SKY FINANCE GROUP Forex Broker provides real users with * positive reviews, * neutral reviews and 2 exposure review!
Business
License
Cannot withdraw normally???? Need to operate mannually.
When opening an account, it said that the withdrawal will be approved within 2 hours, but the application for withdrawal has not been successful till now.
In the ever-evolving landscape of forex trading, the reputation of brokers is paramount. The Sky Finance Group has garnered significant attention, but the consensus among various reviews paints a concerning picture. This broker is primarily characterized by its lack of regulation, questionable operational history, and numerous user complaints, leading to a predominantly negative assessment.
Note: It is essential to recognize that Sky Finance Group operates under various regional entities, complicating its regulatory status. This review aims to provide a fair and accurate overview based on available data.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service | 2 |
| Trading Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
We rate brokers based on user feedback, expert analysis, and regulatory compliance.
Founded in 2016, Sky Finance Group claims to offer a global trading experience with a focus on forex and CFD trading. The broker purportedly operates on the MetaTrader 4 and MetaTrader 5 platforms, which are well-regarded in the trading community. However, the legitimacy of their claims comes under scrutiny due to a lack of concrete regulatory oversight. The broker's domain was registered only in late 2021, raising questions about its operational history and credibility.
Sky Finance Group claims to provide a variety of trading instruments, including forex pairs, commodities, and indices. However, the absence of a reputable regulatory body overseeing its operations is a significant red flag for potential investors.
Sky Finance Group has been flagged as an unregulated entity. According to multiple sources, including BrokersView, the broker is not recognized by any major regulatory authority, including the U.S. National Futures Association (NFA), despite claims to the contrary. This lack of regulation means that traders have little to no recourse if issues arise, making it a risky choice for forex trading.
The broker does not clearly specify acceptable deposit and withdrawal methods, which is a common practice among unregulated brokers. Users have reported difficulties in withdrawing funds, often facing delays and unexpected fees. The minimum deposit requirement is typically around $250, but this can vary.
Sky Finance Group has been noted for offering enticing bonuses and promotions, which often come with stringent requirements. These promotional offers can lead to complications in withdrawing funds, as users may be required to meet high trading volume thresholds before accessing their money.
The costs associated with trading on Sky Finance Group are not transparently outlined. Users have reported spreads that are not competitive compared to regulated brokers, and hidden fees are a common complaint. This lack of transparency can lead to traders incurring unexpected costs, further diminishing their potential profits.
Sky Finance Group offers high leverage ratios, which can be appealing to traders looking to maximize their positions. However, high leverage also amplifies risk, potentially leading to significant losses. The trading platforms available, including MT4 and MT5, are reputable, but the overall trading experience is marred by the broker's questionable practices.
Sky Finance Group appears to have restrictions on certain regions, but specific details are often vague. Customer support has received poor ratings, with users reporting long wait times and unhelpful responses. This lack of support can be detrimental, especially for new traders who may require assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service | 2 |
| Trading Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
Sky Finance Group offers basic account types, but the conditions are not competitive. The absence of regulatory backing means that traders are exposed to high risks without the safety nets typically provided by regulated brokers.
While the broker claims to provide various trading tools, user feedback suggests that these resources are limited and not user-friendly. Many traders report a lack of educational materials and market analysis.
Customer service is a significant pain point for users of Sky Finance Group. Reviews indicate that support is often unresponsive, and users struggle to get their issues resolved in a timely manner.
The trading experience is hindered by the broker's lack of transparency regarding fees and spreads. Users have reported that their trading conditions do not match what was initially promised, leading to frustration.
Trustworthiness is perhaps the most critical issue surrounding Sky Finance Group. The lack of regulation, combined with numerous negative reviews and complaints, paints a grim picture. Users are strongly advised to exercise caution.
Overall user experience is rated poorly, with many traders expressing dissatisfaction with the platform's functionality and customer support.
In conclusion, the Sky Finance Group review highlights a broker that, despite its claims, fails to meet the standards expected by traders. The lack of regulation, combined with numerous user complaints, suggests that potential clients should look elsewhere for a more reliable trading experience.
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