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The WikiFX Score of this broker is reduced because of too many complaints!

Sky-Markets

United Kingdom|2-5 years|
White label MT5|Regional Brokers|High potential risk|

https://www.sky-markets.com/en/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

1
Server Name
SkyMarkets-Demo MT5
Server Location United States

Contact

CS@SKY-MARKETS.COM
https://www.sky-markets.com/en/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

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

Sky-Markets

Abbreviation

Sky-Markets

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-07-18
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 7 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

Sky-Markets · WikiFX Survey

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    Sky-Markets · Company Summary

    Aspect Information
    Company Name Sky-Markets
    Registered Country/Area United Kingdom
    Founded Year 2-5 years
    Regulation Unregulated
    Market Instruments Forex, CFDs, metals, and energy
    Account Types Standard, Pro, VIP
    Minimum Deposit $50
    Maximum Leverage 1:500
    Spreads Starting from 0.5 pips
    Trading Platforms MetaTrader 4, MetaTrader 5
    Demo Account Yes
    Customer Support Email CS@SKY-MARKETS.COM
    Deposit & Withdrawal Credit/Debit Cards, E-wallets, Bank Transfers, and Cryptocurrencies
    Educational Resources Tutorials, Webinars, Articles, and Video Guides

    Overview of Sky-Markets

    Sky-Markets, a United Kingdom-based Forex company established within the last 2-5 years, operates in the financial markets with a focus on providing trading services in Forex, CFDs, metals, and energy. Despite being unregulated, Sky-Markets offers a range of account types, including Standard, Pro, and VIP, catering to the diverse needs of traders.

    To start trading with Sky-Markets, a minimum deposit of $50 is required, providing accessibility to a broad spectrum of traders. The company offers a maximum leverage of 1:500, allowing traders the potential for amplified returns on their investments.

    With competitive spreads starting from 0.1 pips, Sky-Markets aims to keep transaction costs low. The trading platform is supported on MetaTrader 4 and MetaTrader 5, offering a familiar and user-friendly experience. For those looking to practice without financial risk, a demo account is available.

    Overview of Sky-Markets

    Regulatory Status

    Sky-Markets functions as an unregulated trading platform, indicating that it operates without being subject to the supervision of any financial regulatory body. Traders and investors need to recognize that the lack of regulatory oversight introduces extra risk. In environments without regulations, clients may find their options for recourse and protection restricted in cases of disputes or unforeseen problems. It is crucial for individuals contemplating involvement with Sky-Markets to exercise caution and thoroughly evaluate their risk tolerance, given the unregulated nature of the broker.

    Pros and Cons

    Pros Cons
    Wide Range of Market Instruments Limited Educational Resources
    Popular Trading Platforms Higher Minimum Deposit for Pro Account
    Variety of Account Types Mixed Reviews of Customer Support
    Fractional Trading Limited Regulation

    Pros:

    • Wide Range of Market Instruments: Sky-Markets offers a wide range of market instruments to trade, including Forex, CFDs, Metals, and Energies. This gives traders a variety of options to choose from and allows them to diversify their portfolios.

    • Popular Trading Platforms: Sky-Markets offers two of the most popular trading platforms in the industry, MetaTrader 4 and MetaTrader 5. These platforms are known for their user-friendly interface and powerful features.

    • Variety of Account Types: Sky-Markets offers a variety of account types to suit different trading styles and needs. This includes Standard accounts for beginners, Pro accounts for experienced traders, and VIP accounts for high-volume traders.

    • Fractional Trading: Sky-Markets offers fractional trading, which allows traders to purchase a fraction of a share of a stock or other asset. This can be beneficial for traders who have limited funds or who want to diversify their portfolios more effectively.

    Cons:

    • Limited Educational Resources: Sky-Markets offers a limited number of educational resources compared to some other brokers. This could be a disadvantage for beginners who are looking for more guidance.

    • Higher Minimum Deposit for Pro Account: Sky-Markets' minimum deposit for a Pro account is $500, which is higher than some other brokers. This could be a barrier for some traders.

    • Mixed Reviews of Customer Support: Sky-Markets' customer support has received mixed reviews from traders. Some traders have reported that the support is slow and unresponsive.

    • Limited Regulation: Sky-Markets is not regulated by any major financial authorities. This means that traders' funds and interests may not be as protected as they would be with a regulated broker.

    Market Instruments

    Sky-Markets offers a diverse array of market instruments designed to meet the dynamic needs of traders. Among the featured instruments are Forex, CFDs, Metals, and Energies.

