Wikilix
Contract reading

What SPACE MARKETS legally published, but does not want you to read

Every clause below is published by SPACE MARKETS itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Space Markets (Pty) Ltd

sole discretionprofit voidingcounterparty riskhidden feeunilateral amendmentdeemed acceptanceforum waiveroffshore entitywithdrawalsbonus lock

Space Markets can take 15% of your deposit to give it back if you never placed a trade it counts. An account left alone for 2 months turns dormant, loses $10 a month, and once the balance reaches $10 you give it up. Every withdrawal runs on a policy the contract names and the website never publishes. The account page advertises 1:2000 leverage; the contract grants 1:200.

Back to SPACE MARKETS

Contract risk

Money at risk
8.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
16
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
8
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 16 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical8
Warning7
Notice1

section 35 of 41is where the deepest clause sits, 85% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical15%Fee on an unused account. Jump to the clause this comes from.Withdrawing an untraded deposit costs 15%Critical10Profit at risk. Jump to the clause this comes from.Ten minutes decides whether a trade is bannedCritical24Time to complain. Jump to the clause this comes from.Twenty four hours to challenge a statement error200In the contract. Jump to the clause this comes from.Account page advertises ten times the contract leverage

What the documents say

16 clauses worth knowing about, worst first, each quoted from SPACE MARKETS's own files

01

Deposit money and ask for it back without placing a trade Space Markets counts, and it can take 15% of that deposit on the way out. Clause 9.5 sets the charge. Clause 9.3 treats a deposit as inactive unless you place a qualifying trade or put at least 30% of the money up as margin.

In plain words

Dormancy means an account left unused.

Why this matters

You can lose 15% of your own money without ever taking a market position. Nothing in the contract caps this charge or warns you before it lands on your withdrawal.

Exhibit 1CriticalRarely seen15%

The imposition of the Inactive Fee shall be applied to a withdrawal made by the Client at an amount equal to 15% (fifteen per cent) of the value of the deposited funds.
Clause 9.5 in FSP CLIENT AGREEMENT, p.16
Read from the broker's site on Open the reference

Where it sits: section 21 of 41 in the FSP CLIENT AGREEMENT, 51% of the way through.

What it costsYou deposit $1,000, place no qualifying trade, and ask for it back. Space Markets can keep $150 and return $850.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must tell a retail client all costs and charges before that client trades. This charge sits at clause 9.5 of a 34 page agreement and on no page of the website that discusses money.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingBrokers commonly charge for dormancy after months of silence. A percentage charge on returning a client's own deposit, triggered by not trading it, works as a penalty for changing your mind, and 15% is far above any processing cost.

  • Worse together with Exhibit 7A trade under 10 minutes is banned as scalping and a deposit with no trade costs 15%, so the two clauses close in from both sides.
  • Worse together with Exhibit 2One clause charges you for not trading a deposit and the other charges you monthly for the quiet account that results.
02

Leave your account alone for 2 months, with no trade, no deposit and no withdrawal, and clause 9.2 treats it as dormant. Space Markets then takes $10 from your balance every month. Once the balance sits at $10 or below, clause 9.2.2 closes the account and you give up what is left.

Why this matters

A small account empties itself and then disappears. Deposit $60, stop trading for a year, and the monthly charge leaves you nothing to claim.

Exhibit 2CriticalRarely seen$10

any Trading Account in which the Client has not performed any Trading activity, which includes a failure to make any deposits to and/or withdrawals from such Trading Account, for a period of 2 (two) months or longer, shall be treated as dormant
Clause 9.2 in FSP CLIENT AGREEMENT, p.15
Read from the broker's site on Open the reference

Where it sits: section 20 of 41 in the FSP CLIENT AGREEMENT, 49% of the way through.

