Beware! Sky Equity 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.
Sky Equity is a one page site that offers very limited information and does not feel like a broker at all. Read the review to see what we found out.
SKY EQUITY REGULATION AND SAFETY OF FUNDS
In the limited website of this broker, we were still able to find evidence of the broker’s lack of license in two very common and easy to distinguish statements.
The first one to mention is an address in the United Kingdom, as always, suggesting that the current broker is fully authorized to offer its services to locals. That would be the case if the broker were actually authorized in the UK, which it definitely isn’t. The FCA is one of the top regulators, and the likes of Sky Equity ca bever dream of being paid attention to let alone regulated by the the British overseer. In other words, the UK address is a fake and completely uncalled for. The firm is not legally authorized to provide trading service in the United Kingdom.
In the footer of the site we find the second elements. This one makes more sense, logically, but it still lacks certain sides to make it rhetorically useful. The footer adds the statement that the website of Sky Equity is no intended or directed to any whose local jurisdiction would not allow the distribution of Sky Equity and its services. Basically, Sky Equity says that it is not available there where it isn’t by local laws, but does not provide further details. This is a common statement by unlicensed brokers, that hide behind this ambiguous claim.
All in all, Sky Equity has no regulation, and is a risk to all. Do not invest here.
Illegal and unregulated brokers spell trouble every single time! They have nothing to offer, unless you count heartache and frustration. These companies are created and run as elaborate scams (not all of them) and they are short-lived as a result of complaints and regulatory actions. But in between the creation of a scam and its downfall many users will lose their money with very little chance of a refund. This money will be redirected to various offshore and untraceable accounts and will serve the scammers to fund their own lavish lifestyles and future scammer projects.
So, really there is no reason to invest or even interact with unlicensed brokers. If you want to experiences the real FX trade, then look no further than any European, UK, US, or Australian-based brokers. These are regulated and fair institutions that treat each customer with care and respect.
SKY EQUITY TRADING SOFTWARE
Sky Equity offers no information on any available trading software. There are no links, and barely any mentions of one being available. We even failed to register, further distancing us form the potential of a platform.
Considering that Sky Equity is a scam, even if there was a software to use, it would have been a risk to open it. Our readers should, therefore, look to brokers that are regulated, and only then trust them with the platforms they offer.
SKY EQUITY TRADING CONDITIONS
We were not able to open an account, as we already mentioned. The registration process failed to load the “country data” without which we could not register. There was no reason for this to happen to us.
But we took it, and then headed for the site for all the trading details, not that we can trust is with any of it. So, according to the website, the leverage is capped at 1:1000. This is a very high leverage, that is as equally as dangerous as it it lucrative. The Silver account spread is on average 3 pips, meaning that the broker really has no idea what it is doing, since such a high spread, for the standard account at that, is 1 pip above what is considered acceptable. There are no trading instruments revealed.
Here is a list of brokers with excellent trading conditions, for those of you wanting a little kick to their trade game.
SKY EQUITY DEPOSIT/WITHDRAW METHODS AND FEES
Sky Equity’s site has certain payment method logs: credit card and debit card providers, and some e-wallets. There are potential payment fees, but the broker was never really clear on them, not to mention that there are other additional fees that are also left unclear and completely unreliable.
The minimum deposit is as high as $1000, which for a broker like Sky Equity is definitely out of bounds and completely unnecessary. Most modern brokers go for a low deposit requirement so that all types of users have a chance. Not this one; Sky Equity is a complete scam and a risk to all.
How does the scam work
For years now the scammer process has been, more or less, based on the same simple principle: that of solicitation. Of course, users can also stumble randomly on a scam but this happens very rarely.
Scammers rely mainly on exaggerated advertisement campaigns and phishing tactics, that is to say cold-calling techniques, to recruit their users. On the ads front, users are lured with very striking online ads about unbelievably lucrative opportunities for investments accompanied by imagery of luxury. The client is prompted to provide a contact email and a phone number.
The contact will be established in either case, and the user will be lied to and manipulated until he or she is lead to invest. If you fail to be succumbed to the broker’s sweet talk at some point the representative will stop calling you. But until then, you will be surprised as to the exhaustive repertoire of deceits and lies these scammer have. Essentially, they will try everything to convert you to their shady cause.
A users who has invested will be prompted to deposit at least one more time, but this time a larger sum with allegedly higher chances of hitting it big on the trade game. Obviously the illicit firm in question is making all these claims up; most of them don’t even have trading software!
The time will eventually come when the client will feel cheated, but by then it is usually too late. The broker will either cut all contact with the user, shut down its site, or simply stall the withdrawal request indefinitely.
What to do when scammed
The safest bet at getting your money back is to file for a charge back with your credit or debit card provider – the chargeback period for MasterCard and VISA is 540 days. However, this can only happen if you have invested via a card, or an e-wallet supporting card payments.
Bank transfers are way harder to trace, and the only hope you have is to call the bank itself and try to figure out a reimbursement strategy. But there is no guarantee that this will work. What we can advise if you fall into this state is to immediately change your bank account password and username.
Then there are the crypto transactions which are untraceable and therefore lost for good. So, whenever you see a crypto based payment method with an unregulated broker make sure to stay clear!
Last but not least, we have the recovery agents or agencies which are total scammer of their own. They promise a full refund in return of a one time payable fee, and no small one at that. As soon as this is paid they will disappear without a trace.