Syos Space Review: Details Regarding This Scam Broker

It’s crucial to do your due diligence before investing your money in a broker. One broker that has recently come under scrutiny is Syos Space. Although they claim to have a stellar reputation and millions of active traders worldwide, recent warnings by financial authorities in Austria have labeled them a scam.

If you’re considering trading FX pairs, indices, shares, oil, precious metals, commodities, or crypto with Syos Space, look closely at the facts. While the website boasts about its tight spreads and other attractive features, it’s essential to understand the risks involved before making any investment decisions.

We uncover the facts in this Syos Space review, so stay tuned. 

Regulation and Fund Security at Syos Space

To start off, there has been a recent warning against Syos Space that investors should be aware of. The Financial Market Authority (FMA) in Austria has issued a notice stating that Syos Space is not authorized to conduct banking transactions that require a license. This means that the provider cannot engage in trading on its own account or on behalf of others. Investors should take note of this warning and avoid transactions with Syos Space.

Likewise, Syos Space claims to be owned and operated by Coconors and Partners LLC. Keep in mind that this company is believed to be based offshore in St. Vincent and the Grenadines. This information does not add to the credibility of the website, and investors should be cautious when considering any offers or deals from this firm. It is always important to do your research and ensure that you are dealing with legitimate providers to avoid any potential risks or losses.

Trading Software Available at Syos Space

It’s important to be aware that Syos Space’s simple web trader does not appear to be legitimate trading software. It doesn’t meet industry standards like MetaTrader 4 and MetaTrader 5, which are considered reliable trading platforms. Picking the wrong platform could result in a big scam.

On the other hand, MetaTrader 5 has gained immense popularity in the industry. It has over 10 million downloads and 403,000 reviews giving it a 4.5-star rating on Google Play. This platform is trusted and widely used by traders worldwide for obvious reasons. It offers real-time quotes, financial news, and various FX and stock charts that provide valuable insights for traders.

Moreover, MT5 allows traders to run algorithmic trading sessions with specially designed trading bots, known as Expert Advisors. You can easily customize these bots using MQL5, a proprietary scripting language that is object-oriented and high-level. 

This language is designed to write automated strategies and custom technical indicators. These are there for more control and flexibility in trading. Choosing a reputable trading platform like MT5 can be a game-changer for you. It can help you to make more informed decisions and potentially increase your profits.

Syos Space Account Types Offered

It’s important to stay alert when dealing with Syos Space, as their practices are questionable. They offer a range of trading accounts, including the following:

• Start: requires a deposit of 250 USD
• Bronze: requires a deposit of 500 USD
• Silver: requires a deposit of 1,000 USD
• Gold: requires a deposit of 5,000 USD
• Platinum: requires a deposit of 10,000 USD
• VIP: requires a deposit of 50,000 USD
• Pro: requires a deposit of 100,000 USD
• Diamond: requires a deposit of 200,000 USD

The problem with these accounts is that the deposit amounts are absurdly high. Also, the trading conditions are manipulated and unrealistic. This raises red flags and suggests Syos Space is a scam. It’s best to avoid dealing with them altogether, as they seem to be taking advantage of unsuspecting investors. In conclusion, these accounts are nothing but a plain rip-off, and investing your money in Syos Space could lead to significant losses.

Deposit and Withdrawal Methods

If you’re thinking about investing in Syos Space, be aware that the minimum deposit is 250 USD. This is quite high for a broker with such a questionable reputation. Genuine brokers, on the other hand, allow you to open a real trading account for as little as 10 USD.

Another concerning issue with Syos Space is its funding methods. Instead of safe payment options like credit/debit cards and wire transfers, they insist on crypto payments. This is because crypto payments are challenging to reverse, making it easier for this financial swindler to scam you out of your money. It’s a huge red flag and should be avoided at all costs.

When it comes to withdrawals, you shouldn’t expect successful payoffs with this con artist. Syos Space has a reputation for making it hard for customers to withdraw their funds. They may use various tactics to delay or refuse your request, leaving you with no other option but to continue investing with them. In conclusion, it’s wise to avoid this corporation as they are not trustworthy.

Understanding the Methods Used to Carry Out the Fraud

Scammy brokers use a variety of tactics to deceive their clients. One common issue you’ll see is withdrawal issues. They may make it difficult for you to withdraw your funds by using delaying tactics or imposing high withdrawal processing fees that often exceed 20% of your funds.

Another way they try to scam you is by charging hidden fees, such as profit fees, which they want you to pay in advance. This is a red flag, and you should be aware of such methods.

One of the most deceptive tactics used by scammers is the promise of unreasonable guaranteed returns. They will try to convince you that you can make massive profits with little or no risk, which is simply not true. Trading always carries risks, and no broker can guarantee your returns.

To avoid such scams, please use brokers that are regulated. This is an unwritten rule in the trading industry, and it can help protect you from falling victim to fraud. A regulated broker is monitored by a fair authority, which ensures that they operate transparently. 

Syos Space Summary

Overall, Syos Space is a scam broker that traders should avoid, by all means. The recent warning issued by the FMA in Austria regarding their unauthorized banking transactions proves this. Syos Space’s simple web trader is not a decent trading platform, and their trading accounts have absurdly high deposit amounts and manipulated trading conditions. 

The company also insists on crypto payments, making it easier to scam its clients. Withdrawal issues are common with fraudulent brokers, and it’s best to stay away from Syos Space altogether. It’s always wise to do your due diligence before investing your cash. 

FAQs