In today’s article, we are going to analyze the Syos Space broker, a textbook case of an investment scam. At a first glance, this shady brokerage firm may trick beginners with its seemingly legit website. However, detailed scrutiny reveals the disturbing truth about this forex provider.
Let’s start this Syos Space review with some quick facts. It is the trading name of Coconors and Partners LLC, an offshore company registered in Saint Vincent and the Grenadines. Neither of those two entities is authorized to provide online financial trading services but several financial authorities blacklist both. Other than that, Syos Space has nothing to offer except lies and deception. So, please continue reading this in-depth analysis to avoid being defrauded by this financial swindler.
What is more, we strongly advise you not to invest in BitAurox, XpresTrade, and Abshire Smith fraudulent brokers.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | syos-space.capital |
| Blacklisted as a Scam by: | FMA, FSMA, CNMV, FIN-FSA, CONSOB |
| Owned by: | Coconors and Partners LLC |
| Headquarters Country: | SVG |
| Foundation year: | 2022 |
| Supported Platforms: | Web trader |
| Minimum Deposit: | 250 USD |
| Cryptocurrencies: | Yes (Bitcoin, Ripple, Litecoin) |
| Types of Assets: | forex, indices, stocks, commodities, crypto |
| Maximum Leverage: | 1:100 |
| Free Demo Account: | No |
| Accepts US clients: | No |
| Site Grid: | N/A |
Syos Space Is a Fraudulent Broker?
Shortly, yes, and here is why. First, it operates unlicensed and unregulated, which is illegal per se. Besides that, this indicates that no one controls and monitors its actions, meaning that Syos Space can be involved in fraudulent trading activities without consequences. Likewise, numerous watchdogs issued a warning against Syos Space and its holding company, Coconors, and Partners.
Syos Space is an unlicensed and unregulated broker behind online trading scams. Even though its website appears legit at first sight, it is warned against by several foremost financial authorities. Other than that, its terms of exchange are inauspicious and based on falsehoods.
Why Is Trading On a Licensed Broker’s Platform Preferable?
In contrast to trading with an unauthorized broker, a licensed brokerage company offers many advantages. Before anything else is the security of funds, ensured by strict regulations. For instance, the most reliable forex providers are those certified by the British FCA, German BaFin, and Australian ASIC. They are safe because they mitigate risks arising from trading by implementing negative balance protection and segregated accounts. On top of this, they cooperate with tier-one banking institutions and cover traders against adverse events (e.g., bankruptcy) with indemnification programs run by supervisory bodies. For example, FCA compensates up to 85,000 GBP.
Fraud Warnings From Financial Regulators
As mentioned, the list of supervisory authorities that warn against Syos Space is long, including the following ones.
- FMA (Financial Market Authority) regulates forex brokers in Austria.
- FSMA (Financial Services and Markets Authority) is a Belgian financial regulator.
- FIN-FSA (Finish Financial Supervisory Authority) controls financial markets in Finland.
- CONSOB (Commissione Nazionale per le Società e la Borsa) is the government agency supervising the Italian securities market.
- CNMV (Comisión Nacional del Mercado de Valores) is responsible for regulating foreign exchange markets in Spain.
So many alerts are more than enough grounds for keeping away from this fraudulent broker.
What Platforms Does Syos Space Offer? – Available Trade Software
The Syos Space trading platform is as good as this unscrupulous broker. This means that its web trader can’t deliver what is promised, i.e., successful results. The web trader is nowhere near enough advanced programs like MetaTrader 4, MetaTrader 5, Sirix, and cTrader. They enable profitable and safe trading thanks to the ease of use and cutting-edge tools (stop loss, expert advisors, copy trading, technical indicators, market analysis, etc.).
Trading From The Browser
Regarding the usefulness of the web trader, it has limited functionality since it is available only as an internet-based trading platform. In other words, if you use PCs or smartphones, you are restricted to trading from the browser. Unlike this, modern software (MT4, MT5) is versatile, and as such, it is accessible from different devices. For instance, it can be downloaded as a desktop or mobile trading app, fitting the needs of every user.
Negative Balance Protection
As pointed out, negative balance protection is applied to minimize inherent trading risk; that is to say, it prevents traders from losing more money than they invest. This valuable risk management tool is utilized only by legitimate brokers. By contrast, scam brokers like Syos Space don’t offer negative balance protection because it goes against their end goal. They don’t care about your financial safety but want to rip you off.
Arbitrage Bot – Automatic Trading
Syos Space allegedly offers an arbitrage bot, trading software enabling automated trading. This computer program gathers, analyses, and produces market information allowing better decisions and profitable trading. Although this program is a powerful tool, it is not available at Syos Space. For this feature and other benefits, we recommend opting for credible brokerage firms.
