RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Sky Alliance Markets is a legit broker that does things in a very simple and straightforward manner, with some issues here and there.
Sky Alliance Markets Regulation and safety of funds
Sky Alliance Markets is a business name of Sky Alliance Markets, which is fully regulated by ASIC of Australia. This is a very popular and solid regulator, and in fact in in the list of top license issuers around. It offers superb conditions for users and brokers but never compromises risk aversion for freedom. All brokers must abide by rules that only increase in severity once a license has been issued: these include a constant capital requirements of AUD 1 million, client segregated accounts, risk management strategies, regular report requirements, regular audits, Negative Balance Protection, staff training requirements, and more. Notably, the leverage cap in Australia is capped at 1:500, granting users a game changing system, unlike in the EU and the US. The biggest letdown of the ASIC license is that there is no compensation scheme applied in the case of a firm’s insolvency.
In other words, Sky Alliance Markets is safe to trade with.
XYZ Trading software
| Analytical tools | Auto trading | Custom indicators | Mobile apps | |
| Sky Alliance Markets MT4 | ✅ | ✅ | ✅ | Android and iOS |
| MT4 | 30+ indicators | ✅ | ✅ | Android |
| MT5 | 50+ indicators | ✅ | ✅ | Android |
| cTrader | 40+ indicators | ✅ | ✅ | Android and iOS |
The MT4 is available here, whihc is a good thing, and one of the many marks of a steady broker. The MT4 is one of the best platforms in the worlds, and for a reason: there are hundreds of features that no other software has, at least on this level. It allows users to take advantage of the most sophisticated system of options and features which include technical analysis tools, back testing capabilities, EAs, one click trading, and tons and tons more.
The MT4 at Sky Alliance Markets is available on mobile as well as a desktop trader, but has not been given a web trader version.
Sky Alliance Markets Trading instruments
| Currency | Stocks | Indices | Crypto | Commodities | |
| Sky Alliance Markets | ✅ | ❌ | ✅ | ✅ | ✅ |
| XM | Yes | Yes | Yes | No | Yes |
| FBS | Yes | Yes | Yes | Yes | Yes |
| FXTM | Yes | Yes | Yes | Yes | Yes |
The available financial assets are forex currency pairs, commodities, indices, crypto, and futures. This is the standard list of assets, and it’s pretty good, even though there aren’t any shares to speak of. Anything lower than that would have been a risky move.
Sky Alliance Markets Spreads and cost of trading
| Sky Alliance Markets | XM | FBS | FXTM | |
| Spread EURUSD | 1 pip | 0.6 | 1 | 1.1 |
| Spread GBPUSD | N/A | 1.3 | 1.2 | 1.4 |
| Spread USDJPY | N/A | 1.3 | 1.2 | 1.4 |
There are 3 account types in general, and there’s no way to disprove them since there is nothing to hide here. However, in terms of the spread the only thing we find, without accessing the platform, is a 1 pip EUR/USD spread claim, which seems pretty accurate to be honest, since this is a common cost of trade, and a good one
Please note that both the ESN Account and Swap-Free ECN Account have a $7 round turn commission, meaning that the spreads offered have to be considered with an additional 0.7 pips.
Sky Alliance Markets Maximum leverage
| Forex | Stocks | Crypto | Gold | Indices | |
| Sky Alliance Markets | 400:1 | ❌ | 5:1 | 100:1 | 100:1 |
| UK regulated brokers | 30:1 | 5:1 | ❌ | 10:1 | 10:1 |
| EU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| AU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| US regulated brokers | 50:1 | ❌ | ❌ | ❌ | ❌ |
The FX leverage has been said to be 1:400, and 1:5 for crypto. All standard leverages.
Sky Alliance Markets Deposit and withdrawal methods
| Deposit time | Withdrawal time | Fee | |
| Bank wire | 3-5 business days | 2-5 business days | $25 |
| Credit card | Instant | No Information | Free |
| Paymt2 | No information | No information | 2% |
| Crypto | 24 hours | 24 hours | Fee depends on crypto |
Sky Alliance Markets’ payment pages lead all to error pages, which we found to be the broker;s biggest issue; we don;t know whether or not it was an issue with the website or negligence on the part of Sky Alliance Markets. So, we could not gather any payment information at all. It’s a disappointment that an ASIC regulated entity would be barren fo payment details, considered as crucial information by many.
Sky Alliance Markets Minimum deposit
| Sky Alliance Markets | XM | FBS | FXTM | |
| Minimum deposit | $100 | $5 | $10 | $5 |
The minimum deposit requirement is $100 for the Standard account, and $1000 for the ECN account. But some might argue that this deposit is way too high in an industry that strives to offer as low a minimum deposit as possible without compromising too much.
Sky Alliance Markets Withdrawal requirements
| Trading volume | Fee/Tax on withdrawal | Minimum withdrawal | |
| Sky Alliance Markets | No | No | No |
| UK regulated brokers | No | No | No |
| EU regulated brokers | No | No | No |
| AU regulated brokers | No | No | No |
| US regulated brokers | No | No | No |
If you even stumble upon bloated fees on withdrawals or unnecessary charges then you are dealing with a risky broker, and we have seen many legit entities having some kind of fee or commission that makes no sense in the context of a regulated broker. With Sky Alliance Markets we cannot tell you anything because the firm really is silent on these. But considering that it’s an ASIC broker, we don’t expect any nasty surprises.
