Sky Alliance Markets Review (skyallmerkts.com)

SkyAllianceMarkets is marketed as an award-winning, world-class broker that offers a large number of currency pairs – well over 50 – as well as CFDs on indices, commodities, precious metals, and a few crypto coins, namely Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple, with three account types, including an Islamic one, leverage up to 1:500, and the MetaTrader4 platform.

Unfortunately, several aspects of SkyAllianceMarkets seem to be incorrect. To begin with, the broker is unregulated, and even more concerning, their website is practically anonymous — there is no physical address, and we have no clue where their organization is established. If you still believe this is a solid trading opportunity, you should read the following words.

Is Sky Alliance Markets Trustworthy？

No. SkyAllianceMarkets is not legitimate since they do not have a forex license. Instead, look at our list of UK-regulated brokers.

A legitimate forex license issued by a major financial institution such as the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission ensures that your broker will be completely transparent about how it handles your money and will allow unconditional withdrawal whenever you decide to cash in your profits or the entire balance of your trading account.

It is quite unlikely that you will ever be able to withdraw a single dollar from an unregulated broker.

Furthermore, regulated brokers are required to follow strict ethical and fiscal rules, such as maintaining a certain minimum operational capital with which to cover all outstanding payments towards clients – 730 000 EUR with all brokers regulated in the European Union and the United Kingdom; storing all client funds in a separate account from the broker's account, granting traders negative balance protection, reporting all trading transactions, allowing external audits, and so on.

With FCA-regulated brokers, for example, your trading account is covered for up to 85 000 GBP, which means you will get up to 85 000 GBP of your money if your broker declares bankruptcy. Similarly, your balance will be covered for up to £20,000 with EU-regulated brokers.

Aside from being unregulated, SkyAllianceMarkets has another issue: their website is practically anonymous - there is no physical address, and we are not informed where the firm behind the broker is headquartered. We can only guess that it is present in certain offshore locations such as the Marshall Islands or St. Vincent and the Grenadines.

Otherwise, the firm claiming to manage the website is Sky Alliance Markets Pty Ltd, but the company offering the trading platform is different – Sky Alliance Markets Limited, which is unusual and does not assist the broker's trustworthiness.

Can I profit with Sky Alliance Markets？

No. You won't be able to earn any money with an unregulated broker like SkyAllianceMarkets since you won't be able to withdraw even a single dollar. Instead, go through our list of EU-regulated brokers.

When you register a trading account with an unregulated broker like SkyAllianceMarkets, you will often begin getting frequent phone calls from your account managers, who will practically push that you deposit as much as you can.

When you seek a withdrawal, you will be informed that you are unable to do so because you have not reached some minimum trade volume criteria, which may be related to a trading bonus. The second option is that you will be needed to pay some more costs first – for example, you will be required to make yet another deposit – and then your withdrawal request will be canceled for another reason.

And SkyAllianceMarkets does give trading incentives of up to 5000 USD - a practice that is very contentious because of the minimum trade volume criteria that fraudsters conveniently exploit as a pretext to refuse your withdrawal requests.

Furthermore, the link to the Client Agreement on the SkyAllianceMarkets website was broken, so we were unable to examine their Terms and Conditions. Regardless, if you sign up and start a trading account, you will be required to agree to those terms, even if you have never had the opportunity to read them.

What is the Sky Alliance Markets minimum deposit amount？

SkyAllianceMarkets does not specify the minimum deposit amount for its Standard and Platinum accounts, as well as their Islamic or swap-free accounts. In any event, you may always check out our list of brokers that provide swap-free accounts.

Swap-free or Islamic accounts are designed specifically for Muslim merchants since it is against their faith to provide or receive interest. Furthermore, with a swap-free account, you do not have to pay for positions that are kept open overnight, which is normally offset by larger spreads or other penalties.

What kind of leverage are accessible at SkyAllianceMarkets？

SkyAllianceMarkets provides leverage of up to 1:500, however since this is not a legitimate broker, you may also check our list of brokers that provide leverage of up to 1:500.

However, keep in mind that larger leverage considerably increases the danger of your trading situations, so utilize it with prudence.

Otherwise, the spreads we observed on the SkyAllianceMarkets trading platform seemed to be reasonable, beginning at 1.5 pips. Still, since this is not a legitimate broker, we recommend that you go through our list of brokers that provide even narrower spreads.

What trading platforms does Sky Alliance Markets offer？

SkyAllianceMarkets provides MetaTrader4 - a traditional trading platform that enables traders to perform automated trading sessions. However, since SkyAllianceMarkets' trustworthiness is near to nothing, you may also check our list of legitimate MT4 brokers here.

And there are several reasons to locate an MT4 broker. The platform provides traders with access to a large library of market indicators, customizable trading robots, and a comprehensive set of sophisticated charting tools.

What types of payment are accepted at Sky Alliance Markets？

SkyAllianceMarkets states it accepts wire transfers, Skrill, Neteller, and NganLuong.vn payments. We were unable to confirm this, and the broker does not seem to take credit cards; thus, we have compiled a list of brokers that accept VISA and MasterCard payments.