What it costsYou leave $100 untouched. The charges begin after 2 months, and nine months later the balance is at $10 and Space Markets can close the account and keep it.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must keep retail client money separate and available to return, and must follow a defined process before treating an unclaimed balance as their own. This contract lets Space Markets close the account and keep the balance once it falls to $10.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingMost agreements wait six to twelve months before calling an account dormant. Two months is short enough to catch an ordinary holiday, and saying you forfeit all right and entitlement to the balance goes further than a charge that stops at zero.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After 2 monthsNo trade, deposit or withdrawal for two months makes the account dormant.9.2
Every month after thatSpace Markets takes $10 from the balance for each month the account stays dormant.9.2.1
Balance at or under $10Space Markets closes or archives the account and you give up the remaining balance.9.2.2
03

Space Markets sends every withdrawal, cancellation and refund through a document it calls the Withdrawals and Refunds Policy, and clause 10.1 makes that policy the only rule. The legal page publishes eight documents and this is not one of them, so you agree to withdrawal terms you cannot read.

Why this matters

You cannot find out how long a payout takes, what can stop it, or what it costs. Clause 2.1.52 also says the policy applies as amended from time to time, so Space Markets can change those rules without showing you either version.

Exhibit 3CriticalHarder than usual

All requests made by the Client pertaining to withdrawals, cancellations, and refunds shall be submitted, handled and processed in accordance with the Space Markets Withdrawals and Refunds Policy.
Clause 10.1 in FSP CLIENT AGREEMENT, p.16
Read from the broker's site on Open the reference

Where it sits: section 21 of 41 in the FSP CLIENT AGREEMENT, 51% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the terms that govern their money before they are bound by them. Here the only withdrawal terms sit in a policy the contract names and the website does not carry.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 9The rules for getting your money out are unpublished, and the policy for complaining about that is written as one Space Markets may or may not have.
04

Clause 19.1.3 bans the use of automated Expert Advisors, or any Expert Advisors. Every account on the Space Markets account page runs on MetaTrader 5, and Expert Advisors are that platform's built in automation. Clause 19.2 lets Space Markets treat the results as void and cancel, close and unwind them.

Why this matters

Run any script or robot on the platform you were given and Space Markets can wipe out the trades it produced. Clause 11.12 lets it close your account with immediate effect and no notice on nothing more than a belief that you used a plug-in.

Exhibit 5CriticalRarely seen

The use of automated Expert Advisors, or any Expert Advisors;
Clause 19.1.3 in FSP CLIENT AGREEMENT, p.28
Read from the broker's site on Open the reference

Buried at section 35 of 41 in the FSP CLIENT AGREEMENT, 85% of the way through.

Our readingBrokers routinely ban a specific abuse such as latency arbitrage. Banning Expert Advisors outright, on a platform whose main feature is Expert Advisors, bans an ordinary tool rather than a specific abuse, and the ban carries no definition of harm.

  • Worse together with Exhibit 7The banned list catches both the tool most MT5 traders use and any trade held under 10 minutes, and either one is a material breach.
05

The account page sells a Synthetics account beside the others. Clause 1.7 says those instruments are unregulated under the FAIS Act, are not Financial Products, and that you contract directly with the supplier. That supplier is Primus Markets INTL Ltd of Vanuatu, and clause 29.1 of its terms picks the law of Vanuatu.

Why this matters

Trade Synthetics and your money leaves the reach of the FSCA licence that brought you in. The FAIS Ombud route in clause 17.3 covers Space Markets, not a Vanuatu company, so a dispute goes to private arbitration instead.

Exhibit 6CriticalRarely seen

that the Synthetic Instruments are novel, technical instruments and unregulated under the FAIS Act; that the Synthetic Instruments are not Financial Products; and, that the Client contracts directly with the Supplier of the Synthetic Instruments.
Clause 1.7 in FSP CLIENT AGREEMENT, p.4
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), FSCA (South Africa)

Firms licensed by the FCA and CySEC must make clear which entity a retail client contracts with and which protections apply before that client trades. Here the answer is in clause 1.7 of one agreement and clause 1.1.1 of a separate Vanuatu contract.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingAn FSCA licensed intermediary passing clients to an unlicensed offshore supplier, for a product sold on the same page as the regulated ones, puts two legal regimes behind one account menu.

