Traders Warned to Stay Alert Amid Growing Exposures for INGOT Brokers

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.

WikiFX Review and Rating of INGOT Brokers

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 Plight against INGOT Brokers

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:

• Denied withdrawal, stating a lack of sufficient funds and demanding more deposits to proceed with the withdrawal
• Accusations of a Ponzi scheme with a potentially scammy token launch of INGOT COIN
• Account suspension after profit accumulation and withholding the initially deposited funds, as well as the generated profit
• Illegal MT4/MT5 plugins, leading to severe slippage issues
• Non-delivered and stuck funds after ceasing China operations

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.

Regulatory Context: Oversight or Illusion?

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.

Final Words

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.

IMPORTANT UPDATE FOR YOU:

We invite you to join our exclusive Telegram group to stay informed about the latest happenings in the Forex market. We do not promote spam. This group is dedicated to sharing the latest Forex updates, insights, contests, and promotions. No unnecessary advice or signals—just real, valuable information to keep you ahead in the market. You can search for WikiFX India on Telegram to join or scan the QR code below to become a member of our group.