SpaceMarket is a forex broker that promises to transform you into a successful trader. The company promises the best trading software and a range of educational materials. Additionally, the company promises all clients negative balance protection.
As you tour the website, you will realize that this is not available to all the customers as the company promises. The company is willing to say anything to attract business. However, it fails to deliver a safe trading environment to its clients. Additionally, the company does not provide the best trading conditions as it promises.
Unfortunately, the forex space is full of brokers like this one. They promise a lot of features they cannot deliver. You should never trust companies that do not deliver what they promise. They will expose you to a lot of risks in the market. Worse, they may end up stealing your well-deserved money.
Such companies are only in the market to make a quick buck and disappear. They have no interest in sticking around for long. We know this because the life expectancy for this company is only a year.
Spacemarket.pro promises clients unlimited access to a range of educational material. Interestingly, we did not find a section to access these materials anywhere on the website. Even so, we do not trust any information from the company. You should never take trading training from mysterious people on the Internet. There is no way to tell whether you are listening to a successful trader or not.
Professional companies will always introduce their educators upfront. Additionally, they will always present their trading results for us to see. Sadly, this company does not see the need for this. We can only conclude that we are dealing with armatures who have no idea what they are doing.
In terms of financial markets, this broker promises clients over 100 financial instruments. That includes over 60 currency pairs. While this may be exciting, it does not mean much when dealing with a shady broker. Moreover, it does not mean much when you do not have the best trading conditions in the market.
SpaceMarket seems to target the citizens of the UK, Germany, and Russia. We know these because of the three main languages the website supports. These are some of the most regulated jurisdictions in the world. We wonder whether this company has the legal requirements to provide services to these citizens.
SpaceMarket Investment Plans
There are four main investment plans on Spacemarket.pro. These include the Basic, Optimal, Individual, and Strategic plans. The minimum investment is $250 for the Basic account. On the other hand, the Strategic account requires a minimum investment of $25,000.
The company promises spreads between 0.5 and 1 pips. However, upon accessing the trading environment, this changes. Here you find fixed spreads of 3 pips. This is nearly double what you will find in legitimate companies. You should not have to pay more for subpar services.
Additionally, the software they avail is not worth your money. The company uses a web trader that dwarfs in comparison to MetaTrader platforms. It lacks functionality and features. You will always be behind the market should you choose to invest here.
Either way, we know that the company promises things it cannot deliver. That is not how professionals do business.
Customer support is an essential service in any company providing financial services. You should be able to get in touch with such a company at any moment. The company should be available to answer any queries with immediate effect.
Unfortunately, it seems that this company did not get the memo. There is no phone number to reach the support team. Additionally, there is no live chat option. The only way to get in touch with the company is via email. Sadly, this does not cut it. Email support is simply not enough for such a company.
Emails can go days without an answer. There is simply no reason to trust a company that does not want to hear from its clients. They do not open the conversation to improve their services. Such companies will always lag in the market.
The People Behind SpaceMarket
You should always know the people behind the company you are investing in. This will give you an idea of what to expect from the company. In general, you should never invest in people with criminal backgrounds. Additionally, you should never invest in companies operated by mysterious people.
Unfortunately, that is what we have here. There are no names nor faces to associate with this company. The founders are hiding their identities for a reason. They do not want anyone to track them down.
No professional company will ever see the need to hide the identities of the founders. Moreover, revealing such information helps in gaining the trust of clients. There is no reason this company should not do it.
Furthermore, these individuals are running the company from a very shady location. The Commonwealth of Dominica has very lax laws. As such, it is a hub for scam companies.
SpaceMarket Regulation Status
Perhaps the most worrying fact about this company is its regulatory status. This company is operating from the Commonwealth of Dominica. However, this jurisdiction does not have a forex regulator to keep companies in check.
Hence, it is safe to conclude that this company does not have regulations. These people are providing financial services without a license. This is illegal in most jurisdictions. That is why they chose to run the company from an offshore country with lax laws. There is no reason why you should trust such a company.
Even worse, SpaceMarket’s parent company is on CONSOB’s warning list. CONSOB is the body in charge of financial regulations in Italy. This regulator listed Widdershins Group LTD as a company offering financial services illegally. Interestingly, this company is in charge of four other forex brokerage websites.
This is evidence enough to show that all the websites under Widdershins Group LTD are illegal. This includes Spacemarket.pro.
Are Your Funds Safe With SpaceMarket?
No, your funds are not safe in the hands of this company. A company that is on a regulator’s warning list cannot help you protect your funds. This is an illegal operation looking to steal people’s funds.
Moreover, the company does not tell us the bank they use to store client funds. Additionally, there is no mention of the use of segregated bank accounts. This means that your money is not safe from the bank’s or the company’s financial situation.
You stand to lose your funds if the company or the bank goes bankrupt. Either way, you would be investing in mysterious people. They can easily take off with your funds.
The Bottom Line
This company does not meet the legal requirements to provide financial services. It is operating without a license from a regulatory body. For this, it is on the warning list of Italy’s financial regulator. We urge you to stay away from this company. Nothing good can come out of it.
There are better companies that will offer you better services. Such companies have been in the market for a long time. They have the trust of millions of investors because they continue to prove to work.
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