Honest review of Inquot: broker’s trading conditions, traders’ feedback

Categories: CFD-Brokers

Honest review of Inquot: broker’s trading conditions, traders’ reviews

Currently, there are numerous brokers on the internet, among which you can come across dishonest operators trying to pass themselves off as trustworthy companies with many awards and positive reviews from clients. One such broker is Inquot. The first reviews of this company appeared recently, indicating a recent start in the market. However, the website inquot.com claims to have extensive experience in serving traders. Let’s examine the details in this review.

Main facts about Inquot company

Many facts indicate that Inquot is a fraudulent structure. The company claims to have a whole series of awards. For example, on the main page of its website, the fake broker states that it became the Best Platform of 2014. However, there is no evidence of this, as Inquot did not exist in 2014. Checking the domain registration date shows that it was registered only on April 2, 2020.

Furthermore, other awards claimed by these scammers are also fake. Over several months, the company could not receive awards such as Best Trading System, Best Regional Broker, Best Investor Trust. According to client reviews, this company will never become the best. Their goal is to deceive naive traders, not to build long-term relationships.

On the official website of the pseudo-broker, it is stated that its parent company LLC INQUOT is registered in an offshore zone (certificate – 124 LLC 2019). Pay attention to the last digits in the document number, they indicate the year of registration. This once again confirms the fact that the company lies about its long experience in serving users.

The island nation of Saint Vincent and the Grenadines has become a haven for many fraudsters who exploit gaps in local legislation to carry out their fraudulent schemes. The fragile regulatory framework allows deceiving clients with impunity. Inquot does not have a license for brokerage activities, which restricts this company’s access to exchanges. No liquidity provider will want to cooperate with this deception. The main goal of the fraudsters is to simulate trading.

Regarding the management of the fake broker Inquot and the project team members, there is no information. This is not surprising, as scammers are interested in anonymity. They do not plan to take responsibility for traders’ financial losses.

Registration on the Inquot website: procedure in the review

There is a Russian-language version of the Inquot website, which simplifies registration for traders from the CIS countries. The review did not reveal complaints about the complexity of the registration process. To open a trading account, you need to fill out a simple electronic form, providing personal information: name, surname, email address, password.

Unlike honest companies that offer to familiarize themselves with documentation, Inquot does not inform about this necessity. In reviews, traders note that they encountered dishonest conditions. The client agreement of the fake broker Inquot contains extremely unfavorable conditions. Let’s review the document:

clause 3.5 – Inquot may refuse to execute an order at any time, without proper explanation,
clause 4.1 – scammers can easily withdraw money from the account, claiming a hacker attack. In this case, the trader is blamed for providing their account details to criminals,
clause 4.8 – the fake broker has the right to block the account, accusing the client of violating the agreement’s terms, even in the absence of such violations. According to reviews, such situations are commonplace,
clause 13.4 – the company disclaims responsibility for financial damage to clients. This is stipulated in the user agreement, but only a few pay proper attention to it.

Client reviews confirm that the scammers from Inquot have protected themselves well. In any situation, they will be right and able to seize clients’ money. It is pointless to sue an offshore broker, as proving one’s right will still be impossible.

Trading conditions at Inquot

Inquot, like many other scammers, is in no hurry to disclose trading conditions. A review of the official website of the fake broker shows that the details of the offer to clients are left without explanations.

The following is known:

Inquot promises access to trading in cryptocurrencies, commodities, indices, and stocks, base currencies (in total about 200 instruments, 48 types of contracts, and 32 currency pairs),
as a trading platform, Inquot offers its own terminal. According to reviews, this software is used by fraudsters to quickly withdraw funds from trusting traders,
novices are promised quality education and tools for technical analysis, but clients complain about the low quality of services provided,
the minimum deposit is $250. For a reputable brokerage company, this is a negligible amount, but scammers often set such a threshold to attract as many people as possible,
information on swaps, leverage is absent. It is known only that the spreads are narrow,
there are no standard accounts on the Inquot platform, as is customary with reliable brokers,
information on deposit/withdrawal methods on the Inquot website is limited. Despite the logos of various payment systems on the main page, the section dedicated to depositing and withdrawing funds mentions only bank transfer.

Professionals rarely want to deal with a broker who hides trading conditions and insists only on depositing funds. However, for beginners, Inquot can create an illusion of reliability.

Reviews from former Inquot clients

Reviews from real Inquot clients are just starting to appear, but even from the few comments available about the broker in our review, it becomes clear: this is another scam.

For example, Bakir reports in his review that he deposited $250 and still cannot withdraw his funds. Mentally, the trader is already saying goodbye to his savings, as the support service of this fraudulent company has completely stopped responding.

According to Anna’s review, scammers not only drain traders’ funds but also try to gain access to their personal bank accounts.

Reviews were found indicating that the scammers from Inquot were preparing the ground for fraud in advance. In March, a website appeared where they promoted their trading robot.

Inquot Fraud Scheme

As mentioned above, scammers from Inquot did not invent a new fraud scheme. They find potential victims through cold calls (pseudo-brokers often exchange phone number databases) and on social networks. Using the absence of reviews about their company, they confidently deceive clients.

The main goal is to deceive the potential victim for the maximum amount. If a trader does not have available funds, they will be offered to take out a loan or ask for money from acquaintances. In fact, they simply appropriate others’ money. There is no real trading on the Inquot platform! Additionally, scammers offer to install the Inquot Robot for automatic trading. In reality, this software is set up to withdraw the deposit. Its use is not recommended.

As soon as a user starts to suspect tricks and refuses to deposit funds, their account is blocked, and the balance is zeroed out. It is impossible to withdraw even a small profit from the Inquot platform.

Summary of the Inquot review

The fake broker Inquot deserves a place on the blacklist. This is a fraudulent project created by experienced scammers. They did not even bother to thoroughly work out the legend for their fraudulent project, but simply copied information from the websites of other similar intermediaries. Registered in an offshore zone, these fraudsters have no license for their activities, so registering on this platform is at your own risk.

In case of financial difficulties (and they will certainly arise when cooperating with Inquot), it is useless to count on a successful resolution of the dispute. The fake broker has no intention of paying out profits and taking responsibility for clients’ losses. Our advice: avoid it altogether.

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