Space Markets
Basic Information
Pros and Cons
Pros
- Maximum leverage of 1:2000
- Low minimum deposit requirement of R50
- Offers diverse trading instruments
- Accessible via the MT5 platform
- Operates legally in South Africa
Cons
- Negative reputation among users
- Withdrawal issues reported frequently
- Slow customer service responses
- Lack of regulatory oversight
- No investor compensation schemes
Is Space Markets Safe and Legit?
Space Markets (Pty) Ltd, registered in South Africa since 2023, operates with 1-2 years of experience in the financial services sector. The broker offers a range of trading instruments including forex, indices, and stocks, with a maximum leverage of 1:2000 and a minimum deposit requirement of R50, using the MT5 platform for trading.
Despite its registration with the Financial Sector Conduct Authority (FSCA) of South Africa, Space Markets is currently facing scrutiny for alleged violations, which raises concerns about its regulatory compliance and overall safety for traders. Thus, while it operates legally in South Africa, its safety cannot be guaranteed due to these issues.
Market feedback indicates a predominantly negative reputation for Space Markets, with users reporting difficulties in withdrawals, slow customer service, and a lack of transparency regarding fees. Complaints about aggressive sales tactics and unresponsive support teams are common, leading many traders to advise caution when considering this broker.
Is Space Markets a Regulated Broker?
What Are the Regulatory Licenses Held by Space Markets?
Space Markets (Pty) Ltd, registered in South Africa, holds no regulated licenses. While it operates under the jurisdiction of the Financial Sector Conduct Authority (FSCA) of South Africa, it is currently facing scrutiny for alleged regulatory compliance violations. This situation raises concerns about the broker’s legitimacy and safety for traders, making it critical for potential clients to exercise caution before engaging with the broker due to its lack of clear regulatory oversight.
| Regulator Abbreviation | Full Name of Regulator | Regulated Company Entity | Regulatory Status | License Number |
|---|---|---|---|---|
| FSCA | Financial Sector Conduct Authority | Space Markets (Pty) Ltd | Active (Scrutiny due to alleged violations) | No Regulated Licenses |
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
Space Markets (Pty) Ltd does not hold client funds in independently regulated bank accounts, nor does it separate these funds from the broker’s own assets. Currently, there are no participation in any investor compensation funds or insurance schemes, raising concerns regarding the protection of traders’ funds.
Space Markets Leverage
Space Markets offers a maximum leverage of 1:2000 for trading instruments. This leverage is available for both retail and professional account configurations, aligning with local regulatory requirements. However, potential clients should be aware of the associated risks of high leverage trading.
Space Markets Withdrawal Review
How to Contact Space Markets?
Does Space Markets Have Withdrawal Issues?
Numerous complaints have surfaced regarding withdrawal issues with Space Markets, highlighting difficulties in accessing funds. Users frequently report delays in processing withdrawals, with many experiencing outright denials of their requests. Credible sources of these complaints include online reviews and forums where traders share their negative experiences. The broker’s customer support is noted for being slow to respond to complaints, compounding user frustrations. There are indications of repetitive withdrawal issues, contributing to a predominantly negative reputation for the broker. Given the scrutiny Space Markets is under, potential clients should approach with caution.
Frequently Asked Questions
A1: Space Markets (Pty) Ltd operates legally in South Africa; however, it faces scrutiny for alleged regulatory compliance violations and lacks regulatory licenses. This raises concerns about its legitimacy and safety for traders, so potential clients should exercise caution before engaging with the broker.
A2: Space Markets is registered in South Africa and operates under the Financial Sector Conduct Authority (FSCA), but it currently holds no regulated licenses and is under scrutiny for alleged violations. This situation highlights significant concerns regarding regulatory oversight and client protection.
A3: Yes, numerous complaints have been reported regarding withdrawal issues with Space Markets. Traders often cite delays, outright denials, and slow customer service responses, which contribute to a predominantly negative reputation for the broker.
A4: You can contact Space Markets customer support via email. However, feedback from users indicates that responses may be slow and unhelpful, which can be frustrating for those seeking assistance.
A5: Space Markets does not hold client funds in independently regulated bank accounts or separate them from its own assets. Additionally, it does not participate in any investor compensation funds or insurance schemes, raising serious concerns about the protection of traders’ funds.
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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.