I finally sold one of my wines after many months of being for sale, now I want to withdraw my funds and it just keeps the error message: "International withdrawals to your country aren't supported... See more
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I joined Vinovest in August 2022. Nearly four years later, my portfolio is still down, with a cost basis around $1,320 and an estimated value around $1,246. The real problem is liquidity. The... See more
Company replied
Easy to get in, impossible to get out. Your wines won’t sell. I requested a withdrawal 52 days ago and still haven’t received a cent—while they hide behind excuses about “withdrawal system glitches.... See more
Company replied
Unfortunately, I am very concerned this is a scam since my money cannot be withdrawn despite me being a customer with them for 5 years. They charge absurd fees. They do not stand by their product. Do... See more
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Company details
Written by the company
Vinovest is a modern wine and whiskey investing platform that helps customers source investment grade wines, provide professional storage and custody solutions, and manage ongoing buying/selling recommendations. We have cultivated direct relationships with the most sought-after wineries and distilleries in the world. We pride ourselves on being able to source the most collectible wines in the world at the best prices.
Contact info
9900 Culver Blvd, 90232, Culver City, United States
- 9494158730
- anthony@vinovest.co
- vinovest.co
1.7
Bad
285 reviews
Asks customers to review
This company invites their customers to review, whether positive or negative
Replied to 84% of negative reviews
Typically takes over 1 month to reply
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Very hard to liquidate and terrible performance
I was an early adopter (June 2020) and supporter of Vinovest for many reasons:
- It's a great way to diversify investments
- It's (supposedly) not correlated with how the markets are doing in general
- It's (supposedly) fairly liquid
- They were advertising a ~11-12% APY
In October 2022, I've requested a liquidation, which took almost 4 months to complete (vs 3-4 weeks advertised when I signed up).
I had multiple portfolio managers during these 2-3 years that were not so great. It's only recently that they appointed someone more reliable/knowledgeable (Laura).
Now, the most disappointing: the performance. Over 2 years and a half, the overall performance was about 1.5% APY. I actually probably paid more in Vinovest fees than I made money.
So why is the performance so far from 11-12% APY?
The main reason: Vinovest is, indeed, correlated to markets and more specifically to currencies/forex. They did not disclose this to me initially but even though you invest in USD, the wine market is based on GBP. So when GBP/USD is down, your portfolio value will shrink.
The second reason: even though my liquidation took 4 months, my proceeds were lower than the value displayed on my Vinovest Dasboard. The "Fair Market Value" shown on your Dashboard is not necessarily realistic, and they might not find a buyer willing to pay this price.
TL;DR Great concept but poor execution and very low performance.
13 February 2023
Unprompted review
Reply from Vinovest
Hi Bruno,
Thank you for your feedback. I am so sorry to hear your experience with Vinovest did not match your expectations.. This is never the client experience we want our investors to have.
We strive to be transparent with our investors surrounding all aspects of their wine investment, including what can affect the pricing both in the short and long term and how long a liquidation can take. Wine as an asset is quite unique and the liquidation can take time to be completed. Your feedback is very important to us as we continue to grow. Please feel free to reach out to our team at any time and we will answer any questions you may have.
Thank you again for your feedback.
Response time is great when sending an…
Response time is great when sending an email.
I would like to be able to transfer funds netween portfolio and Trading account directly on line rather than using support services
2 February 2023
Unprompted review
Reply from Vinovest
Hi Phil,
Thank you so much for your feedback. We are absolutely thrilled that you have been enjoying your experience with Vinovest so far! Transferring funds between managed and trading portfolios is certainly a feature we will look into adding to the website for all of our customers. Our team is always happy to transfer the funds for you in the meantime.
Thank you again for your feedback!
Vinovest is a good location to trade in Wine and Whiskey
Vinovest is a good location to trade in fine wine and whisky. The platform is very good at that and the staff are very friendly and very responsive. They will help you decide on your plan and will then purchase bottles for you. All you need to do is talk to them, fund your account, and then let them do the magic!
31 January 2023
Unprompted review
Reply from Vinovest
Hi
Thank you so much for your feedback. We are absolutely thrilled that you have been enjoying your experience with Vinovest so far! We love sharing our magic with our customers!
If there is anything we can do to help to continue to give you the best overall experience please do not hesitate to reach out and let us know.
thanks again. Cheers!
Great customer service when I had issue…
Great customer service when I had issue with my order
26 January 2023
Unprompted review
Reply from Vinovest
Hi Jenna,
Thank you so much for your feedback. We are absolutely thrilled that you have been enjoying your experience with Vinovest so far! Love to hear you had such great service!
If there is anything we can do to help to continue to give you the best overall experience please do not hesitate to reach out and let us know. We are always happy to help!
