Sky Gold Market is a classic example of a broker scam; this unregulated business provides high leverage and dubious incentives but lacks a working trading platform. You will soon learn that trying to trade with Sky Gold Market is impossible because the broker only asks you to invest without offering you any sort of trading opportunities.
Remember that if you have already invested, it would be impossible to get your money back because this broker only takes irreversible crypto payments. All of this is a set-up for fraud, so avoid using this broker unless you want to lose a significant sum of money. Read this complet Sky Gold Market review to know more about the TradeMax scam.
Website – https://skygoldmarket.com/
Address – F26 First Floor, Eden Plaza, Eden Island, Seychelles
Warning – The Central Bank of Russian Federation (Russia)
Regulation
Broker Sky Gold Market gave us so many conflicting pieces of information that we are not even sure where to begin. First of all, the broker claimed to be located in Canada but offered no evidence that it was subject to local regulation. After that, we discovered up to three additional addresses—one each in the UK, Australia, and Hong Kong.
However, this broker provides incentives in addition to very high leverage—both of which are outlawed in Australia and the UK. Since we were unable to locate a broker by this name anywhere in the records of the FCA (the UK), ASIC (Australia), or SFC (Hong Kong), this broker is not authorized and may therefore be extremely dangerous.
Trading Software
The broker Sky Gold Market does not provide any type of useful trading software. When we logged into their client section, all we found was a TradingView chart, despite them having claimed to give us access to a web-based platform. This broker does not provide all the services it is meant to, as evidenced by the fact that this free market-tracking software cannot be used for trading.
Trading Conditions
Sky Gold Market only requires $100 from you to create an account, which is a modest amount of money. However, given that this broker is a swindler, you would be left scrambling to recoup your lost investment even if you invested this reasonable sum with them.
With this broker, you could select the leverage you traded at and put it anywhere between 1:100 and 1:500. The promise of such leverage comes with several issues. First of all, since 1:100 is already a very high figure, we were unable to lower it.
Second, brokers in the UK and Australia (where Sky Gold Market is allegedly based) are not permitted to give leverage to retail traders higher than 1:30; any broker who asserts otherwise is in violation of the law. Finally, since this broker does not provide a trading platform, discussing leveraged trading is truly pointless.
Deposit and Withdrawal Methods
Sky Gold Market takes a variety of deposit options, but the issue is that this broker clearly prefers cryptocurrency payments. You could pay using a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, BNB, and others. The only other deposit choices are PayPound and PayPal, but both have limited maximum deposit amounts.
The simple irreversibility of such payments means that once you have placed them, you would not be able to get your money back, which is why such scam brokers frequently encourage you to deposit in cryptocurrency.
Conclusion
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