    Forex, or foreign exchange, serves as the cornerstone of Sky-Markets' offerings. This market enables traders to engage in the buying and selling of currencies, providing opportunities to profit from fluctuations in exchange rates.

    Contracts for Difference (CFDs) form another integral part of Sky-Markets' portfolio. CFDs allow traders to speculate on the price movements of various financial instruments without owning the underlying assets. This flexibility enables traders to potentially profit in both rising and falling markets.

    Metals, a valuable and enduring asset class, are also part of Sky-Markets' offerings. Traders can explore opportunities in precious metals like gold and silver, capitalizing on their intrinsic value and historical significance in financial markets.

    Furthermore, Sky-Markets provides access toenergy markets, allowing traders to participate in the trading of commodities such as oil and natural gas. The energy market is known for its global impact and can be influenced by geopolitical events, making it an intriguing option for traders seeking diverse opportunities.

    In summary, Sky-Markets' market instruments encompass Forex for currency trading, CFDs for versatile financial speculation, Metals for valuable commodities, and Energies for participation in the dynamic energy market. This comprehensive suite of offerings aims to cater to the diverse preferences and strategies of traders in the ever-evolving financial landscape.

    Market Instruments

    Account Types

    Sky-Markets provides 3 different account types including Standard, Pro, and VIP. The maximum leverage of the account is 1:500 provided by Standard where the minimum deposit is $100.

    Account Type Minimum Deposit Leverage
    Standard $100 Up to 1:500
    Pro $500 Up to 1:200
    VIP $10,000 Up to 1:50

    How to Open an Account?

    Opening an account with Sky-Markets is a straightforward process that can be completed online in a matter of minutes. Here's a breakdown of the steps involved:

    1. Choose your account type: Sky-Markets offers three account types, each tailored to different experience levels and trading needs.

    2. Visit the Sky-Markets website and click “Open Account.”

    3. Fill out the online application form: The form will request your personal information, financial details, and trading experience. Be sure to have your identification documents (passport or ID card) and proof of address handy for uploading.

    4. Fund your account: Sky-Markets offers various deposit methods, including bank transfers, credit/debit cards, and e-wallets. Choose your preferred method and follow the instructions to complete the deposit.

    5. Verify your account: Once your account is funded, you'll need to verify your identity and address. This typically involves submitting scanned copies of your ID documents and proof of address.

    6. Start trading: Once your account is verified, you're ready to explore the Sky-Markets trading platform and start making trades.

    Leverage

    Sky-Markets offers up to 1:500 leverage on all account types. Leverage allows traders to control a larger position size with a smaller amount of margin. For example, if you have a leverage of 1:100, you can control a position of $50,000 with a deposit of $100.

    Leverage can amplify your profits, but it can also amplify your losses. It is important to use leverage wisely and to understand the risks involved.

    Spreads & Commissions

    Spreads and Commissions required by Sky-Markets vary on the account types. Spread starts from 0.5 pips and no more than 1.2 pips.

    Account Type Spreads (EUR/USD) Commissions
    Standard 1.2 pips None
    Pro 0.8 pips $0.5 per lot
    VIP 0.5 pips None

    Trading Platform

    Sky-Markets provides traders with a choice of two distinct trading platforms, each tailored to meet diverse trading styles and preferences.

    MetaTrader 4 (MT4): a widely acknowledged and versatile trading interface. MT4 is renowned for its user-friendly design, advanced charting tools, and extensive customization options. Its popularity among forex traders is attributed to its comprehensive technical analysis capabilities and robust support for automated trading through Expert Advisors (EAs).MetaTrader 5 (MT5): the successor to MT4, introduces advanced features tailored to meet the evolving needs of traders. It supports an expanded range of financial instruments, encompassing stocks, commodities, cryptocurrencies, and more. MT5 offers enhanced charting tools and timeframes for in-depth technical analysis. Traders benefit from an integrated economic calendar and news features to stay informed about market events. With the MQL5 programming language, MT5 allows the development of sophisticated trading algorithms and Expert Advisors, offering greater flexibility in strategy implementation.

    Trading Platform

    Deposit & Withdrawal

    Sky-Markets provides a variety of deposit and withdrawal options, including Credit/Debit Cards, E-wallets, Bank Transfers, and Cryptocurrencies. Cryptocurrencies allow a minimum deposit of $50 with 1% fees. Sky-Markets' fees range from 0% to 25%, and processing times vary from instant to 2-5 business days.

