Thinking of getting into business with EspaceMarkets? Here is what you must know about this broker. Carefully read this review to find out if espacemarkets.com is the trading platform you will want to trade with.
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About EspaceMarkets Broker
EspaceMarkets is an offshore brokerage company with a lot of promises for traders. The broker claims to be governed under the laws of the United Kingdom.
Added, the broker claims regulation from ASIC, CySEC and FCA.
To clarify, regardless of the trading instruments EspaceMarkets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
espacemarkets.com: Reasons to Avoid This Broker
Firstly, espacemarkets.com is a platform with no financial authority overseeing its financial services. We have checked on the database of each regulatory body from which we know that the broker is not worth your money as neither of those financial regulators has approved the broker amongst their licensed entities.
Secondly, we noticed espacemarkets.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under withdrawal policy, EspaceMarkets withdrawal process takes 5 to 7 business days. There is nothing to discuss on fees the broker charges.
Minimum Deposit
EspaceMarkets minimum deposit is not available.
As for the payment methods, the broker accepts cryptocurrencies. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
EspaceMarkets Platform
EspaceMarkets claims to offer both MT4 and MT5 (Industry standard trading platform), however, the option of MT4 or MT5 doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, the broker provides no info for traders. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
EspaceMarkets Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is espacemarkets.com a Reliable Broker?
No, espacemarkets.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.