VinovestReviews of vinovest.co

This company is indeed a scam. They say they buy fine wine for you, and (1) you can sell the wine at any point and (2) you can take physical possession of the wine at any time. Both claims are absolutely material. And both claims are false. (1) In fact, you cannot sell the wine at any time. They will only sell the wine for you in a supposed "selling window" that they themselves unilaterally determine. And if you want to sell outside of the "selling window" that they have decreed, they only let you list the wine for sale on their completely illiquid platform. (2) In fact, you cannot get physical possession of the wine at any time. I have been repeatedly contacting them to get a quote for physical delivery of the wine. They simply ignore me entirely. In other words, this company is attempting to defraud me of thousands and thousands of dollars of fine wine. This is obviously illegal and criminal, and they will hear from me. PS: the scammers have now responded. Note that they do not deny, because they cannot, any of the points I make. They cannot deny that, contrary to their lie, one cannot sell the wine on the open market at any time. They cannot deny that they continue, obviously illegally, to prevent me from taking physical possession of my wines. This company is a criminal scam.

I would avoid vinovest at all costs. They are not going to stick around for long. Here is why. When you purchase wines on vinovest they buy them mostly through Liv-ex and then store them in bonded warehouses. This is a great start. They then start to con you. What they do is provide you true valuations only on wines that list on Liv-ex, this makes sense and is accurate. For wines that do not show up on Liv-ex though they jack up the valuations in whatever way is necessary to keep your portfolio positive. I would guess that their algorithm literally increases valuations of unlisted wines based on the losses incurred by the wines with valuations. It gets worse though. Don't even try to sell your wines. The user interface is absolute garbage and at the start was predatory. Here are the details. - They charge a ridiculous early liquidation fee that is not clearly communicated. (likely buried in the service agreement) - They use there own system to bid on wines. I had bids that were extremely robotic. Either someone is scraping the system or vinovest is working both sides. - They dont sell the wines for you, or help you at all. Have fun listing wines for months and getting $100s less than you paid.

This company is a scam. I tried to liquidate my account some time ago at least a year and someone sold my wines for me which was great. Then when i go to withdraw, i notice there isn't a listed method to withdraw whatsoever! I sent emails and complained and did not get far. Finally, they sent me something to fill out that once i filled out, they were supposed to allow me to withdraw. I filled it out and waited, then, they decided to just repurchase all my sold wines, charge me a fee for the early liquidation, and now i am stuck on this new listing method of wine listing of bids/sells. So far, my wines are worth nearly 35% or less than what I invested. This company is an absolute scam by all means. NEVER USE THEM DONT GIVE THEM YOUR MONEY OR YOU WONT EVER SEE IT AGAIN. I am still trying to any amount back but its nearly impossible. I have been trying for months now probably over a year and all i get is a run around. TERRIBLE COMPANY, criminal at worst, and incredibly dishonest at best.

Very disappointed with my experience with Vinovest! the collection of my investment money was very quick and easy, however when I decided to exit my investment, it has been nothing but a headache. I have been trying to exit for over 8 months and have had what they have called software "bugs" and lack of support in liquidating my wines. After all of this time, I have only been able to sell 2 of my 19 holdings... all at losses. I would not recommend this company and have no clarity on when and how I can get $ out.

