Space Markets, otherwise known as “Space Markets Interstellar Forex Trading,” is on my list of scam brokers for 2024, likely around position 27. Today, I warn you about this clever scammer that has misled many into believing they are registered and regulated by the FSCA. After reading this honest review, you’ll want nothing to do with this purported broker. Let’s dive into the red flags surrounding it and discuss why you should avoid it.
| Broker | Space Markets(Space Markets Interstellar Forex Trading). |
| Company | Space Markets (Pty) Ltd. |
| Website | spacemarkets.io. |
| Space Markets Register Portal | my.spacemarkets.io/auth/register |
| support@spacemarkets.io OR feedback@spacemarkets.io. | |
| Telephone Number | +441863440362. |
| Space Markets Account Types | Standard Account, Pro Account, Sniper Account, Ultra Micro Account, and Space 100 Account. |
| Space Markets Minimum Deposit | Rz 50. |
| Space Markets Withdrawal Time | 24-48 hours, according to the purported broker. |
Space Markets Red Flags
1.Space Markets Lists Conflicting Physical Location Details
A broker that provides information that conflicts reliable sources raises severe concerns about their credibility. I even insinuated that in my review of another scam broker called, “Quotex Trading(qxbroker.com).
Spacemarkets.io claims that the company, Space Markets (Pty) Ltd, is registered and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.
I checked the FSCA’s online register and can confirm that Space Markets (Pty) Ltd is registered and regulated by the FSCA.
However, I noticed a significant discrepancy: the address listed on the FSCA’s register differs from that provided on spacemarkets.io.
According to the FSCA, Space Markets (Pty) Ltd has a physical address at Clearwater Office Park, Roodepoort, West Rand, Gauteng, 2191. In contrast, spacemarkets.io lists the company’s address as Green Park Corner, 3 Lower Road, Sandown, Gauteng, 2196.
It’s important to note that Clearwater Office Park is in Roodepoort, while Green Park Corner is in Sandton—two distinct locations within the Gauteng Province, about 15 to 18 miles apart.
The fact that spacemarkets.io and the FSCA provide different physical addresses for Space Markets (Pty) Ltd is a major red flag. Spacemarkets.io might be a clone website, attempting to impersonate a real business. The actual company may be located at Clearwater Office Park, as indicated by the FSCA, while the address on spacemarkets.io belongs to a fraudulent entity.
It would have been helpful if the FSCA also listed the company’s domain, allowing me to verify whether it matches spacemarkets.io.
AN UPDATE
The company has since updated the address on its website, spacemarkets.io, and it now matches the one listed on the FSCA online register: Clearwater Office Park, Roodepoort, West Rand, Gauteng, 2191.
Here’s proof that this wasn’t the original address on spacemarkets.io:
Many broker review blogs still list Green Park Corner, 3 Lower Road, Sandown, Gauteng, 2196, as the address for Space Markets (Pty) Ltd. These blogs likely obtained this information from the website before somebody changed the address. Below are screenshots providing evidence of blogs that continue to show Green Park Corner, 3 Lower Road, Sandown, Gauteng, 2196, as the address for this questionable entity:
2. Negative Space Markets Reviews On The Web
The BrokersView blog rates spacemarkets.io at 2.0 stars and assigns the domain a risk level 1. This rating is due to concerns over verifying the broker’s license. The FSCA does not disclose the licensee’s web domain, making it unclear whether it’s spacemarkets.io or another domain.
If it’s a different domain, spacemarkets.io could be a clone impersonating a legitimate trading platform.
Additionally, Trustpilot rates spacemarkets.io at 3.6 stars. This rating typically suggests a mixed reception from users, with some satisfied customers and also a notable number of dissatisfied ones. It usually points to potential issues with service reliability and customer satisfaction.
One aspect that raised my suspicions was that the three positive reviews on Trustpilot all came from users supposedly based in South Africa. The only negative review came from a user reportedly from Zimbabwe.
Given that this trading platform offers services globally, one would expect reviews from users in various parts of the world, not just South Africa. It raises the possibility that the positive reviews may not be genuine.
These factors, combined with other red flags, suggest that spacemarkets.io may not be a trustworthy or reliable broker after all.
Similarly, WikiFx gives this domain a trust score of 1.67 out of 10. This blog warns investors that the platform is risky because it currently lacks valid regulation.
3. Space Market’s Unresponsive Live Chat
The so-called broker also claims to offer Live Chat for real-time communication with customer support. In reality, however, this feature is unresponsive and does not provide meaningful value.
I tested it by sending an inquiry but never received a reply. This lack of response is a major red flag, signaling that the broker is unreliable and not genuinely concerned with customer support.
The so-called Live Chat is merely a deceptive tactic designed to give the false impression of credibility and reliability when in fact, the platform is neither legitimate nor trustworthy.
Oh, and by the way, the BYDFI blog highlights poor customer support as another red flag when it comes to financial brokers.
My Final Verdict
Spacemarkets.io raises numerous red flags and is suspected to be a fraudulent trading platform.
The broker claims to be regulated by the FSCA. However, discrepancies in physical addresses between the FSCA’s online register and spacemarkets.io suggest this entity might be a clone impersonating a legitimate one.
Furthermore, the broker’s domain, spacemarkets.io, lacks verification by the FSCA, further adding to the doubts about its credibility.
Additionally, the platform’s unresponsive Live Chat signals poor customer support, undermining its credibility and reliability.
Lastly, this platform has garnered telling reviews on Trustpilot and various broker review platforms, including BrokersView and WikiFX. The Trustpilot reviews reveal mixed feedback, with suspiciously localized positive reviews. Meanwhile, negative ratings on BrokersView and WikiFx highlight risks and questionable regulatory status of this purported broker.
Given these red flags, I strongly urge investors to avoid it.
Report Space Markets Or Another Scam Incident
Have you lost money to Space Markets Interstellar Forex Trading or another dubious broker? If so, go to this page to report the incident and seek help. You may also send an email to scamread@scamreader.info.