SkyFX Broker Review

2016: Skyfx is shut down by the regulators. The broker is disabled.

February 15, 2016:  Cysec has suspended the license of Trademarker, Ltd.

May 2016:  Cysec has withdrawn the license of SkyFx and ordered the company to return all client funds.

SkyFX is facilitated by TradeMarker (Cyprus) Limited, licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). SkyFX is an independent Market Maker broker, which strives to provide ultimate trading experience for currencies, commodities, indices shares and bonds. The broker claims to provide professional, secure and transparent trading environment.

Account, Payments and Trading Conditions

Trading Platforms

MetaTrader 4

SkyFX brings you the best trading platform in the industry MetaTrader 4. Software offers effective and powerful interface for maximum success and ultimate package for both experienced and beginners.

SkyFX WebTrader

This platform doesn’t require download and can be accessed via any computer with internet connection. The interface is flexible and provides full functionality expected from a trading platform.

SkyFX Mobile MetaTrader

Here is a platform suitable for your smartphone, tablets and iPads. All the features allow you to access your trading account wherever and whenever.

Trading Conditions

Maximum leverage is up to 500:1. The pricing is presented in 4 digit format. EAs, scalping and other trading styles are allowed. Margin call is 20%.

Spreads are fixed, starting from 3 pips on major currencies:

 

Symbol

 

Spreads

 

Leverage

 

Trading

 

Lot Size

 
 

USDCAD

 

5

 

1/300

 

24hrs

 

100,000

 
 

GBPUSD

 

4

 

1/300

 

24hrs

 

100,000

 
 

USDCHF

 

4

 

1/300

 

24hrs

 

100,000

 
 

USDJPY

 

3

 

1/300

 

24hrs

 

100,000

 
 

NZDUSD

 

5

 

1/300

 

24hrs

 

100,000

 
 

AUDUSD

 

4

 

1/300

 

24hrs

 

100,000

 
 

EURUSD

 

3

 

1/300

 

24hrs

 

100,000

 

 

Unfortunately, US traders are not accepted at the moment.

The official website languages include English, French, Italian and Turkish. There are overall 170+ currency pairs to choose from. The broker claims to have instant execution, real time charting tools and access to the latest market news.

Account Types

Demo account is available for practice with free $50,000 virtual cash. Practice account mimics the actual real time trading, giving you the most realistic experience possible.

Below is the comparison of real live accounts and their features:

Trading Account Type

Standard/Micro

Protected

FEA

Currency Accounts

EUR , USD

EUR , USD

EUR , USD

Minimum Deposit

$100

$10,000

$5,000

Maximum Deposit

N/A

$100,000

N/A

Leverage

Max 500:1

1:300

1:400

Spread

3-5 Fixed/
Available reductions

3-5 Fixed

From 0.6

Maximum Lot Size

50

50

50

Minimum Deal

0.01 Lot

0.01 Lot

0.01 Lot

Commission

N/A

N/A

N/A

Hedged Margin

0%

0%

0%

Transactions by Phone

Yes

Yes

Yes

Margin Call / Stop Out

0%

0%

0%

Interbank Access

Dealer's choice

Dealer's choice

multi-bank

Order Execution FOREX

Instant
execution

Instant
execution

Market
execution

Orders Execution
(CFD & Futures)

Instant
execution

Instant
execution

Market
execution

 

Payment Options

Minimum deposit requirement is $500, higher than average requirement among other brokers. The accepted payment methods include only Wire Transfer and Debit/Credit cards. This is very limiting and discouraging for those traders who prefer the use of alternative online payment methods such as Paypal, Skrill and Neteller.

Resources

SkyFX reviews its trading resources and educational material. On the website you can find introduction material including online courses, one-on-one coaching and a very unique and interesting option of 90-day Protected account, where the losses are not recorded.

Customer Support

SkyFX support is available during trading hours via contact form or by phone in Cyprus, UK, France and Turkey.

Submit your review for Skyfx Forex Broker

Have you traded with Skyfx? Share your experience with other traders by writing a review below.