Sky Gold Market Review – Too Many Lies Served To Traders

Generally speaking, Sky Gold Market broker is offshore based and with this in mind, there’s not much expectation from them. The company presents itself as globally regulated and licensed. Therefore, you would expect them to have numerous licenses.

Yet, the reality is a bit different. Nevertheless, all clues in this honest Sky Gold Market Review will help you determine if you can trust this or any similar broker like this.

Furthermore, we highly recommend that you avoid the scam brokers DamkoNet, Finex Trader, and Absolute Markets.

Sky Gold Market is Not a Regulated Broker

The company’s address appears to be in Seychelles. Therefore, their first license should come from the Financial Services Authority of Seychelles (FSAS). Sadly, their database doesn’t hold any records of this firm being licensed there.

But to be honest, if the company was truly regulated, they would proudly present their license number. Thus, the company’s T&Cs don’t reveal such details. Unfortunately, not even the legal information is provided adequately.

On top of that, it appears that the governing law for any disputes is the one of the Marshall Islands. Practically, two offshore countries are involved in the company’s business. That’s not promising at all.

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

If you didn’t realize already, this company had already one warning from AMF (Quebec). That was in general, enough big sign to avoid their services. Luckily, numerous Sky Gold Market reviews and complaints resulted in even more warnings.

The one from AMF was reposted by the Canadian Securities Administrators (CSA). But the new one is coming from the Russian Central Bank (CBR). This tells you the company was all but not genuine and trusted. Therefore, we advise you to remember all our tips on choosing the right broker and avoid ignoring warning signs.

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!