    Fees

    Method Deposit Fee Withdrawal Fee Minimum Deposit Minimum Withdrawal
    Credit/Debit Cards 0% 3% $100 $50
    E-wallets (Skrill, Neteller) 3% 2% $100 $50
    Bank Transfers 0% $25 $1,000 $250
    Cryptocurrencies 1% 1% (network fee may apply) $50 $50

    Processing Time

    Method Deposit Processing Time Withdrawal Processing Time
    Credit/Debit Cards Instant 3-5 business days
    E-wallets (Skrill, Neteller) Instant Up to 24 hours
    Bank Transfers 1-3 business days 3-5 business days
    Cryptocurrencies Instant Up to 24 hours (network fee processing time may apply)

    Customer Support

    Sky-Markets offers Email CS@SKY-MARKETS.COM as its customer support channel, providing users with a convenient and asynchronous means of seeking assistance.

    While email support may not offer real-time communication, it serves as a valuable and effective channel for users who prefer a more detailed and documented form of interaction with Sky-Markets' customer support team.

    Educational Resources

    Sky-Markets provides a comprehensive set of educational resources to support traders in their learning journey. Here's an overview of these resources:

    1. Tutorials: Tutorials offered by Sky-Markets are designed as step-by-step guides, providing users with a systematic approach to understanding various aspects of trading.

    2. Webinars: Sky-Markets conducts live webinars, offering users the opportunity to participate in interactive sessions hosted by experienced professionals in the field.

    3. Articles: Articles provided by Sky-Markets offer in-depth insights into various aspects of trading, market conditions, and financial instruments.

    4. Video Guides: Video guides are visual learning resources that leverage the power of multimedia to convey information effectively.

    Sky-Markets' educational resources, including tutorials, webinars, articles, and video guides, are designed to cater to traders of varying skill levels. Whether traders prefer step-by-step instructions, real-time interactive sessions, in-depth articles, or visual guides, the diverse range of resources ensures that users can choose the learning format that best suits their preferences and needs. Overall, these educational materials are instrumental in empowering traders with the knowledge and skills required to navigate the complexities of financial markets.

    Conclusion

    In summary, Sky-Markets provides a variety of market instruments, trading platforms, and account types, offering flexibility to traders. However, there are drawbacks. Limited educational resources may challenge beginners, and a higher minimum deposit for the Pro account could be a barrier for some traders. The absence of regulatory oversight poses a risk to traders' funds and interests.

    It's important for users to carefully weigh the platform's pros and cons, considering their trading goals, experience, and risk tolerance. Thorough research is crucial for informed decisions in the online trading landscape.

    FAQs

    Q1: What financial instruments can I trade on Sky-Markets?

    A1: Sky-Markets offers a diverse range of financial instruments, including Forex, CFDs, Metals, and Energies, providing traders with various options for portfolio diversification.

    Q2: What trading platforms are available on Sky-Markets?

    A2: Sky-Markets provides access to two popular and user-friendly trading platforms, MetaTrader 4 and MetaTrader 5, ensuring a familiar and powerful trading experience.

    Q3: Does Sky-Markets support fractional trading?

    A3: Yes, Sky-Markets enables fractional trading, allowing traders to purchase fractions of shares or assets, even with limited funds. This feature facilitates portfolio diversification and investment flexibility.

    Q4: Is Sky-Markets regulated by financial authorities?

    A4: No, Sky-Markets is not regulated by major financial authorities. Traders should be aware of the potential implications of trading with an unregulated broker, including concerns about fund security and regulatory compliance.

    Q5: Can I use automated trading strategies on Sky-Markets?

    A5: Yes, Sky-Markets supports automated trading strategies. The MetaTrader 4 and MetaTrader 5 platforms offered by the broker include features for algorithmic and automated trading through expert advisors (EAs).

    User Reviews

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    颜大丁
    more than one year
    SCAM! SCAM! SCAM! It was the worst decision of my life to open an account with Sky-Markets. You all already know from other reviews what they have done with everyone, same happened with me, they ran away with my $3,000.
    2023-02-21 17:12
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    于洋洋泛华房抵
    more than one year
    I requested a withdrawal on Dec 2, 2021. They asked me to send money to pay taxes so I sent money to pay taxes. Until now they never gave me back my money I keep sending emails and contacting them but they didn't reply. STAY AWAY!!!
    2022-12-06 15:37
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