We have before us a rather interesting broker IG Space, which has offices in 5 European countries, 1.8 million clients, and 43 awards in the Forex industry. However, no supporting documents or other evidence are provided. On the website, one can find certificates and registration documents, where the legal entity IG ACCOUNTING & FINANCE LTD, based in the United Kingdom, is listed. Whether this is true or not, we have yet to find out. The company boasts an operation period since 2010, but the number of online reviews seems laughable for such extensive experience. Could it be a scam? There is a very high probability.
Table of Contents
|UK, Germany, France, Latvia, Czech Republic
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Ig-space.com
The official website of the broker is made without any unique or interesting design. Essentially, it’s just regular black text on a white background with graphic inserts of cartoonish people. That is, in terms of design and presentation, IG Space did not even try.
The structure of the site is standard, no different from other companies. The top panel allows one to get to know IG Space more closely:
- About us. Information about the firm and its activities, as well as registration documents.
- Trading. Types of accounts, platform, additional tools, and AnyDesk.
Despite the abundance of stated facts, advantages, and merits, IG Space cannot provide real evidence. Of course, such facts look impressive, but they should not be taken at face value.
In addition to English, the site supports Russian, although IG Space has no offices in this country. In the footer, one can read a warning about the risks. Overall, it is evident that the firm did not put much effort into creating its official website.
Partnership and Bonuses
Before starting to trade, the company offers a bonus on deposit top-ups amounting to 5% of the sum. Furthermore, for inviting a friend, the broker also credits a bonus to the balance. However, the referral must open a trade for the reward to be credited. The more invited partners, the higher the bonus. Unfortunately, IG Space does not disclose any details regarding the conditions of these bonus promotions.
The presence of such offers is a negative factor. More often than not, it is precisely illegal and fraudulent companies that offer numerous bonuses both for deposit replenishments and for attracting new clients.
Account Opening on Ig-space.com
For a more detailed acquaintance with the company, it is necessary to create an account. The registration procedure seems simple and should not cause any difficulties. It is enough to specify a name, contact details, country, and password. Moreover, IG Space asks to agree to the terms, but the PDF files have been removed.
After entering all the data, an email should arrive with a link to confirm the registration of the personal account. When clicked, it opens the IG Space personal account. Let’s examine it in more detail.
Users can manage their accounts, for example, open new ones. It should be noted, however, that there is no demo account, which is a serious drawback, as it is impossible to test the service without risking losing money. Also, clients can view transaction history, submit withdrawal requests, and top up their deposits.
Before starting trading, IG Space requires account verification, or in other words, uploading documents for KYC. Lastly, in the client portal, one can access the trading platform.
As mentioned earlier, the verification process is mandatory as it activates the account. In addition to this, the IG Space website has an AML&KYC policy, where one can learn in detail what it is and why it is necessary. However, the list of specific documents for KYC is strangely missing. Also, no time frames for verification processing are indicated.
- No list of required documents.
Unfortunately, it is not possible to test the functionality of the terminal on a demo account, as this option is not offered. Therefore, one can only visually determine the capabilities and functions of the IG Space platform. Judging by its appearance, it is a primitive WebTrader with limited functionality.
Traders can use pending orders, including stop-loss and take-profit, tools for technical and graphical analysis, such as lines, levels, Fibonacci, Elliott waves, and indicators. Moreover, clients have access to different timeframes from 5 seconds to 1 year.
Why IG Space chose this particular software is not clear to us. It is a low-functionality terminal, not even available on mobile phones, as no links for downloading the app from the official AppStore and Play Market stores are found. However, the firm describes its platform as the best and top-tier, with a user-friendly interface and a plethora of possibilities. All this is just words, because in reality, the terminal looks different.
|Legends Financial Company
How Can I Trade With IG Space?
For trading, various asset classes are available: forex, metals, cryptocurrencies, commodities, indices, and stocks. The trading conditions depend on the tariff chosen by the client, with the higher and better the tariff, the more instruments are available. Let’s look more closely at the types of accounts.
All Info About Accounts
IG Space offers 5 types of accounts. They differ in minimum deposit, available asset classes, spread, and commissions. There are common conditions that apply to all traders:
- Market type of execution.
- Personal manager.
- Minimum volume from 0,01 lots.
- No requotes.
The first account type starts at $250. Regarding this condition, something interesting and predictable can be noted. For some reason, companies that offer a starting deposit of $250 often turn out to be fraudulent. Will IG Space be an exception? We’ll find out more later.
