Do you want to trade with Innotrade FX? Why Innotrade.io is not a genuine broker! Read detailed Innotrade FX review to know about this platform.
This content promises to share helpful review to support clients/traders in making the right decision.
Innotrade FX also known as Innotrade.io is an offshore brokerage company with the branding name Lissome Group LLC. Here, the broker claims incorporation in St. Vincent and the Grenadines.
What is more, there are different account packages offered by the platform.
Additionally, the platform offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
See section below
Deposit and Withdrawal
Innotrade Minimum Deposit:
Innotrade deposit is shown as $250 based on the account type. Although this seems to be a good offer to start with, clients and traders must be more interested in investing in a licensed brokerage where they are sure of their funds.
In comparison, the good thing about a licensed FX broker is that minimum deposit is made known to traders, and clients can start trading as low as $100 with no fear of their investment.
As for the payment methods, the brokerage presented some options like —- But from our experience with scammers we suspect that it might not work properly.
Just so you are aware, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
On Innotrade withdrawal, the broker says it takes 4 to 7 days to process withdrawal request and there is an unspecified handling fee on any withdrawal.
Innotrade broker claims to use easy-to-use platform, that is, web based trader. However, that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.
Why use advanced technological options such as MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Innotrade leverage can get up to 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Why Innotrade.io Is A Dubious Forex Broker
First red flag, Innotrade.io is headquartered in St. Vincent and the Grenadines where there are no laws and requirements in the sphere of forex trading. The local Financial Services Authority SVG does not monitor or regulate brokers. This, they have published an official warning on. See yourself —-
Still on our investigation, the Spanish National Securities Market Commission (CNMV) which states that INNO Trade as well as the company that runs it are not authorized to provide investment services. Take a look at it below:
In addition, the platform does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Innotrade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Innotrade located at Innotrade.io claims to be a trusted trading broker, however, that is completely false. By all apppearance, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Therefore, we urge our readers to rely on regulated brokers like this or any licensed entity.
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