Justice Is On Its Way
Deciding on a broker to carry out trading activities is a complicated thing. Predominantly, the number of scams in the market has grown exponentially,, and traders cannot know which broker to trust. There are certain features that a broker should contain to be called a ‘legitimate broker.’
Some of the specific features include the regulation of the broker, trading conditions, the trading software the platform use, etc. These aspects help in getting a complete overview of a broker. And that is what most review articles reflect too.
This review article is for the new scam platform in town named Sky Gold Market. Although they have made sure that their website looks well, there are several reasons to support the point that they are a scam and why they should not be trusted.
Below are some well-researched points you can go through to know the Sky Gold Market platform’s credibility. We suggest you never trust this broker to make money in crypto. Primarily, you will not make a penny when trading on this platform. OnlineJustice always carries out its research and then makes aware the readers about the cheaters in crypto’s massive marketplace. We do not want our readers to get into the hands of criminals who only exist in the market to loot people.
The most critical factor in knowing the legitimacy of trading platforms is to see whether they are regulated. When a broker is not regulated, it means no governing body is in charge of tracing the broker’s activities. It also means that the broker can do anything it wants, such as scamming people and looting their money.
When there is a Sky Gold Market discussion, they have provided contradictory data related to their regulation. First, the company said that they are based in Canada, but gave no proof of being regulated in that area. After this, we found out that the companies had three different addresses in other countries. They mentioned that they are in The UK, Australia, and Hong Kong.
We also went through the regulator’s registers of the specified countries. We had a look at FCA (The UK), ASIC (Australia), and the SFC (Hong Kong). It is to tell you that we did not find the name of Sky Gold Market in any of the databases.
We also had research on the leverages allowed by the broker. Too risky power is pretty high, and that much power is banned in the UK and Australia. So you can imagine where this broker initially is from, and it is for sure that any financial authorities do not regulate them to look after its practices.
Trading software is always the most essential feature of a trading platform because it is the primary tool through which traders perform all trading-related activities to gain profits. Legitimate brokers always use highly effective trading software such as MetaTrader4 and MetaTrader5 to meet the customer’s expectations and provide high-quality services.
Although the website of Sky Gold Market has mentioned that they give access to a web-based platform, we can say with pure confidence that they are big liars. That web-based platform is a TradingView Chart. A TradingView Chart is a standard chart that identifies the current market values of the assets and provides no actual functionalities to the traders to do trading services.
Trading Conditions are always a great way to identify whether the broker is legitimate. In the case of Sky Gold Market, the conditions are not that bad as they ask only to deposit only $250 to open the account. But when it’s about offering leverage, the broker has set it between 1:100 and 1:500. Such high influences may allow you to make more profits, but can also lead to high losses.
Also, the leverage they are allowing is against the law of the UK and Australia (where the company says it is based). As they only allow 1:30 power to the retail traders. So it will be much better if you do not invest your capital in this manipulative scam platform.
What To Do If You Got Scammed?
If you were not aware of this fraudulent broker and got into the hand of them, there are specific steps you can take to get your money back out of them.
The first step to take is to file a chargeback. For this, you need to write a withdrawal request to prove that you have asked the broker to give back your money. When you perform such a move, the broker will get hurt as the number of cashback increases; more will be cracks in payment service provider relations with the broker. This step is only possible if you have used your credit or debit card.
If you have sent them a wire, you may not be able to file a charge, but there are still some ways through which you can get your money. You can threaten the broker that you will let the authorities know what they are doing, and if they do not respond, send a detailed email to the regulating authorities in your country and tell them everything that happened.
Leave a bad broker review on other sites to save other people. Give a brief review of what happened to you.
Sky Gold Market is a scammer. We expect that you will not get into their hands after reading this article. We hope this review helped identify why you cannot trust Sky Gold market as a legitimate broker.