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inovaTrade Broker Discussion

  • Post #61
  • Quote
  • Edited 6:46pm Mar 30, 2011 2:22pm | Edited 6:46pm
Quoting EuroMaster
Scary Update:

I just checked their website (http://www.inovatrade.com/), I got an error "Server not found"
edit - they're back up. They didn't even ping when they were down, so it looks like they switched hosts altogether. Either way, it's odd to have such a downtime during the business day like that..
Update:

This morning I received a call from Inovatrade.

I was not here to take the call, and Alexandra left a message asking me to call. I then checked e-mails and found a message from her requesting my bank wire coordinates. It read that they would prefer to just wire the funds rather than try to find out what happened with my original "wire".

I had actually requested a check on 2-24-11. Now they say they cannot figure out what happened to my original "wire". Un-freaking-believable.

I sent my bank routing number, etc. this morning.

I will update as to when I receive, or not.

I will give it until April 6, 2011 to confirm receipt of the wire.

Thanks for all your support and suggestions. I did make contact with the Panamanian Embassy yesterday. Of course, they didn't answer the phone......
Quoting Afterglow
I sent my bank routing number, etc. this morning.
Just to make sure, did you give them your bank's SWIFT code too?
Update:

This morning I received another call from Inovatrade. It was a man this time, and he informed me that the wire was going to be sent today, and should show up in my account no later than Tuesday.

I thanked him and the call ended.

I will report when the funds are received.

If they are received, and I suspect they will be, it will have taken about 40 days or so to get my funds.

All in all, I suspect their banking was interrupted by the CFTC action in the USA, where their bank account was. They are obviously a broker, but they were not prepared to handle what came at them. All in all, you cannot use them if you are a US person from now on. You cannot get into the site from the USA anyway.

I am just glad my funds are supposedly on the way back to my account.

No, I did not give them my SWIFT code since my credit union does not issue such. They just use a routing number. It works fine and I have received funds from Hong Kong and Europe just fine without a SWIFT.

Thanks again, and I will report when funds are received.

A
Quoting Afterglow
Update:

This morning I received another call from Inovatrade. It was a man this time, and he informed me that the wire was going to be sent today, and should show up in my account no later than Tuesday.

I thanked him and the call ended.

I will report when the funds are received.

If they are received, and I suspect they will be, it will have taken about 40 days or so to get my funds.

All in all, I suspect their banking was interrupted by the CFTC action in the USA, where their bank account was. They are obviously a broker, but they...
Glad for you that at least they are giving you update. Let us know when you receive your funds.

Thanks for giving up updates
Make your losses in demo. Earn your profits live.
Today I received my withdrawal from Inovatrade. Some 40 plus days after I requested it.

Despite this pathetic performance, they still took the withdrawal fee of $50 out of my money.

US persons can no longer access the Inova site, and that is good. For those of you not in the USA, I would be very cautious about these people.

For me, the nightmare is over.

Thank you all for your suggestions and input. Happy trading.

A
Quoting Afterglow
Today I received my withdrawal from Inovatrade. Some 40 plus days after I requested it.

Despite this pathetic performance, they still took the withdrawal fee of $50 out of my money.

US persons can no longer access the Inova site, and that is good. For those of you not in the USA, I would be very cautious about these people.

For me, the nightmare is over.

Thank you all for your suggestions and input. Happy trading.

A
Glad you got your money back. Thanks for the updates.

Good trading to you too!
Make your losses in demo. Earn your profits live.
what a nightmare for a broker! Im suprised you got your money back, but good for you, maybe they are not that rotten after all.
what was their excuse anyway?
Bulls are stupid Animals!especially when Im short!
They never gave me a good excuse. However, I think they had trouble with their banking in the USA because of the CFTC actions against them.

Anyway, US persons are no longer able to join them so we can breath easier. I have not had any usccess with any offshore brokers. They always find a way to gouge. As much as I hate the new CFTC rules in the USA, I always know my funds will be there, and I can concentrate on makeing pips, which to me is an easy 25-50 pips a day if you work hard and apply yourself.

Good trading..

