Unethical business practices, steep losses
Where do I begin?
I invested $10K 2 years ago over several installments. I'm currently down ~11%, which is very underwhelming for an investment that was supposed to be uncorrelated with the stock market. The figure with -11% unrealized loss is the supposed "market value" of my vines (whatever that means), not the value that I can sell it for. I've been trying to liquidate for 4 straight months, and the best bids I've gotten on their "marketplace" lowball by 20-30%, so I'm essentially stuck unless I'm willing to accept a 40% total loss. Not at all what I was expecting.
Secondly, and more importantly, the company's ethics are highly questionable. When I signed up, they advertised on their website that customers are never charged any fees for selling 60 days after their purchase date. They changed their terms *after* I invested. They are now charging a 1.5% selling fee and refuse to honor their original terms to me, which further increases my losses. They also promised that selling on reasonable terms would always be possible and that they personally hand-hold customers through liquidations. They even used to have a marketing punt on their website saying "your investment is liquid (pun intended)". Turns out all of that was a lie too.
I understand the business landscape changes and have a lot of sympathy for startups creating brand-new products, but there is no excuse for pulling the rug from under your users, especially your *early* users. Vinovest is an unethical company and I don't recommend anyone use their product. I will update my review if I receive any meaningful response from Vinovest.
October 31, 2023
Unprompted review