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General Information & Regulation
Sky-Markets is an online broker registered in Hong Kong. Sky Markets Has listed two addresses in the UK and one in Hong Kong, however, nowhere on their website do they mention the name of the company behind the operation. Obviously, this Sky-Markets is a scam broker that traders should stay away from.
Sky-Markets says traders can trade with forex currency pairs, commodities, indexes, stocks, crypto currencies on its platform.
In terms of minimum initial deposit, Sky-Markets does not make this clear. The only relevant information we found is that Sky Markets accepts deposits in RMB, US dollars, and Hong Kong dollars. In any case, most brokers require $100 – $250 as a minimum investment, including legit ones.
When it comes to trading leverage, the maximum leverage a offered by Sky-Markets is super high, reaching up to 1:1000. Such levels are overly risky for retail traders, especially when the broker is as shady as Sky Markets.
Spreads & Commissions
Sky-Markets MT5 offers a spread of 5.2 pips for the EUR/USD pair, which is insanely high. Most brokers offer spreads in the range of 1.0 – 1.5 for this pair, and some go even lower.
Trading Platform Available
MT5 trading platform is somehow been made available with Sky-Markets. However, since it is a scam broker, it is nonsense to trade through this MT5 offered by Sky-Markets.
Deposit & Withdrawal
Sky-Markets accepts bank transfer, remittance, check, and promissory note payment. Generally speaking, its best if you deposit with bank cards like VISA and MasterCard, because then you will have the option to file for a chargeback. According to the “Deposit and withdrawal problem” page withdrawals under $50 are charged a $3.
Sky-Markets 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.
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.