By default, spreads start at 1 point, and the commission is $3.5 per 1 lot. These parameters can be reduced by opening a more expensive type of account, so the trading conditions at IG Space can be boldly described by the principle “pay more money to get better service”. Incidentally, this approach is also often found in scam organizations.
And here we have already seen several signs of an illegal broker. It is worth adding leverage of 1:200-1:500, which is a clear violation of regulatory requirements, as well as the absence of a demo and Islamic tariff. It turns out that IG Space does not look like a profitable and comfortable platform for trading.
- No requotes.
- High minimum deposit.
- The broker offers conditions similar to many fraudulent companies.
- Demo and swap-free accounts are absent.
Market Analysis and Education With Ig-space.com
Clients can attend webinars with market analysis and discussion of trading strategies. In addition, IG Space has developed a separate section with additional tools aimed at helping traders: an economic calendar, market data, currency screener and heat map, and a cryptomarket. Unfortunately, there is no detailed description of the webinars, market analytics, and training courses. It’s impossible to assess how useful they are.
Also, on the official website, there is an educational academy where topics such as options, terminology, fundamental knowledge and skills for investing, and other issues are covered.
Deposit, Withdrawal, and Fees
Information about the methods of transferring money can only be found in the personal account, although a more convenient and practical option would be to create a separate section on the website dedicated to deposits and withdrawals. IG Space supports several options for deposit:
- Cryptocurrency BTC/USDT.
- Uzbekistan, Kyrgyzstan, and Tajikistan banks.
The options for withdrawing funds are completely different:
- Visa/Mastercard, including cards of the above-mentioned banks.
- Cryptocurrency, but not only BTC and USDT, but BCH, ETH, LTC, DASH, and XRP.
Quite interesting options, especially banks from Uzbekistan, Kyrgyzstan, and Tajikistan. This gives certain hints about the region IG Space is targeting.
IG Space does not disclose information regarding commissions and processing times for requests, leaving clients in the dark.
How Can I Contact It?
Judging by the official website, the company has offices in five European countries, yet everywhere the same phone number from the United Kingdom is listed. There are two options for email, both of which are fake. The phone number at IG Space is likely also fabricated. And logically, office addresses are fake, too.
Users also have the opportunity to leave a message through a special form, but it’s not at all certain that there will be a response. The company lacks online chat and social media accounts.
- Not found.
- The emails are fake.
- Online chat and social media are absent.
Is IG Space Dangerous?
The trading conditions are very similar to those offered by fraudulent firms. Contact details turned out to be fake, and the trading platform is low-functioning and primitive. It is enough to check the duration of operation, office addresses, and licenses to definitively label IG Space as a “scam”.
How Long Does The Broker Work?
The firm claims huge achievements: nearly 2 million users, 40+ awards, and a large trading turnover. Therefore, it might seem that IG Space is an experienced and established company, but this is not the case. Firstly, these facts are false, as there is no evidence. Secondly, the domain of the official website was registered in December 2023. How could the organization operate without a website? By the way, there are not so many reviews either, which only confirms a short duration of operation.
How Is IG Space Regulated?
There is no doubt that all the listed addresses are fictitious. On the website, there is a section dedicated to regulation, containing information about a company named IG ACCOUNTING & FINANCE LTD, which supposedly manages the platform. However, its field of activity is not brokerage services, but accounting and auditing activities. Apparently, this is a completely different organization, which has no relation to IG Space. Notably, IG ACCOUNTING & FINANCE LTD is absent from the FCA register, although any British broker must obtain a license from this regulator.
The broker boasts a license from some financial commission called FINNTE. Its official website finnte.com was registered in 2018, but it was not operational until 2023. Also, this “miracle regulator” listed an email email@example.com, which does not exist. Should we conclude that the license is fake?
Frequently Asked Questions (FAQ)
How to Trade With IG Space?
Is IG Space Legit?
How Risky Is It?
The fraudsters meticulously prepared when creating their fake brokerage site. They even invented licenses from regulators that do not exist. Another scam broker who thinks they are the smartest, but no, thanks to this exposure, you know about the fraudulent nature of the platform. 1.8 million users, but without reviews on the internet, looks simply ridiculous. IG Space is covered by a completely different company to create the impression of a large and serious broker, but this is absolutely not the case. That’s why it’s important to do fact-checking, to avoid falling for scammers and foolishly losing money.