WikiFX Review: Can you trust a forex broker called Sky Alliance Markets?

About Sky Alliance Markets

Sky Alliance Markets is an online trading broker owned by Sky Alliance Markets Pty Ltd, headquartered in Sydney, Australia. It is offering a large selection of currency pairs – well over 50, as well as CFDs on indices, commodities, precious metals, and a few crypto coins, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.

Minimum Deposit

SKY Alliance Markets provides traders with a choice of three account types, the Standard account and the ECN account, including a swap-free one. The minimum deposit for both accounts is $500, relatively higher than sector standards. Many other brokers, actually, require a minimum deposit of $100 to $200.

Leverage

SkyAllianceMarkets offers trading leverage as high as 1:500. The higher leverage greatly increases the risk for trading positions, so newbies and inexperienced traders should use it with caution.

Spreads & Commission

SkyAllianceMarkets do not tell traders specific spreads in the Standard account, only stating that there are no commission fees for this account. The spreads in the ECN account are as low as 0 pips, with a commission of $3.5 per side per lot.

Trading Platforms

SkyAllianceMarkets offers MetaTrader4 – a classic trading platform, that allows traders to run automated trading sessions. The platform gives traders access to a huge library of market indicators, customizable trading robots, and an excellent pack of advanced charting tools.

Deposits & Withdrawals

SkyAllianceMarkets says to accept payments with a wire transfer, Skrill, Neteller and NganLuong.vn. A big problem is this broker does not seem to support credit cards.

Copy-Trading & MAM/ PAMM

Sky Alliance Markets provides clients with the most user-friendly and latest fintech technology for a new experience in fund management. Sky Alliance Markets has tailor-made for customers and provides several types of copy trading services for different needs of customers.

Regulation

Sky Alliance Markets currently holds a general financial license authorized by the Australia Securities and Investments Commission (Registration number 2924640). This broker also holds a license with license number 001294747. WikiFX has given this broker a decent score of 7.24/10.

Exposures

As of November 11, 2022, WikiFX has received a few complaints against this broker within 3 months.

Conclusion

Sky Alliance Markets is a regulated broker with a fairly high WikiFX score. It is a good option for you to explore your trading journey. However, forex trading is a business with benefits as well as losses. You cannot ignore the potential risks, and we ask you to do more research before taking an action.

Click on Sky Alliance Markets' WikiFX page for details