SpaceMarket
Pros and Cons
Pros
- Diverse trading instruments including Forex, commodities, indices, stocks, and cryptocurrencies
- Multiple account types catering to various trading experience levels
- Proprietary trading platform accessible across different devices
- Competitive spreads starting from 1 pip
- 24/5 customer support available in multiple languages
Cons
- Not regulated by any recognized financial authority
- Higher minimum deposit requirements for advanced account types
- Limited to proprietary trading platform without MetaTrader support
- Potential withdrawal fees and processing delays
- Lack of comprehensive educational resources for traders
Basic Information
User Reviews
SpaceMarket Overview
SpaceMarket is a forex broker based in Dominica, having established its operations over a period of 2-5 years. Known for its unique trading platform and a range of account types, SpaceMarket provides clients with access to various trading instruments, including currency pairs, metals, and indices. The broker is registered in Dominica and is focused on delivering an accessible trading environment for its users, although it does not hold a regulatory license from recognized financial authorities. This aspect is essential for potential traders to consider when evaluating their options.
Is SpaceMarket Safe? Regulation Analysis
Regulatory Information
SpaceMarket is not regulated by any recognized financial authority. This lack of regulation poses significant risks for potential traders, as they may not benefit from the investor protection mechanisms typically provided by regulated brokers. Trading with an unregulated broker can lead to a higher potential for fraud and a lack of recourse in the event of disputes.
Trading Products and Services
What trading instruments does SpaceMarket offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | 60+ |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US, UK | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
SpaceMarket provides a diverse range of trading instruments that cater to various trader profiles, from beginners to experienced professionals. With over 60 forex pairs, traders can access major currency markets, facilitating strategies that suit their trading style. Additionally, the inclusion of commodities, indices, stocks, and cryptocurrencies allows users to diversify their portfolios effectively. This broad selection empowers traders to adapt their strategies based on market conditions and personal investment goals, enhancing their trading experience. By supporting multiple asset categories, SpaceMarket ensures that it meets the diverse needs of its clients while promoting flexible trading opportunities.
Account Types and Trading Conditions
What Account Types and Fees Does SpaceMarket Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Basic Account | Beginners | Low minimum deposit, spreads starting from 1 pip | Suitable for small-capital practice |
| Optimal Account | Intermediate Traders | Lower spreads from 0.7 pips | Requires a minimum deposit of $2,000 |
| Individual Account | Experienced Traders | Even tighter spreads starting from 0.6 pips | Minimum deposit of $10,000 required |
| Strategic Account | Professional Traders | Best spreads starting from 0.5 pips | Requires a minimum deposit of $25,000 |
Account Opening Process
To open an account with SpaceMarket, users must complete a straightforward process that involves submitting personal, employment, and financial information. Identity verification is a crucial step, requiring documentation such as an ID and proof of address. Additionally, users have the flexibility to upgrade their accounts to a professional level as their trading experience and needs evolve.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 1.0 | $0 | Standard spreads for basic accounts |
| Forex (Optimal) | 0.7 | $0 | Competitive for intermediate users |
| Forex (Individual) | 0.6 | $0 | Tighter spreads for experienced traders |
| Forex (Strategic) | 0.5 | $0 | Best spreads for professionals |
| CFDs (Stocks, Indices, Commodities) | Varies | $0 | Dependent on asset class |
| Cryptocurrencies | Varies | $0 | Variable based on market conditions |
Other Fees
SpaceMarket may charge various fees, including deposit and withdrawal fees, which can depend on the payment method used. There may also be inactivity fees applied to accounts that remain dormant for extended periods. Traders should be aware of potential platform usage fees and overnight interest (swap rates) associated with holding positions overnight. Additionally, currency conversion fees may apply when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does SpaceMarket Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| SpacePlatform | Web (Windows, macOS, Linux) | Secure login, multiple order types, real-time market search, technical indicators | Demo accounts, API interfaces |
| Mobile App | iOS, Android | Biometric login, price alerts, push notifications, one-click trading | VPS services |
| MT4/MT5 | Windows, macOS | Encryption, advanced charting tools, economic calendar, automated trading | Demo accounts |
SpaceMarket offers a versatile trading environment through its proprietary SpacePlatform, which is accessible across various devices, including web browsers on different operating systems. The mobile app facilitates convenient trading on the go, equipped with essential features such as biometric logins and price alerts. The MT4/MT5 platforms cater to traders seeking advanced tools and secure trading capabilities, ensuring effective market analysis and automated trading options. Overall, SpaceMarket prioritizes mobile trading and security while providing a range of additional services to enhance the trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 business days | No platform fee | Min $100, Max $10,000/day | USD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $5,000/day | USD, EUR |
| e-Wallet (e.g., Skrill, Neteller) | Instant | 1.5% fee | Min $10, Max $20,000/day | USD, EUR |
Minimum Deposit
SpaceMarket requires a minimum deposit of $50 for the Basic Account type. This amount may vary depending on the account type, with higher minimums applicable for more advanced accounts such as the Optimal Account, which requires a minimum deposit of $2,000.
How to Withdraw
- Log into your SpaceMarket account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal request and review the associated processing time.
- Submit your request; you will receive a confirmation email once processed.
Customer Support
SpaceMarket Customer Support Overview
Support Channels
SpaceMarket provides a variety of contact methods for customer support, ensuring that traders can receive help as needed. The main support channels include:
- Email: Traders can reach out to SpaceMarket via multiple email addresses tailored for compliance and support inquiries.
- Live Chat: An online messaging feature allows for real-time assistance directly on the website.
- Telephone: While a direct phone number is not disclosed, users are encouraged to utilize email for communication.
- Social Media: SpaceMarket maintains a presence on various social media platforms for updates and potential inquiries.
Service Availability
Customer support at SpaceMarket is available 24/5, providing traders with assistance during the trading week. Multilingual support is also offered, catering to a diverse client base. Supported languages include English, German, Spanish, and Russian, allowing for effective communication with clients from various regions.
Additional Resources
SpaceMarket enriches the trading experience with additional resources such as video tutorials and market analysis, which can provide valuable insights to traders. These resources are designed to enhance understanding and improve trading strategies.
Frequently Asked Questions
SpaceMarket is not regulated by any recognized financial authority, which means it does not provide the investor protection mechanisms typically associated with regulated brokers. Traders should be aware of the risks involved when choosing to trade with an unregulated broker.
SpaceMarket offers a diverse range of trading instruments including forex, commodities, indices, stocks, and cryptocurrencies. The broker provides multiple account types with varying spreads, starting from 1 pip for the Basic account and going down to 0.5 pips for the Strategic account, with no commissions charged on trades.
While SpaceMarket does offer various trading instruments and account types, the lack of regulation raises concerns regarding fund security. Traders should consider these risks, as unregulated brokers may not provide the same level of security and recourse as regulated ones.
SpaceMarket provides customer support through multiple channels, including email and live chat. Support is available 24/5, and assistance is offered in several languages, ensuring that traders can receive help with their inquiries during the trading week.
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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.