Space Markets
Pros and Cons
Pros
- Regulated by financial authorities
- Diverse trading instruments, including Forex and CFDs
- Access to advanced trading platforms like MetaTrader 4
- Comprehensive educational resources for traders
- Competitive trading conditions with low spreads
Cons
- Unregulated offshore broker
- High minimum deposit requirement of $250
- Simplistic web-based trading platform
- High spreads starting at 3 pips
- Blacklisted by CONSOB for scams
Basic Information
User Reviews
Space Markets Overview
Founded in March 2023, Space Markets is a forex broker headquartered in South Africa. Although it operates in a dynamic regulatory landscape, it currently lacks formal regulation from prominent authorities such as the FCA or ASIC. This young brokerage aims to provide traders with a range of forex trading options, catering to both novice and experienced investors. With a low minimum deposit requirement of R50, it positions itself as an accessible platform for participants in the forex market, making it an attractive choice for those looking to start trading with minimal capital.
Is Space Markets Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| None | South Africa | No investor protection mechanisms |
Is Space Markets Regulated and How Are Client Funds Protected?
Space Markets is not regulated by any recognized financial authority, which raises significant concerns regarding the safety of client funds. Without regulation, there are no established investor protection mechanisms, making clients vulnerable to potential fraud and loss of funds. Trading with an unregulated broker like Space Markets can expose investors to higher risks due to the lack of oversight and accountability. It is essential for traders to be aware of these risks before engaging with the platform.
Trading Products and Services
What trading instruments does Space Markets offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | 100+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Many |
| Stocks | Apple, Tesla, BP, Vodafone | Many |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Many |
The trading tools offered by Space Markets encompass a wide range of asset categories, including Forex, commodities, indices, stocks, and cryptocurrencies. This diversity ensures that traders of all experience levels, from beginners to seasoned professionals, can find suitable instruments to meet their specific trading strategies and goals. By providing access to multiple asset classes, Space Markets enhances portfolio diversification, allowing users to adapt their trading approaches in response to market conditions. Whether you are looking to capitalize on currency fluctuations in the Forex market or invest in stocks and commodities, Space Markets offers the flexibility and range needed to support various trading styles and preferences.
Account Types and Trading Conditions
What Account Types and Fees Does Space Markets Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low spreads, user-friendly interface | Suitable for small-capital practice |
| Professional Account | Experienced traders | High leverage, tight spreads | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Custom services, tailored solutions | Requires corporate documentation |
| Islamic Account | Traders seeking swap-free options | Swap-free trading, competitive spreads | Available upon request, must comply with Islamic finance principles |
| Demo Account | All traders for practice | Risk-free trading environment | Ideal for testing strategies and platform |
Account Opening Process
To open an account with Space Markets, follow these steps:
1. Complete the online registration form, providing personal details, employment information, and financial background.
2. Submit necessary identity verification documents, including a government-issued ID and proof of address.
3. Once verified, your account will be activated, allowing you to start trading. You can also upgrade to a professional account later if your trading volume meets the requirements.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for majors |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive for minor pairs |
| CFDs (Stocks) | 0.1 | $7 per lot | Variety of stocks available |
| CFDs (Indices) | 1.5 | $5 per lot | Includes major global indices |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
In addition to trading fees, Space Markets has the following costs:
– Deposit and withdrawal fees may apply depending on the payment method chosen.
– An inactivity fee is charged if there’s no trading activity for a specified period.
– Platform usage fees are waived for standard accounts but may apply for premium services.
– Overnight interest (swap rates) may be applicable on positions held overnight.
– Currency conversion fees are incurred when trading in currencies different from your account’s base currency.
Trading Platforms and Apps
What Trading Platforms and Apps Does Space Markets Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4/MT5 | Windows, macOS, iOS, Android | 2FA, multiple order types, technical indicators, economic calendar | Demo accounts, VPS |
| Web Version | All devices with internet access | Encryption, symbol lookup, price alerts | API interface |
| Mobile App | iOS, Android | Biometrics, one-click trading, push notifications | Demo accounts |
Space Markets provides a robust selection of trading platforms suited to various trader needs. The MT4/MT5 platforms offer comprehensive tools for advanced traders, including multiple order types and extensive technical analysis capabilities. The web version ensures accessibility across all devices, facilitating trading without the need for software installation. Meanwhile, the mobile app allows users to trade on-the-go with convenient login options and real-time alerts.
Security is a central focus for Space Markets, employing advanced protocols such as encryption and two-factor authentication to protect user data and transactions. Additionally, the platforms promote efficient order execution and market searches, making trading both secure and user-friendly for all experience levels.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP, JPY, AUD |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. First-time large withdrawals (typically over 2,000 USD) require identity documents (passport) and address proof (utility bill), with additional scrutiny for suspicious transactions.
Payment methods may vary by region; for example, Southeast Asian users may prefer GrabPay or local bank transfers, while European clients often use SEPA transfers. Some Middle Eastern countries limit PayPal, and U.S. users cannot use Skrill.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
- Log in to your verified Space Markets account.
- Go to the withdrawal section.
- Select your preferred withdrawal method.
- Enter the amount and confirm the request.
- Complete any necessary identity verification or AML checks.
- Track the status of your withdrawal in your dashboard.
Customer Support
Space Markets Customer Support Overview
Support Channels
Space Markets offers a variety of contact methods to ensure that customers receive the help they need efficiently. You can reach out to our support team through the following channels:
- Email: Customers can send their inquiries to support@spacemarkets.io, and our team will respond promptly.
- Live Chat: For real-time assistance, our live chat feature is available on our website, allowing you to get immediate support.
- Telephone: You can contact our support hotline at 010 035 5120 for direct communication with our customer service representatives.
- Social Media: Follow us on platforms like LinkedIn and Facebook to stay updated and connect with our support team.
Service Availability
Our customer support is available 24/5, ensuring that you can get the help you need throughout the trading week. We are proud to offer multilingual support in English and Afrikaans to cater to a diverse client base.
Additional Resources
In addition to our direct support services, Space Markets provides a range of educational resources to help traders improve their skills:
- Video tutorials covering various aspects of forex trading.
- Webinars hosted by industry experts, offering insights and strategies.
- Regular market analysis to keep you informed about market trends.
- Trading signals to assist you in making informed decisions.
Our commitment to exceptional customer support and extensive resources ensures that you receive the necessary assistance every step of the way.
Frequently Asked Questions
Space Markets prioritizes fund security by implementing robust security protocols, including two-factor authentication (2FA), encryption of sensitive data, and compliance with regulatory standards such as Know Your Customer (KYC) procedures. These measures protect clients’ personal and financial information and ensure safe transactions.
Space Markets offers competitive trading conditions, including maximum leverage of up to 1:500, tight spreads starting from 1.2 pips, and a variety of account types tailored to different trading strategies. Clients can trade a range of instruments, including forex, commodities, indices, and cryptocurrencies, ensuring flexibility in their trading approach.
Space Markets complies with financial regulations by adhering to strict KYC and Anti-Money Laundering (AML) policies. This includes verifying the identity of clients and monitoring transactions to prevent any illicit activities. These compliance measures not only enhance the safety of the trading environment but also build trust with clients.
If you experience any issues with the Space Markets platform, you can contact customer support via email at support@spacemarkets.io. Additionally, you can check the FAQ section on the website for common troubleshooting tips, or use the live chat option if available for immediate assistance.
Related Forex Brokers
Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.