WikiFX Scam Alert: Beware of Trading Space!!!

Investors who are still trading forex at Trading Space had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the most important – the recent warning on August 22th against Trading Space (tradingspace.pro) issued by the Financial Conduct Authority (FCA) in the UK. You may check the warning on the screenshot below (source: https://www.fca.org.uk/news/warnings/trading-space-uk-ltd).

FCA believes that Trading Space may be providing financial services or products in the UK without its authorization. Trading Space is not authorized by FCA and is targeting people in the UK. Clients will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong!

WikiFX also paid a visit to the broker's official website to learn more. Trading Space claims that the company of the same name holds licenses from the Australian Securities and Investments Commission (ASIC) and UK Financial Conduct Authority (FCA).

This is a set of lies – as mentioned, the firm has appeared on the UK regulators blacklist. WikiFX visited the official website of the Australian regulator. Trading Space cannot be found in the database of ASIC!

Whats more, the ASIC license number 412981 claimed by Trading Space actually belongs to another company named “Oanda”!

In addition, a paragraph in the firms Terms and Conditions reveals where it really operates from - the documents state that the relevant jurisdiction is that of Saint Vincent and the Grenadines (SVG), an offshore zone that does not license or regulate brokers at all.

St. Vincent and the Grenadines is infamous among traders. It does not regulate its markets and allows any entity to set up there and do as it please. This kind of lack of oversight is why you need to watch out for offshore companies!

Trading Space promises a world-class trading platform, but actually offers the little-known Mobius software. The same platform is also used by some other fake brokers! While the platform has the basic features for placing orders, customizing charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

On the Trading Space website WikiFX also found a description of five types of trading accounts. The minimum deposit for a Basic account is 250 USD – for the same or often less you could open an account with a licensed broker. The basic account promises a spread of 3 pips. This is far more than the industry average and is a very disadvantageous level for the trader.

The maximum leverage reaches 1:200, which is further evidence that Trading Space could not really be licensed in the jurisdictions in which it claims. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US and Canada it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

On the homepage of the website WikiFX also saw the logos of popular payment methods such as Visa, MasterCard, Neteller and Skrill. But in the deposit menu, the only option is Bitcoin. Scammers prefer cryptocurrencies because these transactions are not subject to refunds.

In the Trading Space Customer Agreement, WikiFX found many unmasking fraudulent clauses. One of them states that if the account has received a bonus, it cannot withdraw money until it has met the exorbitant minimum trading volume requirements – 40 times the bonus amount plus the deposit.

Now let's search “Trading Space” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/2261510746.html), Trading Spacecurrently has suspicious regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Please note that WikiFX has already warned that the regulatory licenses of FCA and ASIC claimed by Trading Space are both suspicious clones.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in Trading Space. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!