Space Market – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Space Market - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://spacemarket.pro
Founded: 2021
Regulations: Not Licensed
Languages: English, German, Russian, Spanish
Deposit Methods: Credit Card / Debit Card
Minimum Deposit: $250
Free Demo Account: Not Given
Number of Assets: 100+
Types of Assets: Currency Pairs, CFDs (Shares, Commodities, Indices)
Trading Accounts and Conditions
Space Market offers its clients the following trading accounts:
- Basic: The minimum deposit to be made is $250.
- Optimal: The minimum deposit to be made is $2,000.
- Individual: The minimum deposit to be made is $10,000.
- Strategic: The minimum deposit to be made is $25,000.
The maximum leverage that Space Market offers is 1:300, and the spreads on the EURUSD forex pair is fixed at 3 pips.
Space Market – Advantages
Unfortunately, we cannot list any advantages of trading with Space Market.
Space Market – Disadvantages
Here are the disadvantages of trading with Space Market:
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Unregulated Offshore Broker
Space Market is the brand operated by a Dominica-based company called Widdershins Group Ltd. The first issue we have with this information is the fact that the Commonwealth of Dominica is known as an opaque tax-haven that does not have any regulations in place for forex brokers. Therefore, if traders were to deposit their funds with Dominica-based brokers, their money would be at risk from scams. Furthermore, traders would not get any protection against being scammed.
Considering the fact that this broker offers its services in English, German, Spanish and Russian, it is clear that it is targeting UK, EU, and Russian traders. To be able to trade in any one of these jurisdictions, a broker needs licenses from the appropriate governing authorities – the Financial Conduct Authority in the UK, any one of the regulators in EU-member countries, or even the Russian Central Bank.
However, when we checked the online registers of these authorities, there was no trace of a company by this name listed on any of them.
All of this tells us that we are dealing with a broker that is operating illegally. This means that your funds are not safe with this entity.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Scammer Blacklisted by the CONSOB
We are not the only ones to have noticed that there is something wrong with Space Market. The Italian financial regulator, the Commission e Nazionale per le Societa e la Borsa (CONSOB), has publicly blacklisted this broker and exposed it as a scammer.
We also found out that this broker’s parent company has also been exposed as a scammer. Widdershins Group Ltd is the owner of other brokerage brands such as TopTrade.group, InvestBoost, 24FinTime and Finlay.io – all of which have been exposed as scams.
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Simplistic Web-Based Trading Software
Instead of a great trading platform such as the MetaTrader 4 (which has a massive rang of excellent features that make trading so much easier), what you get with Space Market is a simple web-based trading software. This platform has little functionality, few indicators and hardly any charting tools.
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High Spreads
When we accessed their web-based platform, we found out that the spreads for the EURUSD pair was fixed and it was at 3 pips, which is extremely high.
The industry standard for spreads varies from 0.5 pips to 1.5 pips. So, a spread of 3 pips is way too high. Such a high spread means that a trader’s cost of trading will also become too high – and unprofitable.
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High Leverage
The max leverage offered by this broker is 1:300, which is extremely high. Leverage is basically borrowing from the broker, and while it can give you a chance to make substantial profits, it is also massively risky. Many traders have had their entire fortunes wipes out because of taking too high a leverage and losing on the market.
This is the reason why numerous authorities around the world have placed limits on the kind of leverage individual traders can take. So, in the UK, the maximum leverage you can get is 1:30. It’s the same in Europe. In Australia, the maximum leverage also stands at 1:30, and in Canada and the US, that figure is 1:50.
Thus, the leverage that this broker is offering is not only risky it is also downright illegal.
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Unfair Terms
There are some terms that are clearly indicative of a scam. For example, the minimum deposit requirement is $250, which is on the higher side of the market average. However, when we registered for an account, we realized that you could open an account with just $50! Which means that this broker is fine with any amount of money coming in.
Furthermore, there are limited payment methods; the only way you can make deposits or withdrawals is via credit or debit cards. Which is not an issue. What is an issue is the fact that you are forced to sign a clause that states that you will not file for a chargeback if your funds are withheld by the broker! Credit cards are the only payment method that is reversible, so the fact that this broker would take away your right for a chargeback is clearly showing us that it is a scam.
And if you accept a bonus from Space Market, then you will need to have to reach a target trading volume of 25 times the bonus you took and the deposit amount! This is basically an unattainable target, which means that your funds will be withheld – and you will not be able to file a chargeback! A total scam!
Conclusion
Space Market is yet another scam perpetrated by a serial scammer – Widdershins Group Ltd. This serial scammer regularly launches new brokerages in an effort to dupe more unaware or novice traders. We strongly recommend that you report this scammer to the authorities if they try to contact you. We also recommend that you stay away from them completely.
Space Market
Pros
- None
Cons
- Unregulated Offshore Broker
- Scammer Blacklisted by the CONSOB
- Simplistic Web-Based Trading Software
- High Spreads
- High Leverage
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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