Sky Gold Market Review – Facts About This Scam Broker
Sky Gold Market is by all means a decent-looking website endeavoring in describing its company’s vision, goals, and honest trading. It almost looks as if investing here would be a decision of a lifetime.
However, it doesn’t take a rocket scientist to notice missing regulations and buggy software they call the latest technological solution in online trading.
Two pillars of successful online financial products trading are licenses and trading platforms. Apparently, Sky Gold Market has neither. While the broker offers some sort of an overly simplified web trader, they are not in possession of a legit trading certificate.
Not licensed even by the jurisdictional regulator in charge of their zone of operating – FSA in the Seychelles, Sky Gold Market can only be labeled as a fraudulent offshore agency. Our reasons to believe this? Keep reading our Sky Gold Market review and it will soon be clear to you as well.
|Address||F26 First Floor, Eden Plaza, Eden Island, Seychelles|
|Phone||(+1) 251 418 4454|
|Leverage||Up to 1:500|
|Bonuses||Yes, require depositing to unlock|
Compliance and Fund Safety at Sky Gold Market
Although offshore and with more loose regulatory criteria, Seychelles financial authority still does a decent job licensing and supervising the brokers in the area. After one checking of the database that the Seychelles FSA keeps, we quickly came to know that Sky Gold Market is not certified for online trading services.
Our investigation couldn’t stop at that, so we went through several more commercial registers by some major regulators – FCA, ASIC, BaFin, AMF, CONSOB, IIROC, and NFA. As our results show, Sky Gold Market doesn’t own a license by a single licensing institution. Nonetheless this fraud offers their services to various countries and clients.
For instance, brokers offering their products to EU clients have to be regulated by some of the jurisdictional financial watchdogs. These regulators set some of the highest licensing standards in the world, including but not limited to:
- Segregated bank accounts for clients’ deposits
- Negative balance protection
- Leverage cap at 1:30
- Compensation funds
- Transparency and transactions reporting, especially enforced by ESMA and MiFID
As evident, Sky Gold Market doesn’t follow any of the legal directives. One of the examples of that is the leverage going up to even 1:500 for some instruments.
But that is not the only concern we have for their customers. Sky Gold Market can’t guarantee safety of funds through segregated accounts and no rule obligates them to transparency and data protection.
Trading Software Overview
Sky Gold Market makes a mention of two supposedly ultra-advanced platforms and so rich in features it will take your breath away. As it eventually happens with all the promises made by scammers, this one also leaves a sour taste in your mouth. As a matter of fact, the Web Trader at Sky Gold Market is not half as bad as far as design and looks go. The distribution is comprehensive and easy to navigate.
However, the functionality is quite questionable. Besides customizing the charting view, you can’t do much else except look at it and wonder why you made the decision of choosing this failed broker.
On the other hand, what Sky Gold Market calls Trader 7 should be their own dedicated terminal for buying and selling financial products, but you have to download and install it. Doing something like installing anonymous software on your machine is absolutely not recommended, so we had to pass. Con artists use this method to get remote access to your platform and misuse your sensitive data.
From what we could see in the client area after opening a live trading account is that money transfers are preferably done via cryptocurrencies. As expected from a cyber con, Sky Gold Market processes the payments through digital currencies for the sake of their virtual anonymity.
While these deposits are instant, you are not safe and there’s hardly a chance for a chargeback as this process is hard to backtrace. Bitcoin, Ethereum, Litecoin, Bitcoin Cash, USDT, USDC, and BNB are some of the currencies available.
As it turns out, you can also fund your account from credit and debit cards but the processing site is a third-party anonymous payment provider. Another way of stealing your private data, so don’t easily give away your card info!
The registration fee is not at all that high and new customers are required to pay only $250 as a first-time deposit. Here we come to the dreadful part of the Sky Gold Market’s operational principles. Withdrawals are allegedly available through cryptocurrencies and several other e-wallets like PayPal.
This is of course completely illegal as the brokers are bound to process the withdrawals through the same channels the money was deposited through. The minimum amount to withdraw is $50 and it supposedly isn’t followed by fees, but we dare not take this statement at face value. Sky Gold Market is a cyber thief after all.
How the Fraud has Carried Out
This broker is a good example of a fake broker to beware of. All the attractive trading conditions, promises of a reliable platform spiced up with low deposits and claims of fee-free transactions make you want to invest immediately. And you just might.
Depositing opens doors to another illusion set up by the fraud to further extort money. The trading platform looks very convincing to beginner traders who are easy to manipulate.
So-called dedicated account managers play with their investment decisions and push them into more depositing by molding the fake platform and showing unrealistic profit accumulation. Another motivation is free money in the form of bonuses and promotions. If you accept these, you’ve basically signed your agreement for your funds to go to the scammer’s pocket directly.
When the time for withdrawal comes, you will face an impossible trading volume requirement that Sky Gold Market imposes. Apparently, you have to make a turnover of $10,000 for every 1 bonus dollar. This absurd rule makes the non-deposited funds unavailable for withdrawal. Sky Gold Market can even take back those funds and freeze your entire deposit if they see fit!
Best Forex Brokers
With the great earning potential that the Forex market has, there also comes the danger of losing and being robbed. Honest and acknowledged brokerage corporations that operate across the globe are something completely different in comparison to Sky Gold Market.
Recommendations from our table below are Forex industry giants that operate under heavy regulations and supervision of international financial institutions.
When there’s no room for fraud or swindling activities, sites have to be transparent about their conditions and all services and products. Otherwise there could be legal consequences to bear.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Sky Gold Market Summary
As evident from this broker review, not all brokers in the foreign exchange market are honest and legit. Many of them do not offer genuine service and are planning on defrauding their less experienced clients. Sky Gold Market is just one of them.
Our review explains the potential dangers that investing here brings, so please reconsider your decision before it’s too late. You can refer to our suggested brokers anytime. If you don’t like their trading conditions either, you can still find more brokers who will provide you a healthy environment, helpful support, and rich educational programs.
FAQs About Sky Gold Market
Can I Rely on Sky Gold Market?
Sky Gold Market is anything but reliable. Their brokerage business is a financial fraud that takes place offshore and isn’t regulated by any jurisdictional institution.
What Types of Accounts Does Sky Gold Market Provide?
Beginner, Intermediate, Advanced and VIP are the available accounts. Beginner account costs $250, while VIP account requires a $100.000 deposit.
What Is the Minimum Deposit Requirement for Sky Gold Market?
The price of opening a live trading account is $250.