Sky-Markets Spreads, leverage, minimum deposit Revealed

WikiFX | 2021-11-10 17:47

Abstract：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.

　　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.

　　Market Instruments

　　Sky-Markets says traders can trade with forex currency pairs, commodities, indexes, stocks, crypto currencies on its platform.

　　Minimum Deposit

　　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.

　　Leverage

　　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.

　　Trading Risks

　　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.