Sky Gold Market Review – 5 Things You Should Know About SGM Broker
This is another anonymous fish in the ocean that is trying to scam people around the world. The only information about Sky Gold Market is their location in Seychelles.
An offshore company without a license is a bad start. If you were planning to invest money and earn it, this is not a place for that. Your funds would be only at risk, and we’ll show it in our Sky Gold Market review.
Furthermore, we highly recommend that you avoid the scam brokers DamkoNet, Finex Trader, and Absolute Markets.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | Skygoldmarket.com |
| Blacklisted as a Scam by: | AMF |
| Owned by: | N/A |
| Headquarters Country: | Seychelles |
| Foundation year: | 2022 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | 250 USD |
| Cryptocurrencies: | Yes – BTC, LTC, ETH |
| Types of Assets: | Forex, Crypto, Indices, Commodities, Shares |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Sky Gold Market Is Not a Regulated Scam Broker?
This company is presenting itself as globally regulated and licensed. If that was true it would be amazing, but they don’t disclose their license or registration number.
Therefore, we can make a proper assumption that this is another luring scheme. This broker is not here to help you make some money, but just to extract as much as possible from you.
On top of the lack of a license and ownership information, there is a warning by the AMF against Sky Gold Market – a regulatory body from Canada. Poorly presented trading tools, without any spectacular advantages over trading standard ones MT4/MT5.
Arguments For Trading With a Licensed Broker
Licensed brokers have regulated terms of trading. Therefore, you know what you are dealing with. In trading, we always suggest looking for Tier 1 regulators like BaFin, ASIC or FCA.
That’s where honest and reputable companies go. They don’t have anything to hide and they are not afraid of their actions. If you were trying to guess if Sky Gold Market broker is on some of those lists, you would guess right. They are not in the database of these regulators.
Red Flags and Warnings from Financial Regulators
The situation always gets worsen for these companies when some institutions issue a warning against them. Since they were scamming traders from Canada, the US and Bulgaria it was expected sooner or later something like that to happen.
You can check a warning from AMF (Quebec) below.
Analysis of Customer Reviews Related to Sky Gold Market
Unfortunately, there are not many comments on this company, especially on TrustPilot. We always empower people to leave their experiences online for other people.
But the ones we found in Sky Gold Market reviews were from those who lost money with this broker. Stay away before you lose yours.
What Platform Does Sky Gold Market Provide?
Sky Gold Market trading offers 2 different platforms. To be honest, we don’t know which one is worse. It’s their Web Trader and Trader 7. All features and tools are basic compared to other companies that are using MT4/MT5.
WebTrader
Once you want to check web-trader it will ask you to register first. Web-trader can be accessed through any device. The problem with those is the speed of trading executions and data legitimacy.
Moreover, they present more chart frames as a benefit for this one. Besides that, they don’t provide through pending orders.
Trader 7
As per Trader 7, the company says this is the most used platform in the industry. This is practically not true. Most regulated companies are using MT4/MT5 because of their reliability.
Trader 7 is available in desktop and mobile versions. Apparently, they provide some additional features, like analytical and trading tools, custom EA tools and more, but we don’t see social trading.
What Financial Instruments Does Sky Gold Market Include?
A limited range of instruments is available with this broker. Five different classes are covered:
- Forex USD/JPY, USD/GBP, EUR/CHF
- Commodities oil, natural gas, gold
- Indices DAX30, CAC40, FTSE100
- Stocks Apple, Amazon, Google
- Cryptocurrencies BTC, ETH, XRP
According to the company statement about account types, they offer 71 forex pairs, 5 commodities and 12 indices. This is a very small number of assets compared to some provided by regulated companies.
Areas Of Sky Gold Market Scam
This list is quite strange. They are targeting traders from
- US
- Canada
- Bulgaria
Most probably, some other countries are included in this scheme. If we consider the fact that they are already warned by AMF, we highly doubt they will operate in the future.
Sky Gold Market And The Types Of Accounts Offered
Accounts offered by this broker with minimum requirements are:
- Beginner 250$
- Intermediate 20.000$
- Advanced 50.000$
- VIP 100.000$
This is a standard strategy among fraudsters. They will lure you with better trading conditions to put more money in the trading account.
After all, since they are not regulated, you need to be aware that anything can happen.
Sky Gold Market Deposit and Withdrawal Policies
The company accepts wire transfers and debit/credit card transfers. Of course, to deposit money you don’t have any troubles. But when it comes to withdrawals, the situation is different.
One strange fact in their withdrawal terms is that they are limiting bank transfer withdrawals. On top of that, there are requests for additional charges before a withdrawal can happen.
You just need to have in mind that such requests are illegal and you should always decline them. We are hoping that this Sky Gold Market review will keep you away from these scammers.
Why Should I Avoid Deposit in Crypto?
Crypto transactions are very hard to trace. In bank transactions, your bank always knows where the money goes. Cryptos are designed to be anonymous. Sometimes it’s up and sometimes downside.
Sky Gold Market Terms and Conditions
Any terms disclosed by this broker are questionable. Since these are not regulated and under any control, everything is speculative. We already mentioned some irregularities for withdrawals.
We are sure that others are nothing more honest and with a goal to protect you.
Sky Gold Market Broker Scammed You? – Please Tell Us Your Story
Many people get caught by these con artists. Lured with fancy advertisements to lose money in the end.
However, you can always share your story online for other people to see. But even for you not everything is lost. There is a chargeback!
What Is the Chargeback Procedure?
It’s a simple request to the bank to reverse a fraudulent transaction. Usually, it’s requested by the cardholder. To get advice on the first step of the process, contact our expert team today!
What Is Sky Gold Market?
It’s an offshore non-licensed company that is promoting investment opportunities.
Is Sky Gold Market a Scam Broker?
There is an issue with a warning from AMF – Quebec which is indicating that this is a scam.
Is Sky Gold Market Available in the United States or the UK?
The company for now offers only services to US citizens, but not UK.
Does Sky Gold Market Offer a Demo Account?
They don’t provide a demo account. Only live trading accounts that are over-expensive for a non-regulated company.