The worst investment I have ever made. Quick in collecting money from investors and extremely slow when you liquidate. My experience with Vinovest is terrible and horrible (countless emails to push, push and push for liquidation) It's more like a Ponzi scheme. I hope there will be no more victim like me. *********************************************************** Since Vinovest asked for more details to better understand my experience otherwise my review above will be deleted, I am more than happy to share my experience with everyone especially people who is considering depositing money in VV. You asked for it! (Well, I don't think VV don't know customers' feedback. I am not the only victim anyway) 2022/12/21, I raised the request of liquidation and close account to VV. No response from VV at all for one week. On 2022/12/27, I wrote mail to VV CEO, he said it's Xmas season and my portfolio manager will follow up my liquidation request after he is back after New Year. 2022/12/30, VV automated purchased Dom Perignon, Chef De Cave Legacy Edition 2008 (USD$1612) in my account. It's ridiculous that VV was not able to liquidate my wines in Xmas & New Year break but they could use the balance cash in my account to purchase wines. I complained to VV CEO immediately. On 2023/1/4, this Dom Perignon, Chef De Cave Legacy Edition 2008 was sold at US$1603 and VV charged me US$48 early liquidation fee. (Exactly like scammer) On 2023/1/6, VV started to liquidate 4 cases of wines in my account, I thought everything is on track. However, in the same day, VV used the money from liquidation to purchase another 4 cases of wines. (Absolutely it's scammer) I called VV office in NYC and California more than 100 times and sent many emails, no response AT ALL until I left many nasty messages in CEO's FB and Twitter. (Try this! It works well in pushing) VV portfolio manager called me back and reversed the deal for the 4 cases purchase. From 2023 Jan to 2023 Feb, more wines were liquidated after I pushed and pushed and pushed and pushed by sending emails. I did received the money. The remaining 4 cases of wines, there was no progress at all. I sent mail to complain and push. Finally, liquidation started in April. Suddenly, VV market estimated price started dropping dramatically and I dropped my selling price accordingly but it didn't make liquidation happen. In just one month, the price dropped around 45% (VV estimated price in Apr/B and the liquidation final price). VV estimated price is a mystery. Anyway, I deposited US$50K in VV in 2020 June and I received US$50,747 in total in 2023 April. However, I wasted so much time in pushing VV, checking the status and complained. The buy and sell mechanism (price, buyer, seller) is a black box which is manipulated by VV. ***Fun Part*** On 2023/4/11, VV informed customers must take either REBALANCING STRATEGY (VV automatically adjust customers' portfolio, I assume it automated buy and sell by Vinovest) or BUY & HOLD STRATEGY (fixed portfolio and can’t sell the wines until the wine’s selling window comes). In the end of the notice mail, VV specified "the strategy will be fixed starting April 16, and you will not be able to change it after this date.". It's very unprofessional that VV pushed customers to decide a permanent strategy within 5 days (April 11/ April 16) after VV's notice. For me, the strategies are more like VV can buy and sell for customers at the price and timing VV want. If you don't let VV to do so, you can't sell the wines until VV says it's the wine’s selling window. I never have any investment requires permanent strategy- fixed and can't be changed after you decide. This is a big joke and scammer for sure. Suggestion from my heart- Don't even invest one cent in VV. It's a black box, no transparency and I had no control of my liquidation AT ALL base on my experience in past half year. It doesn't worthy it and just a waste of time. I spent so much time to push VV by all means- I was so frustrated and desperate just to get my money back. It's ridiculous. ** All emails with VV and liquidation records are available.

It was very easy to add funds and get my portfolio going, but it's being impossible for me to take the money out, I dont want to use the word SCAM, but it seems to be the case... Its been one month now that I decided to sell my portfolio and listed my wine for sell. Since then I had almost no offers, and the few ones I got were unbelievably LOW, dont even cover the initial investment value (of 2 years ago). Its doesn't seem that I will be able to get my money back if it keeps like this. When I got my money in, they assured that it was a 3 weeks process and I could withdraw the money out. It's been 1 month already, no offers, no money, no answer. Triple think before investing in this site.

It was very easy at first to move the funds over and invest in wine. The problem is when you want out. The process can take forever, and they don't just simply buy it back from you. The wine is put into their auction feature for other investors to bid on. This process can take months, and the offers can be insultingly low. I wish I never tried this.

I have really tried with this company, but I’ve got to the point where I really don’t trust them anymore. They have had my funds for over 2 years and the wine is worth less than when purchased.. Despite this I have kept my cool and asked to speak with someone as to whether we should sell them and reinvest the money into different wines. (Not all investments pay off, I get it). What I’ve come to realise is that I’ll get 1 automated response, and then they’ll never reply again. I have sent over 15 emails and no one ever replies. I decided to give it time, wine doesn’t appreciate in value by the day, so I waited. 8 months further passed and my management funds are down to $15, I knew I was going to have to add money just to cover these costs, however, I received an email from them…. They have enrolled me into a balancing scheme where they sell the wines and reinvest the money into different wines. Weirdly this is what I wanted almost a year ago, so why now. What I realised, is that they are going to sell my wines, buy cheaper ones to free up cash so I can keep paying their management fees. I have had no say in this, and when I try emailing them I’m having the same issue as I was 8 months ago. If the wine takes 10-15 years until it reaches its peak, why would you sell it after 2? And why not a knowledge my concerns when I raised them with you. Over all, I am incredibly disappointed with this company, and I’m scared to see what happens when I try to close this account given the other reviews on here. If someone, an actual person from Vinovest reads this, please call me. As i am fed up with the fact I can’t even speak to someone. However, given what I know, it will probably be the same generic response everyone else who is unhappy has received.