SkyFX Review

Full Review

About SkyFX

SkyFX is an STP forex brokerage that operates out of the financial district of Limassol, Cyprus. SkyFX is a registered trade name of Trademarker (Cyprus) Ltd., which is authorized and regulated by Cyprus Securities and Exchange Commission, CySEC, under license number (151/11).

Special Offers and Bonuses

SkyFX offers weekly contests and promotions in addition to the bonuses awarded on its platform to new traders:

a)    There is a Monthly Partner’s Contest where traders can work as partners to SkyFX and get the chance to earn an extra salary and awesome gifts. Some of these gifts include a MacBook tablet PC, a hotel stay as part of a short holiday package and a Samsung Galaxy S5 phone. Some SkyPartners currently earns as much as $1000 to $3000 monthly!

b)    There is a Cashback program where traders who have completed 200 lots of trade volume get a cash back bonus of $1,000.

c)     SkyFX also offers traders the chance to recover previous trading losses through the activity of their account managers, who take over the management of such accounts until losses are recovered.

d)    There is a contest which just recently ended, where a trader would choose a world cup team and earn money for every goal scored by that team.

Types of Trading Accounts

The type of accounts that traders can have on SkyFX are of four different varieties. These are as follows:

a)    Standard: The minimum deposit on the standard account is $100. The account comes with a leverage of maximum of 300:1 and minimum/maximum lot sizes for trades stand at 0.01 lots and 50 lots respectively. Margin stop out level is pegged at 3%, and no commissions are paid on trades. Expert advisors, scalping and hedging strategies are all allowed on this platform. Minimum/maximum lot sizes for trades stand at 0.01 lots and 50 lots respectively

b)    Gold: The same conditions that apply for the standard account also apply with the exception of the minimum deposit ($1000), commission on trades ($2 per standard lot) and the average floating spread of 1.7 pips. Minimum/maximum lot sizes for trades stand at 0.01 lots and 50 lots respectively.

c)     VIP: The minimum deposit is $5,000. Maximum leverage is 200:1, and commission on trades is set at $1 per standard lot. 1.5 pips is the average floating spread, and minimum/maximum lot sizes for trades stand at 0.01 lots and 50 lots respectively.

d)    Platinum accounts are for the high rollers with $20,000 account opening minimum, a maximum leverage of 200:1 and an average floating spread of 1.3 pips. No commissions are paid on trades and traders are free to use expert advisors, hedging and scalping strategies. Minimum/maximum lot sizes for trades stand at 0.01 lots and 50 lots respectively

For all account types, an STP execution model is used. Traders also have access to phone trading.

There are also swap-free variations of these accounts to cater to traders of the Islamic faith.

Trading Platform Features

SkyFX offers the following platforms:

a)    MT4: This is the downloadable trading platform with an advanced charting application, more than 100 indicators and a full back-testing system.

b)    Webtrader: This is the web-based version of the MT4 platform that can be used on a URL without the need to download any platforms.

c)     Mobile Platforms: This is the web-based version of the SkyFX platform. The mobile platforms are essentially versions of the MT4 platform built for the Android devices and the iPhone. The software are available from the respective app stores.

d)    Mobile HD for iPad: This is the MT4 platform specifically built for the iPad to overcome screen compatibility issues and features the latest rates on 170+ currency pairs, real time charting tools and access to the latest financial news.

Commissions and Spreads

The asset index available for trading on SkyFX is given below:

Charting Packages

The charting packages used by SkyFX are obtainable on the MT4 platforms. Traders who are interested in those packages can simply use the MT4 platforms to get the best of the charts on offer.

Education and Demo Accounts

There are a number of educational tools that traders can access on SkyFX. There are online courses as well as webinars that traders can follow. You will need an active account with login details to access these resources.

Customer Service

SkyFX Customer Support can be contacted through the following means:

a)        Email communication is by use of the contact form on the website.

b)        Live Chat.

c)         Phone: There are several country-specific phone lines that can be used:

– Cyprus

Phone: +357 (25) 030 707

–       United Kingdom

Phone: +44 (207) 048 3224

–       France

Phone: +33 (975) 187 080

–       Germany

Phone: +49 (303) 0806126

–       Turkey

Phone: +90 (212) 7055632

Deposit and Withdrawals

Traders on SkyFX can perform account deposits with:

a)    Credit/debit Cards: Only VISA, MasterCard and Discover are accepted, and this option is not allowed for corporations, Trusts, LLCs and Sole Proprietorships.

b)    Bank  wire transfers

c)     Paper Checks: These are subject to a 10-day holding period.

d)    ACH Deposit:

For withdrawals, all the methods except credit/debit cards are accepted. Usually, only US residents can use the paper check and ACH options.

Deposit Limits

The minimum deposit amount allowed on SkyFX for new accounts is $100, available on the Standard account. There are no maximum deposits.

Withdrawal Limits

There are no minimum or maximum withdrawal limits on SkyFX. However, the beneficiary name on withdrawal requests must match the account names on the ID documents, and all withdrawal requests are verified by phone prior to the processing and transfer of the fund.

Conclusion

SkyFX has a very good brokerage setup and reasonable spreads on currency pairs. Traders who love the MT4 platform’s simplicity and user-friendliness will be enthralled with the variations of the MT4 that are available.