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Sky Gold Market Review – Who Is Behind This Broker?
Table of Content
Sky Gold Market was established in 2016 in Seychelles. Or perhaps in Hong Kong, if we were to trust the Terms of Service viewable on the site. Or maybe Marshalls, considering the jurisdictional court seems to be the Marshall Islands court.
If that lack of transparency isn’t disturbing enough, the complete absence of any license or proof of regulation is.
This shady firm boldly claims to have over 15 years of experience in providing an exceptional trading environment for all professionals and beginner traders. The unmatched software solution and refined customer service undoubtedly push every trader toward success.
|Leverage||Up to 1:500|
|Headquarters||Marshalls/Hong Kong/ Seychelles|
|Minimum Deposit||250 $|
|Broker Type||Forex, CFD|
|Spread||From 0.1 pips|
Before believing these blatant lies, make sure to read our Sky Gold Market and see the reality of this sophisticated scam.
Sky Gold Market Regulation and Safety of Funds
From one address and office to another, Sky Gold Market seems indecisive about their company’s origin. Of course, this has only motivated us to dig beneath the surface and find out the answers to the questions about regulation.
Sky Gold Market is not visible in the databases of GLOFSA in Marshalls, FSA in Seychelles, and SFC of Hong Kong. Furthermore, this broker is also in no tier one regulators register either. These include FCA, CySEC, BaFin, AMF, CNMV, and ASIC.
No offshore license and no tier-one regulation either make this broker not trustworthy in terms of any claims they throw at investors. They cannot provide segregated bank accounts, risk-reducing measures, leverage restriction, negative balance protection, or safety of funds invested. In compliance with MiFID and ESMA, they should be fully transparent but aren’t.
All in all, this broker is an obvious phony and you are advised not to risk losing your funds by investing with a bogus broker.
Sky Gold Market Trading Platform
Sky Gold Market web trader is accessed directly from the browser and without the need to install any software. The terminal includes 30 technical indicators, 24 analytical tools, 3 chart types with 9 time-frames, and 1 click trading. The functionality is just partial though, and the performance is quite mediocre, especially compared to industry leaders like MT4 and MT5.
Another software offered but requires downloading and installing is Trader7. Anonymous software provided by an unregulated brokerage site should not be trusted. Refrain from downloading this program as it could easily be a malware or platform for remote control aiming to steal your info.
Accounts Available at Sky Gold Market
Invented to help investors trade like professionals, account types offer different advantages and features, but of course, for a price that isn’t negligible. Trading accounts are presented as follows:
- Beginner account – $250
- Intermediate – $20 000
- Advanced – $50 000
- VIP – $100 000
Whatever the services these account types provide, they’re overpriced. More expensive account types may offer tighter spreads, lower leverage, and access to more trading instruments. It is still not rational to set prices that high. Attop from that, do not forget Sky Gold Market is unregulated. Licensed brokers give better conditions for a lot less money.
The possibility of trading CFDs on several asset groups is supposed to be beneficial and successful thanks to tight spreads and fast order execution. The highest trading volumes and liquidity also provide an edge in any trading project.
Instruments are presented in several groups:
- CFDs on 70+ FX pairs (EUR/USD, AUD/USD, USD/JPY, USD/CAD)
- CFDs on indices (Dow Jones, UK100, DE30)
- CFDs on shares (Adidas, Facebook, Netflix, Apple, Tesla, Amazon)
- CFDs on metals (gold, silver, platinum, palladium)
- CDFs on energies (Brent oil, WTI, and Natural Gas)
- Cryptocurrencies (Bitcoin, Ethereum, and Litecoin)
Deposit and Withdrawal
By limiting the maximum amount for depositing via PayPal and other methods, Sky Gold Market strategically forces customers to deposit in crypto. No surprise there, considering that all suspicious offshore businesses prefer to keep their anonymity this way.
Withdrawals are processed within 3 business days and the minimum amount eligible is $100. Naturally, like any other scammer, Sky Gold Market makes all bonuses and prizes unavailable for withdrawal until the trading volume is reached. This is the bizarre $10 000 for every $1 of the bonus.
When it comes to taxes and fees, the company reserves the right to charge the clients whatever they find fitting. If these commissions are not paid, a yearly interest of 4% is applied. The exact details of fees and charges remain unsaid.
Got Scammed by Sky Gold Market? Chargeback Is The Answer
With scamming happening daily worldwide, we strongly encourage you to make haste when reacting against it. Protecting your funds and regaining the lost investments may be tiring but you should not give up on trying.
Please do not put your trust in infamous recovery agents, as you will lose additional money, time, and energy. Instead, make sure to contact legal organizations that fight against cybercrime.
We are at your disposal for additional information on how to report and act against fraudsters, so write to us any time.
Sky Gold Market Summary
There are quite a few crucial points where the Sky Gold Market fails to deceive us. Despite the seemingly favorable trading conditions, the real intentions of this fraud are only centered on stealing from their clients. Beware of these warning signs especially:
- No regulation – Sky Gold Market is not listed in any database kept by top-tier regulators or jurisdictional regulators where the company claims to have offices. This by itself is a huge red flag.
- Defective trading platform – Since downloading anonymous software presented as a trading platform is a no, the web-based platform was tested and it turned out to be a complete flop.
- Exaggerated leverage – Regulated brokers are unallowed to offer leverage bigger than 1:30 or 1:50. Sky Gold Market puts traders at huge risk of losing a lot of money with their leverage of up to 1:500.
- Overpriced account types – Whatever they may be offering, asking for tens of thousands of dollars for unlocking them is irrational.
- Unreachable trading volume – Bonuses are out of reach until the insane trading volume is reached. It is absurd to force these impossible conditions.
FAQs About Sky Gold Market Broker
Is Sky Gold Market a Good Broker?
Sky Gold Market seemingly offers conditions as a good broker would, but they’re untrue and shouldn’t be trusted.
Is Sky Gold Market a Regulated Broker?
Sky Gold Market is not licensed by any financial authority, so better stay away than risk losing.
What Is The Minimum Deposit For Sky Gold Market?
The cheapest account type available at Sky Gold Market is Beginner, which requires a deposit of $250.