Innovate Markets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this InnovateMarkets Review.
InnovateMarkets is a binary options broker, offering trading in commodities, indices, and currency pairs on their web-based platform without a broker license.
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% 2
Signature $100 000 Up to 125% 2
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 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.
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%.
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.
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.
InnovateMarkets is an unregulated binary options broker with bad reputation and we do not recommend doing business with it.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
InnovateMarkets Review Conclusion
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