SKY Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-10-09 18:09

Abstract：SKY, founded in 2021 and registered in Saint Vincent and the Grenadines, offers trading in a variety of markets. The platform primarily supports MT4 and provides two account types. But there are problems of its recent establishment and lack of regulation.

　　Note: SKY' official website: https://www.skyprimefx.com/ is currently inaccessible normally.

SKY Review Summary
Founded	2021
Registered Country/Region	Saint Vincent and the Grenadines
Regulation	Unregulated
Market Instruments	Stocks/Equities, Futures, Indices, Precious Metals, Commodities, Forex
Demo Account	✅
Leverage	Up to 1:500
EUR/ USD Spread	From 0.5 pips
Trading Platforms	MT4
Minimum Deposit	$10
Customer Support	Phone and email

　　SKY, founded in 2021 and registered in Saint Vincent and the Grenadines, offers trading in a variety of markets. The platform primarily supports MT4 and provides two account types. But there are problems of its recent establishment and lack of regulation.

Pros and Cons

Pros	Cons
Acceptable minimum deposit	Not regulated
MT4 provided	Inaccessible website
	Limited ways to fund

Is SKY Legit?

　　SKY is not regulated. Besides, as of now, their website is not available. The domain skyprimefx.com was registered on November 17, 2021. Its status is clientTransferProhibited, which means that the domain cannot be transferred to another registrar without the current registrars approval. This status is often used to protect the domain from unauthorized transfers.

What Can I Trade on SKY?

　　SKY trade Stocks/Equities, Futures, Indices, Precious Metals, Commodities, and Forex.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Cryptocurrencies	❌
Stocks	❌
Precious Metals	✔
Bonds	✔
Futures	✔

Account Type

　　SKY offers two kinds of live accounts: ECN and PRIME accounts with minimum deposit of $10.

Leverage

　　SKY offers two types of accounts with varying leverage options. For those trading with an ECN account, the maximum leverage is set at 1:200. On the other hand, SKYs PRIME accounts come with a significantly higher leverage of 1:500.

SKY Fees

　　ECN Accounts: These accounts offer trading with spreads starting from 0.5 pips, but come with a commission fee of $7 per lot traded.

　　PRIME Accounts: These accounts feature spreads starting from 1.0 pips, but without any commission fees.

Trading Platform

　　SKY claims it offers MT4 to trade. MT4 is a leading and widely-acclaimed trading platform, to facilitate efficient trading experiences.

Deposit and Withdrawal

　　SKY makes deposit and withdrawal through Bank Transfer.

Customer Service

　　You can contact SKY via phone and email.

Contact Options	Details
Phone	+44 203-828-2469 / +1 416-907-9059 / +61 272574019 / +34 930301892
Email	support@traderpowers.com
Contact Form	❌
Online Chat	❌
Social Media	❌
Supported Language	English
Website Language	❌
Physical Address	first floor, first St. Vincent Ltd Building James Street, Kingstown, St. Vincent and the Grenadines

The Bottom Line

　　SKY offers forex services through MT4 trading platform with two kinds of live accounts. But it lacks regulation and currently has an inaccessible website.