Overview of Tomni Space
Tomni Space, a Chinese brokerage operating for 2-5 years, has raised concerns due to its unregulated status and inclusion on WikiFX's Scam Brokers list. Its main website is currently inaccessible, contributing to a lack of crucial information. The platform's questionable practices involve a deceptive Ponzi Scheme, utilizing new members' funds to compensate earlier participants, resembling a concealed pyramid scheme. This underscores the importance of recognizing the absence of valid regulation and potential risks involved.
Despite its dubious reputation, Tomni Space offers a range of trading instruments, including forex, cryptocurrency, commodities like gold and oil, indices, and individual stocks from various industries. The broker provides different account tiers, each with varying minimum deposits and spreads. Leverage reaches up to 1:500 for forex trading, while spreads and commissions vary across asset classes.
Tomni Space presents both a web-based platform tailored for seasoned traders, offering comprehensive analysis tools, and a mobile app prioritizing accessibility for casual traders. However, concerns arise regarding the absence of visible customer support, leaving traders potentially without assistance. In conclusion, while Tomni Space provides trading opportunities across multiple instruments, its unregulated status and questionable practices warrant caution and thorough consideration before engagement.
Pros and Cons
Is Tomni Space Legit？
Tomni Space is an unregulated broker with expired licenses, listed on WikiFX's Scam Brokers list, operating a deceptive Ponzi Scheme that preys on individuals' financial ambitions. This platform misuses funds from new members to pay earlier participants, resembling a concealed pyramid scheme, and is known for disappearing within a few years. It's vital to recognize that this broker lacks valid regulation, highlighting the potential risks involved.
Market Instruments
FOREX TRADING: Tomni Space provides access to forex trading, allowing investors to speculate on the fluctuations in currency exchange rates. Major currency pairs like EUR/USD, GBP/USD, and USD/JPY are available for trading, enabling participants to engage in global currency markets.
CRYPTOCURRENCIES: The platform supports cryptocurrency trading, enabling users to trade popular digital assets such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Traders can capitalize on the price movements of these volatile cryptocurrencies.
COMMODITIES: Tomni Space offers trading opportunities in commodities, allowing investors to speculate on the price changes of assets like gold, silver, and oil. These tangible goods can diversify a trading portfolio.
INDICES: Indices trading is facilitated, enabling investors to speculate on the overall performance of a specific stock market or segment. Examples include the S&P 500, NASDAQ, and FTSE 100, providing exposure to broader market trends.
STOCKS: The platform allows for trading individual stocks, enabling investors to buy and sell shares of publicly listed companies. Stocks from various industries and sectors, like technology (Apple, Microsoft), finance (JPMorgan Chase, Goldman Sachs), and retail (Amazon, Walmart), can be traded.
PRECIOUS METALS: Tomni Space includes trading opportunities in precious metals like gold, silver, and platinum. These assets can act as a hedge against economic uncertainties.
Account Types
STANDARD ACCOUNT: The standard account, Tomni Space's fundamental offering, provides access to the platform's full range of features, encompassing market data, trading tools, and customer support. A minimum deposit of $250 is required, with major currency pairs having a spread of 0.10%.
PREMIUM ACCOUNT: With enhanced attributes, the premium account entails quicker execution speeds, narrower spreads, and exclusive research access. Traders opting for this account type need to make a minimum deposit of $5,000, while major currency pairs exhibit a spread of 0.05%.
VIP ACCOUNT: Representing the pinnacle of service, the VIP account extends access to an array of top-tier features and benefits. Requiring a substantial minimum deposit of $100,000, this account type offers major currency pairs with a spread of 0.02%.
Leverage
Tomni Space offers a maximum leverage of 1:500 for forex trading and 1:20 for other asset classes.
Spreads & Commissions
Tomni Space's spreads are typically around 0.10% for major currency pairs and 0.25% for other asset classes. The platform charges a commission of $1 per trade for US stocks and $0.005 per share for other asset classes.
Minimum Deposit
The minimum deposit to open a Tomni Space account is $250.
Deposit & Withdraw
Tomni Space allows users to deposit and withdraw funds using a variety of methods, including wire transfer, credit card, and debit card. There are no deposit fees, but there are withdrawal fees that vary depending on the method used.
Trading Platforms
Web-Based Platform: Tailored for seasoned traders, this platform encompasses a variety of tools enabling comprehensive analysis and trade execution. It accommodates diverse order types including market, limit, and stop orders. The interface integrates real-time price charts and technical indicators for informed decision-making. Noteworthy features comprise one-click trading and customizable watchlists.
Mobile App: Designed for casual traders, the mobile app streamlines the trading process. It facilitates on-the-go trade execution with fundamental order types like market and limit orders. Essential price charts offer swift reference, while users can track portfolios, positions, and receive basic market updates. This app prioritizes user-friendly accessibility for straightforward trading engagements.
Customer Support
Customer support at Tomni Space appears to be absent, potentially raising concerns about the availability of assistance and guidance for traders.
Conclusion
In conclusion, Tomni Space operates as an unregulated broker with expired licenses and has been flagged as a Scam Broker by WikiFX. Its business model resembles a deceptive Ponzi Scheme, capitalizing on individuals' financial aspirations. The platform offers trading in various market instruments including forex, cryptocurrencies, commodities, indices, stocks, and precious metals. However, the lack of valid regulation and history of disappearing within a few years are substantial drawbacks, posing significant risks for potential investors. Additionally, the absence of clear customer support further raises concerns about the reliability of the platform. It is crucial for individuals to exercise caution and consider these disadvantages before engaging with Tomni Space.
FAQs
Q: What is Tomni Space？
A: Tomni Space is an unregulated broker with expired licenses, listed as a scam broker by WikiFX, operating a deceptive Ponzi Scheme targeting individuals' financial ambitions.
Q: What risks are associated with Tomni Space？
A: Tomni Space lacks valid regulation, potentially exposing traders to significant risks due to its unregulated nature.
Q: What trading instruments are available on Tomni Space？
A: Tomni Space offers forex trading, cryptocurrency trading, commodities trading, indices trading, stocks trading, and precious metals trading.
Q: What are the account types offered by Tomni Space？
A: Tomni Space provides Standard, Premium, and VIP accounts with varying features and minimum deposit requirements.
Q: What leverage does Tomni Space offer？
A: Tomni Space offers a maximum leverage of 1:500 for forex trading and 1:20 for other asset classes.
Q: What are the spreads and commissions on Tomni Space？
A: Spreads are around 0.10% for major currency pairs, with commissions for US stocks at $1 per trade and $0.005 per share for other assets.
Q: What is the minimum deposit to open an account on Tomni Space？
A: The minimum deposit required to open a Tomni Space account is $250.
Q: How can I deposit and withdraw funds from Tomni Space？
A: Tomni Space allows deposits and withdrawals through methods like wire transfer, credit card, and debit card, with varying withdrawal fees.
Q: What trading platforms does Tomni Space offer？
A: Tomni Space provides a web-based platform for comprehensive analysis and a mobile app for on-the-go trading.
Q: Is customer support available on Tomni Space？
A: Customer support at Tomni Space is reportedly absent, raising concerns about trader assistance and guidance.
