Sky-Markets review – 5 things you should know about sky-markets.com

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Beware! Sky-Markets is an offshore broker! Your investment may be at risk.

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Sky-Markets follows a trend that shady brokers seem to think works in luring is novice traders. We are of course referring to the presentation of the home page, more specifically the cool short clips of city skylines or similar attractive views or clips. However, as is with most brokers, once you drop down, you slowly come to realize that most of the website is a complete copy of hundreds of others like it before. This is the essence of Sky-Markets. It offers nothing new, and is actually as shady as one can be. There is a solid info pool, but we think it’s there for show. Read on to find all the other problems plaguing the broker.

We registered with ease, without giving away any personal details, and in no less than a minute were given full access to a client portal. And what a user area it was. Truly a sight to behold. We are not exaggerating when we say that this has to be one of the worst dashboards we have seen. It all seemed so bland, and too big for its lack of content.

However, the biggest issue by far was the complete lack of a trading software in the user area. However, the site did provide a download link to the MT5, whose presence is the biggest surprise of all! However, we had no way of accessing it, because the broker never gave us any login credentials.

So, we must rely on the trading conditions talked about on the website. The supposed trading assets are indexes, cryptocurrencies, forex currency pairs, energies, and precious metals. The minimum spread, we were told, is 0 pips, which is pure deception, as all such spreads are commissioned in one way or another. The average is capped at 1:500, which seems to be close enough to the truth.

The website of the broker is available in English and Chinese.

SKY-MARKETS REGULATION AND SAFETY OF FUNDS

Honestly, the only thing of worth in the entire website, relevant to this section of the site, is an alleged address in the UK. In order to function as a legit broker in the UK, one must absolutely be regulated by the FCA. Sky-Markets definitely isn’t, as there is no support of this.

Last but not least, we found no trace of any legal documents, which is always a sign that users’ funds and personal details are at a real risk!

Thus this broker is nothing more than an UNREGULATED scam!

Investing in brokers that have no license is a pure waste of funds. You could be doing so much more with your money. Like, say investing in an FCA or CySEC regulated entity where there is a real chance of winning. Not only are all regulated brokers trustworthy, but they also work for the client, always endeavoring to bring the best and most stable trading experience out there, which makes the market very competitive. Furthermore, some regulators, mainly the FCA and CySEC employ fund compensation schemes whose main purpose is to reimburse users at times when the broker cannot pay his clients back, mainly due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

SKY-MARKETS TRADING SOFTWARE

Yes, the MT5 is somehow been made available to those that, against our advice, decide to trade with this unregulated broker. We won’t dig into how Sky-Markets was able to acquire it.

All there is to know is that the MT5 is the best platform in the industry, but we do not recommend users using it here! It does not redeem the broker!

SKY-MARKETS DEPOSIT/WITHDRAW METHODS AND FEES

As seen in the user area, deposits are achieved through some methods, bank transfer we think, that is entirely in Chinese. Or it might be just a way to send a deposit request, after which the broker chooses the most appropriate depositing methods for the user. Whatever the case might be, it’s very suspicious, and definitely not worth the risk. The minimum deposit is $100.

The withdrawal section reveals that the client can take out money through ChinaUnionPay, wire transfer, and something called BT transfer. According to the “Deposit and withdrawal problem” page withdrawals under $50 are charged a $3. Furthermore, and bear with us because it’s confusing, “transaction amount is less than 50% of the deposit amount, and a handling fee of 6% is charged“. This is a direct quote from the website, for which we apologize, but we cannot paraphrase it, for we do not fully understand it. . Lastly, if a user makes more than 4 withdrawal within a 24 hours period, the 4th request will be issued a 5% levy. It’s all very ambiguous, and scammer broker-like.

Nothing else is worth mentioning, This broker is a complete scam and a risk to all deposited funds.

How does the scam work?

The way that scams work is very simple, and it is a surprise that still many people fall for them in this day and age.

What happens is that user clicks on misleading ads on social media or other popular websites, and are there redirected to a scammer broker, an intermediary site, or an investment site that is also a scam. Either way, you are in deep stuff once you enter.

These ads are very alluring, using a number of methods to attract users: beautiful women, luxurious cars and houses, expensive vacations, etc.

Once you enter these sites, the broker will try to convince you to invest, which you should not do! The first investment is usually initiated by the rookie scammers, who will get a large commission out of it, meaning they have a motive to defraud you.

A second deposit is made in the presence of the advanced scammers, or sometimes called account managers. These are sweet talkers and can steal your money without you knowing of it.

There will come a time when the user will start getting suspicious. This mainly happens when one tries to withdraw and fails on multiple occasions. Each scammer broker uses one of many tactics to stop users from withdrawing: stalling the request, shutting down the account, not responding to requests, or at times closing down the entire website!

What to do if scammed?

Chargebacks are your safest bet. Credit and debit card companies have this option for such cases. MasterCard and VISA have a chargeback period of 540 days.

Wire transfer losses are harder to recuperate, however, your bank may have a plan installed just for such scams. Best check with your local bank. And make sure to change your bank account user name and password.

If you have lost your money by means of a crypto deposit, then we have some bad news for you. Please never invest in an unregulated broker through any crypto method.

Finally, you may stumble by accident on a recovery agent or similar person or agency claiming to be able to get your money back. Never trust these, for they are scams on their own, or can sometimes work for the fraudulent broker.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-20

Reviewed Broker

Sky-Markets

Broker Rating

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