  • Only applies after Exhibit 11Vanuatu law governs a product whose prices come from the same company you are betting against.
06

The account types page tells you the maximum leverage is 1:2000 on balances under $1,000. Clause 13.2 says up to 1:200 may be made available, and anything above that is granted only if you ask and Space Markets approves. The annexure lists the higher ratios and then says listing one is not an entitlement.

Why this matters

You may size your first positions around leverage you were shown and do not have. Clause 13.1 also lets Space Markets cut your leverage at any time with or without notice, which can force a margin call on positions you already hold.

Exhibit 4WarningHarder than usual200

Leverage of up to 1:200 may be made available to Clients subject to Space Markets’ internal risk, operational and compliance criteria. Any Leverage in excess of 1:200 is not automatically available and may only be granted upon the Client’s request, subject to further assessment and approval by Space Markets in its discretion.
Clause 13.2 in FSP CLIENT AGREEMENT, p.21
Read from the broker's site on Open the reference

Buried at section 26 of 41 in the FSP CLIENT AGREEMENT, 63% of the way through.

Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA and under ESMA rules cannot offer a retail client more than 30:1 on major currency pairs. Space Markets is not bound by those caps, and its own contract grants 1:200 by default while its account page shows 1:2000.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 13High advertised leverage sits above clauses that make any negative balance a debt you owe.

You get one day to challenge a statement, and no published way to complain

Clause 22.2.1 of the ODP agreement gives you 24 hours from delivery to report an error in your statement, and a missed report falls inside the firm's exclusion of liability. Clause 17.1 of the Space Markets agreement describes a Complaints Policy the firm has or may set out, and no such policy is published. Clause 17.2.1 lets Space Markets close your open trades while a dispute runs.

Closing the door2 clauses flagged

You get 24 hours from delivery to report any error in your account statement. Clause 22.2.1 of the ODP agreement puts a missed report inside FlareX's exclusion of liability, and clause 18.2.1 of the Synthetics terms says the same for FXPrimus. The clock runs from delivery, not from the day you look.

Why this matters

Miss one day and a wrong figure becomes final. A statement that arrives on Friday evening can be beyond challenge before you open it on Monday.

Exhibit 8CriticalHarder than usual24

Failure of the ODP Client to report, within 24 (twenty-four) hours from delivery thereof, any error in the ODP Client statements;
Clause 22.2.1 in ODP CLIENT AGREEMENT, p.13
Read from the broker's site on Open the reference

Buried at section 12 of 20 in the ODP CLIENT AGREEMENT, 60% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client a complaints process with weeks to bring a problem, and must handle it within a published time. These clauses shut the door on a statement error after one day.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Clause 17.1 says Space Markets has or may set out a formal Complaints Policy on its Website. No such policy is on the legal page. Clause 17.3 still makes you finish that process before you may go to the FAIS Ombud, and clause 17.2.1 lets Space Markets close out your open trades while the dispute runs.

Why this matters

You have to complete a procedure that may never have been written before you can reach the Ombud. Meanwhile Space Markets can shut your positions to cap the size of its own dispute and refuse any instruction except closing.

Exhibit 9CriticalRarely seen

Space Markets has or may set out a formal ‘Complaints Policy” on its Website for the Client to lodge any complaints.
Clause 17.1 in FSP CLIENT AGREEMENT, p.25
Read from the broker's site on Open the reference

Buried at section 32 of 41 in the FSP CLIENT AGREEMENT, 78% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must publish a complaints procedure and tell retail clients how to reach the independent scheme. Space Markets names the FAIS Ombud and leaves the internal step it makes you take first unwritten.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingComplaint clauses point at a real published procedure. Drafting one as a policy the firm has or may set out leaves the first step of your only route to the Ombud undefined, while the same clause lets the firm act on your positions.

