Sky Alliance Markets 2025 Review: Everything You Need to Know
Sky Alliance Markets has garnered attention in the forex trading community, but opinions on this broker are mixed. While it offers a variety of trading instruments and a user-friendly platform, concerns about its regulatory status and customer service persist. This review aims to provide a comprehensive overview of Sky Alliance Markets, highlighting key features and user experiences.
Note: It is important to note that Sky Alliance Markets operates under different entities across regions, which may influence regulatory compliance and the overall trading experience. Therefore, traders should conduct thorough research before engaging with this broker.
Ratings Overview
We rate brokers based on user experiences, expert reviews, and factual data from reliable sources.
Broker Overview
Founded in 2005, Sky Alliance Markets is based in Sydney, Australia, and operates as a financial brokerage under the name Sky Alliance Markets Pty Ltd. The broker primarily provides access to forex, commodities, indices, cryptocurrencies, and futures trading through the widely-used MetaTrader 4 (MT4) platform. Despite its claims of regulation by the Australian Securities and Investments Commission (ASIC), it has faced scrutiny due to reports of revoked licenses and operational issues.
Detailed Breakdown
Regulatory Regions:
Sky Alliance Markets claims to be regulated by ASIC, but it has been reported that it holds a revoked license, raising questions about its legitimacy. Additionally, it operates under different entities, which may affect its regulatory compliance in various jurisdictions (WikiFX).
Deposit/Withdrawal Currencies:
The broker supports multiple base currencies, including USD, GBP, EUR, AUD, and NZD. However, specific details regarding deposit and withdrawal methods are limited, with reports indicating that users have faced difficulties in processing withdrawals (WikiFX).
Minimum Deposit:
The minimum deposit requirement is set at $100 for standard accounts, which is relatively accessible compared to many other brokers. However, the ECN account requires a higher minimum deposit of $1,000 (WikiFX).
Bonuses/Promotions:
Sky Alliance Markets does not offer any bonuses or promotional incentives, which is consistent with ASIC regulations that discourage such practices to protect traders (WikiFX).
Tradable Asset Classes:
The broker provides a diverse range of tradable assets, including over 57 forex pairs, commodities like gold and oil, indices, and a selection of cryptocurrencies such as Bitcoin and Ethereum. However, it does not offer stocks or ETFs, which may limit options for some traders (WikiFX).
Costs (Spreads, Fees, Commissions):
Sky Alliance Markets offers competitive spreads, starting from 1.0 pips for standard accounts, while ECN accounts can have spreads as low as 0.0 pips but charge a commission of $3.5 per lot traded (WikiFX). However, the overall fee structure is considered to be on the higher side compared to other brokers in the market.
Leverage:
The broker offers leverage up to 1:400 for forex trading, which can amplify both potential gains and losses. This high leverage may be attractive to experienced traders but poses significant risks for beginners (WikiFX).
Allowed Trading Platforms:
Sky Alliance Markets exclusively offers the MetaTrader 4 platform, which is well-regarded for its robust features and user-friendly interface. However, the lack of additional platforms like MetaTrader 5 or cTrader may limit options for some traders (WikiFX).
Restricted Regions:
Sky Alliance Markets does not provide services to residents of several countries, including the USA, Australia, and certain Middle Eastern nations, which could restrict access for potential traders from these regions (WikiFX).
Available Customer Support Languages:
Customer support is primarily available via email, with no live chat or phone support options, which has been a point of criticism among users (WikiFX).
Repeated Ratings Overview
Detailed Breakdown of Ratings
Account Conditions:
The broker offers several account types, including standard and ECN accounts, with varying minimum deposits. However, the higher minimum for ECN accounts may deter beginners.
Tools and Resources:
While the broker provides access to educational resources, many users report that the content is limited and not regularly updated, which could hinder traders' learning experiences.
Customer Service and Support:
Sky Alliance Markets has received negative feedback regarding its customer service, with users reporting slow response times and a lack of support channels, which may frustrate traders seeking assistance.
Trading Setup (Experience):
The MT4 platform is a strong point for Sky Alliance Markets, providing a familiar interface for many traders. However, the absence of additional platforms may limit the trading experience.
Trustworthiness:
The regulatory status of Sky Alliance Markets is questionable due to reports of revoked licenses. This raises concerns about the safety of funds and the overall trustworthiness of the broker.
User Experience:
Overall user experiences are mixed, with some traders appreciating the trading conditions and platform, while others express frustration over withdrawal issues and customer support.
Conclusion
In conclusion, Sky Alliance Markets presents a mixed picture for potential traders. While it offers a variety of trading instruments and the popular MT4 platform, concerns about its regulatory status, customer service, and withdrawal issues cannot be overlooked. Traders are advised to exercise caution and conduct thorough research before engaging with this broker.
