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Ingot Brokers Review - Is it scam or safe?

Ingot Brokers Review - Is www.ingotbrokers.com.au a good forex broker or a scam?

RATING: 3 / 0 REVIEWS Ingot Brokers
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Trading Accounts

 

Account type  Minimum deposit Minimum trade size  Maximum leverage Spread
Standard $1000 0.1  1:100 2 pips on EUR/USD 

 

Ingot Brokers offers its clients a single account type with maximum leverage up to 1:100, fixed spread on the MetaTrader 4 platform.

 

Micro lots are not available for trade with this broker. Also, we must disappoint all scalpers: INGOT Brokers do not allow scalping.

 

The Company. Security of Funds

 

INGOT Brokers is a company offering online financial trading services in major world CFDs, currencies, stock indices as well as precious metals, futures, and other commodities like natural gas and crude oil. Furthermore, clients of INGOT Brokers are also able to trade MENA stock markets, which includes indices of Dubai Financial market, Saudi Stock Market, and the Egyptian Exchange.

 

The company behind the brand, Ingot Brokers (Australia) Pty Ltd., is regulated from the Australian securities and investments commission (ASIC). It has offices in Australia, New Zealand and Switzerland.

 

ASIC requires licensed companies to meet certain requirements and to comply with various rules. For example, clients’ money is to be kept in segregated trust accounts and, in order to operate legitimately, Aussie forex brokers must hold at least $ 1 million.

 

Unlike other European brokers (Cyprus and UK-based ones), however, Australian ones are not covered by any compensation scheme. Despite the ASIC regulation and supervision of Australian brokers, traders should be aware of the risks of trading margin CFDs.

 

Trading Conditions

 

Minimum Initial Deposit

Traders are required to deposit $1000 in order to open an account with Ingot Brokers, which is a bit too much. In comparison, XM (holding, among others, also an ASIC license) demands just $5 from its clients as a start.

 

Average Spreads & Commissions

Ingot Brokers offers fixed spreads, amounting to 2 pips on EUR/USD, which is average for the forex market. Like most fixed-spread brokers, this one also does not charge a commission.

 

In comparison, XM offers variable spreads averaged from 1.7 pips on EUR/USD on its commission-free accounts. For further information, you may look up real time spreads of 15 leading brokers here.

 

Maximum Leverage

Clients of Ingot Brokers use leverage ratios up to 1:100, while many brokers offer leverage up to 1:500. XM, for example, provides leverage up to 1:888.

Keep in mind that higher leverage involves greater risk and you may lose more than you have deposited.

 

Trading Platforms

 

This broker supports the industry’s standard trading platform, MetaTrader 4 (MT4), available as a desktop version and mobile applications. MT4 is globally recognized for its advanced charting package, analytical tools, a wide range of Expert Advisers (EAs) and extensive back-testing environment. By using EAs traders may sit back, while the software does all the work, as Expert Advisers allow full automatization of trades.

 

Ingot Brokers has also partnered with social trading pioneer ZuluTrade to offer its clients advanced automated trading options.

 

Methods of Payment

 

Ingot Brokers offers its clients several deposit/withdrawal methods: bank wire, Neteller, ​​​​​​​WebMoney, FasaPay, PerfectMoney, Payeer, OKPAY and Skrill.

 

Conclusion

 

Trading conditions offered by Australian brokerage Ingot Brokers seem reasonable, however many traders will probably find the initial deposit required too high and leverage provided mediocre. Another concern with this broker might be the limited choice of trading accounts, platforms and payment methods. To sum things up, here are the advantages and drawbacks with regards to INGOT Brokers:

 

Pros Cons
Regulated by ASIC Fixed spread only
MT4 available Limited choice of trading accounts & platforms
  High initial deposit required, mediocre leverage levels provided 
  Scalping is not allowed

                                                                 

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Traders` reviews for Ingot Brokers

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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