FXspace Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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Oops, really disappointed me. I had been trading on FXspace and suddenly one day I found that their website could not be opened, I tried to contact their customer service, but there was no reply. I always thought this agency was reliable, but now it seems that I may be wrong. I'm worried now about the safety of the money I've invested.
The overall evaluation of fxspace reveals significant concerns about its legitimacy and reliability as a forex broker. Despite offering a range of trading instruments, the lack of regulation and numerous negative user experiences raise serious red flags. Notably, the broker operates under the jurisdiction of the Marshall Islands, which is notorious for its lax regulatory environment.
Note: It is crucial to be aware that the broker operates under various entities across different regions, which can complicate the assessment of its legitimacy. This review aims to present a balanced perspective based on available information.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service & Support | 2 |
| Trading Setup (Experience) | 3 |
| Trust Level | 1 |
| User Experience | 2 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert insights, and factual data regarding the broker's services and regulatory standing.
Founded in the last few years, fxspace is a forex broker operating under the entity fxspace Worldwide Fin Services Ltd., which is registered in the Marshall Islands. The broker offers a proprietary web-based trading platform, which lacks the popular MetaTrader 4 or 5, limiting user experience and functionality. Traders can access a variety of assets, including forex, commodities, and cryptocurrencies, but the absence of a regulated framework raises concerns about the safety of client funds.
fxspace is based in the Marshall Islands, a jurisdiction known for minimal oversight of financial services. The lack of regulatory authority means that traders have little to no protection against fraud or malpractice. According to various sources, such as WikiFX, the broker is not subject to any major financial regulations, which significantly increases the risk for potential investors.
The broker reportedly accepts deposits in USD and EUR, but there is a lack of clarity regarding the withdrawal process and fees. Some reviews indicate that users have faced difficulties when attempting to withdraw funds, which is a common issue with unregulated brokers.
The minimum deposit for opening an account with fxspace is advertised as $100, although some sources indicate that it may be as high as $250, creating confusion for potential clients. This discrepancy is a warning sign, as reputable brokers typically provide clear and consistent information regarding their account requirements.
fxspace offers various bonuses, including a trading bonus that ties up client funds until specific trading volumes are met. However, this practice is often criticized as a tactic to prevent withdrawals, a common strategy among unscrupulous brokers. According to The Forex Review, these bonuses are designed in such a way that they are nearly impossible to fulfill, which raises further concerns about the brokers intentions.
The broker claims to offer access to a wide range of markets, including major forex pairs, commodities, and cryptocurrencies. However, the lack of transparency regarding the specifics of these instruments and the absence of a demo account for practice trading further diminishes the appeal of fxspace.
The trading conditions presented by fxspace are generally unfavorable, with spreads starting from 4 pips, which is considerably higher than the industry average. This means that traders may incur higher costs, significantly impacting their potential profitability. Additionally, there is no clear information available about commissions, which adds to the ambiguity surrounding the brokers fee structure.
fxspace offers leverage up to 1:500, which can be appealing for traders looking to maximize their potential returns. However, such high leverage also heightens the risk of significant losses, especially for inexperienced traders. The lack of regulation means that clients are not protected against the risks associated with high leverage.
The broker utilizes a web-based platform that lacks the advanced features found in MetaTrader 4 or 5. This limitation can hinder the trading experience, especially for those accustomed to the robust tools and functionalities offered by these popular platforms.
fxspace does not accept clients from several regions, including the United States and Japan, which is often a red flag for potential investors. This restriction further indicates the broker's questionable standing in the global market.
Customer support options are limited, with only basic contact methods such as email and phone available. According to reviews, the responsiveness of customer service is poor, with many users reporting difficulties in obtaining assistance.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service & Support | 2 |
| Trading Setup (Experience) | 3 |
| Trust Level | 1 |
| User Experience | 2 |
In conclusion, the fxspace review paints a concerning picture of this broker. Potential traders should exercise extreme caution and consider more reputable alternatives that offer regulatory protection and better trading conditions.
