Beware! Skyprimebg is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
At first glance, the interface of Skyprimebg forex broker looks very sleek and professional. What is hidden behind the facade of this “market leader with an impeccable reputation” we are about to find out.
Skyprimebg Regulation and safety of funds
On the company’s website, we found the address of this broker to be in London, UK. We checked with the Financial Conduct Authority (FCA), the body regulating forex brokers in the UK, but the name of the company was not found in it (screenshot below). To make sure that we have not missed anything, we even checked the CySec register based on the broker’s claim that it makes contributions towards the Investor Compensation Fund and lastly, the register of the Bulgarian Financial Supervision Commission, as the last two letters of this broker’s name stand for Bulgaria. However, nowhere were we able to find the registration of Skyprimebg. We have sufficient proof that this broker is not licensed, therefore in no-legit and is possibly a scammer. The claims made on its website that the company provides safety of funds by keeping traders’ accounts segregated and that it contributes to a compensation fund cannot and should not be taken at face value!
Finding a reliable broker just by browsing websites and looking at what is attractive in terms of trading conditions, is not enough. You need to make sure that this broker is licensed as well. Only licensed brokers won’t scam you and they will provide you with a guarantee for the safety of your funds. You can browse the links we provided here of brokers from some well-established jurisdictions, such as the US, Australia, the EU and the UK. In all these jurisdictions, forex brokers must be well capitalised which among other things serves as a way of warding off scammers. For example, licensed brokers in the US must have an initial capital of $20 million and in Australia, no less than 1 million AUD. You can’t imagine scammers investing such big amounts of money just to look legit! In the EU and the UK, the amount of the initial capital a licensed broker must have is only 730,000 EUR. However, there are other benefits for investors to take advantage of. We are talking about compensation funds or schemes towards which licensed brokers must make contributions and which serve to refund traders if the broker is deemed insolvent. Brokers regulated by CySec contribute to the local Investor Compensation Fund from which traders will be compensated up to 20,000 EUR per person. In the UK, traders can get compensated up to 85,000 GBP per person but only if the broker contributes to the local Financial Services Compensation Scheme and is regulated by FCA.
You won’t find better conditions than these, so our advice is to research these brokers and select the one that best suits your trading needs.
Skyprimebg Trading software
Skyprimebg is a forex broker trading in forex, cryptocurrencies, indices, commodities, stocks, ETF and bonds. The trading software offered by Skyprimebg is browser-based (screenshot below). On top, in the horizontal bar is the menu with the different trading product, on the left-hand side, is the menu with the trading options and in the middle is the chart of a selected currency pair with the fluctuation of its price in a given time frame. In this instance, we have the EUR/USD currency pair. On the right-hand side, you can see the bid/ask price and other information regarding leverage, margin, etc. From the bid/ask price for the same currency pair, we calculated the spread to be 11862.9 pips. We are just gobsmacked! We’ve been through countless websites of forex brokers but never have we seen such a thing. Just keep in mind that the industry average spread is 1.5 pips. There is no scale on which we can compare both spreads. It’s absurd! It’s unrealistic! It’s plain-speaking crazy! We don’t know if this broker is kidding or taking us as the biggest fools on earth!
On the other hand, the leverage offered on this trading platform is 1:1. It’s interesting that this leverage is rather low and with this ratio, it will be matching dollar for dollar. That, indeed, is a very safe way to trade (bar the crazy spread!). You may know that in the EU, there is a cap on leverage and it cannot exceed 1:30 and in the US, it cannot exceed 1:50. Low leverage prevents traders from taking unnecessary risks with their funds.
The trading platform offered by Skyprimebg is a rather basic one and does not provide the traders with many trading tools and instruments. On the other hand, MetaTrader 4 and MetaTrader 5 trading platforms, preferred by the majority of licensed brokers, offer a lot more. These two platforms have an excellent reputation because they are equipped with many trading tools and instruments that enhance traders’ experience. They offer a demo account for newbies to practice and gain experience and also come with a code base with customs scripts, VPS, trading signals, a financial calendar and an app market. Their charting options are to die for and their technical analysis indicators help traders predict the future of exchange rates and make a profit.
We strongly recommend these two platforms! However, a platform is as good as its broker, so make sure to select a licensed broker first.
Skyprimebg Deposit/Withdrawal methods and fees
As you can see from the screenshot below, Skyprimebg offers 6 different trading accounts – Opening, Basic, Bronze, Silver, Gold and Platinum. The minimum initial deposit for the Opening account is $500. We think this amount is high compared to what licensed brokers would ask – $1-5. The other accounts start at $3,000, $ 15,000, $50,000, $150,000 and $300,000 respectively.
The only payment methods are via credit card or bank transfer and there are no deposit fees.
The minimum withdrawal amount via wire transfer is $500 and via credit card – $100. the withdrawal processing time can take up to 7-10 business days. The company does not charge withdrawal fees.
If the trader deposits $1000 upon opening an account, then the broker will match it by offering $1000 bonus. However, please keep in mind that bonuses are not free gifts (although they may seem like one) and come with heavy to fulfil requirements attached to them that can mess up your funds and your withdrawal options. In this case, to be able to withdraw funds, the trader must execute a minimum trading volume equal to 25 times the bonus amount plus the deposit. Now grab a calculator and start calculating how many transactions you must make before you can withdraw any of your funds. Also, keep in mind that licensed brokers never offer bonuses or other incentives and that is the demarcation line between legit and non-legit brokers.
How does scam work?
Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mousetrap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for a while and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for a chargeback.
What to do if scammed?
There are a few things that you must do immediately – file for a chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for a chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such a desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives scammers access to your personal data.