SkyLarks Markets – Can You Trust Them?

Website URL: https://proglobalexchange.com

Founded: 2023

Regulations: Not Regulated

Languages: English

Deposit Methods: Thether

Minimum Deposit: $1

Free Demo Account: No

Number of Assets: 300+

Types of Assets: FX, Commodities, Indices, Shares, Cryptocurrencies

Trading Accounts and Conditions

SkyLark Markets offers their clients the following trading accounts:

• Micro: The deposit range is from $1 to $100. The spreads start from 2 pips. The maximum leverage is 1:1000.
• Standard: The minimum deposit is $500. Spreads start from 1.5 pips. The maximum leverage is 1:400.
• Premium: The minimum deposit is $2,500. Spreads start from 1 pip. The maximum leverage is 1:300.
• ECN: The minimum deposit is $10,000. Spreads start from 0.2 pips. The maximum leverage is 1:100.

There are no commissions charged except in the ECN accounts. Traders are also offered a 50% welcome bonus. Stop out levels are at 40%, margin calls are at 50% and the minimum order size is 0.01 lots.

SkyLark Markets – Advantages

There are no advantages to trading with SkyLark Markets.

SkyLark Markets – Disadvantages

Here are all the red flags that tell is that SkyLark Markets cannot be trusted.

• Lack of Regulation

SkyLark Markets gives us a UK-based address as well as a UK-based phone number on the bottom of their home page. The implication seems to be that this broker is based in the UK.

However, to be based in the UK, a broker has to be authorized to operate in that country by the Financial Conduct Authority, which is the local financial regulator.

The FCA has an online register where you can check for a broker’s regulation status. We did so, and we found out that SkyLark Markets is not regulated by this authority.

This means that the address provided by this broker is also fake, as is the phone number. In their Terms and Conditions, the broker states that the contract is between a company called Projects Limited and the trader, but there is no clear relationship mentioned between this company and the online brokerage. The confusion get deeper because just a few lines later, the company name changes to Projectus.

Plus500

$100

Minimum Deposit

Start Trading

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Lack of Real Legal Documents

There are multiple issues with have with regard to the legal documents this broker presents.

First, legal documents are a necessary requirement for every regulated broker. They need to be easily accessible to all visitors to that broker’s website. With SkyLark Markets, the only way we get to see the legal document is when you go to the registration page.

Next, the legal documents are supposed to be extremely detailed, spelling out each and every service offered by the broker, the terms for using those services and also the broker’s policies. We looked at SkyLark Markets’ legal documents – they barely are half a page long and are only focused on a very general aspect of usage.

These issues tell us clearly that SkyLark Markets was depending on the common tendency of most of us to not read the Terms and Conditions and simply click on the I Agree button when signing up.

And this is exactly why it is so important to take the time to actually read through all the legal documents. Scammers can take you for a ride and steal your money, and you will not be able to do anything about it since you already signed up with them without really checking what they had to offer – or did not offer.

• Lies About Trading Platform

SkyLark Markets claims to offer the MetaTrader 5 trading platform to their customers. This would have been a big win – had it been the truth.

This broker has a download link on their website, which lends credibility to their claim. However, when you click on the link, what you get is just a demo version of the actual software. Furthermore, even this demo version is not in this broker’s name; it is licensed to another broker that has a similar name – Skylark Capital Markets. This means that this platform doesn’t even belong to this broker at all.

Now, here is the kicker. When we registered for an account and tried to access the live software, we found that SkyLark Markets doesn’t even have a working software. The demo version is just there to fool people into thinking this broker offers a real trading platform!

• Issues with Trading Conditions

We also need to point out all the red flags in this broker’s trading conditions that reveal their scam.

First, the minimum deposit of just $1 was suspiciously low. Traders need to make a slightly higher deposit to actually be able to trade. The minimum deposit needed to start trading is at least $10.

Next, the spreads are high enough to be disadvantageous to traders. This means that the cost of trading with this broker would be too high.

As for the leverage, at 1:1000, it is dangerous. Such high leverage could lead to severe losses for most traders – even pros. Added to this, a UK-based broker would never be allowed to offer such a high leverage ratio. It is illegal. UK brokers are not allowed to offer more than 1:30 leverage.

All of this tells us that we are dealing with a scammer.

• Lies About Payment Methods

The lies permeate this broker’s entire website. On their home page, SkyLark Markets claims to offer multiple payment methods – Visa, MasterCard, Wire Transfer, Bitcoin, UnionPay, and USDT.

However, when we logged into the payments section, we found out that the only way to make payments was via a single method – Tether, i.e., cryptocurrency.

We need to point out that scammers love to offer only a single payment method such as cryptocurrencies, since these transactions are all anonymous and irreversible, which make for a perfect way to scam people out of their money. 

Conclusion

SkyLark Markets is not to be trusted; this broker is a scammer.

SkyLarks Markets

2.5

User Experience

2.5/10

Payment Options

2.5/10

Security

2.8/10

Support

2.0/10

Reputation

2.6/10

Pros

• None

Cons

• Lack of Regulation
• Lack of Real Legal Documents
• Lies About Trading Platform
• Issues with Trading Conditions