A
Congratulations Afterglow on getting your money. Unfortunately we haven't. We've been put through the same exercise as you were, requested withdrawal of funds 8 Apr, given the regular mail stall, talking to Alexandra and being told a wire was supposedly sent on the 17th of May, today, 21 May and it hasn't arrived at our bank here in Florida and frankly I'm not expecting it to. I was hoping you might possibly remember the name of the man you spoke with at Inovatrade who finally seemed to get results for you? Do you have any suggestions on a next move for us if wire doesn't show up.
When I started this thread back in September of last year, I was just looking to vet what was a new broker to me. I simply wanted to find out if what appeared to be a new broker had any history here with other retail traders so that I would know whether it was safe to put any money with them.

Being cautious when dealing with an unknown entity like this, I figured it would take some time to discover what was "up" with them. I was prepared to be patient.

It has proven wise to bide my time. I just regret that some others have had such difficulties during this same eight months. My sincere sympathy to those who have experienced difficulties and even apparent losses.

As I wrote in a posting on 27 Sep 2010:
Quote
Personally, with brokers as well as posters on this forum, I do not assume the worst until the person/company shows me a side of themselves that I was not anticipating. I am starting out assuming that InovaTrade is what they have represented themselves as.
Now it appears that there are enough reports to tell me that if Inova is not proven dishonest, at the very least they are incompetent, poorly organized and inefficient in the extreme.

One report or even two of a slow payout certainly raises red flags, but this reported history of slow or no communications and broken promises is a deal breaker for me.

I don't need to hear any more stories to tell me that these people are not deserving of any of our business.

However, I really do appreciate this forum providing a venue such as this to allow us to test the waters and get reports from others before committing money to an account.

Thanks to all who have made sincere and factual contributions here. And good fortune to you in your broker selections and trading.
Hello,

I am sorry to hear about this, but not surprised.

I would suggest you contact the CFTC. They are actively investigating Inovatrade. I no longer remember the name of the man at CFTC that I was talking to about it, and since I have my funds now I have closed the file on this matter. But I remember he was in the Kansas City office. Just call them and ask for whoever is handling Inovatrade investigation.

Also, contact the Panamanian Embassy in Los Angeles, CA. Write or fax them and tell them you want to file a grievance against a Panamanian forex broker, and ask for assistance. That is what I did, and I let Inova know it. They paid me soon after.

Lastly, call and write Inova every day. Agitate. Warn them that you are registering complaints with every regulatory body you can think of. Do not let them go away without a lot of wounds. Make them understand you are angry and let them know you are not going to stop until you are paid.

As for the name of the man I spoke to at Inova, it was never a man. Only Alexandra. Their skype support gave me the name of a person to write to, a man, but it did no good.

Also, go to every forex forum and blog and warn them to stay away from Inovatrade. Tell your story. That will have a big impact on them. People do usually follow blogs and will consider what they read if they feel it is sincere and informative.

I hope you get your funds back soon.

INOVATRADE = SCAM

A

Quoting drpond
Congratulations Afterglow on getting your money. Unfortunately we haven't. We've been put through the same exercise as you were, requested withdrawal of funds 8 Apr, given the regular mail stall, talking to Alexandra and being told a wire was supposedly sent on the 17th of May, today, 21 May and it hasn't arrived at our bank here in Florida and frankly I'm not expecting it to. I was hoping you might possibly remember the name of the man you spoke with at Inovatrade who finally seemed to get results for you? Do you have any suggestions on a next...
Thanks guys, for the advice. No wire again today at our bank... as expected. We will keep "agitating" but so far it doesn't seem to bother them (Alexandra). If we somehow happen to push the right button and get our money back we will let you know.
Hey Guys,

Just like all of you I've had issues withdrawing funds from my account. However I've been working closely with a U.S account manager who lives in Florida whose job is to grow their business in the U.S.

She has been incredibly helpful and understanding of what we're going through and she finds it completely unacceptable.

This is what she emailed me today:

"I am here in Panama to fix these challenges. I have made huge progress in the one day I have been here. The one major change I am making is that we are going to hold withdrawal funds in the UK instead of Panama. Wires into your account will still come to Panama, but to get wires out is often held up by Panamanian regulations, so it can be a snails pace, this is not acceptable. It will be a couple of weeks to get this finalized.

