Score
INGOT
Kenya|2-5 years| https://www.ingotbrokersafrica.com/en
Website
Rating Index
MT4/5 Identification
MT4/5 Identification
White Label
United KingdomContact
Licenses
Single Core
1G
40G
Contact number
+254 727 174 174
Other ways of contact
Broker Information
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INGOT AFRICA LTD
INGOT
Kenya
Pyramid scheme complaint
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- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
- The SeychellesFSA regulation (license number: SD117) claimed by this broker is suspected to be clone. Please be aware of the risk!
- The AustraliaASIC regulation (license number: 428015) claimed by this broker is suspected to be clone. Please be aware of the risk!
- The Seychelles FSA regulation with license number: SD117 is an offshore regulation. Please be aware of the risk!
WikiFX Verification
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:400 |
| Minimum Deposit | $30 |
| Minimum Spread | -- |
| Products | -- |
| Currency | -- |
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| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | $0 |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:200 |
| Minimum Deposit | $100 |
| Minimum Spread | -- |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | $7 USD |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:400 |
| Minimum Deposit | $50 |
| Minimum Spread | -- |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | $0 |
- Fundamental Item(A)
- Total Supplementary Items(B)
- Debt Amount(C)
- Non-Fixed Capital(A)+(B)-(C)=(D)
- Relative amount of risk(E)
- Market Risk
- Transaction Risk
- Underlying Risk
Capital
$(USD)
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INGOT · Company Summary
| Aspect | Information |
| Company Name | INGOT |
| Registered Country/Area | Kenya |
| Founded Year | N/A |
| Regulation | Unregulatory |
| Minimum Deposit | $1 |
| Maximum Leverage | 1:400 |
| Spreads | N/A |
| Trading Platforms | MetaTrader 4 and MetaTrader 5 |
| Tradable Assets | Agriculture, Energies, Metals, Stocks, Indices, ETFs, and Currencies |
| Account Types | Demo account, ECN account and PRO account |
| Demo Account | Available |
| Customer Support | Mobile, Email, live chat, social media channel and message box |
| Deposit & Withdrawal | Wire transfers, IPAY, Africa local Payment methods, and M-pesa Pay |
| Educational Resources | FAQs, Glossary, Articles, videos and Webinars |
Overview of INGOT
INGOT is an unregulated forex and CFD broker that is registered in Kenya.
They offer a diverse range of trading instruments across eight asset classes, including agriculture, energies, metals, stocks, indices, ETFs, and currencies. The broker provides two types of accounts - ECN and PRO, catering to different trading preferences. It utilizes popular trading platforms, MT4 and MT5, and provides multiple trading tools such as Traders Calculator and Copy Trading. Moreover, INGOT ensures accessibility by offering various deposit and withdrawal methods and customer support options. The broker also provides comprehensive educational resources, including FAQs, a glossary, articles, videos, and webinars.
However, claims made by the broker regarding Australia ASIC regulation and Seychelles FSA regulation are suspected to be cloned, further raising credibility concerns. In addition, the broker's website lacks detailed information about spreads, leading to uncertainty for potential and existing clients.
Regulatory Status
INGOT currently has two regulatory certificates, but their regulatory status is both 'suspicious clone'.
The Australia ASIC regulation (license number: 428015) claimed by this broker is suspected to be clone.
The Seychelles FSA regulation (license number: SD117) claimed by this broker is suspected to be clone.
INGOT lacks regulation from any recognized financial authority. It's crucial to understand that engaging with an unregulated broker entails significant risks due to the absence of a supervisory entity to enforce ethical practices and safeguard client assets.
Pros and Cons
INGOT offers diverse trading instruments across 8 asset classes. Two account types, ECN and PRO, cater to different preferences. They use popular platforms MT4 and MT5, and provide tools like Traders Calculator and Copy Trading. With multiple deposit/withdrawal methods and support options, including WhatsApp and live chat, they prioritize accessibility. Educational resources include FAQs, a glossary, articles, videos, and webinars.
Despite its diverse offerings, INGOT lacks valid regulatory certificates and operates without regulation from any recognized financial authority, which could pose significant risks to traders. The broker's claim of Australia ASIC regulation and Seychelles FSA regulation are suspected to be clone. Detailed information regarding spreads is currently unavailable on the broker's website, leading to uncertainty.
| Pros | Cons |
| Diverse range of trading instruments | Suspicious clone status |
| Popular trading platforms MT4 and MT5 | Absence of detailed information on spreads |
| Multiple trading tools | No swap-free account |
| Variety of deposit and withdrawal methods | |
| Range of customer support options | |
| Comprehensive educational resources |
Market Instruments
INGOT BROKER offers 1,000+ trading instruments across 8 asset classes, including agriculture, energies, metals, stocks, indices, ETFs, and currencies.