Two rules can turn your completed trades into nothing

Clause 19.1.3 of the Space Markets agreement bans any Expert Advisor, the built in automation of the MetaTrader 5 platform every advertised account uses. Clause 2.1.44 bans any trade closed inside 10 minutes as scalping. Clause 19.2 then lets Space Markets treat the results as void and cancel, close and unwind them.

Voidable trades1 clause flagged

The contract measures your trades against one number. Clause 2.1.44 calls any trade you enter and exit inside 10 minutes scalping, which clause 19.1.1 bans. Clause 2.1.40 counts a trade as qualifying only if you hold it at least 10 minutes. Break the ban and clause 19.2 lets Space Markets void the result.

Why this matters

You have no safe short trade. Close inside 10 minutes and Space Markets can cancel it and unwind your profit, and clause 18.4 gives you no refund of fees if it ends the agreement for your breach.

Exhibit 7CriticalHarder than usual10

“Scalping” means the Prohibited Trading Practice where a Client enters and exits a Trade or position for a period of less than 10 minutes during Active Trading times;
Clause 2.1.44 in FSP CLIENT AGREEMENT, p.8
Read from the broker's site on Open the reference

Buried at section 35 of 41 in the FSP CLIENT AGREEMENT, 85% of the way through.

The fee schedule in the contract contains no fees

Annexure A of the Space Markets agreement is titled a schedule of commissions and service fees, and it says the fees can be found on the Website. Clause 9.1.1 lets the firm update them without prior notice to you, and clause 9.7 puts the duty to check on you.

Cost disclosure1 clause flagged

Annexure A is the schedule of commissions and service fees, and it says the fees can be found on the Website. Clause 9.1.1 lets Space Markets update them from time to time without prior notice to you, and clause 9.2.3 says the same for the dormancy penalties.

Why this matters

No price you agree to is fixed. Space Markets can change what it charges you without telling you, and clause 9.7 puts the duty to check the website on you.

Exhibit 12WarningHarder than usual

such commissions and/or service fees established and charged by Space Markets as provided in “Annexure A” hereto, which may be updated from time to time without prior notice to the Client; and,
Clause 9.1.1 in FSP CLIENT AGREEMENT, p.15
Read from the broker's site on Open the reference

Where it sits: section 20 of 41 in the FSP CLIENT AGREEMENT, 49% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the costs and charges before they trade and tell them when those change. This contract states no figure and reserves the right to change the figures without notice.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

A 100% bonus, and no bonus terms to read

The Space Markets account types page offers a Space 100 account with a 100% bonus. No bonus terms appear among the eight documents on the legal page. All three agreements list bonus arbitrage as a prohibited practice, defined in clause 2.1.11 as using bonuses to create artificial turnover or risk-free profits.

Promotion without rules1 clause flagged

The account types page offers a Space 100 account with a 100% bonus. No bonus terms are published on the legal page. All three agreements list bonus arbitrage as a prohibited practice, and clause 2.1.11 defines it as using promotional credits or bonuses to create artificial turnover or risk-free profits.

Why this matters

You take a bonus with no published rules on what you must do to keep it. If Space Markets later reads your trading as turnover built on that bonus, clause 19.2 lets it void the results. The definition does require artificial turnover or risk-free profit, so ordinary trading should sit outside it.

Exhibit 14WarningHarder than usual100%

“Bonus Arbitrage / Wash Trading” means use of promotional credits, bonuses, or coordinated accounts to create artificial turnover or risk-free profits;
Clause 2.1.11 in FSP CLIENT AGREEMENT, p.5
Read from the broker's site on Open the reference

A loss can go past your balance and become a bill

Clause 24.1 of the ODP agreement makes any negative balance from abnormal market conditions payable by you to FlareX. Clause 20.1 of the Synthetics terms says the same for FXPrimus. Neither contract offers negative balance protection, which the account page pairs with leverage of up to 1:2000.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Downside without a floor1 clause flagged

If the market moves against you hard enough to take the account below zero, that shortfall is yours to pay. Clause 24.1 of the ODP agreement makes a negative balance from abnormal market conditions payable by you to FlareX, and clause 20.1 of the Synthetics terms says the same for FXPrimus.

