Skyline Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
Business
License
FSPR Revoked 
I registered in 2017. I wanted to withdraw after remembering that I still got money in it. I uploaded my ID, etc., but no one responses my request. I emailed them, they told me it would be proceed within a workday. It has been a day now, but they gave me no response.
Summary: The Skyline review reveals a predominantly negative outlook on this forex broker, with multiple sources highlighting concerns about its lack of regulation and operational transparency. Despite offering various trading options and a user-friendly platform, Skyline's unregulated status raises significant red flags for potential traders.
Note: It is crucial to recognize that different entities operate under the Skyline name across various regions, complicating the regulatory landscape and necessitating thorough research for accurate assessments.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup | 5 |
| Trustworthiness | 2 |
| User Experience | 4 |
We rate brokers based on a combination of user feedback, expert opinions, and factual data from reliable sources.
Founded in 2015, Skyline operates under the name Skyline Markets, primarily based in the Marshall Islands, and is owned by Capital Markets Services Limited. The broker claims to offer the widely used MetaTrader 4 platform, which is popular among forex traders for its reliability and extensive features. Skyline facilitates trading across various asset classes, including forex, commodities, indices, and binary options. However, it is important to note that Skyline lacks regulation from recognized financial authorities, which significantly impacts its credibility.
Regulated Regions
Skyline operates without any valid regulatory oversight, which is a significant concern for potential traders. According to multiple sources, including WikiFX and Forex Peace Army, Skyline has been flagged for its dubious regulatory status, receiving a very low risk score. The absence of regulation means that traders have little recourse in the event of disputes or withdrawal issues, making it a risky choice.
Deposit/Withdrawal Currencies
Skyline allows deposits in several currencies, including USD, EUR, and GBP. However, traders looking to use local currencies must contact customer support for assistance. The minimum deposit required to open an account is set at $250, which is relatively standard in the industry. Withdrawals are subject to a minimum of $100, with the first two withdrawals each month being free, while subsequent withdrawals incur a fee of $30.
Bonuses/Promotions
Skyline offers various welcome bonuses, with amounts depending on the account type. For instance, the micro account offers a 25% welcome bonus, while the VIP account can receive up to a 100% bonus. However, to withdraw any bonus funds, traders must meet a turnover requirement of 20 times the bonus amount, which can be a significant hurdle for many.
Tradeable Asset Classes
The broker provides access to a variety of asset classes, including over 80 instruments ranging from currencies to stocks, commodities, and indices. This diversity allows traders to engage in various trading strategies. However, the lack of detailed information regarding spreads, commissions, and leverage options raises concerns about transparency.
Costs (Spreads, Fees, Commissions)
The Skyline review indicates that while the broker does not explicitly state its spreads, the lack of transparency regarding fees and commissions is alarming. Traders have reported hidden fees and difficulties in withdrawing funds, which is a common issue among unregulated brokers.
Leverage
Information regarding leverage options is scarce, but it is essential for traders to be aware of the risks associated with high leverage, particularly with an unregulated broker like Skyline. The absence of clear leverage guidelines can lead to unexpected losses.
Allowed Trading Platforms
Skyline primarily offers the MetaTrader 4 platform, known for its user-friendly interface and robust trading tools. However, the lack of a dedicated mobile app may limit accessibility for traders who prefer to trade on the go.
Restricted Regions
Skyline does not accept clients from the USA, which could be a significant limitation for many traders. Additionally, due to its unregulated status, traders from other regions should exercise caution when considering this broker.
Available Customer Support Languages
Customer support for Skyline is available primarily in English, and traders can reach out through email, live chat, and phone. However, the quality of customer service has been criticized, with reports of unresponsive support during peak hours.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup | 5 |
| Trustworthiness | 2 |
| User Experience | 4 |
Account Conditions (4/10)
The minimum deposit requirement of $250 is average, but the lack of regulatory oversight and potential withdrawal issues significantly detracts from the overall score.
Tools and Resources (5/10)
While Skyline offers a demo account and various trading options, the educational resources are limited, and the absence of a mobile trading application is a drawback.
Customer Service and Support (3/10)
Customer support has been described as lacking responsiveness, with traders reporting difficulties in obtaining timely assistance.
Trading Setup (5/10)
The trading experience is facilitated through the MetaTrader 4 platform, which is generally well-regarded. However, the lack of transparency around costs and fees impacts the overall trading setup.
Trustworthiness (2/10)
The absence of regulation and numerous reports of withdrawal issues contribute to a very low trust rating for Skyline.
User Experience (4/10)
Despite a user-friendly platform, the overall experience is marred by concerns about trust and transparency, leading to a below-average score.
In conclusion, the Skyline review presents a broker that, while offering a range of trading options and a user-friendly platform, is significantly hampered by its lack of regulation and transparency. Traders are advised to proceed with caution and consider more reputable alternatives.
