Ingot Review Australia & Test 2021
Is Ingot safe or scam?
Tight spreads, low commissions, and a massive range of markets. What more could you want from an award-winning broker in Australia? Ingot provides Australian clients with a comprehensive trading platform that is highly regulated and safe.
But we know you need more than that. New traders want to know why Ingot is a safe and reliable broker and whether they can put their trust in them. What markets are on offer and how you can trade them. Read on to learn everything there is to know about this broker in our Ingot review for Australia.
The first thing a new trader will probably notice at Ingot is that 2021 has been a good year for the broker. Our Ingot review took note of the 5 trading awards that have been bestowed upon this broker in 2021 – this includes a Most Trusted Forex Brand from APAC and ASIA 2021.
Ingot is a CFD broker with an extensive range of markets on offer:
- 5 Cryptocurrencies
- Commodities covering agriculture, metals, and energies
- 8 futures and spot indices from around the world
- More than 25 low cost ETFs
- 30+ forex CFDs including Major, Minor and Exotic pairs.
- Hundreds of stocks from Europe, the United States, and the UK
Opening an account takes only a few minutes and trades can choose to open a demo account to safely get started too. The demo account allows traders to practice and explore the features at Ingot without any financial risk.
The website is wonderfully intuitive, and you can’t miss a single feature. Everything is comfortable located in tabs at the top of the page and they are all very clear. Opening an account or accessing the demo account will be no problem for new traders, as the website regularly pushes the link to these accounts.
The MetaTrader 4 platforms are industry standards for a reason – most brokers offer it such as Global Prime Australia. They are responsive and customizable but admittedly can take some getting used to if you are new to trading. Some functions are difficult to locate initially, and the asset search functionality is superior on the mobile apps rather than on the browser or desktop version.
We wouldn’t recommend trading cryptocurrencies at this broker though. The offerings are small, especially for a CFD trader, and you won’t own the underlying asset either. However, most stock and forex traders will find trading Ingot’s assets on MetaTrader a smooth and easy experience.
Ingot have made sure to cover every level of trader with their account coverage. Our Ingot review for Australia confirmed 4 account types available to clients. These are known as:
The professional account is listed as the most popular and each have their own benefits. The ECN and Prime accounts have spreads starting from 0 pips while the Professional and Booster accounts start from 1. Prime and Booster accounts feature 1:100 leverage while the ECN and Professional accounts boast 1:200 and 1:500 respectively. Each account has a minimum deposit of $100 – except the Prime account which requires a much larger $25000. The ECN account doesn’t have access to the full range of markets available at Ingot.
The most popular account, the Professional, allows for hedging, a 25% stop-out level, and can be made as a SWAP free account for Islamic traders. The swap-free account features no rollover interest for overnight positions or swap fees. Minimum lot sizes for the Professional account are 0.01 lots.
The Prime account is for serious traders. Leverage is lower but minimum deposits are far higher. Minimum lot sizes remain the same at 0.01 and once again hedging is allowed. Our Ingot review found that this account type could not be made into a SWAP free account. This account is clearly aimed at high-volume traders that require more advanced features and pricing that is more competitive. That’s why this account can trade every asset class without any commissions.
Fees – What’s it going to cost me?
The fact that Ingot has direct connectivity and market execution means they can provide some seriously competitive spreads. Spreads, depending on account type, can be as low as starting at 0 pips. That’s lower than many brokers such as XM Australia. We did note during our Ingot review that forex spreads are floating – this means that the spread percentage is dependent on the transactional value of the pair. So economic or political factors could increase the spread by a few percent.
So what will you actually be trading on? Ingot offers two trading platforms, and they are both MetaTrader – namely MetaTrader 4 and 5. No surprise here really since almost every broker like Capital.com Australia uses MetaTrader. MetaTrader 4 and 5 are industry-standard platforms for retail brokers and both platforms offer plenty of useful features for traders of all experience levels.
Both MetaTrader 4 and 5 are available as a desktop app and for iOS and Android devices. MetaTrader 4 and 5 are multi-asset platforms – so you can trade everything from cryptocurrencies and forex to stocks and futures as CFDs. You’ll find an extensive range of analytical tools and charting functions available, with MetaTrader 5 providing the more advanced tools including 21 timeframes.
MetaTrader 4 and 5 allows for automated trading using Expert Advisors and MetaTrader 5 features one-click trade executions. You’ll have no problem locating either app from the Microsoft store, Google Play, or App Store.