Agriculture: INGOT Brokers provides agricultural commodities such as corn, soymeal, wheat, and more. These commodities allow traders to participate in the agricultural market and diversify their portfolios.
Energies: Traders can access energy commodities like natural gas through INGOT Brokers. These energy products provide exposure to the energy sector and its price fluctuations.
Metals: INGOT Brokers offers popular metals like gold, copper, silver, and others. These metals are commonly traded for their value and act as a hedge against inflation.
Stocks: INGOT Brokers allows trading of stocks from global brands. Traders can engage in the stock market and potentially benefit from the performance of well-known companies such as Meta, Lyft, Snap, and more.
Indices: INGOT Brokers provides indices that represent the overall performance of a collection of stocks from specific nations. Traders can use indices to diversify their portfolios and gain exposure to broader market trends, including DAX 40, S&P 500, NASDAQ 100, and others.
ETFs: INGOT Brokers offers Exchange-Traded Funds (ETFs) that track the performance of indices, sectors, and other assets. ETFs provide a convenient way to diversify portfolios as they contain a mix of investment types. Examples of ETFs include GOVT, FIVG, SDOW, and more.
Currencies: INGOT Brokers allows trading of various currency pairs, including major pairs like EURUSD, GBPUSD, USDCAD, and others. Currency trading enables traders to take advantage of fluctuations in exchange rates.
Account Types
INGOT offers two types of accounts: the ECN account and the PRO account. Clients can choose the account type that aligns with their trading preferences and requirements.
The ECN account offers a cost-effective trading solution suitable for all trader types. With floating spreads, leverage up to 1:200, and a minimum deposit requirement of $100, it provides flexibility. It's important to be aware that this account type incurs a $7 commission fee.
The Professional Account is designed for sophisticated investors who require access to a wide range of asset classes and increased leverage. Traders opting for this account type can enjoy floating spreads, leverage of up to 1:400, and a minimum deposit requirement of $50. Unlike the ECN Account, there is no commission fee associated with this account type.
Additionally, INGOT also provide a free demo account. The demo account comes with virtual funds that can be used to trade various financial instruments, including metals, stocks, indices, etc.
| Account Type | ECN | PRO |
| Minimum Deposit | $100 | $50 |
| Spreads Type | Floating | Floating |
| Available Products | Forex ,Spot Metals ,Spot Indices, spot Energies,Stocks | Forex ,Spot Metals ,Spot Indices, spot Energies, Future Metals, Future Indices, Future Softs, Future Energies,Stocks, ETFs |
| Minimum Lot Size | 0.01 | 0.01 |
| Leverage | Up to 1:200 | Up to 1:400 |
| EAs Allowed | Yes | Yes |
| Hedging Allowed | Yes | Yes |
| Negative Balance Protection Available | Yes | Yes |
| Is it a Swap-Free Free Account | No | No |
| Stop Out Level | 25% | 25% |
How to Open an Account？
Opening an account with INGOT is a straightforward process that can be completed in a few simple steps:
First, you need to visit the broker's website and click on the 'Start Trading' button. Then, you will be directed to a page where you need to fill out a registration form with your personal information, including your name, email, phone number, password, etc.
After completing the registration process, you will receive a verification email. Follow the instructions provided to verify your email address. This step is crucial to activate your account and ensure the security of your information.
To comply with regulatory requirements and ensure the safety of your funds, additional documents for account verification may be needed. These may include proof of identity (such as a passport or national lD). Submit the requested documents through the secure online portal.
Once your account is verified, it's time to fund your trading account. Log in to your account and navigate to the deposit section. Choose your preferred payment method from the available options, such as wire transfers, IPay, Africa local Payment methods, etc. Follow the instructions to complete the deposit process.
Once you feel confident and ready to start trading, log in to your trading account using your credentials. Familiarize yourself with the platform, explore the available trading instruments. Analyze the market using the comprehensive tools and place your trades based on your strategy.
Leverage
The ECN account and the PRO account offer different trading leverage. The maximum leverage for the PRO account is up to 1:400, and for the ECN account is up to 1:200.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favor and against you.
Trading Fees
commissions with INGOT are scaled with the accounts offered. Specifically, there is no commission on the PRO account, a $7 commission on the ECN account.
Unfortunately, INGOT claims to offer tight spreads, but they haven't provided specific data on their website.
