SkyFx Trader Review: The Truth About This Scam Broker
The website of the SkyFx Trader broker is currently inactive. You are safe from the threat of being scammed by this brokerage for now, but it regularly happens that old cheats appear under a new name on a new website.
While the website was running, SkyFx Trader presented itself as a firm with an innovative and reliable platform that guarantees earnings. In addition, the unscrupulous swindler promoted leverage up to 1:1000 and spreads starting from zero.
Also, SkyFx is an unregulated and poses a threat to clients’ funds and personal information. If you want to find out what are all the flaws that the fraudulent company has, read the SkyFx Trader review to the end and don’t let yourself be a victim of an obvious investment scam.
SkyFx Trader License and Regulation
While the SkyFx Trader website was live, it was also completely anonymous. Users could only rely on their email address. The broker claimed to be in California. In terms of regulation, SkyFx Trader is not covered by any regulatory body.
Since SkyFx Trader states that the company is headquartered in California it would mean that this firm is currently authorized by the CFTC, FCM, and FED. They should also be a member of the NFA.
Needless to say, SkyFx Trader is unable to meet the requirements these regulatory bodies require in order to obtain a license. In addition to the lack of a license, the broker does not provide access to any legal documents either.
It is unknown which company is behind the site either, so the only name we could check to see if this brokerage was regulated was SkyFx Trader. And, of course, we got zero results.
SkyFx Trader Trading Software
SkyFx Trader promoted on its website that it offers an innovative and reliable trading platform, but when we got to it, it turned out to be the opposite of what the broker claimed to offer.
The trading platform has a non-functional buy and sell menu, and the asset price chart is actually downloaded from the TradingView data provider for free.
But even if SkyFx Trader offers one of the more popular platforms such as MetaTrader4 or MetaTrader5, there would be no point in investing, because this broker has no credibility, nor any guarantee that you will get your stake or earnings back.
Available Trading Instruments at SkyFx Trader
When it comes to trading instruments, the company doesn’t tell us all that much. The only thing that we know is that they offer currency and cryptocurrency pairs.
While some brokers do focus on specialized niche trading nowadays, SkyFx Trader is not a legitimate firm. This is why you shouldn’t expect to be able to really trade with this bogus broker.
Deposit and Withdrawal Methods
As indicated on the website, SkyFx Trader accepts payments made through e-wallets and bank transfers. In the end, it turned out that it accepts only cryptocurrencies, Ethereum and Bitcoin.
The minimum deposit required by SkyFx Trader is $200 or $500, it all depends on which part of the presentation you are viewing. In addition, there are no documents such as Terms and Conditions, Client Agreement, which means that there is a risk of huge fees.
How Is The Offshore Brokers’ Scam Implemented?
The scam carried out by SkyFx Trader is a classic pattern scam, which is perpetrated by other scam brokers as well. That is why such fraudsters fail quickly, as may be the case with the trickster we are talking about.
The first step is to present themselves on the website as an innovative and unique brokerage, which will enable clients to make secure earnings. Then, if they get clients, and they are usually not shy about reaching out to them, the scammer will try to extract as many deposits as possible from clients.
After that, fraudsters give customers huge bonuses that make it impossible to request a withdrawal, and they often do this with bonuses and promotions that they give to customers.
When a client realizes that there is no way to recover their funds, there is no one to turn to because there is no regulatory body in charge of this broker. The only thing a client can do is to contact the local regulatory body to issue a warning against the fraudulent company.
SkyFx Trader Summary
SkyFx Trader is currently inactive on its website. Scam brokers don’t last long, precisely because of their tricks. But they regularly appear under a new name because they make their living through their scams and they don’t care about their fraud victims.
So be careful where you invest your money. Pay attention to which company is behind the broker, where the company is headquartered, and which regulatory body licenses it. In addition, it is also important that your chosen broker has good terms in the contract with clients. If there is no information on the website, it is probably a scam.
Is My Money Safe with SkyFx Trader?
Your money is not safe with SkyFx Trader broker.
How Long Do SkyFx Trader Withdrawals Take?
SkyFx Trader did not share that information on its website.
Does SkyFx Trader Offer Demo Account?
SkyFx Trader did not offer a Demo Account on its website.