Why this matters

You can end up owing money you never deposited. A gap in a fast market can leave you invoiced for the shortfall on top of losing your balance.

Exhibit 13WarningHarder than usual

Any negative balance in the Trading Account arising from or the occurrence of Abnormal Market Conditions shall be for the account of the ODP Client and will be payable by the ODP Client to FlareX upon delivery of a Trading Account statement, indicating such negative balance.
Clause 24.1 in ODP CLIENT AGREEMENT, p.15
Read from the broker's site on Open the reference

Buried at section 14 of 20 in the ODP CLIENT AGREEMENT, 70% of the way through.

Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA and under ESMA rules must give retail CFD clients negative balance protection, so a client cannot lose more than the money in the account. Neither of these contracts offers it.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The firm on the other side of your trade is paid from your losses

Clause 11.1.5 of the ODP agreement states that revenue is derived from client net losses. Space Markets discloses in its FAIS Disclosures that more than 30% of its total revenue comes from that same counterparty. For Synthetics, clause 2.1.8 says the counterparty generates the prices with a random number generator.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Who pays whom2 clauses flagged

The company on the other side of your CFD trades is FlareX FX (Pty) Ltd, and clause 11.1.5 of its agreement says its revenue comes from your net losses. Space Markets states in its own FAIS Disclosures that it takes more than 30% of its total revenue from Flare FX (Pty) Ltd.

In plain words

Remuneration means payments it receives.

Why this matters

The firm that introduced you and the firm taking the other side of your trade are both paid when you lose. That shapes the leverage you are offered and the trading the contract bans.

Exhibit 10WarningStandard wording30%

For the avoidance of any doubt, revenue is derived from the ODP Client’s net losses in terms of FlareX’s prevailing license conditions.
Clause 11.1.5 in ODP CLIENT AGREEMENT, p.9
Read from the broker's site on Open the reference

Where it sits: section 8 of 20 in the ODP CLIENT AGREEMENT, 40% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must identify a conflict of interest, manage it, and disclose it to the client before providing the service. Space Markets discloses the revenue share in its FAIS Disclosures, and its own conflict of interest policy never names it.

SPACE MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The Synthetics you can trade track nothing real. Clause 2.1.8 says FXPrimus creates and owns them, that they run on random number generation, and that a random number generator updates their prices about once a second. Clause 2.1.16 names the same company as your counterparty.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

The company that pays out when you win also produces the price that decides whether you won. Clause 5.1 lets it change spreads, margin, leverage and swap rates at its sole discretion with no notice to you.

Exhibit 11WarningRarely seen

“Synthetics” means the synthetic, artificial, simulated, technological instruments created, developed, owned and offered by FXPrimus; which are based on random number generation and may simulate market behaviour of real instruments but are not linked to or derived from any underlying asset, financial or otherwise; available 24 hours a day, and having their prices updated approximately once per second by the FXPrimus’ random number generator.
Clause 2.1.8 in SYNTHETICS TERMS AND CONDITIONS, p.2
Read from the broker's site on Open the reference

Our readingA market maker quoting a real asset can be checked against an outside price. A synthetic instrument generated by the counterparty has no external reference, so nothing outside that company can confirm a price was correct.

The site and the contract give different registration numbers

Every page footer on spacemarkets.io gives registration number 2023 / 651612 / 07. The FSP Client Agreement at clause 2.1.42 and the current FAIS Disclosures both give 2018/079334/07. An older FAIS Disclosures document is still live on the site with the footer's number and a different counterparty, RocketX (Pty) Ltd.