Cheers!
No transparency on when you get your money back
After trying to reach out to customer support 3 times, I have heard no response after requesting a liquidation 2 months ago.
8 January 2023
Unprompted review
Reply from Vinovest
Hi Scott,
Thank you for your feedback. I am so sorry to hear your experience with Vinovest did not match your expectations.. This is never the client experience we want our investors to have.
We are sorry to hear you have not received an update on your liquidation status. We will be sure to follow up with you to get provide the update. Your feedback is very important to us as we continue to grow.
Thank you again for your feedback.
Your user friendly app is really…
Your user friendly app is really awesome. Fund transfer is easy and promptly acknowledged too. I wish Vinovest will continue to play an active role in enhancing small time investors like me.I take this opportunity to wish Mr Anthony Zhang and his team a very HAPPY NEW YEAR.
30 December 2022
Unprompted review
Reply from Vinovest
Hi Seetharaman,,
Thank you so much for your feedback and the well wishes. We are absolutely thrilled that you have been enjoying your experience with Vinovest so far!
If there is anything we can do to help to continue to give you the best overall experience please do not hesitate to reach out and let us know.
Chees,
Make it almost impossible to cash out.
Make it almost impossible to cash out.
Come up with extra fees. Start cash out procedure a month after you say you want to cash out. Do not return emails most times. The worst company. In all honest feels like ftx of the wine world.
I have sent 30 emails to try to cash out
19 December 2022
Unprompted review
Reply from Vinovest
Hi Clayton,
Thank you for your feedback. I am so sorry to hear your experience with Vinovest did not match your expectations.. This is never the client experience we want our investors to have.
We strive to be transparent with our investors surrounding all aspects of their wine investment. We would love the opportunity to speak with you more to be sure the cash out of your account is completed as soon as possible.
Thank you again for your feedback as we continue to grow and make improvements.
Transparent & Fun
Very easy, transparent risk and results, and clear pricing.
28 November 2022
Unprompted review
Reply from Vinovest
Hi Jessi,
Thank you so much for your feedback. We are absolutely thrilled that you have been enjoying your experience with Vinovest so far! Please let us know if there is anything we can do to improve your experience even more!
Excellent company
Excellent company, Hunter provided outstanding customer service, entire process was easy and hassle free. I received regular updates while my funds were invested as far as valuation of wines in my portfolio, as well as after I requested to liquidate. Liquidation process was super easy with zero issues. I could see exactly which wines were sold when, and for how much. Once process was complete my funds were deposited into my account quickly with no issue. The staff guided me through the experience every step of the way, answering all my questions. I 100% trust and recommend Vinovest and hope to invest with them again soon. ⭐️⭐️⭐️⭐️⭐️
29 November 2022
Unprompted review
Reply from Vinovest
Hi,
Thank you so much for your feedback. So happy to hear that Hunter and our team were all able to help you with the return of your funds and it was successful. We hope you will join us again in the future!
Love the concept, but....
Love the concept, became an investor in June of 2021 and my $12k portfolio declined in value immediately. Between fees and lack of appreciation, I am not still under water on my investment, almost a year and a half later. Just be aware that gains are not guaranteed, and you may lose money.
8 November 2022
Unprompted review
Reply from Vinovest
Hi Garth,
Thank you for your feedback.
We strive to be transparent with our investors surrounding all aspects of their wine investment. We would love the opportunity to speak with you more about the wines and your overall experience. Your feedback is very important to us as we continue to grow. Please let us know if you would like to speak with a member of our advisor team and we would be happy to set that up right away.
Thank you again for your feedback.
Vinovest is a Scam!
Vinovest is a Scam!
Expected ROI and what they sell you are far from reality.
I decided to liquidate my investment and pay the monthly fee due, and overall, I was already negative.
It’s been since June, and they have not returned the money I invested with them. Thankfully I did not start big as I wanted to test it out. There are far more reputable options like Fundraise, let's, or alternative investments to diversify your portfolio. This company is a hoax.
1 June 2022
Unprompted review
Reply from Vinovest
Hi Ricardo,
Thank you for your feedback. I am so sorry to hear your experience with Vinovest did not match your expectations.. This is never the client experience we want our investors to have.
We strive to be transparent with our investors surrounding all aspects of their wine investment. We want to be sure to get any issues resolved for you as soon as possible. Your feedback is very important to us as we continue to grow and improve the customer experience.
Whiskey!
Fun platform! Great team! Excited to see where whiskey goes!
16 September 2022
Unprompted review
Reply from Vinovest
Hi Albert,
Thank you so much for your feedback. We are absolutely thrilled that you have been enjoying your experience with Vinovest and Whiskeyvest so far!
