Overview
Innovation Factory, an unregulated broker founded in 2019 and based in Malaysia, presents a mix of concerning factors. The absence of regulatory oversight raises questions about the safety and transparency of trading with this broker. With a minimum deposit of $500 for a Standard Account and leverage of up to 1:500, it may attract traders seeking higher leverage but at the cost of increased risk. Additionally, the lack of educational tools and the unavailability of a demo account could leave traders without essential resources for skill development and testing strategies. Furthermore, the broker's website being down raises suspicions regarding its reliability. Customer support is limited, relying solely on an online ticketing system and email, potentially leading to delayed responses. Traders should exercise extreme caution when considering Innovation Factory as a potential brokerage option.
Regulation
Investing with Innovation Factory, an unregulated broker, carries significant risks. Unregulated brokers often lack the oversight and accountability that regulated ones have, which can expose investors to potential fraud or unethical practices. Investors may not have access to the same level of protection and recourse in case of disputes or financial issues with unregulated brokers. It is crucial to exercise extreme caution when dealing with such entities, conduct thorough research, and consider alternative, regulated options for investment to safeguard your financial interests. Always prioritize safety and compliance when making investment decisions.
Pros and Cons
Innovation Factory offers a range of advantages, including a diverse array of trading products and competitive spreads. The broker provides flexibility with various account types to cater to traders of different experience levels. However, it operates as an unregulated broker, which raises concerns about oversight and accountability. Customer support is limited to online channels, potentially resulting in delayed responses. Furthermore, the absence of educational resources and the suspicion raised by the broker's website being down highlight significant limitations in terms of trader support and reliability. Traders should carefully consider these pros and cons when evaluating Innovation Factory as a potential brokerage option.
Market Instruments
Innovation Factory offers a diverse range of trading products across different asset classes, including forex, cryptocurrencies, commodities, and indices.
Forex: Innovation Factory provides access to the foreign exchange (forex) market, allowing traders to buy and sell currency pairs from major, minor, and exotic currencies. This enables traders to speculate on the relative strength of one currency against another, capitalizing on fluctuations in exchange rates.
Cryptocurrencies: The platform offers trading opportunities in various cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many others. Traders can take advantage of the high volatility in the cryptocurrency market to potentially profit from price movements.
Commodities: Innovation Factory allows traders to trade in commodities like gold, silver, oil, and agricultural products. These commodities are often seen as safe-haven assets or are influenced by supply and demand dynamics, making them attractive for diversifying investment portfolios.
Indices: The broker also offers trading in stock market indices like the S&P 500, Dow Jones Industrial Average, and NASDAQ. Trading indices allows investors to speculate on the overall performance of a group of stocks, providing exposure to broad market trends.
While Innovation Factory offers a wide array of trading products, it's important to note that being an unregulated broker, it may lack the same level of oversight and investor protection as regulated counterparts. Traders should conduct thorough research and exercise caution when trading with unregulated entities, considering the associated risks and potential advantages carefully.
Account Types
Innovation Factory offers a variety of account types to cater to the diverse needs and preferences of traders. The Standard Account serves as an accessible entry point for traders with a minimum initial deposit of $500. With this account, traders gain access to a wide range of trading products, including forex, cryptocurrencies, commodities, and indices. While it provides basic trading tools and analytics, customer support is available during regular business hours to assist with inquiries and support.
For traders seeking more advanced features and a higher level of support, the Silver Account is available with a minimum initial deposit of $2,500. It encompasses all the benefits of the Standard Account and adds enhanced customer support with extended hours. Traders also gain access to more advanced trading tools and educational resources to help them refine their trading strategies. Additionally, Silver Account holders may benefit from lower spreads or reduced trading commissions, enhancing their trading experience.
The Gold Account is designed for traders who are ready to commit a minimum initial deposit of $10,000. Building upon the features of the Silver Account, Gold Account holders receive the dedicated support of a personal account manager. They gain access to premium research and analysis tools, empowering them to make more informed trading decisions. Priority customer support ensures that Gold Account traders receive prompt assistance when needed, and they also enjoy exclusive access to webinars and seminars to further enhance their trading knowledge.
For more experienced and high-net-worth traders, the Platinum Account, requiring a minimum initial deposit of $50,000, offers a comprehensive suite of benefits. Platinum Account holders not only enjoy all the advantages of the Gold Account but also benefit from customized trading strategies and portfolio management services tailored to their unique needs. They receive VIP treatment, including faster withdrawals, and gain access to exclusive events and market insights. Additionally, tighter spreads or commission-free trading may contribute to cost savings for Platinum Account traders.
The VIP Account represents the pinnacle of trading sophistication, requiring a minimum initial deposit of $100,000 or more. With all the features of the Platinum Account, VIP Account holders receive the unparalleled support of a dedicated senior account manager available 24/7. Customized trading solutions and advanced risk management strategies are provided to optimize their trading experience. Institutional-grade trading conditions, including lower spreads and higher leverage (if applicable), are made available to VIP traders. Moreover, they enjoy priority access to new products and features, ensuring they stay at the forefront of the trading world.
Leverage
Innovation Factory offers a maximum trading leverage of 1:500, allowing traders to control positions up to 500 times the amount in their account. This amplifies both profit potential and risk, emphasizing the need for careful risk management when utilizing high leverage ratios.
Spreads and Commissions
Innovation Factory offers a fee structure that caters to traders with different levels of experience and activity. The Standard Account has variable spreads from 1.5 pips for major currency pairs, with no commissions on trades.
The Silver Account provides variable spreads from 1.2 pips for major currency pairs and offers reduced commissions for high-frequency trading, usually set at $5 per lot.