Who you sign with2 clauses flagged

The footer of every page says Space Markets is registered as 2023 / 651612 / 07. The client agreement and the current FAIS Disclosures both say 2018/079334/07. An older FAIS Disclosures document is still downloadable from the site, and it carries the footer's number and names a different counterparty, RocketX (Pty) Ltd, instead of Flare FX.

In plain words

Supersedes means beats: where two documents disagree, that one wins.

Why this matters

You cannot tell from the website which registered company you are contracting with. Two versions of the same disclosure are live at once, and they name different counterparties holding your trades.

Exhibit 15WarningRarely seen

Registration Number 2018/079334/07
Clause 2 in FAIS DISCLOSURES, p.2
Read from the broker's site on Open the reference

Our readingSuperseded disclosure documents are normally taken down. Leaving an old one live, naming a different counterparty and a different registration number, means the site answers the same basic question two ways depending on which link you follow.

Clause 2.1.4 makes the Order Execution Policy and all Risk Disclosures part of your agreement. Clause 7.17 says you confirm you have read the Risk Disclosure Policy on the Website. Neither document is on the legal page, which lists eight files and none of these.

Why this matters

You confirm you read documents that Space Markets has not published. How your orders are executed, and what risks you accepted, are set by text you cannot see.

Exhibit 16NoticeHarder than usual

“Agreement” means this document, together with all annexures and appendices to this document, if any, including without limitation the Application Form, Order Execution Policy, all Risk Disclosures and any other policies as amended from time to time and located on the Website;
Clause 2.1.4 in FSP CLIENT AGREEMENT, p.4
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page promising effortless withdrawals is governed by a withdrawals policy Space Markets does not publish.

Said in public, in English

Experience hassle-free withdrawals like never before. We understand the importance of swift and effortless access to your funds.

Withdrawals page, opening paragraph

In the contract · clause 10.1

All requests made by the Client pertaining to withdrawals, cancellations, and refunds shall be submitted, handled and processed in accordance with the Space Markets Withdrawals and Refunds Policy.

02

The account page presents 1:2000 as your maximum while the contract grants 1:200 and makes anything higher a request Space Markets can refuse.

Said in public, in English

Max leverage per balance/equity: 0-$1k (1:2000), $1001-$2k (1:1000), $2001-$5k (1:500), $5k+ (1:300)

Account Types page, line above the account table

In the contract · clause 13.2

Leverage of up to 1:200 may be made available to Clients subject to Space Markets’ internal risk, operational and compliance criteria. Any Leverage in excess of 1:200 is not automatically available and may only be granted upon the Client’s request, subject to further assessment and approval by Space Markets in its discretion.

03

The FAQ puts deposit and withdrawal fees on payment providers, while the 15% withdrawal charge and the $10 monthly dormancy fee are charged by Space Markets itself.

Said in public, in English

Whilst we do not directly charge any commissions on most of our accounts (please review account types for more in-depth information related to the commissions involved with each account type), the use of particular payment service providers for deposits and withdrawals may attract fees.

FAQ, answer to "Are there any fees associated with forex trading?"

In the contract · clause 9.5

The imposition of the Inactive Fee shall be applied to a withdrawal made by the Client at an amount equal to 15% (fifteen per cent) of the value of the deposited funds.

04

The FSCA licence is offered as the reason to trust the broker, while one advertised product line sits outside the FAIS Act with a Vanuatu company as counterparty.

Said in public, in English

Space Markets (Pty) Ltd is an obvious choice as an FSCA regulated broker with the highest compliance standards in place to ensure equitable and legal trading conditions for all our traders.

FAQ, answer to "Is forex trading regulated?"

In the contract · clause 1.7

that the Synthetic Instruments are novel, technical instruments and unregulated under the FAIS Act; that the Synthetic Instruments are not Financial Products; and, that the Client contracts directly with the Supplier of the Synthetic Instruments.

05

The site footer gives one registration number for Space Markets and its own current FAIS Disclosures give another.

