FXspace

Note: Fxspaces official site - https://fxspace.eu/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

What is Fxspace？

Fxspace is a global brokerage firm based in Estonia while with offshore registered address in Marshall Islands. It offers a range of market instruments including Forex, Commodities, Crypto to traders. However, it is important to note Fxspace is currently not regulated by any recognized financial authorities which raises concerns when trading.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

Fxspace Alternative Brokers

There are many alternative brokers to Fxspace depending on the specific needs and preferences of the trader. Some popular options include:

• Swissquote - Swissquote is a reputable and reliable broker with a wide range of financial instruments and excellent trading services, making it a top choice for traders.

• Admiral Markets - Admiral Markets offers a user-friendly platform and a diverse range of instruments, making it a solid option for traders of all experience levels.

• FXCM- With its extensive educational resources and a wide selection of trading platforms, FXCM is a recommended broker for traders seeking a comprehensive learning experience.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is Fxspace Safe or Scam？

When considering the safety of a brokerage like Fxspace or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

• Regulatory sight: It is not regulated by any major financial authorities,which means that there is no guarantee that it is a safe platform to trade with.

• User feedback: Read reviews and feedback from other clients to get an understanding of their experiences with the brokerage. Look for reviews on reputable websites and forums.

• Security measures: So far we cannot find any security measures info on Internet for this broker.

Ultimately, the decision of whether or not to trade with Fxspace is a personal one. You should weigh the risks and benefits carefully before making a decision.

Market Instruments

Fxspace offers a wide range of market instruments, encompassing Forex, Commodities, and Crypto.

The Forex market provides access to a vast array of currency pairs, offering traders the chance to trade major, minor, and exotic currencies and participate in the ever-changing global exchange rates. On the other hand, the Commodities market encompasses precious metals like gold and silver, as well as energy commodities like crude oil and natural gas, allowing traders to hedge against inflation and diversify their portfolios. Additionally, the inclusion of cryptocurrencies offers exposure to the rapidly evolving digital asset class, enabling traders to speculate on the price movements of popular cryptocurrencies like Bitcoin, Ethereum, and others.

Accounts

While the broker states that the minimum deposit is USD 100, some sources on the internet suggest that the minimum deposit to open an account is USD 250, adding to the confusion. Additionally, the absence of clear information about the different account types on the internet further contributes to the uncertainty. Traders seeking to open an account may find it challenging to determine the actual minimum deposit and account options available. In such situations, it is crucial for traders to directly communicate with Fxspace to obtain accurate and up-to-date information regarding their account types and minimum deposit requirements. Clear and transparent communication from the broker is essential to ensure a smooth and trustworthy onboarding process for potential clients.

Leverage

Its said Fxspace offers a leverage up to 1:500 which is pretty high. Leverage is a powerful tool that allows traders to control a larger position in the market with a relatively smaller initial investment. With a leverage ratio of 1:500, traders can amplify their potential profits but as well as their risks, significantly. Traders who are experienced and have a solid understanding of risk management may opt for higher leverage to enhance their trading opportunities. However, it is crucial to approach leverage with caution and consider individual risk tolerance, as higher leverage also increases the potential risk.

Spreads & Commissions

Fxspace's wide spread starting from 4 pips may not be considered competitive when compared to other brokers in the market, as traders often seek lower spreads to reduce trading costs and improve potential profits. Moreover, it's worth noting that commission information is not readily available on the internet, and traders are advised to directly consult with the broker to obtain precise details regarding commission charges. While spreads play a crucial role in determining the cost of trading, commissions can also impact overall trading costs significantly. Therefore, understanding the complete fee structure is essential for traders to make informed decisions about their trading strategies and risk management. By consulting the broker directly, potential clients can gain clarity on any additional charges or fees related to their chosen trading accounts and instruments. Additionally, it allows traders to assess whether the overall trading conditions align with their financial goals and trading preferences.

Below is a comparison table about spreads and commissions charged by different brokers:

Please keep in mind that spread values can vary depending on market conditions, account type, and other factors. Commission structures may also differ based on the broker's pricing model and the type of account being used. It's important to review the official websites or contact the brokers directly for the most accurate and up-to-date information on spreads and commissions.

Trading Platforms

Fxspace appears to offer traders a web-based trading platform that provides accessibility and convenience for traders who prefer to trade directly from their web browsers without the need to download or install additional software. However, it is worth noting that MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are not available, which could be a drawback for traders who are accustomed to using these popular and widely-used platforms. The absence of MT4/MT5 may limit some advanced trading features and tools that are offered by these platforms, and traders should consider this aspect when evaluating their options with Fxspace.

See the trading platform comparison table below:

Deposits & Withdrawals

Per internet info, Fxspace offers various funding methods for its clients, including Wire Transfers, Credit/Debit cards, and Alikassa. However, there have been reports of redirection to unfamiliar Russian e-wallets when attempting to deposit funds, raising concerns among some traders about the legitimacy and security of these payment options. While Wire Transfers and Credit/Debit cards are commonly used and trusted funding methods in the financial industry, the inclusion of less well-known e-wallets may cause apprehension for potential investors. Traders are advised to exercise caution and conduct thorough research before using any funding method, especially if redirected to unfamiliar platforms. Verifying the safety and credibility of the e-wallet services is essential to ensure the protection of personal and financial information.

Customer Service

Fxspace provides multiple customer service options to assist its clients in different areas. Customers can reach out to Fxspace through various channels to address their queries and concerns as below:

Email:support@fxspace.eu.

Phone: +372 88 01 201.

Address: Trust Company Complex, Ajeltake road, Ajeltake Island, Majuro, Marshall Islands, MH96960.

Conclusion

According to available information, Fxspace is a non-regulated Estonia -based brokerage firm. While the firm offers Forex, Commodities, Crypto as market instruments to its clients, it is important to consider certain factors such as lack of regulations that raises concerns. It is critical that potential clients exercise caution, conduct thorough research and seek up-to-date information directly from Fxspace before making any investment decisions.

Frequently Asked Questions (FAQs)