs. The MetaTrader 5 platform is particularly advantageous for advanced traders, offering comprehensive tools and features. The web version provides flexibility, allowing access from any browser, while the mobile app enables convenient trading on the go. Each platform ensures secure logins and supports efficient market searches, real-time alerts, and a variety of order types. Overall, INGOT facilitates a robust trading environment with options that cater to both casual and professional traders.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3-5 days | No platform fee | Min $100, Max $10,000/day | USD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $5,000/day | USD, EUR |
| e-Wallets (e.g., Skrill, Neteller) | Instant | 1.5% charge | Min $10, Max $2,000/day | USD, EUR |
Minimum Deposit
INGOT requires a minimum deposit to start trading, which is relatively low and caters to a wide audience. The minimum deposit may vary depending on the payment method selected and the account type chosen, allowing flexibility for different traders.
How to Withdraw
- Log in to your INGOT account.
- Navigate to the “Withdrawal” section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw and review the withdrawal details.
- Submit your withdrawal request and wait for confirmation.
- Check your email for updates regarding the status of your withdrawal.
Customer Support
INGOT Customer Support Overview
Support Channels
INGOT provides a variety of contact methods for customer support, ensuring that traders can easily reach out for assistance. The main channels include:
- Email: Clients can contact customer service via email at customerservice@ingotbrokersafrica.com.
- Live Chat: Instant support is available through the live chat feature on the website.
- Telephone: Traders can call +254 727 174 174 for direct assistance.
- Social Media: Support is also accessible via various social media platforms, including Twitter and Facebook.
Service Availability
Customer support at INGOT is available during business hours, with efforts made to provide assistance to clients around the clock. Multilingual support is offered, catering to a diverse clientele, although specific languages are not detailed.
Additional Resources
To enhance the trading experience, INGOT offers educational resources such as video tutorials and trading signals. These resources aim to help traders improve their skills and make informed decisions, contributing to a more comprehensive support system.
Frequently Asked Questions
INGOT claims to hold regulatory licenses from ASIC and FSA; however, these claims are unverified. This means that the broker is not regulated by any recognized financial authority, which raises concerns about the safety of client funds and investor protection.
INGOT offers a diverse range of trading instruments across multiple asset categories, including Forex (major pairs), commodities (such as gold and oil), indices (like S&P 500 and NASDAQ), stocks (from the US and UK), and cryptocurrencies (BTC and ETH).
INGOT has a relatively low minimum deposit requirement to start trading, which varies depending on the payment method selected and the account type chosen. This makes it accessible for a wide audience of traders.
While INGOT claims to protect client funds, it is crucial to note that due to its unverified regulatory status, the safety measures in place may not align with those typically provided by regulated brokers. Traders should be cautious and consider the associated risks before engaging in trading activities.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.