Abstract:As the number of complaints for INGOT Brokers rises, traders are advised to approach it with caution and refrain from making any huge investments. Traders from around the World have been accusing the broker of several malpractices and scammy tactics, leading to a decline in its trust score and risk alerts for the traders.
INGOT Brokers has been marked as a high potential risk offshore broker even after being regulated by ASIC and the FSA. Traders have been increasingly raising exposure-seeking complaints, accusing the broker of unlawful and scammy tactics to lure traders and withholding their funds. In a short duration of 3 months, the exposure complaints have reached 10, significantly increasing the negative to positive ratio and raising concerns among the traders.
INGOT Brokers is a Market Maker that offers MetaTrader4 and other trading platforms. It allows trading of Forex, Commodities, Indices, Stocks, CFDs, Crypto, and ETFs. As per the WikiFX review, the broker has witnessed a significant decline in its trust score to 7.44 out of 10, amid the growing number of user complaints.
The influence index rating has also gone down to ‘B’, and there are popping risk alerts cautioning the trader against the brokers malpractices.
Traders have been turning to WikiFX, raising their concerns and seeking exposure for their experiences with the broker.
A US-based trader has raised their concern, urging the traders to completely avoid the broker and be cautious of its scammy tactics. They have questioned the brokers credibility, pointing to the withdrawal issues. The trader has also attached screenshots to back their claims, as follows:
This was not the only case, and as mentioned, there are more issues that the traders from across the World have been facing. Here are the recurring issues as faced by those involved with the broker in any capacity:
These types of complaints raise serious concerns about the brokers operations, suggesting their tactic of exploiting traders rather than acting as per their claims and offering fair trading.
INGOT Brokers has its offices in Australia and Seychelles, and has recently also expanded to South Africa and Kenya. While it has some amazing offerings like zero commissions and no deposit or withdrawal fees that attract both beginners as well as experienced traders, the rising number of complaints have a different tale to tell. Tactics like demanding deposits to unlock withdrawals or banning profitable accounts indicate unregulated broker scams.
Traders are advised to approach the broker with caution and test the withdrawals well before making any big investments. Also, one must always keep a record of all the transactions and communications with such platforms and avoid any large investments as far as possible.
While the accusations may not all be credible, the rising number of them shows that the broker is opting for one or the other scammy and fraudulent tactic on a regular basis.
Anyone who may have fallen victim to INGOT Brokers scams and malpractices may also raise their complaint on WikiFX to seek exposure and protect others from potential scams.
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