FXspace: reviews and overview of the “space” broker
Meaningful Overview of FXspace Company
FXspace acts as a celestial navigator in the world of finance, aiming for the success of its clients. The broker promises access to a wide range of assets and favorable partnership conditions. However, the feedback leaves much to be desired. Quite a few traders accuse the company of dishonest practices and advise against engaging with it. In a deep analysis, you will find out how accurate these reviews are and what the legal and commercial propositions of the intermediary are.
The Essence of FXspace Exposed
FXspace does not provide detailed information about its long-term presence in financial markets. The company’s description contains only general wordings, lacking any details, not even an exhaustive action plan. Domain registration is not publicly disclosed as the data is hidden from indexing.
Nevertheless, judging by the actions of Roskomnadzor, which has included this site in the list of banned websites, and the abundance of negative opinions about FXspace on the internet, the company has been providing services to investors for a long time. Besides the main domain fxspace.eu, this broker has other subsidiary domains: fxspace.org, fxspace.pro, fxspace.info.
In practice, such clones are usually launched by financial scammers seeking to expand rapidly among clients.
Legal and Juridical Aspects
Under the brand FXspace operates the offshore firm FXspace Worldwide Fin Services LTD. In fact, it is registered in the Marshall Islands. Although a legal address is indicated on the site, it should be noted that this same information is often used by other financial machinations, making its credibility questionable.
It is also reported that their activities are regulated by the organization E.T.K. INC LTD Forex Regulation, a fictitious body issuing licenses to fraudulent brokers without safeguarding traders’ interests.
In the Marshall Islands, as well as in St. Vincent and the Grenadines, the only legislative body is SVGFSA. However, it clearly states that it does not regulate the activities of binary and forex brokers, a fact traders should consider when choosing an offshore intermediary.
In Russia, all financial organizations and dealing centers must comply with Forex Law No. 460-FZ: official registration in the Unified State Register of Legal Entities, membership in self-regulatory organizations, and obtaining a license from the Central Bank of Russia.
As for FXspace, their chances of meeting these requirements are practically nonexistent. Besides Roskomnadzor’s block, the Central Bank noticed “illegal” elements and ceased their operations. The regulator’s website even includes an official statement about domain names controlled by the fake broker.
FXspace Promises
FXspace mentions access to the following assets for trading:
- major Forex currencies,
- stocks,
- contracts for difference (CFDs),
- cryptocurrencies,
- bonds,
- stock indices,
- ETFs.
To start cooperation, it is necessary to open an account on the platform and deposit a minimum of 250 euros. Opportunities for demo trading without deposits are not provided to clients. The company’s founders are well aware that potential clients already see negative reviews and soon their project will be on a downward spiral.
FXspace offers a choice of five types of accounts, but has not disclosed detailed contract specifications, including bid spreads and trading conditions that experienced traders are interested in. Instead, the company promises personalized support, provides investment advice and model portfolios, as well as direct interaction with analysts.
The company’s internal documents contain a disclaimer clause and a monthly fee of 50 euros in case of client inactivity. Based on reviews, clients are pushed bonuses that are practically impossible to fulfill. The conditions are extremely vague.
Reviews and Deception in FXspace
FXspace made efforts to improve its reputation using paid reviews, but real traders quickly exposed the company:
Numerous negative reviews saturate the network. People report their losses, the amounts of which clearly exceed four digits:
Tricks of FXspace
Novices are attracted through social media or internet forums, promising excellent training, comprehensive support, and even trust management services.
Deceived clients claim that after registering on the platform, they were “attached” to a personal manager to assist in trading. However, this fictional specialist only withdrew money and demanded constant deposits to the trading account.
The platform only works for deposits. A withdrawal request will result in the balance being reset (fraudsters will attribute this to a technical glitch) – further withdrawal attempts will be futile. Complaints to the broker are useless as the company’s internal rules absolve it of responsibility, and the Central Bank of the Russian Federation warns of potential risks. Addressing the regulator will be fruitless.
Final Thoughts
For novice traders, FXspace is a kind of pearl from which you can squeeze money without much effort. Scammers are not concerned about possible penalties from regulatory authorities as their firm is fictitious and operates without official permission. They are risking nothing. By entrusting your finances to this suspicious company, you had better prepare for complete loss. Recovery of investments is possible with chargeback services, but no one will give a hundred percent guarantee.