Pros & cons of INGOT Brokers

INGOT Fact sheet

Traders need to be able to fully trust their broker as the safety of the broker directly affects their investments and financial security. FX brokers are responsible for trade execution, holding funds, and providing trading platforms. If a broker is not reliable or trustworthy, this can result in financial losses, fraud, or bankruptcy. 

Each trader should look for Forex brokers that are regulated by reputable financial authorities, and offer transparent trading conditions with no hidden fees. 

INGOT Brokers is a group of Forex and CFD brokers operating globally. Depending on where you are opening an account, you will fall under a different regulatory body. Clients that are registered with INGOT Global Ltd. are protected by the rules and guidelines of the Financial Services Authority of Seychelles (FSA). 

The full list of regulators includes: 

• INGOT Global Ltd. is registered in Seychelles, with Company Number 8431005-1. INGOT Global Ltd holds the Securities Dealer License number “SD117” by the Financial Services Authority of Seychelles (FSA).
• INGOT Brokers (Australia) Pty Ltd (ACN: 159 895 431, ABN: 87 159 895 431) is the holder of an Australian Financial Services License (“Number 428015” issued by the Australian Securities and Investments Commission).
• INGOT Financial Brokerage Ltd. is regulated by the Jordan Securities Commission (JSC), letter No. 3/1/00829/21 dated 19/04/2021.
• INGOT RSA (Pty) Ltd. is authorized and licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, as a financial services provider (FSP 51008).
• INGOT AFRICA LTD is registered in the Republic of Kenya (Registration No. PVT- JZUG9YA5) and holds Non-Dealing Online Foreign Exchange Broker License from the Capital Markets Authority (CMA) of Kenya; License No 173.

The fact that the broker is regulated in 5 jurisdictions means that it can be trusted. You can copy the license numbers that we have provided you with, go to the respective regulator’s page, and check the licenses out for yourself. 

Policies that INGOT Brokers follow

In accordance with the regulations and guidelines that INGOT Brokers follow, the broker offers negative balance protection (NBP) to its clients. NBP is a risk management feature that is sometimes offered by CFD brokers to ensure that traders' accounts will never go negative. 

Because Forex and CFD trading is a highly leveraged activity, and leverage helps traders increase their purchasing power by the use of borrowed funds from their broker, it becomes possible for traders to lose more money than what’s on their trading account. To protect traders from such inconveniences, INGOT Brokers uses smart Stop Out levels. For example, the Stop Out level on a PROFESSIONAL account is 25%. This means that when the margin reaches 25%, the trade gets automatically closed in an attempt to prevent further losses. 

In addition to NBP, INGOT Brokers keeps clients’ funds in segregated accounts. This means that the broker is keeping the funds of individual traders separate from the funds of the company. This is done to protect traders in case the broker goes bankrupt or becomes insolvent. 

INGOT Brokers is a multi-asset broker and traders will find FX pairs as well as stocks, indices, ETFs and other instrument classes with this broker. However, the assets are mainly CFDs. CFD stands for Contract for Difference. CFD trading is a form of derivative trading that allows traders to speculate on the increasing or decreasing prices of various asset classes without owning the underlying assets. 

CFD trading comes with several benefits and drawbacks. Firstly, CFDs enable traders to profit from both rising and falling markets. Secondly, it is possible to trade with leverage and market liquidity is much better, which brings tighter spreads. CFDs are perfect instruments for short and medium-term market speculation. On the downside, CFDs are not investment vehicles for traders that are interested in making long-term investments. The reason is simple, while rollover fees for short-term trading are insignificant when investing long-term, these fees add up. Therefore, long-term investors prefer to purchase real stocks, digital coins, or physical precious metals. 

Forex trading on INGOT Brokers

Trading conditions for trading FX pairs are average with this broker. The available platforms are MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and both platforms support FX trading with the use of trading algorithms. The maximum available leverage is 500:1, however, it should be noted that the 500:1 leverage is only offered to PROFESSIONAL account type holders. For ECN and PRIME accounts the maximum available leverage is 200:1. 

There are 42 available currency pairs for trading with this broker. The list spans major, minor, cross, and exotic pairs, including: 

• EUR/USD - Euro vs US Dollar
• USD/JPY - US Dollar vs Japanese Yen
• GBP/USD - the British pound sterling vs US Dollar
• USD/CHF - US Dollar vs Swiss Franc
• USD/CAD - US Dollar vs Canadian Dollar, etc. 

Trading fees vary from account type to account type and from trading instrument to trading instrument. There are no spread markups on ECN and PRIME accounts and spreads on EUR/USD start from 1 pip on the PROFESSIONAL account. 

Stock CFD trading on INGOT Brokers

INGOT Brokers offers 190 CFDs on stocks to its global clients. The available markets are the US, European, and British stocks. 