We are implementing many changes to Inova and I believe that it will be extremely good when I am done working through everything. I am leading the charge to make this a very client friendly platform with optimal execution.

I do not want to lose you as a client, I believe this will be the platform that best suits your trading needs..."

I got my wire today. *Cheers* There's still hope for you guys awaiting funds.
Would you mind sharing the Account Manager's name that is working with InovaTrade to improve their image. Maybe she could be of some help to us with getting our money back. I hope she realizes that Inova's problems are deeper than those caused by Panama slowing down their outgoing wires. They also have a history of lying and stall tactics when dealing with their clients withdrawals. Those ploys are not happening accidently.
Quoting drpond
Would you mind sharing the Account Manager's name that is working with InovaTrade to improve their image. Maybe she could be of some help to us with getting our money back. I hope she realizes that Inova's problems are deeper than those caused by Panama slowing down their outgoing wires. They also have a history of lying and stall tactics when dealing with their clients withdrawals. Those ploys are not happening accidently.
I will need to ask the person if it's ok. The only reason my account is managed is because I signed up through Dan Gaub strategies. Inova is paying that person to look after Dan's clients which includes me.

Again I will keep you guys updated with anything I can give in terms of what structural changes are happening down in Panama. They had a meeting about the withdrawal issue last Wednesday, so hopefully we'll see some significant changes soon.
Don't feel pitty for Inova. They are liars and scammers, in my opinion.

After lying about sending me a draft in the mail, they took almost a month to get my wire to me, and STILL charged me a $50 fee to do so, when they should have not done so as a token of apology for such sloppy and incompetenet performance. But, I do not believe it was just sloppy performance. I simply sense them as being dishonest and criminal in their very nature.

They treat people like they were nothing. They have no sense of service, and display a lackluster, uncaring attitude about client funds. Also, they widen their spreads horrible on top of the commissions. They are nothing special and I would go with TDFX or ASKOBID before I would ever touch Inovatrade in my most desperate need.

Contact the CFTC and complain if you are a US person. They are investigating.
I've been trading for about a year with Inovatrade and I had similar issues regarding a withdrawal I requested. They took approximately 1 month to deliver my funds. I was explained that they were having problems with the banking infrastructure in Panama. It has been a couple of months since then and they seem to be working pretty well. I believe they have hired new people because my emails are answered right away and there is always somebody answering the phone when I call their office in Panama.
InovaTrade says they are regulated by the Panama CNV on their website and confirmed by all the employees. However this is what the Panama CNV has to say about suck regulation:

WARNING – NON AUTHORIZED ENTITY – INOVATRADE INC. and INOVATRADE PANAMA INC.


PUBLIC RELEASE

The National Securities Commission of the Republic of Panama (hereinafter the “CNV”), in accordance with its legal duty to strengthen and develop the securities market in Panama, in compliance with regulations of the Decree Law No.1 of July 8th of 1999 and its regulation, warns the public as follows:
The companies incorporated in the Public Registry of Panama, INOVATRADE INC.,under Microjacket number 655216, Document 1538902 and INOVATRADE PANAMA INC., under Microjacket number 692576, Document 1731474, registered in the Mercantile Section, have not been issued any kind of license by the CNV, nor have been authorized to carry out business as financial intermediaries of securities or investments in or from the Republic of Panama.
The web site www.inovatrade.com/pa, states that INOVATRADE is regulated by the CNV, however said statement is false.
For further information regarding this Release, please contact us by phone at (507) 501-1700, fax (507) 501-1709, or email [email protected].
The list of all the institutions authorized by the CNV is available in our Web site www.conaval.gob.pa.

I have been waiting for a wire for over 6 weeks now and all I get is delays and more delays. This company is TRULY a SCAM!!!!! Stay far away as they will steal your money. I have heard the same story from many other people trading at this company. HELP!!!
Great work flor!
you should tell FPA about it,
let every trader out there know about them.
Bulls are stupid Animals!especially when Im short!
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