Sky Equity – Can We Trust Them?

Website URL: https://skyequity.net

Founded: 2023

Regulations: None

Languages: English

Deposit Methods: Credit Card, Debit Card, E-Wallets

Minimum Deposit: $1,000

Free Demo Account: Not Provided

Number of Assets: N/A

Types of Assets: Trading Instruments Not Revealed

Trading Accounts and Conditions

Sky Equity offers their clients three different types of trading accounts:

• Sky Silver: The minimum deposit is $1,000. The minimum spreads for this account are 3 pips.
• Sky Gold: The minimum deposit is $5,000.
• Sky Platinum: The minimum deposit is $10,000.

Spreads for the other accounts are not mentioned and we only know that there is a maximum leverage of 1:1000.

Sky Equity – Advantages

There are no advantages to trading with Sky Equity.

Sky Equity – Disadvantages

We cannot trust Sky Equity. Here are all the reasons why:

• Lack of Regulation

The first thing we do when we review a broker is check their license and regulation status. This tells us if a broker is operating legally or not.

Regulated brokers will have all evidence of their legal status clearly displayed on their website. They provide their corporate information (company name, address, and contact details) as well as the licensing and regulation information. This way, everyone who visits their website knows exactly who this broker is.

With scammers, such information is either scanty or fabricated. As in Sky Equity’s case. This broker provides us with a UK address, which implies that they are based in that country. However, this broker does not provide their contact information, so we do not know how to get in touch with them directly. We also do not have any information about their regulation status.

Being based in the UK means that a broker needs to be regulated by and registered with the Financial Conduct Authority. We checked this regulator’s online register and found that there was one company registered with them whose name was close to this broker’s: Equity Sky Capital Marketing Ltd. However, this company does not have anything to do with Sky Equity.

All in all, we found out that we are dealing with an anonymous and unregulated broker, which makes Sky Equity a scammer.

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• Issues with Registration

Another problem that rang alarm bells for us was the fact that we could not register at all with this broker. As part of our review process, we register for an account with the broker that we are going to review. This allows us to check their client area, their payment options and their trading software for ourselves: we get to know whether what the broker claims on their website is true or not.

With Sky Equity, we were simply unable to register. There is a registration form, but when it comes to the country data, there are no options given. So, without that mandatory part of the form being filled, you cannot proceed with the registration process.

• No Trading Software

The trading software is any forex broker’s main offering. So, brokers make sure that they have the best software on offer for their clients, i.e., the MetaTrader 4 or MetaTrader 5 software. And brokers advertise the software they have boldly on their websites.

With Sky Equity, there is no mention of any software at all – anywhere on their website. In fact, the broker hasn’t even provided a download or web link to the software. This leads us to believe that Sky Equity has not trading software at all.

This, of course, simply underlines this broker’s scam.

• Issues with Trading Conditions

While this broker seems to offer 3 different types of trading accounts, there is no way to verify this information (since we were unable to complete the registration process!).

Furthermore, there is the question of this broker’s minimum deposit requirement: they expect you to deposit at least $1,000 to open a basic account with them. The market average for opening new accounts is $100, with many really high-quality brokers asking for as little as $50 for a new account opening.

As for the spreads, a start spread of 3 pips is exorbitantly expensive. You would be looking at more than $50 per trade, which means that you would be paying your broker most of your fees. When you consider the fact that the market average of spreads ranges from 1 pip to 1.5 pips, you realize how really unfair the spreads offered by this broker are.

We don’t even have any information on the fees and commissions that this broker charges, so we don’t even know the real cost of a trade using this broker’s services.

And the leverage that Sky Equity offers is much too high. At 1:1000 the risk factor is too high. We also need to mention that any leverage above 1:30 is illegal in the UK (as it is in the EU and in Australia; similar limits have been placed in other strongly regulated countries too).

Thus, the trading conditions offered by this broker are just not realistic and are also indicative of a scam.

• Issues with Payments

Sky Equity claims that they offer the following types of payment options: credit cards, debit cards and a few e-wallets. However, since we were unable to access their payment area (once again, since we were unable to register an account with them), we cannot verify whether these claims are true or not.

We know that there must be some transaction fees that this broker is charging, however, we are not aware of what they are. This is, obviously, because the broker has not mentioned their payment policies anywhere on their website. All that Sky Equity states is that there are other additional fees that they charge; what they are is not clear at all. 

Conclusion

Sky Equity is just another scam operation; we cannot trust them at all. It would be best to find a regulated broker that can offer you a fair deal.

Sky Equity

2.2

User Experience

2.5/10

Payment Options

1.8/10

Security

2.3/10

Support

1.8/10

Reputation

2.6/10

Pros

• None

Cons

• Lack of Regulation
• Issues with Registration
• No Trading Software
• Issues with Trading Conditions
• Issues with Payments