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MAKASKY

Malaysia|5-10 years|
Regulated in Malaysia|Straight Through Processing(STP)|Suspicious Scope of Business|High potential risk|

https://makaskyltd.com

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Contact

https://makaskyltd.com
Office Suite 1602, Level 16(A), Main Office Tower, Financial Park Complex, Jalan Merdeka, 87000 F.T. Labuan, Malaysia.

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

MAKASKY Limited.

Company Abbreviation

MAKASKY

Platform registered country and region

Malaysia

Company website

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Warning: Low score, please stay away! 2
Previous Detection : 2024-04-20
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • The current information shows that this broker does not have a trading software. Please be aware!

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MAKASKY · Company Summary

Aspect Information
Company Name MAKASKY
Registered Country/Area Malaysia
Founded year 2017
Regulation LFSA
Market Instruments Forex: 40+ currency pairs (major, minor, exotic), CFDs: Indices, Commodities, Stocks
Account Types Demo Account, Standard Account
Minimum Deposit N/A
Maximum Leverage Approximately 1:100
Trading Platforms MetaTrader 4
Demo Account Yes
Customer Support Telephone: +60 87 421 644, Fax: +60 87 421 646, Email: info@makaskyltd.com
Deposit & Withdrawal Bank Transfer, Credit/Debit Cards
Educational Resources Comprehensive FAQ section

Overview of MAKASKY

MAKASKY, a forex brokerage established in 2017 and headquartered in Malaysia, operates under the regulatory oversight of LFSA. The company provides a diverse range of financial instruments, including over 40 currency pairs in the forex market (major, minor, and exotic), as well as Contracts for Difference (CFDs) covering indices, commodities, and stocks.

Satisfying traders of all experience levels, MAKASKY offers both Demo and Standard account types, utilizing the MetaTrader 4 trading platform. The platform supports a maximum leverage of approximately 1:100, allowing traders to control larger positions with a relatively smaller amount of capital.

With a commitment to transparency and customer support, MAKASKY offers various communication channels, including telephone, fax, and email. Deposit and withdrawal options include Bank Transfer and Credit/Debit Cards. Educational resources are enriched by a comprehensive FAQ section, providing valuable insights and guidance for traders navigating the intricacies of the financial markets with MAKASKY.

Overview of MAKASKY

Pros and Cons

Pros Cons
Regulatory Oversight: Regulated by LFSA Limited Educational Resources
Diverse Market Instruments: Offers a wide range of currency pairs and CFDs. Limited Deposit Information
Account Variety: Provides both Demo and Standard account options. Limited Platform Information
Maximum Leverage: Offers a competitive maximum leverage of approximately 1:100. Lack of Spread Details
Communication Channels: Multiple support channels

Pros:

  1. Regulatory Oversight: Regulated by LFSA

    1. Being regulated by LFSA (presumably Labuan Financial Services Authority) adds a layer of credibility and assurance, indicating adherence to regulatory standards and practices. Traders may have confidence in a secure trading environment.

  2. Diverse Market Instruments: Offers a wide range of currency pairs and CFDs.

    1. The availability of a diverse range of financial instruments, including various currency pairs and CFDs on indices, commodities, and stocks, provides traders with multiple options for creating a diversified portfolio.

  3. Account Variety: Provides both Demo and Standard account options.

    1. Offering both Demo and Standard account types satisfies the needs of traders with different levels of experience. The Demo account allows beginners to practice without financial risk, while the Standard account provides a more traditional trading experience.

  4. Maximum Leverage: Offers a competitive maximum leverage of approximately 1:100.

    1. The competitive maximum leverage of 1:100 allows traders to control larger positions with a relatively smaller amount of capital, potentially amplifying profits, though it also increases risk.

  5. Communication Channels: Multiple support channels

    1. Providing multiple support channels, including telephone and email, enhances accessibility for clients seeking assistance. This demonstrates a commitment to customer support and responsiveness.

Cons:

  1. Limited Educational Resources

    1. The description mentions a comprehensive FAQ section, but the absence of detailed educational resources may hinder the learning experience for traders seeking more in-depth knowledge and guidance.

  2. Limited Deposit Information

    1. The lack of specific information on minimum deposit requirements may make it challenging for potential clients to assess the financial commitment needed to open an account with MAKASKY.