It should be noted that the US stocks are the most liquid and offer the tightest spreads. There are 142 available CFDs on US stocks for trading, including the most popular companies such as:

• Apple Inc.
• eBay Inc. (EBAY)
• Meta Platform Inc.
• Alphabet Inc.
• Tesla Motors, Inc.
• Citigroup Inc.
• Ford Motor Co.
• General Electric
• General Motors
• AT&T, Inc.
• Twitter, Inc.
• NIKE Inc

In addition, there are European stocks, such as 15 CFDs of French companies and 15 of German corporations. Furthermore, there are 17 British company stocks available for trading as CFDs. For trading shares, traders should pick MetaTrader 5 (MT5) over MetaTrader 4 (MT4) as MT5 is a multi-asset trading platform, while MT4 is built for mainly trading FX pairs. 

Crypto CFD trading on INGOT Brokers

INGOT Brokers offers 25 crypto derivatives for trading. Each pair is traded against the USD. The list of offered crypto derivatives includes: 

• Bitcoin
• Ethereum
• Litecoin
• Bitcoin Cash
• Ripple
• Polkadot Cash
• EOS
• Chainlink
• Stellar
• Dogecoin, etc. 

It should be noted that trading crypto derivatives for speculative purposes is much better than trading digital coins. In addition to the benefits traders get when trading CFDs, there are even more reasons to trade crypto CFDs, including:

• Leverage is available
• Can trade both rising and falling markets profitably
• There is no need to store coins since CFDs do not involve asset ownership, profits are added to the trading account instantly
• There is no need to worry about low liquidity and problems related with cashing outs

Commodity CFD trading on INGOT Brokers

Commodity CFDs are trading contracts on raw materials or primary agricultural products that can be traded on exchanges. There are soft (can be grown) and hard (can be mined) commodities. INGOT Brokers offers access to trading both commodity classes. 

The list of available soft commodities includes:

• Coffee
• Cocoa
• Sugar
• Corn
• Wheat
• Soymeal
• Soybean

It’s important to note that soft commodities are only available for a limited number of months for trading. It should also be mentioned that commodity prices are dictated by the global supply and demand for goods. 

The list of available hard commodities includes precious metals and energies: 

• Brent Crude Oil
• WTI Crude Oil
• Natural Gas Spot
• Spot Gold
• Spot Silver

Indices trading on INGOT Brokers

Indices are also known as stock indexes and they measure the performance of certain stock baskets. For example, the Dow Jones Industrial Average follows the performance of the top 30 US companies. Stock indexes can be used in two major ways: they are great indicators of the health of certain economies or industries and they can be traded as CFDs. 

INGOT Brokers offers access to trading 8 of the most popular indices, the complete list of which includes: 

• Dow Jones Industrial Average
• NASDAQ-100 Technology Sector Index
• Standard and poor 500 index
• The German stock index DAX 40 (GER40)
• CAC40 French stock market index
• The Financial Times Stock Exchange 100 Index.
• Nikkei 225 Spot Index
• S&P/ASX 200

Pros & cons of INGOT Brokers account types

In FX and CFD trading there are various types of accounts that traders can choose from based on their needs, trading style, and level of experience. INGOT Brokers offers 3 live account types for trading. In addition, there are swap-free and demo accounts available. Let’s discuss them in more detail to see which might suit you best.

INGOT Brokers Demo and Islamic Accounts

Demo trading is an essential step for traders who are new to CFD trading. The demo trading accounts offered by INGOT Brokers help traders to learn how to use the trading platforms, test and develop strategies, and make all types of mistakes without the risk of losing real money. 

The Islamic account is also known as a swap-free account or Shariah-compliant account. According to Shariah law, it is prohibited to charge or receive interest. Traders that use this account type are not charged rollover fees for keeping positions open overnight. Instead, fees are integrated into spreads and other administrative charges. 

INGOT Brokers PROFESSIONAL Account

This account type is the most popular among clients of INGOT Brokers. The account type doesn’t charge commissions. Instead, trading fees are integrated into spreads. As a result, spreads on EUR/USD start from 1 pip. This account type is perfect for traders who want to trade less frequently and don’t mind paying more on spreads, as long as commissions are zero. For instance, beginners, position traders, and swing traders will find this account type most suitable for their trading objectives. The minimum initial deposit required to open this account is 100 USD and leverage goes up to 500:1. Negative balance protection is guaranteed and losing trades get Stopped Out at a 25% level. Trading with algorithms and using hedging strategies are both allowed. A swap-free version of this account is available.

INGOT Brokers ECN Account

The ECN account is for traders that want to trade more frequently, for instance, the account is ideal for intraday traders, high-frequency traders, algorithmic traders, and scalpers. There are no spread markups on this account. On the other hand, commissions are 7 USD per traded lot round turn. The minimum initial deposit required to open this account is 100 USD. Maximum available leverage is 200:1. It should also be mentioned that there’s no swap-free version available. The Stop Out is set at a 25% margin level. 

INGOT Brokers PRIME Account

The PRIME account is for VIP traders as the minimum initial deposit required to open the account type is 10,000 USD. This account type is very similar to the ECN account and it’s perfect for active traders. The main difference between the ECN and PRIME accounts is that the PRIME account offers better trading fees. There are no spread markups and commissions are 5 USD per traded lot round turn. The maximum available leverage is 200:1, but a swap-free version is not available. The minimum initial deposit required to open this account is 100 USD. 

