INNO Trade Review – Don’t Trust Offshore Brokers Without License
With their registration in 2022 under the name Lissome Group LLC they didn’t have much success. In fact, as an SVG-based broker, nobody could expect much from them. Luckily, there are institutions that are still making the trading world enjoyable and safe for traders.
After all, we will reveal everything you need to know about this broker in our latest INNO Trade review. To understand more about how the trading world works, check our updated Smart Trader CFD and Investous reviews.
|Lissome Group LLC
|St. Vincent and Grenadines
|Innotrade.io / innotrade.co
|CNMV, AFM, A-TVP
|From 0 pips
|Average 1.9 on Trustpilot
INNO Trade Regulation and Security of Funds
INNO Trade broker is one of those pretending to be legit but without any reasonable ground. Firstly, they are coming from a country that doesn’t require licenses. But they recommend brokers opt for licenses outside of SVG. Any license would be better than none, but this broker was created with only one goal. To scam people around. This is proven after searching for any clues about their licensing.
We are mostly checking Tier 1 regulators like FCA, BaFin, CNMV, and CFTC. Instead of the license number, we found warnings. Firstly, Spanish CNMV has issued a warning against this broker for providing FX and CFD services without authorization. Consequently, warnings from AFM and A-TVP were released.
Trading Platform Overview
Instead of widely accepted Meta Trader or cTrader software, INNO Trade scam brokers choose web traders. Their platform is not even accessible at the moment. That much says about their transparency and legitimacy. However, INNO Trade broker reviews reveal that it doesn’t offer much.
They miss nowadays essential features like copy trading and Expert Advisor automated options. But also advanced analytical tools, charting options, and fundamental analysis features. On top of all, web-based software on mobile devices is accessible only via browser. Which limits the possibilities and execution speed.
After all, everyone knows that untrusted web-based software is eligible for manipulation. Scam brokers often present unrealistic market data to pressure traders to deposit more money. Be wise and invest smartly with licensed brokers.
Trading Account Available
Generally speaking, trading companies make profits through different fees and commissions. Most importantly, licensed brokers are doing so. On the contrary, scam brokers pretend to have similar offers, while they are preparing the field for extortion. Their only goal is to get as much as possible and disappear. That’s why their website is currently inactive.
Anyway, the INNO Trade scam broker has 6 account types:
- Novice $250
- Basic $2.000
- Avant $5.000
- Independent $8.000
- Advanced $10.000
- Macro $15.000
As for trading conditions, it’s nothing spectacular. Especially because it’s all fictive. Leverage goes up to 1:500, while spreads are starting already from 0 pips for some account types. Thus, without negative balance protection and missing regulations, you are exposed to enormous risk.
INNO Trade Funding Methods
With INNO Trade broker the nightmare starts once you want to withdraw the funds. As we can see from INNO Trade reviews. Firstly, let’s check funding options. They are accepting:
- Debit/Credit cards
- Wire transfers
Yet, nothing is specified about processing times or fees. Same values for withdrawals. Not to mention that the withdrawal policy is completely non-existing. That leaves more than enough space for this broker to manipulate everything.
The Fraudulent Techniques
As you can see, there are multiple ways how this broker can manipulate traders. Firstly, they will come up with fancy adverts about quick money-earning schemes. But once you get on board you realize it’s not that shiny. So, once you get fooled once, expect a second time as well. Because they will sell you some fake story about how nothing is perfect and you should be happy with what you have.
Or to deposit more money if you are planning to earn more. That’s where software manipulation comes into play. They might present you with fictive data to extract more money from you. But they won’t hesitate to get even the last cent out of your pocket. For that purpose, they are even ready to use AML laws and fees that practically don’t exist.
That’s why many traders were contacting experts to assist them with chargeback procedures.
INNO Trade Summary
INNO Trade Broker is an offshore entity with many warnings from regulators. With that in mind, you know they are not up to good. On top of that, their software and low credibility don’t promise much. Not to mention numerous negative reviews from customers.
It’s not a shame to get scammed, but don’t let it happen twice. But if this broker stole money from you feel free to share that with us. But also, you can start a recovery process with our specialized team. They can advise you step-by-step about the chargeback procedure. Book your first free consultation now.
FAQs About INNO Trade Broker
Is INNO Trade a Safe Place for My Money?
No. They are not regulated and they don’t provide any funds protection measures.
Can I Open A Demo Account with INNO Trade?
Currently no. The company website is inactive. However, before that traders could use a demo account.
What Accounts INNO Trade offers type?
There are 6 account types with this broker: Novice, Basic, Avant, Independent, Advanced and Macro.