  3. Limited Platform Information

    1. The description lacks detailed information on the trading platform, such as specific features, tools, and functionalities provided by MetaTrader 4. A more comprehensive overview of the platform would help traders make informed decisions.

  4. Lack of Spread Details

    1. The absence of specific information on spreads can leave traders uncertain about the cost implications of trading with MAKASKY. Detailed spread information is crucial for transparent and informed decision-making.

Regulatory Status

MAKASKY operates under regulatory oversight, which is regulated in Malaysia, and its regulatory status is currently classified as “Regulated.”

The specific license type attributed to MAKASKY is “Straight Through Processing (STP).” This regulatory framework ensures that the broker adheres to industry standards and practices. The regulatory license number for MAKASKY is MB/16/0012, providing a unique identifier that can be referenced for verification purposes.

Regulatory Status

Market Instruments

MAKASKY, a retail forex broker, provides a comprehensive array of products tailored for both seasoned and novice traders. In the realm of forex trading, they facilitate transactions in more than 40 currency pairs, encompassing major, minor, and exotic options. The platform distinguishes itself by offering competitive spreads and an impressive leverage of up to 1:100, empowering traders to amplify their positions.

Additionally, MAKASKY extends its product portfolio to encompass Contract for Difference (CFD) trading. This feature enables users to engage in speculative activities across various financial instruments, including indices, commodities, and stocks, without the necessity of physical asset ownership.

Market Instruments

Account Types

MAKASKY satisfies diverse trading styles and experience levels with its carefully crafted account types. Whether you're a seasoned pro seeking tight spreads and advanced features, or a curious newcomer taking your first steps in the forex world, there's an account that fits your needs.

Demo Account: Ideal for beginners dipping their toes into forex trading, the Micro Account offers a safe and affordable entry point. With minimal deposit requirements and micro-lot trading, you can test strategies and gain confidence without risking significant capital. Tight spreads and educational resources further support your learning journey.

Standard Account: Geared towards traders seeking a balance between affordability and flexibility, the Standard Account provides access to the full range of MAKASKY's instruments and competitive spreads. Leverage options satisfy both conservative and moderate risk appetites, while advanced charting tools and market analysis empower informed decision-making.

How to Open an Account?

Open an account with MAKASKY, you should follow these steps:

  1. Select Account Type:

Choose between Personal or Company account, providing necessary identification documents such as passport or driving license for personal accounts, and extensive documentation including CEO/executive IDs, company registration, financial reports, and board meeting minutes for company accounts.

  1. Download and Agree to Policies:

Download and review the Terms and Conditions, Privacy Policy, Anti-Money Laundering Policy, and Risk Warning & Disclaimer. Agree to these policies.

  1. Prepare and Submit Documents:

Scan and zip all required documents, ensuring a file size limit of 10 MB. For personal accounts, send the zip file through the online form; for company accounts, submit originals to the MAKASKY office.

  1. Review and Confirm Fees:

Understand and acknowledge the trading fees (free for deposits, withdrawals, and changing leverage/lot size) and acknowledge that bank charges will be borne by you.

  1. Acknowledge High-Risk Warning:

Acknowledging the high-risk nature of forex trading, understanding the significant risk of losing all funds. Only trade with capital that you can afford to lose, and seek independent financial advice if necessary.

  1. Submit Application and Await Approval:

Submit your application along with the required documents. MAKASKY will review your submission, and you will be notified of the decision via email.

How to Open an Account?

Leverage

MAKASKY offers a maximum leverage of approximately 1:100. Leverage in forex trading allows traders to control a larger position size with a relatively smaller amount of capital. In the case of MAKASKY, a leverage ratio of 1:100 implies that for every unit of capital invested by the trader, they can control a position in the market that is 100 times larger.

Leverage

Trading Platform

MAKASKY's trading platform is centered around the enhanced MetaTrader 4 (MT4), offering a integration with its No Dealing Desk forex execution. The upgrade eliminates the need for third-party bridges and auto account syncs, providing a more streamlined trading experience. Notable features of the MetaTrader 4 platform include the ability to set Stop Loss and Take Profit orders pre-execution, trade in precise 0.01 (Micro) lots for tighter risk management, and partially close positions to exercise greater control over trade management.

The platform supports anonymous forex trading, ensuring that price providers do not have visibility into Stop Loss, Take Profit, or Pending orders, fostering a transparent and conflict-free trading environment. Traders can enjoy the flexibility of executing various strategies, including scalping, with no trade restrictions and the freedom to place pending orders even inside the spread.