Trading Platform and Tools
As for the trading platform, INGOT provides its clients with popular platforms such as MT4 and MT5 that have served many clients worldwide. MT4 and MT5 stand as widely recognized industry standards in forex trading platforms, offering traders an extensive array of analytical tools, customizable indicators, and automated trading capabilities accessible across various devices, including Desktop, iOS, Android, and web browsers.
INGOT also provides various trading tools, one of which is the Traders Calculator. This tool helps traders calculate essential trading parameters such as margin, spreads, and leverage. By accurately analyzing these numbers, traders can make informed trading decisions.
Another trading tool is Copy Trading, which allows expert traders to share their strategies with beginners, intermediates, and other experts for maximum profit. It's an ideal solution for traders gaining experience or lacking time, as it enables automatic copying of expert trades.
Deposit & Withdrawal
INGOT offers a variety of deposit and withdrawal methods to cater to the needs of their clients.
The accepted deposit methods include Wire transfers, IPAY, Africa local Payment methods, and M-pesa Pay. This provides flexibility and convenience for clients to fund their trading accounts using their preferred payment method. IPAY and M-pesa Pay have a minimum deposit of $1 and a maximum of $150,000. Wire transfer and Africa local payment methods require a higher minimum deposit but have no deposit limit.
When it comes to withdrawals, INGOT also supports the same methods. Wire transfer and M-pesa pay allow a maximum withdrawal of $1,000,000 and $30,000 respectively. IPAY and Africa local payment methods have no withdrawal limits. The minimum withdrawal for wire transfer is $100, whereas for other methods, it's $5. The processing time varies for each method. It's worth noting that Wire Transfer takes 1-5 business days to complete.
Here is a breakdown of the deposit and withdrawal options provided by INGOT:
Customer Support
For any inquiries regarding customer support, trading hours, funding accounts, or opening new accounts, INGOT provides various contact options to assist clients with different needs.
Mobile: INGOT offers telephone support via WhatsApp at +254727174174 for calls (complaints and customer service) at +254111193877 and for general inquiries at 0202174174.
Email: Clients can contact the customer support team via email. General customer support can be contacted at customerservice@ingotbrokersafrica.com.
Message box: Additionally, clients can leave a message on the website using the message box.
Live chat: Even during weekends, the INGOT support team remains available around the clock via live chat. Additionally, clients have access to the Education and Help section for comprehensive solutions and the Webinar for assistance from fellow traders.
Social Media Channel: They have a presence on various social media platforms such as Telegram, Skype, Twitter, Facebook, Instagram, YouTube, etc.
Educational Resources
INGOT provides its clients with a range of trading tools to assist traders in improving their trading knowledge and skills, including FAQs, Glossary, Articles, videos and Webinars.
The FAQs section offers a thorough list of questions and answers, saving users time and effort while ensuring access to reliable information.
Their glossary provides fundamental trading concepts, aiding beginners in understanding the market. Additionally, their brief, informative, and entertaining articles offer a refreshing take on learning. Their educational videos cater to various skill levels, emphasizing skill-based trading over luck, making them a valuable resource for traders looking to enhance their knowledge efficiently.
Moreover, Through the webinars, participants become members of a welcoming community tailored to individuals keen on acquiring expert knowledge and experience in trading.
Conclusion
In conclusion, INGOT provides traders with a diverse range of trading instruments across eight asset classes, along with ECN and PRO account types to cater to different preferences. It utilizes popular platforms MT4 and MT5, offering tools like Trader's Calculator and Copy Trading. The broker prioritizes accessibility through multiple deposit/withdrawal methods and support options, and comprehensive educational resources.
However, INGOT operates without valid regulatory certificates from recognized financial authorities, raising significant risks for traders. Its claims of regulation by Australian ASIC and Seychelles FSA are suspected to be cloned, and detailed information regarding spreads is currently unavailable on the website, leading to uncertainty and lack of transparency.
FAQs
Q: Is INGOT regulated by any financial authority？
A: No, INGOT does not possess valid regulatory certificates and operates without regulation from reputable financial authorities.
Q: What trading opportunities does INGOT offer？
A: INGOT offers 1,000+ trading opportunities, including agriculture, energies, metals, stocks, indices, ETFs, and currencies.
Q: Does INGOT offer leverage to traders？
A: The ECN and PRO accounts offer different leverage. PRO offers up to 1:400, while ECN offers up to 1:200.
Q: What deposit methods are available with INGOT？
A: INGOT offers various deposit methods, including Wire transfers, IPAY, Africa local Payment methods, and M-pesa Pay.
Q: Does INGOT offer customer support options？
A: Yes, INGOT provides several contact options to help clients with different needs, including mobile, email, a message box, a live chat feature, and various social media channels.
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