Beware! SkyDigital 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.
SkyDigital is one of the very few allegedly Turkish brokers we’ve ever encountered, so it’s somewhat an exotic entity. They offer pretty much the standard trading instruments, increased leverage and investing in diamonds. Also, the broker claims to maintain some uncanny Chambers of Commerce, about which we understood absolutely nothing. In fact, SkyDigital is a suspicious business, and you can find out why in the full review.
SkyDigital REGULATION AND SAFETY OF FUNDS
SkyDigital claims to be headquartered in Turkey, but there are some pretty significant problems we came across. First of all, the address given is not a specific location but an entire neighbourhood. However, that’s the lesser problem because the broker claims to be licensed by the Turkish Investments Department, which isn’t the regulator in Turkey. The financial companies in the country should be authorised by the Capital Markets Board if they want to operate there legally. So, SkyDigital isn’t actually licensed, and the broker knowingly misleads people and make them believe it’s a legit business. Well, it’s not, and your funds won’t be safe if you deposit with SkyDigital. You should avoid this broker.
That said, we can offer the high-rated EU brokers and British brokers, which are regulated, trustworthy and most importantly, covered by deposit insurance funds. For example, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are of even up to 85 000 GBP per person. Make sure to stay away from unregulated companies, and it’s worth considering money protection when choosing a broker to trade with.
SkyDigital TRADING SOFTWARE
In the following paragraphs, we are going to assess SkyDigital’s trading software and focus our attention on spreads and leverage. Spreads show how costly brokers’ services are, while leverage carries high risks and can cause severe losses if mishandled. In fact, many authorities regulate it to restrict its usage and EU, British and Australian brokers have to limit clients to 1:30 for FX majors. In contrast, the Canadian brokers and the US brokers can’t provide more than 1:50. Most high-leverage FX companies are unregulated, so you need to be cautious.
With this information in mind, we accessed SkyDigital’s platform, which is web-based and can’t offer any notable benefits. There are not enough indicators, the charting tools are undependable, and the advanced features are completely missing. The EUR/USD spread is bearable- 1.5 pips, so the trading is not as costly, but the poor platform and the regulation issues indicate that you have to avoid this suspected scam. Too many properly regulated brokers offer better platforms and spreads as low as 1 pip and below, so it’s not challenging to find something better.
The leverage with the Mini account is 1:400, a risky ratio that’s actually impossible to change. So, SkyDigital purposely puts traders in a dangerous environment, which is evidence of a scam. SkyDigital, as most of the brokers out there, acts as a market maker, so it pockets traders’ losses. Beware!
MetaTrader4 brokers and MetaTrader5 brokers deliver the best trading software. The MT platforms feature advanced tools such as Expert Advisors, complex indicators, and first-class charting tools. MetaTrader also comes with a Marketplace where traders can find more than 10 000 apps and third-party developed solutions.
SkyDigital DEPOSIT/WITHDRAW METHODS AND FEES
To open a Mini account with SkyDigital, traders need to deposit no less than $500, which is around 5 times more than the regulated brokers’ standards. The single funding method is Debit/Credit card, which at least gives traders the opportunity to file a chargeback if things go wrong.
Speaking of funding, check some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.
The minimum withdrawal amount is $50, free of charge, which is a tolerable condition. In comparison, though, most regulated brokers impose no or minimal requirements, so once again, SkyDigital’s services can’t meet the industry standards.
There is no information about dormant accounts and inactivity fees.
Overall, SkyDigital is a shady unregulated broker, which is more than enough to stay safe and avoid it.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their deceitful deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!