The Gold Account, aimed at traders seeking more benefits, features variable spreads from 0.9 pips for major currency pairs. This account includes reduced commissions on high-frequency trading, often at $4 per lot, and offers volume-based rebates for increased trading volumes.
The Platinum Account offers variable spreads from 0.7 pips for major currency pairs. Commissions may be reduced or eliminated in this account. Enhanced volume-based rebates are available for substantial trading volumes.
The VIP Account has variable spreads from 0.5 pips for major currency pairs and typically does not include commissions. This account provides volume-based rebates and offers customized pricing.
Cryptocurrency trading is available in all accounts, with spread pricing varying based on cryptocurrency pair liquidity. Commissions for cryptocurrency trades are charged as a fixed percentage fee per trade.
Commodities and indices trading are also available across all account types, featuring spreads based on market conditions. Commissions for these trades are minimal or eliminated.
Overall, Innovation Factory's fee structure is designed to meet the needs of traders with various preferences, offering different spreads, commission options, and incentives based on trading volumes. Traders can choose an account type that matches their trading style and financial objectives.
Deposit & Withdrawal
Deposit Methods:
Bank Wire Transfer: Traders can fund their Innovation Factory accounts using bank wire transfers. This method allows for secure and straightforward deposits by transferring funds directly from a bank account to the trading account. It's a suitable option for larger deposits and is known for its reliability. However, it may take a few business days for the funds to appear in the trading account, depending on the banks involved.
Credit Card: Innovation Factory supports credit card deposits, allowing traders to use major credit cards like Visa or MasterCard. This method offers quick and convenient funding options, with deposited funds usually appearing in the trading account almost instantly. Traders should be aware of potential fees associated with credit card transactions.
Cryptocurrency: Innovation Factory facilitates cryptocurrency deposits, enabling traders to use digital currencies like Bitcoin, Ethereum, or other supported cryptocurrencies to fund their accounts. This method can be attractive for those who prefer the privacy and security features of cryptocurrencies. Deposits are typically processed quickly, and blockchain technology ensures transparency and security.
Withdrawal Methods:
Bank Wire Transfer: For withdrawals, traders can use bank wire transfers to transfer funds from their trading accounts to their bank accounts. This method ensures secure withdrawals but may take a few business days to complete, depending on the bank's processing times.
Credit Card: Credit card withdrawals are often allowed up to the amount initially deposited with the same card. Profits exceeding the deposited amount may be withdrawn via an alternative method like bank wire transfer or another supported withdrawal option.
Cryptocurrency: Traders can withdraw funds using cryptocurrency, receiving their profits in the cryptocurrency of their choice. This method is known for its speed and can be appealing to those who prefer to maintain their financial activities within the cryptocurrency ecosystem.
Trading Platforms
Innovation Factory offers its traders the MetaTrader 5 (MT5) platform, providing a powerful and versatile trading environment. MT5 is renowned in the financial industry for its advanced features, robust analytical tools, and user-friendly interface. Traders using Innovation Factory's MT5 platform have access to a wide range of trading products, including forex, cryptocurrencies, commodities, and indices, allowing for diversified investment opportunities. MT5 offers comprehensive charting capabilities, technical analysis tools, and an array of built-in indicators to assist traders in making informed decisions. Moreover, the platform supports algorithmic trading through Expert Advisors (EAs) and allows for customized trading strategies. With its reliability, speed, and compatibility with various devices, Innovation Factory's MT5 platform empowers traders to execute their trading strategies efficiently and effectively.
Customer Support
Innovation Factory's customer support is notably lacking in accessibility and responsiveness, as the broker provides no direct means of contact. Traders encountering issues or needing assistance may find this absence of communication channels frustrating and limiting. The absence of live chat, phone support, or even a physical office to address concerns leaves traders with only a limited set of online options. Relying solely on an online ticketing system and email support can result in delayed responses, making it challenging for traders to get timely solutions to their problems. Additionally, the lack of a direct human point of contact can contribute to a sense of detachment and uncertainty for traders seeking assistance, ultimately impacting the overall customer experience negatively.
Educational Resources
Innovation Factory's educational resources are conspicuously absent, offering traders little to no support in terms of learning and improving their trading skills. This deficiency in educational materials, including tutorials, articles, webinars, and other learning resources, leaves traders to fend for themselves when it comes to gaining market knowledge and refining their trading strategies. The absence of such essential educational tools can hinder traders' growth and development, making it challenging for them to make informed decisions in a complex financial market. Traders seeking a comprehensive educational foundation to enhance their trading capabilities may find this lack of resources severely limiting and unsatisfactory.
Summary
Investing with Innovation Factory, an unregulated broker, comes with significant risks due to the lack of oversight and accountability typical of unregulated entities. Traders face limited customer support options, primarily relying on an online ticketing system and email support, leading to potential delays in addressing issues. The absence of educational resources further compounds the challenges, leaving traders with minimal support for improving their trading skills. Additionally, the broker's website being down raises suspicion, further eroding confidence in its reliability. Given these shortcomings, traders should exercise extreme caution and consider regulated alternatives to safeguard their financial interests.
FAQs
Q1: Is Innovation Factory a regulated broker？
A1: No, Innovation Factory is an unregulated broker, which means it lacks oversight and accountability compared to regulated counterparts.
Q2: What trading products does Innovation Factory offer？
A2: Innovation Factory provides access to forex, cryptocurrencies, commodities, and indices for trading.
Q3: What is the minimum initial deposit for a Standard Account？
A3: The minimum initial deposit for a Standard Account with Innovation Factory is $500.
Q4: What is the maximum trading leverage offered by Innovation Factory？
A4: Innovation Factory offers a maximum trading leverage of 1:500.
Q5: Does Innovation Factory provide educational resources for traders？
A5: No, Innovation Factory lacks educational resources, leaving traders with limited support for learning and improving their trading skills.
