Read our Inquot review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is an Inquot.io review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So Inquot is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about Inquot in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.
Inquot Review Conclusions
Making the Inquot review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our Inquot review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
I have worked with Inquot Investment Group for 2 years and they are just a bunch of shady traders. They always come up with investment opportunities that does not sound legal, but insist they have all paperwork to prove the legitimacy of their “Investments”. Once, my broker told me he knew a person who dealt drugs and had a large number of Bitcoins he was willing to sell cheap. I told him this did not sound legitimate, but he insisted this was standard practice. I felt cornered as they already had over 40000 of my funds, so I went with it. The broker then took my funds, bought 7 Bitcoins with it and told me to send him one of the Bitcoins to his personal wallet. If this is not shady, I do not know what is.
Moreover, every time right before I withdraw my funds, I have to find thousands of dollars to pay for the commissions on their platform. Once I deal with the commissions, the withdrawals are sent from a bank in Dominican Republic, which is not reassuring for me. I have had my HSBC fraud prevention office block my accounts for a week, because the withdrawal was sent from an offshore bank.
This happened every time I got money out from my account with them and finally, I got fed up with it. Last week, I requested them to close my account and transfer all of the funds to my bank, but as always, they want me to take care of the commissions. In this case the bill ended up being over 20000 Euros. I told them I don’t have the money and was told to get a loan or sell my house, which was the last straw. I feel I am trapped, because I can’t let them continue trading because I don’t have money for it. Simultaneously, I can not get the funds out, because I put all my saving with them. I have no income and no way to accumulate 20000 to pay them. No profit is worth the headache that this company puts you through.
I had invested for trading in Inquot.com, the broker was Mr Bill Skinner, the trading look running very good and very good Profit. I had transfered alot of money but when I asked to withdrawal , he wanted me to pay Infront Tax around 45% of the total balance. I though it was SCAM so I didnt pay that
Hi, me too I have been scammed by Inquot.net , and my broker it was Mr Bill Skinner! At the moment I started a investigation! So anyone if been scammed like me from Inquot.net . Let me know! I will give the name of agent to investigate!
Ahmed Hussein
I have been scammed too by inquot.com my broker was Jack Stuart luckily I didn’t spend a lot of money but the profit was so good, while I was happy for that ,I asked them to withdraw some money, they said to me you have to create an electronic wallet and they ask me first you have to send more money in this electronic account and I said, if you don’t let me withdraw any money I am not going to put more money in this trading!!
I call my Bank and ask them to cancel my bank card and they send me new card and changed all my details in that card they told me they are scammers, so I am fighting to get my money and my profit back, the bank is investigating the matter and I am reporting now to the FCA and the police!! I have a lot of proofs!! They will pay a big price!!if hey don’t pay me back.
I have been scammed by Inquot too. I beg everyone stays away from this company, if you can even call it a company! My loss of thousands of pounds at the age of 18 left me suicidal and unable to pay any of my bills. I had to change all of by banking details and there is nothing the bank could do as they were an “unregulated broker”.