Forex

InnovateMarkets Review - Is it scam or safe?

InnovateMarkets Review - is innovatemarkets.com scam or good binary options broker?
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Basic Information

 

Minimum deposit  Min./ Max. bet size Payout % Bonus Platform Regulation
$300 $5 / $2500 Up to 85% up to 150% web-based No

 

InnovateMarkets is a binary options broker, offering trading in commodities, indices, and currency pairs on their web-based platform without a broker license.

 

Trading Accounts

 

InnovateMarkets offers its clients a choice of several account types, depending on the initial deposit: Entry Level, Preferred, Signature, & Premium.

 

Account type Min. initial deposit Welcome bonus Risk-Free Trades
Entry Level $300 - -
Preferred $10 000 Up to 100%
Signature $100 000 Up to 125%
Premium $500 000 Up to 150% 3

 

The Company. Security of Funds

 

According to the Terms and Conditions agreement uploaded on its website, InnovateMarkets brand is owned and operated by Greymountain Management Ltd. The company is based in the UK, and is not licensed by the FCA, nor by any other regulator. What is more, we found a scam alert discussion in the Forex Peace Army forum, called GreyMountain Management's Nest of Binary Scam and most user reviews in the internet are negative, claiming that InnovateMarkets is a scam broker. Some of those reviews suggest that this broker is related to Banc de Binary, which shut down earlier this year, after having problems with US authorities and suffering several harsh fines from its regulator CySEC. 

 

We generally advise traders to avoid non-regulated (offshore) forex and binary options brokers because of all the risks associated with doing business with such. Now, the case with InnovateMarkets seems to be even worse, so stay away from it.

 

Trading Conditions

 

Trading Options: Call/Put, Long term, 60 seconds

Assets:  Currencies, Stocks, Indices, Commodities

 

Minimum Initial Deposit

The minimum initial deposit for clients of InnovateMarkets is $300, which is a bit high for an unregulated broker. In comparison, in order to open an account with FinaCom-regulated Grand Capital, traders have to invest just $10.

 

Min. bet size

The minimum bet size with this broker is on the lower end of average, amounting to $5 (for 60 second options). With Grand Capital one can place a trade with just $1. Such low minimum bet sizes allow for better risk management.

 

Payout amount

Depending on the Trading Options and expiry times, payout percentage offered by InnovateMarkets reaches 85%, which is average for the market. In comparison, payout percentage offered by Grand Capital amounts up to 86%.

 

Trading Platform

 

Like most binary options brokers, InnovateMarkets uses the web-based platform. There are also iPhone and Android apps available. However, the broker does not offer demo accounts, so we could not test it.

 

On-Deposit Bonus

Welcome bonus with this broker is up to 150% of the initial deposit, however, it is available to clients of InnovateMarkets who deposit at least $10 000, and this is not the wisest thing to do, as this broker is not regulated and likely a scam.

 

Methods of Payment

 

There are several payment methods available to InnovateMarkets’ clients: wire transfer, credit/debit cards, and e-wallets Neteller, giropay, Sofort, and Boleto.

 

The minimum wire withdrawal is 200 in your currency and the minimum withdrawal for other account methods is 100.

 

Conclusion

 

InnovateMarkets is an unregulated binary options broker with bad reputation and we do not recommend doing business with it. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros Cons
Low minimum bet size   Not regulated
  No demo accounts
  Bonuses available only to clients who deposit at least $10 000

 

Forex
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Traders` reviews for InnovateMarkets

InnovateMarkets / Biggest scam company

InnovateMarkets is a scam company full of crooks. May they all go to Hell! I am a victim too. Opened an account with them, not able to trade on our own, don't know what they trade (if any) but your account simply grows to give you a illusion that they are making $$$ for you to entice you to pump in more money. But the problem is you never allow to withdraw your money. Please BEWARE!

caroline chung 07/18/2017

Innovate markets is surely a scam broker

I registered and deposited money with innovate markets. They appointed an account manager for me and she/he did all the trading. After 6 months I saw the money in my account grow to $19,000+. Then I decided to make withdrawal from my account. To my shock my account manager asked me to wire certain amount to her before my request for withdrawal can be approved.

Please is this normal? That a client will have to wire some fees to the broker before you are allowed to make withdrawal. This is puzzling. And I have come to terms with the fact that I have all these 6 months been dealing with SCAM brokers.

Please publish this so that other people will not fall victim to these scammers.

I score them below zero.

Thank you

Kenneth 07/05/2017
Forex