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Attachments: inovaTrade Broker Discussion
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inovaTrade Broker Discussion

Quoting Abinadi
As to commissions, they have told me (and the brochure provided by Tmac repeats it) that their income comes from the spread only.
Spread-derived income goes directly against the principles of being an ECN.

If those spreads in that screenshot are realistic, then it raises even more red flags..
Maybe they were ordering a pizza that's why their single line was busy while you were urgently trying to close your big trade after your Internet went down.
I just tried calling them AGAIN and "im sorry but customer service is currently not available please leave your message after the tone" ... beeeeep....
anybody trading inovatrade broker now for live?
Quoting sopas
anybody trading inovatrade broker now for live?
Yes, there are. And happily so. But they are not posting here because of the trolls and the juvenile, inane, ill informed, nonsensical and useless comments.

So you will need to do your due diligence in another venue. Sad, but true.
Dukascopy were in the same position 2+ years ago - and they turned out sorta alright

They need a lesson in being less blatant though !

http://www.inovatrade.com/gl/?page_id=270
InTrade Forex ECN Marketplace is a technological solution for trading, using a centralized-decentralized ECN – Marketplace model. The InTrade is specialized in institutional liquidity and market straight-thru-process (stp) execution. Among FX marketplaces in the world, InovaTrade & InTrade has a unique position by combining liquidity of the biggest marketplaces and Banks.

http://www.dukascopy.com/swiss/engli.../swfx/concept/
SWFX Swiss Forex Marketplace is a technological solution for trading, using a centralized-decentralized ECN - Marketplace model. The SWFX is specialized in institutional liquidity and instant execution. Among the ten FX marketplaces in the world, Dukascopy - Swiss Forex Bank & Marketplace has a unique position by combining liquidity of the biggest marketplaces and Banks.

http://www.dukascopy.com/swiss/engli.../swfx/concept/

Based in Switzerland, land of confidentiality, we assign great importance to individual rights and therefore apply strict professional ethics.

http://www.inovatrade.com/gl/?page_id=270

Based in Panama, land of confidentiality, we assign great importance to individual rights and therefore apply strict professional ethics.
Congratulations on being sued by the CFTC!

http://www.cftc.gov/PressRoom/Press.../pr5974-11.html
Having an office in Florida may prove to have been unwise. But we'll wait to see how it turns out.
(BTW Trader KGB, the above link is broken)
being sued and 500:1 is enough for me to lable them as a bucket shop
Bulls are stupid Animals!especially when Im short!
I live in the USA. I opened an account with Inovatrade in January 2011. Took them a week to fund my account after I wired the money to their bank in FL. I had to chase them up to credit my account. Traded for a while. Platform was good. Low spreads but commissions as well, and the spreads go way, way wider during ausie session.

On February 24 I decided to move my account because I heard about the CFTC matter, and also because they NEVER answer their phone and the number in panama is disconnected, even though the rep in the chatroom it was just "phone issues". That has proven to be by all accounts a lie.

I requested an account withdrawal of my entire balance on 2-24-11. I requested a check by mail. Here we are on 3-23-11 and I still have no check. E-mails go unanswered. 1-877 number is now not working.

This has been a nightmare.

I am preparing a report to the authorities in the US, and will also need to file a complaint to Panamanian authorities. If someone knows where in Panama to file this complaint, please let me know.

I would recommend that you avoid this company, nomatter where in the world you reside. I am in the USA, but got an account before they disabled the US citizen signup page. Nice timing. They allowed us in up to the last minute.

I feel I will never see my money .

I will post here if I do.

Thanks.
Can't say I didn't try to warn people..

Quoting Afterglow
I requested an account withdrawal of my entire balance on 2-24-11. I requested a check by mail. Here we are on 3-23-11 and I still have no check. E-mails go unanswered. 1-877 number is now not working.
So they can afford a 2-page spread in the latest issue of e-forex mag, but they can't keep the phone lines on? Wow..

If both phone numbers are cut, that's not a good sign. It's very peculiar that they would fold their operation this quickly. Unless of course the Panamanian address was just a dummy address and they were operating out of FL the entire time (a la JadeFX). In which case, it's game over.

I'd check with the CFTC and their lawyers regarding the lawsuit against them. Maybe they can offer some info or get you in-touch with a contact person to reach.
Quoting Trader KGB
Congratulations on being sued by the CFTC!

http://www.cftc.gov/PressRoom/Press.../pr5974-11.html
The irony is InovaTrade got sued by CFTC just because they didn't register with CFTC for acting as RFED or FCM. It didn't mention anything of their wrongdoings. The press release contained in the link above only mentioned their registration issue and nothing else.

Makes you think that if InovaTrade had decided to register with CFTC and comply with everything that CFTC asks for, they could do whatever they want and CFTC wouldn't care at all unless you bring complaints to them and even when you do, wonder whether or how fast they investigate them and whether you will ever get your money back.

