Beware! IngoInvest is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We wonder why some brokers attempt to squiz in as much as they can into their Home page. IngoInvest is one of those brokerages that try this, and at first sight, it might succeed in this attempt. But IngoInvest is riddled with far too many problems, and believe it or not, the home page predicament is a trope for unregulated brokers. There isn’t too much to say of the website in general, because what we have said of previous unregulated brokerage pretty much applies to IngoInvest as well. Before deposit, we advise users to read the review, because we think that investments are at risk here.
Signing up was a process that we have gone through hundreds of times, 99% of which were with illegal brokerages. However, in order to access fully the features of the familiar user dashboard, users have to verify their account. This usually happens when the client provides the company with a copy of his or her ID. However, we do not recommend doing his with suspicious brokers.
This leaves us in a disadvantageous position because we have to look to the website for all of the trading details. This is because the broker does not allow access to its webtrader to unverified users. The leverage is claimed to be capped at 1:300. The users can trade with forex currency pairs, commodities, indices, and stocks. There was no way for us to get a hold of any spreads, either from the website or the (unavailable) trading software. The broker has left this crucial info out.
The website is available in English, Russian, German, and Polish.
INGOINVEST REGULATION AND SAFETY OF FUNDS
One thing that we can be sure of is that IngoInvest is a broker located and operated from the Marshall Islands, both the Contact Us page and the Terms and Conditions confirm it. It’s odd to be proud of this because the Marshall Islands are one of the most notorious locations known for their high numbers of illegal brokers. The island country does not have an official FX brokers regulator, and so there is no legislative body to oversee the FX market there. IngoInvest might operate from her, but it certainly is not licensed there!
There is no other info concerning a license, and so IngoInvest is, seeing that there’s no evidence to suggest otherwise, UNREGULATED, and a risk to all personal data and deposits!
Be certain that investments in unregulated brokers are almost always lost, never to be seen by the user. Always check for a license before continuing to the next step. Ideally, the FCA or CySEC regulated brokers are the most trustworthy. Under these agencies, brokers are scrutinized every month and are required to follow some of the most rigorous rules in the industry. These include, but are not limited to, segregated bank accounts for all users. Both the FCA and CySEC offer to all their brokers, who in turn cover their clientele, compensation funds: CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
INGOINVEST TRADING SOFTWARE
We were unable to register but can vouch for the presence of an MT4, both for online browser-based uses and as a desktop platform. However, we do not recommend using it because IngoInvest is illegally offering trading services.
However, even with the presence of the MT4 within the grasp of the user, we still do not recommend IngoInvest. The terminal can not make up for the plethora of bluffs IngoInvest pulls.
INGOINVEST DEPOSIT/WITHDRAW METHODS AND FEES
The trading conditions are not the only thing blocked to us. The payment details will also have to be taken from the website. This is never a good idea, because the broker is unregulated, meaning that it can easily lie about the payment conditions.
According to the deposit declaration document, the minimum deposit is $600, however, this information is unreliable.
We can vouch for just two payment methods: credit cards, debit cards, no clearance on other payment means.
Withdrawals are processed within 30 days of an account being opened. There is an actual clause saying this. Previous illicit brokers have tried to get away with denying withdrawal requests using the same excuses. We do not know what it really means. and there is no way that we will be waiting around to find out. A typical scammer clause! The minimum withdrawal is $50. There are no fees issued when withdrawing.
IngoInvest is without any doubt a risk to all investments. All deposits will be lost!
How does the scam work?
The most popular scam that we will cover today is used by 95% of all illegal brokerages, and other fraudsters. It revolves around soliciting users into depositing, with some room for improvisation. Most user who fall for these sooner or later realize it.
Such scams work the following way: Users find certain ads online intriguing and click on them. The theme of these ads revolve around the perfect care-free life, living of investments and trades. Very alluring stuff indeed. Those that succumb to the temptation of this illusory lifestyle are redirected to a website, either the broker’s or an intermediary one (called robo-site), where they will be asked to give away their basic contact details. Through these, the scammers will start calling or sending emails to any potential investors. Conversations between user and fraudster are usually dominated by the scammer whose only job is to initiate the first deposit.
Depositing for the first time will bring around the expert scammer, or the so-called account managers, whose sole purpose is to drain you out of all your money. They will relentlessly call, demand, and notify you of opportunities, until users deposit further or realize they are being scammed.
Withdrawing from this position is almost impossible. The broker will throw at you everything it has got, its only purpose being to deny your request. Some of the most popular approaches are stalling, denying a request, closing an account, blocking an account, or shutting down the entire website.
What to do if scammed?
A chargeback is the first step towards recovery. Filing for a chargeback is easiest with you credit or debit card provider. What’s more is that MasterCard and VISA have extended their chargeback period to 540 day.
Investments lost to the scam initially made through a bank transfer should stimulate users to change their bank password and account users names ASAP. The next step is to contact their bank and ask them for further instructions.
Avoid crypto deposits at all costs! These are most of the time untraceable and there is no way to get your money back.
On a last note, do not trust any of the recovery agents. In exchange for a fee, these agents will promise to refund all your lost investments. However, once you pay them they will disappear, which leaves the user an even bigger loss.
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