Getting started on INGOT Brokers – Main steps

If you wish to try this broker, this section is for you. The broker offers a user-friendly webpage available in 6 languages. The registration and account opening process is fully digital and we’ll guide you through the entire process.

Step 1: Open an account

The first step is to open the main web page of the broker where you’ll be able to see the “Start trading” button. By pressing that button you’ll be transferred to the registration page. Simply follow the process and fill in the required fields. 

During the registration, you’ll be able to choose an account currency. INGOT Global offers accounts in EUR, USD, and AUD. It’s best to pick the currency that you use regularly to save on currency conversion fees. 

Step 2: Time to verify your account

After you finalize your registration, you’ll be able to log in to your user area. The next step is to verify your account. On the menu bar click on “Verification”. You will be required to fill in more personal details in the process such as the source of your income, etc. In the final stages of verification, it is required you provide proof of your identity and proof of your residence. You can scan your documents or take digital photos. Be sure that the photos are of high quality and information is clearly visible with no light reflections or shadows. 

Step 3: Make your deposit and start trading

After the verification is concluded, you can deposit funds and start trading. It should be mentioned that only verified account holders can withdraw money from their trading accounts. The broker enables traders to deposit funds using various methods, including ApplePay, bank transfer, Bitcoin, credit/debit cards, and other cryptos. Most deposit options are instant and all of them are free of charge. On the other hand, it should be noted that withdrawals made using crypto methods are charged 1% of the total withdrawal amount. 

Trading fees of INGOT Brokers differ from account type to account type and overall are average. There are no fees on deposits or inactivity fees. On the downside, some withdrawal options such as crypto methods charge 1% of the withdrawal amount. The broker offers spread-free and commission-free account types and enables traders of different needs to pick the most suitable fee structure. On the spread markup free accounts commissions are 5 USD and 7 USD per traded lot round turn. On commission-free account spreads on EUR/USD start from 1 pip. 

Comparing INGOT Brokers fees with other brokers

To better understand the fees of INGOT Brokers, let’s compare them to industry leaders. For the comparison, we picked the PROFESSIONAL account type fees.

INGOT Brokers fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

INGOT Brokers fees compared to CM Trading fees

INGOT Brokers fees compared to plus500 fees

INGOT Brokers fees compared to XM fees

INGOT Brokers fees compared to AvaTrade fees

INGOT Brokers fees compared to Capital.com fees

INGOT Brokers offers the MetaTrader platforms to its clients. MetaTrader software was developed by MetaQuotes and there are two versions available for desktop use, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both of which are offered by this broker. 

MT4 is a widely used trading platform by currency traders that offers advanced charting tools and customizable indicators. In addition, MT4 supports the use of trading algorithms called Expert Advisors (EAs), which are trading robots used for automated trading. MT4 was released in 2005 to enable Forex traders to trade comfortably. 

MT5 was released in 2010 and instantly became popular. MT5 offers more features than MT4. It has more timeframes, more built-in indicators, and charting tools. The platform was built for trading various asset classes. 

Overall, both platforms offer a range of tools and features to help traders conduct extensive technical analysis. For traders that want to trade mainly FX pairs, MT4 is a better option. For traders that want to trade different asset classes simultaneously, including FX, and CFDs on stocks, indices, and commodities, MT5 is the better choice.

The broker provides its clients with access to MetaTrader 4 and MetaTrader 5 mobile apps. The apps are available for both Android and iOS devices. In addition, there are web trading terminals available for traders. The mobile versions of the MetaTrader platforms are equipped with all the necessary tools for order placement. What’s more, traders have access to live charts. Mobile apps can be very useful in emergencies such as power outages, internet connection problems, etc. In addition, the apps can keep traders connected to markets from anywhere in the world. 

The educational information offered by INGOT Brokers is aimed at beginners. There are educational videos and educational articles available that help newcomers learn trading terminology and the basics of fundamental and technical analysis. However, it should be mentioned that educational material for advanced traders is lacking. Furthermore, there are no webinars or seminars available. When it comes to research tools, the broker offers an economic calendar, traders’ calculator, and currency converter. Overall, the educational material and tools for market analysis are not the best with INGOT Brokers.

Good customer support is critical for every broker as it helps them establish and maintain positive relationships with their clients. INGOT Brokers understands this simple truth well and offers professional customer support. 

Customer support is available in English, Arabic, Vietnamese, Thai, and Portuguese. Existing customers and potential clients of INGOT Brokers can reach the broker via live chat, email, or phone call. The live support is available 24 hours a day, 5 days a week, on business days. 

To sum everything up, INGOT Brokers is a group of CFD and Forex brokers that is well regulated and offers access to trading CFDs on stocks, commodities, cryptocurrencies, ETFs, energies, Forex, futures, indices, and metals through the MetaTrader trading platforms and provides good customer support. On the downside, educational material is limited. The minimum initial deposit required to start trading with this broker is 100 USD and the broker offers 3 live account types. On the PROFESSIONAL account type leverage goes up to 500:1. On ECN and PREMIUM account types the maximum available leverage is 200:1. Overall, we can safely say that INGOT Brokers is a good broker.