I hope everything worked out fine for Afterglow.
Make your losses in demo. Earn your profits live.
Here is an update to the situation.

Yesterday I went to the live chat support page and told the rep there that I was a US customer and had not received my closing check after all this time. I told them I could not reach anyone by phone. They gave me a few numbers to try. I could not get either to work.

Well, he told me to dial 011 before the area code. And that worked. My phone book said that 011 was not necessaary to call Panama. This is apparently wrong.

So, for all of you who want to call them, dial 011 then the area and number, if you are in the USA. So, that was solved.

I called, they answered. Alexandra answered. I explained why I was calling and she told me that their bank wires were being stopped in the USA. So, they were having to issue checks from their Panama bank and that they were sending a batch soon and she would look up and see if mine was in that batch. She said she would send an e-mail to me to confirm. So far, none received.

I feel a bit better about this situation, but so far I have not been paid, and their communication to clients is atrocious. They never answer e-mails, but their skype and chatroom is good.

I will report when I am paid.

I wanted to update this thread to properly credit Inova for having a working phone. The communication problems were part my fault for not dialing correctly. Their toll free number in the USA is no longer active.

Their web access for USA is now gone and I suspect they will no longer seek US persons as clients. The problem with this is that current clients are not able to get to any web site for them, and they gave no prior notice about the cutoff.

More later..

A
  • Post #54
  • Quote
  • Edited 1:33pm Mar 24, 2011 11:52am | Edited 1:33pm
Quoting Forexia
Makes you think that if InovaTrade had decided to register with CFTC and comply with everything that CFTC asks for, they could do whatever they want and CFTC wouldn't care at all unless you bring complaints to them and even when you do
Except registration requires $20M net cap.

They'd have been better off if they never operated out of Florida and were 100% off-shore to begin with.
Quoting Afterglow
Here is an update to the situation.

Yesterday I went to the live chat support page and told the rep there that I was a US customer and had not received my closing check after all this time. I told them I could not reach anyone by phone. They gave me a few numbers to try. I could not get either to work.

Well, he told me to dial 011 before the area code. And that worked. My phone book said that 011 was not necessaary to call Panama. This is apparently wrong.

So, for all of you who want to call them, dial 011 then the area and number, if you...
Thanks for the update. Sounds a little fishy to me though that their bank wires would be "stopped" in the US. Who's stopping their wires? CFTC? So far they are being sued, not sure if CFTC would have the authority to "hijack" any company's wire payments. And besides what does that got anything to do with your check? You requested checks to be issued to you not wire the money back to you.

Hope you get your money soon. If not, you should seriously consider launching complaints with CFTC to see if you can get your money back.
Make your losses in demo. Earn your profits live.
Quoting Trader KGB
Except registration requires $20M net cap. They obviously don't have that if they can't even keep the phone lines on..

They'd have been better off if they never operated out of Florida and were 100% off-shore to begin with.
Yup looks like US citizens won't fare much better to go with off-shore brokers to escape the low leverage cap if this is the kind of brokers that are out there.

Unless of course that you go for those European brokers but I heard that FSA is disbanding and its operation will be taken over by Bank of England. Wonder whether they would be as competent as FSA.
Make your losses in demo. Earn your profits live.
Another update...

Today I returned from a brief vacation and found my mailbox devoid of any check. I again called Inova and spoke to Alexandra. She again apologized and told me she would check into this and promised to call me later. I told her that she alreay broke a similar promise last week.

She said she would check to see if my check went out and would contact me. A few hours later she sent me an e-mail confirming that she is going to look into this. Amazing. The e-mail promises she will contact me tomorrow after she receives an answer.

Whatever you do, wherever you are, do NOT open an account with these people. They are incompetent, inept, uncaring, slow, disorganized, unresponsive and unworthy of your trading business.

Yes, they certainly are different and they are certainly proving it every day. Now 24 days and counting since my account withdrawal was processed, and no check.
Quoting Afterglow
Another update...

Today I returned from a brief vacation and found my mailbox devoid of any check. I again called Inova and spoke to Alexandra. She again apologized and told me she would check into this and promised to call me later. I told her that she alreay broke a similar promise last week.

She said she would check to see if my check went out and would contact me. A few hours later she sent me an e-mail confirming that she is going to look into this. Amazing. The e-mail promises she will contact me tomorrow after she receives an answer....
looks like no check arriving. very bad.
Quoting Afterglow
Now 24 days and counting since my account withdrawal was processed, and no check.
This broker could be stringing you along for a long time. You should go to the Forex Peace Army website and request for their help.
Scary Update:

I just checked their website (http://www.inovatrade.com/), I got an error "Server not found"
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