Additionally, MetaTrader 4 allows for substantial order sizes, up to 50 million per trade, and features cross-platform compatibility, enabling users to access and manage trades across different Trading Station platforms. It's important to note that while a 0.1 pip mark-up is applied to the spread for MT4 usage, MAKASKY maintains a no-conflict-of-interest approach between the broker and clients. The margin call policy ensures responsible risk management, closing trades progressively until the “Free Margin” exceeds zero.

Trading Platform

Deposit & Withdrawal

MAKASKY provides its users with convenient payment methods for deposits and withdrawals, ensuring flexibility and security. The most common method is Bank Transfer, offering users the flexibility to transfer funds securely. To initiate a bank transfer, clients need their bank account details and MAKASKY's bank information for wire transfers.

For those seeking a quick and convenient option, MAKASKY also supports Credit/Debit Cards as a payment method. However, users are advised to check with their banks regarding potential foreign transaction fees associated with this method.

In terms of fees, MAKASKY distinguishes itself by offering free transactions for various actions. There are no charges imposed by MAKASKY for deposits, withdrawals, or changes in leverage/lot size. However, it's important to note that users should be mindful of potential bank charges. While MAKASKY doesn't levy fees, banks involved in international transfers or currency conversions may apply their own charges.

Customer Support

MAKASKY provides customer support through various channels to address inquiries and assist traders. Clients can reach out to the customer support team via telephone at +60 87 421 644 for direct assistance. Additionally, for communication through written correspondence, there is a fax option available at +60 87 421 646. For more asynchronous communication and general inquiries, individuals can contact the support team through the email address info@makaskyltd.com.

Users can connect with MAKASKY for a range of concerns, including account-related queries, technical assistance, or general information about the trading platform and services.

Educational Resources

MAKASKY offers a comprehensive FAQ (Frequently Asked Questions) section as part of its educational resources. The FAQ section is a valuable resource for traders, providing answers to common queries and addressing various aspects of the trading platform, account management, deposit and withdrawal processes, and other essential topics.

This self-help resource allows users to find information quickly and efficiently, offering insights into the most common issues and concerns that traders may encounter. The FAQ section serves as a practical tool for both beginner and experienced traders, enhancing their understanding of the platform and services while promoting a smoother trading experience.

Conclusion

In conclusion, MAKASKY, established in 2017 and regulated by LFSA in Malaysia, offers a diverse range of financial instruments, including over 40 currency pairs and CFDs. The platform satisfies traders of all levels with Demo and Standard accounts on the MetaTrader 4 platform, supporting a competitive maximum leverage of approximately 1:100.

The company prioritizes communication, providing multiple channels for customer support. However, some drawbacks include limited educational resources, unspecified spreads, and insufficient platform details, potentially leaving traders with uncertainties. On the positive side, MAKASKY's regulatory oversight, diverse market instruments, and varied account options contribute to its appeal, but addressing the outlined limitations could further enhance the overall trading experience for users.

FAQs

Q: What is MAKASKY's regulatory status?

A: MAKASKY operates under regulatory oversight and is regulated by LFSA (Labuan Financial Services Authority) in Malaysia.

Q: What is the maximum leverage offered by MAKASKY?

A: MAKASKY provides a competitive maximum leverage of approximately 1:100.

Q: What trading platform does MAKASKY use?

A: MAKASKY's trading platform is based on the enhanced MetaTrader 4 (MT4), offering integration with its No Dealing Desk forex execution.

Q: How can I contact MAKASKY's customer support?

A: Use telephone at +60 87 421 644 for direct assistance, fax at +60 87 421 646 for written correspondence, or email at info@makaskyltd.com for general inquiries or account-related concerns.

Q: Are there fees for deposits and withdrawals with MAKASKY?

A: MAKASKY distinguishes itself by offering free transactions for deposits, withdrawals, and changes in leverage/lot size.

Q: Does MAKASKY provide educational resources for traders?

A: Yes, MAKASKY offers a comprehensive FAQ section as part of its educational resources.

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Charmaine T
more than one year
Customer support is not up to par. I sent my documents for verification two weeks ago, and it's still in progress. Despite multiple follow-up emails, I haven't received any responses. I would suggest looking for another broker with more efficient customer support.
2024-01-10 17:36
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