So how about funding your Ingot account and taking home profit? There are only a small handful of ways to fund your account at Ingot. Our Ingot review for Australia saw only wire transfers, bank cards, and two cryptocurrencies as deposit methods – the cryptocurrencies being bitcoin and Ethereum.
This is smaller than some brokers like Admiral Markets Australia. The deposits were fee-free with the exception of bank cards that carry a 3% charge. The minimum deposit for cryptocurrencies is $50 while the remaining methods require a $100 minimum. Only bank cards had a maximum deposit limit and that is $5,000. We found during our Ingot review that deposits were processed quickly. Bank cards and crypto transactions were instant, while wire transfers were more variable.
You can only withdraw from Ingot via wire transfer or the above mentioned cryptocurrencies. The cryptocurrency fee for withdrawals is 1% but wire transfers are free. The minimum withdrawals are very low – cryptocurrencies at $25 and wire transfers set to $70. Our wire transfer during the Ingot review in Australia took 4 business days. We also found the maximum withdrawal for wire transfers was $1,000,000 but cryptocurrencies were only 25,000 and 15,000 for bitcoin and Ethereum respectively.
What about receiving help? Is Ingot a reliable broker? Despite being physically located in the Grenadines, this broker offers 24/5 customer support in several languages. Languages include Arabic, English, Italian, Spanish, French, German, and Turkish, among several others. There are 4 distinct channels to contact Ingot too.
Firstly, a web form that is quick and easy to fill in but doesn’t feature an option to attach any documents. There are two email lines that Ingot users can contact support on too – a support line and a more relaxed general inquiries line. Unlike some brokers, Ingot actually has a contact number with a US area code. Finally, Ingot features a live chat function and it’s not simply a bot that directs you to FAQs – You have to fill out an initial ticket and an actual agent responds within 24 hours.
During our Ingot review in Australia, we were able to reach an agent over the phone during Australian hours and our live chat ticket was picked up within around 45 minutes. The FAQs section does have a lot of useful information that may help some novice traders skip the support channels. A handy search bar makes finding an answer incredibly snappy.
Our Ingot review in Australia confirmed that this broker is regulated and authorized by the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA), the Australian Securities and Investments Commission (ASIC), and the Jordan Securities Commission. That’s a lot of regulation and it goes a long way to proving reliability and safety for prospective clients.
Client funds are held in segregated accounts from the brokers own funds – meaning if they go broke, you won’t. A huge advantage that this broker has over its competitors, like TradeNation Australia, in terms of safety and reliability is that Australian clients benefit from negative balance protection. Something not offered by many competitors. This is handled through a Professional Indemnity Insurance Policy and our Ingot review uncovered that funds are held in two highly reputable Australian banks in Westpac and the National Australia Bank.
We really liked the educational offerings we found during this Ingot review for Australia. Firstly, Ingot offers a great selection of trading videos that aim to provide essential insights into trading at Ingot. You don’t even need to sign up to view them. They are provided at the brokers YouTube account and are embedded in the education section of the Ingot website. Each video is accompanied by summary text to help drive the points home.
The second educational resource provided by Ingot are educational trading articles. They are written by industry experts and act as short, 4 – 10 minute lessons on key trading techniques such as using charts, order types, and understanding pips. Beyond that, Ingot also provides some insightful research for traders too.
This is located in the Market Alerts tab and features trading news, crucial reporting on daily sessions from Europe and the US, and even a blog that is written by industry experts on important topics. We found during our Ingot review that the range of topics were broad, covering everything from cryptocurrency to how to avoid a scam online.
Our Ingot review in Australia has revealed a highly versatile and comprehensive trading platform for both inexperienced and experienced traders alike. There are hundreds of CFD assets tradable within a diverse range of asset classes. Traders at Ingot have access to 4 different trading accounts that cover different goals and levels of experience. Using either MetaTrader 4 or 5, investors can trade any of the asset classes available at Ingot such as cryptocurrencies, forex, or stocks.
The Ingot website is highly intuitive and the provided educational tools are more than enough for new traders to gain key knowledge and aid in their future development. Like many brokers such as TMGM Australia, Ingot provides a free demo trading account so that traders can practice and experience the platform without any financial risk.
We recommend Ingot for both new and experienced traders based on trustworthiness, safety, and a proven history of excellence.