Syos Space – Countries Of Service
According to the Syos Space website, which is multilingual, it can be concluded that this bogus brokerage firm operates globally, focussing on scamming traders from
- Italy
- Poland
- Germany
- Czechia.
Not only that Syos Space isn’t authorized to provide services in these markets, but it is blacklisted by some of the supervisory agencies in respective countries. So, if you are based in any of the foregoing countries, pick brokers licensed under CONSOB/Italy, KNF/Poland, BaFin/Germany, and CNB/Czech R. Lastly, please ignore Syos Space reviews that are fabricated to lure traders.
Syos Space Trade Range of Trading Markets
When it comes to trading instruments, Syos Space reportedly provides access to the following markets.
- Forex: EUR/GBP, USD/JPY, AUD/CAD;
- Indices: DAX30, FTSE100, S&P500;
- Stocks: Google, Apple, Microsoft;
- Commodities: metals (gold, silver, copper), energies (natural gas, crude oil, electricity), and agricultural products (coffee, corn, wheat);
- Crypto: Bitcoin, Ethereum, Tether.
Since it is a blatant scam, please ignore this offer. Therefore, we advise investing with multi-asset brokers certified and regulated by a respective financial market regulator.
What Do We Know About Syos Space Account Types?
Speaking of trading accounts, Syos Space offers quite a lot of trading accounts, including the following ones.
- Start: 250 USD deposit
- Bronze: 500 USD deposit
- Silver: 1,000 USD deposit
- Gold: 5,000 USD deposit
- Platinum: 10,000 USD deposit
- VIP: 50,000 USD deposit
- Pro: 100,000 USD deposit
- Diamond: 200,000 USD deposit.
Besides unreasonably high sums, these options come with manipulated and unrealistic trading conditions. All in all, this is a plain rip-off.
Details About Leverage and Spreads
With reference to trading conditions, Syos Space provides obscure information. From what is known, it can be concluded that its maximum leverage ratio is 1:100 as opposed to 1:30 (EU and UK) and 1:50 (US and Canada). Undoubtedly, leverage is adequate for making profits. In this case, it means that on one dollar your gain is one hundred. Anyhow, be aware of leverage since it is also risky. That is why it is restricted for retail traders in certain jurisdictions. As for other terms, such as spreads and trading fees, this shady brokerage firm is not transparent about it.
Minimum Deposit, Withdrawal Terms, and Fees
As regards the minimum deposit, it is set at 250 USD at Syos Space. This is too much, considering the status of this broker scam. In contrast, you can open a real trading account with a genuine broker for as low as 10 USD. Also, funding methods accepted by Syos Space are as safe as this financial swindler. Instead of secure payment methods like credit/debit cards and bank transfers, this fraudster insists on crypto payments because they are challenging for a chargeback (more about this in the following heading). Concerning withdrawals, don’t expect successful payoffs with this con artist.
What Bonuses Does Syos Space Broker Offer?
Commonly for fraudsters is the offer of bonuses. In the same way, Syos Space trading includes various bonuses such as a welcome bonus (from 10% to 30%) and a referral program that allegedly rewards you (cash) for inviting others to trade with this phony broker. Anyway, keep in mind that promotions always have unreasonable prerequisites in place to prevent you from redeeming them. In addition, since bonuses are mishandled, many financial regulators have prohibited them.
Was scammed by Syos Space Broker? – Let Us Hear Your Story
In case you have been defrauded by the Syos Space scam, we recommend notifying the relevant authorities. Also, don’t forget to leave negative reviews to help others avoid this fraud. Lastly, you can apply for cashback, which depends on the means of payment. In relation to this, continue reading.
But What Is A Chargeback?
For victims of this online trading scam, it is essential to act fast in order to retrieve funds. Your course of action is determined by the form of payment. For instance, you have 540 days to apply for a refund with VISA and Mastercard, while for bank transactions, you can cancel a transfer only if not approved. So, be careful. Most issues you will have with crypto payments are due to their anonymity and irreversibility.
Nevertheless, our chargeback specialists can reverse even crypto wallets. Therefore, get in touch with us today. Finally, think twice before investing your hard-earned money.
FAQs About Syos Space
What Is Syos Space?
Syos Space is an illegal broker that operates without licenses and regulations, providing unprofessional and unsafe services.
Is Syos Space a Scam Broker?
Yes, Syos Space is a scam broker exposed by several major financial authorities.
Is Syos Space Available in the United States or the UK?
No, Syos Space is not available in the US but is in the UK; anyhow, it is an obvious scam that should be avoided by all means.
Does Syos Space Offer a Demo Account?
No, Syos Space doesn’t offer a demo account; remember, a broker scam rarely provides this option.
