Be warned
Think very carefully before using this app. Look, it has a nice website and app and it is intuitive to use.
They show very appealing looking returns on wine investments, and you see your investments go up and up on beautiful looking graphs. Having made more than 40% I decide to cash some out, here is where the trouble begins. You can’t just sell your investments unless another customer has put in a request to buy that particular wine (which they rarely do), so you are left with the only option being to ‘offer’ your wines. So to sell them you put them up on the website but nobody will buy them for the current given value, so you lower the price. Not a problem until you realise that no one will buy them until you decrease your offer value to less than you paid for them, even then they are painfully hard to sell. Even though the posted value of my investment was in the excess of 6000 Euros (from an investment of 4000) I couldn’t even sell them for 3000. Oh and here is the best bit, for whatever highly reduced price you can sell your wines for, you then pay commission, and while your wines sit there unsold, wines that you have never seen of course, they will also charge you storage fees. The bottom line, I invested aprox 4000, ‘made’ 6000, and I am in the process of selling for probably less than half my original investment. Almost zero customer service as well, my emails going unanswered. I am tempted to say that it is a scam, which of course it is, but this is one of those outfits that stay just the right side of the law and sit back and rub their hands with your money. You have been warned!
They show very appealing looking returns on wine investments, and you see your investments go up and up on beautiful looking graphs. Having made more than 40% I decide to cash some out, here is where the trouble begins. You can’t just sell your investments unless another customer has put in a request to buy that particular wine (which they rarely do), so you are left with the only option being to ‘offer’ your wines. So to sell them you put them up on the website but nobody will buy them for the current given value, so you lower the price. Not a problem until you realise that no one will buy them until you decrease your offer value to less than you paid for them, even then they are painfully hard to sell. Even though the posted value of my investment was in the excess of 6000 Euros (from an investment of 4000) I couldn’t even sell them for 3000. Oh and here is the best bit, for whatever highly reduced price you can sell your wines for, you then pay commission, and while your wines sit there unsold, wines that you have never seen of course, they will also charge you storage fees. The bottom line, I invested aprox 4000, ‘made’ 6000, and I am in the process of selling for probably less than half my original investment. Almost zero customer service as well, my emails going unanswered. I am tempted to say that it is a scam, which of course it is, but this is one of those outfits that stay just the right side of the law and sit back and rub their hands with your money. You have been warned!
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