So Far So Good.…
I have had a very good experience so far with my Vinovest investments. I would like more communication with investors regarding the time period between a deposit and an investment in a particular wine. I've made some deposits so far but I think I will hold off adding any more money at this point.
22 September 2022
Unprompted review
Reply from Vinovest
Hi Christopher,
Thank you so much for your feedback. We are absolutely thrilled that you have been enjoying your experience with Vinovest so far! Good to hear you would like some additional information on the timing between your deposits and a wine purchase. We are always looking for ways to improve and appreciate you providing this suggestion.
Really enjoyed my investment experience…
Really enjoyed my investment experience overall! Investing in wine has been a fun way to both learn about wine and always diversify assets in a volatile economy. Overall would highly recommend to others.
1 September 2022
Unprompted review
Reply from Vinovest
Hi Lisa,
Thank you so much for your feedback. We are absolutely thrilled that you have been enjoying your experience with Vinovest so far! So glad you are enjoying learning about new wines.
Shocking customer service. Worried. This may be a scam.
I signed up and invested in Vinovest over a year ago and intended to keep my investments long term. However, my wife had a baby and needed the money sooner than we thought. From this point, my experience with Vinovest has been truly awful. I selected to sell all my wines and liquidate my portfolio returning the sale funds to me directly. On August 18 2022, I opted to sell the wines to Vinovest at 90% value in order to get the money quickly. However, none of my funds have been transferred to my my account.
I then followed up with Vinovest with a contact request (a frustrating system which can take days for a response and then replies are usually completely ignored). I sent this chase message on August 22 2022 as I had received no confirmation. Several rounds of new contact requests later I was finally able to send them the bank details they needed on August 30 2022. I was told in response to this email it would be scheduled in the next week (apparently they only schedule payments once a week).
We are now on September 18 2022 and still nothing. I've sent more requests to chase up where the payment is, I was told it had been scheduled on September 8 2022 but we haven't received anything yet. I can still see the funds in my account but I'm beginning to lose hope of ever seeing them again.
18 August 2022
Unprompted review
Reply from Vinovest
Hello Richard,
Thank you for your feedback. I am so sorry to hear your experience with Vinovest did not match your expectations. This is never the client experience we want our investors to have. We appreciate you bringing this to our attention. We will follow up with an update in email.
Your feedback is very important to us as we continue to grow and make improvements. Thank you again for your feedback.
Company lacks transparency
Company lacks transparency and honesty with their employees on how things are going. Always given rosey outlook when the truth is grim. Don’t recommend doing business with them.
11 July 2022
Unprompted review
Reply from Vinovest
Hello,
We are sorry you feel this way. Transparency is important to us and we are committed to working on improving.
Love the alternative investment source!
6 September 2022
Unprompted review
Reply from Vinovest
Hi Cadenm
Thank you so much for your feedback. We are absolutely thrilled that you have been enjoying your experience with Vinovest so far!
I liquidated 2 months ago - still no payout
I liquidated 2 months ago - still haven't received my money back. After sending 4 emails to support after maybe a week I finally heard back saying they need my bank info. I fill it out the same day. Get told they do payouts once a week. Week goes by... surprise! Still don't have the money in my account. Don't invest with them. I work in payments and have experience in wealth management and I'm just floored at how bad my experience has been with Vinovest. There's no excuse for how long it takes to get in touch with someone - especially someone handling your money!
26 August 2022
Unprompted review
Reply from Vinovest
Hello Alex,
Thank you for your feedback. I am so sorry to hear your experience with Vinovest did not match your expectations.. This is never the client experience we want our investors to have.
We would love the opportunity to speak with you more about your account and your overall experience. Your feedback is very important to us as we continue to grow and make improvements. Please let us know if you would like to speak with a member of our team and we would be happy to set that up right away.
Thank you again for your feedback.
Their customer service is nonexistent
Their customer service is nonexistent. I have been calling and sending emails for over a week. Once they have your money they disappear.
26 August 2022
Unprompted review
Reply from Vinovest
Hi Michael,
Thank you for your feedback. I am so sorry to hear your experience with Vinovest. did not match your expectations.. This is never the client experience we want our investors to have.
We strive to respond to all of our customers in a timely fashion. We want to be sure that your funds from your account are returned to you as soon as possible. If you can provide your email account, our team will ensure your payment is processed ASAP, if it has not been already. Your feedback is very important to us as we continue to grow.
Thank you again for your feedback.
Fantastic Diversifier
Vinovest is an excellent way to add hard assets to my portfolio, adding further diversification beyond traditional stocks, ETFs, and real estate.
24 August 2022
Unprompted review
Reply from Vinovest
Hello Justin,
Thank you so much for your feedback. We are absolutely thrilled that you have been enjoying your experience with Vinovest so far!
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