SpaceMarket Company

　　

SpaceMarket Company: A Comprehensive Overview

　　

1. Company Overview

　　

Founding Date and Background

　　SpaceMarket, also known as SpaceMarket.pro, is a forex and CFD brokerage that was established in 2021. The company aims to provide trading services across various financial instruments, including forex, stocks, and cryptocurrencies. However, it has garnered significant attention for its questionable regulatory status and customer complaints.

　　

Parent Company/Owership Structure

　　SpaceMarket is operated by Widdershins Group Ltd., a company registered in the Commonwealth of Dominica. This parent company has been associated with multiple brokerage brands, many of which have faced scrutiny and allegations of fraudulent practices.

　　

Headquarters Location

　　The headquarters of SpaceMarket is located at 8 Copthall, Roseau Valley, 00152, Commonwealth of Dominica. The choice of location is significant, as Dominica is known for its lax regulatory environment, which is often exploited by offshore brokers.

　　

Global Business Scope

　　SpaceMarket claims to offer its services to a global audience, targeting traders from various regions, including Europe, Asia, and beyond. However, its lack of regulation raises concerns about the safety and security of client funds.

　　

Main Regulatory Bodies

　　SpaceMarket operates without any significant regulatory oversight. While it is registered in Dominica, the region is notorious for having minimal regulations governing forex brokers. Therefore, clients are left without the protections typically afforded by more stringent regulatory bodies such as the UK's Financial Conduct Authority (FCA) or the U.S. Commodity Futures Trading Commission (CFTC).

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2. Company History and Development

　　

Key Milestones

　　Since its founding in 2021, SpaceMarket has made strides in establishing itself as a forex brokerage. However, its history is marred by accusations of scams and regulatory warnings, particularly from the Italian financial authority, CONSOB, which has blacklisted Widdershins Group Ltd.

　　

Business Expansion Journey

　　SpaceMarket has attempted to expand its offerings by providing a variety of account types and trading instruments. Despite these efforts, the company has struggled to build a positive reputation, primarily due to its unregulated status and association with other problematic brokerages.

　　

Customer Base Growth

　　While specific customer base statistics are not publicly available, the company has reportedly attracted a number of traders due to its competitive leverage offerings and low minimum deposit requirements. However, many users have reported difficulties in withdrawing funds, leading to a negative perception.

　　

Platform Development History

　　SpaceMarket operates its proprietary trading platform, which is designed to be user-friendly and accessible across various devices. However, this platform has been criticized for lacking the advanced features and tools typically found in more established trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

　　

Important Awards or Recognitions Received

　　As of now, SpaceMarket has not received any notable awards or recognitions in the financial services industry, primarily due to its controversial standing and lack of regulatory approval.

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3. Trading Services Offered

　　

Forex Trading Options

　　SpaceMarket offers trading in over 60 currency pairs, providing traders with various options to engage in forex trading. The maximum leverage available is 1:300, which is significantly higher than what is typically allowed by regulated brokers in many jurisdictions.

　　

Stock Trading Options

　　The brokerage claims to offer access to stock trading; however, specific details regarding the number of stocks or exchanges available are not clearly stated. This lack of transparency raises concerns about the breadth of their stock offerings.

　　

CFD Trading Products

　　In addition to forex and stocks, SpaceMarket provides CFD trading options. CFDs allow traders to speculate on price movements without owning the underlying asset, which can be appealing to those looking to leverage their trades.

　　

Other Financial Instruments

　　SpaceMarket also advertises trading in cryptocurrencies and commodities, although the exact range of these products is not well-defined. The inclusion of cryptocurrencies may attract a younger, more tech-savvy audience.

　　

Special Services or Unique Advantages

　　One of the touted advantages of SpaceMarket is its low minimum deposit requirement, starting at $250 for a basic account. However, this is counterbalanced by the risks associated with trading with an unregulated broker.

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4. Regulatory and Legal Background

　　

Detailed Regulatory Information

　　SpaceMarket operates without any valid regulatory oversight. The company is registered in Dominica, a jurisdiction known for its lack of stringent financial regulations. This absence of regulation poses significant risks for traders, as there are no guarantees for fund security or compensation in case of disputes.

　　

Legal Entity Structure by Region

　　The legal entity structure of SpaceMarket is primarily based in Dominica, with Widdershins Group Ltd. as the parent company. This structure is common among offshore brokers, allowing them to operate with minimal oversight.

　　

Client Fund Protection Measures

　　Due to its unregulated status, SpaceMarket does not provide any formal client fund protection measures. Traders are advised to exercise extreme caution and consider the high risks associated with investing through such platforms.

　　

Countries/Regions Served

　　SpaceMarket claims to serve a global clientele, but specific restrictions or limitations based on jurisdiction are not clearly outlined. This lack of clarity can lead to confusion for potential clients.

　　

Compliance History

　　SpaceMarket has faced significant scrutiny and negative reviews from users, with many reporting issues related to fund withdrawals and customer service. The Italian regulator CONSOB has included Widdershins Group Ltd. on its blacklist, further tarnishing the company's reputation.

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5. Competitive Landscape

　　

3-5 Main Competitors

　　SpaceMarket faces competition from various online brokers, including:

• Plus500 - A well-regulated broker offering a wide range of CFDs and forex trading.
• eToro - Known for its social trading platform and regulatory compliance.
• IG Markets - A leading broker with a strong reputation and extensive regulatory oversight.

　　

Positioning in the Industry

　　SpaceMarket positions itself as a competitive option for traders seeking high leverage and low minimum deposits. However, its lack of regulation and negative reputation significantly hinder its standing in the industry.

　　

Market Differentiation Factors

　　The primary differentiation factors for SpaceMarket include its high leverage offerings and proprietary trading platform. However, these advantages are overshadowed by the risks associated with trading with an unregulated broker and the negative feedback from users.

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　　In conclusion, while SpaceMarket presents itself as a viable option for traders looking for low entry barriers and high leverage, the overwhelming concerns regarding its regulatory status, customer complaints, and overall transparency make it a risky choice. Prospective clients are strongly advised to conduct thorough due diligence and consider regulated alternatives for their trading activities.