Space Markets Review

Regulation - 9/10

What is Space Markets?

Space Markets is an FSCA regulated forex broker with FSP number FSP53183 and they operate in South Africa.

Because Space Markets is not an FSCA authorized Over-the-counter Derivative Provider (ODP) they cannot act as market makers.

Space Markets is relatively new and began operations in South Africa in 2023.

Funding & Withdrawal - 8/10

What is Space Markets Minimum Deposit in ZAR

Space Markets minimum deposit is R50 but to trade currency pairs you must have up to R100 in your account.

To trade Micro Indices & Micro Commodities you must have up to R300 in your account.

To trade Normal Indices & Normal Commodities you must have up to R600 in your account.

Accepted Funding Methods at Space Markets

Space Markets allows deposits through OZOW, AOPay, Binance, Crypto, Skrill and bank Transfer.

Space Markets Minimum Withdrawal

Space Markets has a R100 minimum withdrawal threshold so you cannot withdraw less than R100.

Space Markets Withdrawal Time

Withdrawals at Space Markets take 24 hours and they do not process withdrawals during weekends.

Range of Accounts - 7/10

1. Standard Account

This is a spread-only account type with leverage up to 1:2000.

2. Sniper Account

The Space Markets Sniper Account offers zero spread on Indices and instead charges a commission of $150 per standard lot when you trade indices.

The zero-spread on Indices is what differentiates the Sniper Account from the Standard Account, it has up to 1:1000 leverage.

3. Pro Account

The Pro Account offers near-zero spread but in return you must pay a commission of $7 per round turn, but leverage is reduced to 1:500 max.

4. Ultra-Micro Account

This is basically a beginner account where there is a restriction on trading standard lots, so you can only trade micro lot sizes. Leverage here is also watered down to 1:500 max.

5. Space 100 Account

This is a standard account that comes with a 100% deposit bonus but the leverage is limited to 1:500 max.

Account Management - 7/10

Maximum Number of Accounts Permitted

Space Markets allows you to open an infinite number of trading accounts.

Account Currency

Space Markets has ZAR Accounts as well as USD & GBP Accounts.

Margin Call & Stop Out

Space Markets margin call comes when your margin level falls to 30%, and stop out comes when your margin level falls to 30%

Online Wallet

Space Markets is currently working on implementing an online wallet which will act as a central point to hold all your deposits, from where you can perform an internal transfer to your trading accounts.

Negative Balance Protection

Space Markets offers Negative Balance Protection, ensuring that your account balance never falls below zero. If the market moves sharply against you, this feature safeguards you from owing money to the broker, giving you peace of mind during unpredictable market conditions.

Space Markets Fees - 7/10

1. Spread

Space Markets spread starts from 0.0 pips on the Sniper & Pro Accounts; and from 1.5 pips on the Standard, Micro, and 100% Bonus Account.

2. Commission

Space markets commission is of two types: a $3.5 per side commission on the Pro Account which offers low spreads on all instruments, and a $150 commission on the Sniper Account when trading Indices.

3. Overnight Fees

Space Markets charges overnight fees for CFD trades left open till the next day.

4. Withdrawal Fees

Space Markets does not charge withdrawal fees.

5. Inactivity Fees

Space Markets does not charge inactivity fees.

Range of Markets -5/10

Space Markets allows you trade CFDs on Forex, Indices, Commodities & Shares.

Trading Platforms - 4/10

Space Markets offers MT5 as the only trading platform and there is no demo account available for testing the platform.

The disadvantage of providing only one platform for trading is that if for some reason your MT5 is down, there will be no way to access your ingoing trades which can result in losses. We would expect Space Markets to build a mobile app asap.

Tools - 2/10

Space Markets is still a new broker and they lack proper trading tools, the Economic Calendar is the only tool they provide.

Customer Support - 5/10

1. Live Chat

Space Markets live chat is available 24/5 and the agents are very responsive (within 1 minute).

2. Telephone

Space markets helpline numbers are provided on their website and you can also request a call by filling out a form on the website.

3. Education

Space Markets lacks beginner education and what they provide is a blog which is not very helpful for beginners.

4. Demo Account

Space Markets does not provide demo accounts and when we spoke with their agents, they said there is no plan to introduce demo accounts in future.

Final Verdict - 6/10

Space Markets is a new forex broker in South Africa and does not provide all the features older brokers offer; for example there is no demo account & MT4.

However, Space Markets still provides the basic functions needed to open and close a trade, and this broker is best for experienced traders who already know their onions.