Said in public, in English

Space Markets (Pty) Ltd is incorporated in South Africa with registration number 2023 / 651612 / 07

Footer, LEGAL AND REGULATION block, on every page of the site

In the contract · clause 2

Registration Number 2018/079334/07

06

The legal page promises full visibility into pricing above a contract whose fee schedule states no figures and can change without notice.

Said in public, in English

Our commitment to transparency means that clients have full visibility into their transactions, pricing, and account activities.

Legal Documents page, introduction

In the contract · clause 9.1.1

such commissions and/or service fees established and charged by Space Markets as provided in “Annexure A” hereto, which may be updated from time to time without prior notice to the Client; and,

What changed quietly

First reading of Space Markets, so there is nothing yet to compare it with.

  • REWRITTENClause 3

    The company taking the other side of client trades changed from RocketX to Flare FX, and both disclosures are still downloadable from the site.

    Flare FX (Pty) Ltd. FSCA authorised Over-the-Counter Derivative Provider.

  • REWRITTENClause 2

    The registration number given for Space Markets changed, and the website footer still shows the old one.

    Registration Number 2018/079334/07

  • REWRITTENClause 4

    The older disclosure listed pension funds, shares, bonds and collective investment schemes among the licensed products, and the current one lists only derivative instruments and short and long term deposits.

    Space Markets is an authorized Category 1 FSP and is authorized to provide intermediary services regarding the following financial products:

The documents this reading is based on

8 files, all published by SPACE MARKETS. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording SPACE MARKETS publishes.

How this reading was done

Every clause above was read out of a document SPACE MARKETS publishes itself

This reading was published on .

Documents
6 of 8downloaded from the broker's site of the 12 we found, and 6 read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
4earlier versions downloaded
Marketing pages
9public pages set against what the contract says
Position measured
11clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Space Markets (Pty) Ltd

Opening one account puts you into three contracts with three companies. Space Markets (Pty) Ltd, FSP 53183, is the intermediary only, and clause 1.2 says it acts execution-only with no advice. The company on the other side of your CFD trades is FlareX FX (Pty) Ltd under a separate agreement. Synthetics come from Primus Markets INTL Ltd of Vanuatu, and clause 1.7 says you contract directly with that supplier. The registration number does not settle cleanly. The client agreement and the current FAIS Disclosures both say 2018/079334/07. Every page footer on spacemarkets.io says 2023 / 651612 / 07, the number in the older FAIS Disclosures still hosted on the site.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Space Markets writes down things most brokers hide. Clause 11.1.5 of the ODP agreement says the counterparty's revenue comes from client net losses. Clause 2.1.8 of the Synthetics terms admits the product runs on a random number generator and tracks no real asset. The FAIS Disclosures name the counterparty and state that Space Markets takes more than 30% of its revenue from it. Clause 12.8 commits to segregated client money in plain words. The leverage annexure says openly that listing a ratio is not an entitlement. Every page footer states that scalping is not permitted. The legal page is one plain list of direct PDF links with no login.

We did not open the PAIA manual. We checked only the headings of the Referral Agreement and searched it for payment terms, so treat it as partly read. Four documents that the FSP Client Agreement makes part of your contract are not on the legal page: the Order Execution Policy, the Risk Disclosure Policy, the Withdrawals and Refunds Policy and the Complaints Policy. We looked for all four and found none. We found no earlier copies of the two client agreements, so we cannot say what the six earlier versions of the FSP agreement said. An older set of four policies is still live at a second address on the same site. We read the older FAIS Disclosures in full, read part of the older conflict of interest policy, and did not open the older PAIA manual or privacy policy. The account types page and the FAQ only appear in a browser, and we read them there.

How to check any of this yourself

Every quote above links to the SPACE MARKETS file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document SPACE MARKETS publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge SPACE MARKETS on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Aug 22, 2026.

If you represent SPACE MARKETS and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on SPACE MARKETS. Whether its licence is real and current is a separate check on the broker profile.

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