innovestx Broker Review
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InnovestX 2025 Review: Everything You Need to Know
In this comprehensive review of InnovestX, we explore the strengths and weaknesses of this brokerage, highlighting user experiences, expert opinions, and essential features. InnovestX, established in 1995, has positioned itself as a significant player in Thailand's financial markets, offering a range of trading services across various asset classes. However, it faces scrutiny regarding its regulatory status and user satisfaction levels.
Note: It is crucial to consider that InnovestX operates under different entities across regions, which may affect the services and protections available to clients. This review aims for fairness and accuracy by analyzing multiple sources.
Ratings Overview
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6.0 |
| Tools and Resources | 6.6 |
| Customer Service and Support | 5.1 |
| Trading Setup (Experience) | 6.0 |
| Trust Level | 5.5 |
| User Experience | 6.2 |
We evaluate brokers based on a combination of user feedback, expert analysis, and factual data.
Broker Overview
Founded in 1995, InnovestX is a stockbroker based in Thailand and part of the SCBX Group, which includes Siam Commercial Bank. The brokerage is registered with the Thailand Stock Exchange (SET) and the Thailand Futures Exchange (TFEX), operating under the regulation of the Securities and Exchange Commission (SEC) of Thailand. InnovestX provides access to multiple trading platforms, including its proprietary app and TradingView, allowing clients to trade a variety of asset classes, including stocks, derivatives, and cryptocurrencies.
Detailed Breakdown
Regulatory Regions
InnovestX is primarily regulated in Thailand by the SEC, which oversees its operations and ensures compliance with local laws. However, it is important to note that it lacks tier-1 regulation, which raises concerns regarding investor protection, as highlighted by multiple sources (Traders Union, WikiFX).
Deposit/Withdrawal Currencies
The broker supports deposits and withdrawals in multiple currencies, including THB, USD, EUR, GBP, and HKD. However, clients can only withdraw funds through bank transfers, which may limit flexibility for some users.
Minimum Deposit
The minimum deposit for opening an account with InnovestX varies significantly based on the account type, ranging from THB 1 for basic accounts to THB 500,000 for margin accounts. This tiered approach allows for accessibility while also catering to more significant investors.
Bonuses/Promotions
Currently, InnovestX does not offer any significant bonuses or promotions, which may be a drawback for traders looking for additional incentives.
Tradable Asset Classes
InnovestX allows trading in a diverse range of asset classes, including equities, mutual funds, cryptocurrencies, and derivatives. The broker provides access to over 10,000 stocks globally, which is a notable feature for clients interested in international markets.
Costs (Spreads, Fees, Commissions)
The cost structure at InnovestX is relatively competitive, with commissions for trading Thai stocks ranging from 0.107% to 0.207% depending on the trading volume. However, there are minimum fees of THB 50 per trading day, which can accumulate for lower-volume traders. Additionally, high fees for currency conversion have been noted as a disadvantage (Traders Union).
Leverage
InnovestX offers leverage of up to 1:5, which is standard for many brokers in the region. However, this may not be attractive for traders looking for higher leverage options.
Allowed Trading Platforms
The available trading platforms include the InnovestX app, TradingView, and Settrade Streaming. However, it does not support popular platforms like MT4 or MT5, which could deter some traders.
Restricted Regions
Currently, InnovestX is not available to clients in the United Kingdom and several other regions, which may limit its potential client base (Traders Union).
Available Customer Service Languages
Customer support is primarily available in Thai, with limited English support, which may pose challenges for non-Thai speaking clients.
Ratings Recap
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6.0 |
| Tools and Resources | 6.6 |
| Customer Service and Support | 5.1 |
| Trading Setup (Experience) | 6.0 |
| Trust Level | 5.5 |
| User Experience | 6.2 |
Detailed Evaluation
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Account Conditions (6.0/10): InnovestX offers a range of account types but requires significant deposits for margin accounts, which may not be accessible for all traders.
Tools and Resources (6.6/10): The integration with TradingView enhances the trading experience but lacks comprehensive educational resources, which could benefit novice traders.
Customer Service and Support (5.1/10): Customer support is limited, with no live chat option and primarily Thai language support. Response times can vary, impacting user satisfaction.
Trading Setup (Experience) (6.0/10): While the trading platforms are functional, the absence of MT4 or MT5 may limit options for more experienced traders.
Trust Level (5.5/10): The lack of tier-1 regulation and mixed user feedback raises concerns about the trustworthiness of InnovestX.
User Experience (6.2/10): Overall user experience is average, with some clients reporting satisfaction due to the range of available assets, while others express concerns over fees and support.
In conclusion, InnovestX presents a mixed bag of opportunities and challenges. While it offers a variety of trading options and access to significant markets, potential clients should weigh the risks associated with its regulatory status and customer service limitations. For those considering trading with InnovestX, thorough research and understanding of the broker's offerings are essential.