SkyTrade24 is a relatively new binary options broker. The domain skytrade24.com was registered on November 2016. In the following review we shall try to determine whether this is a legitimate broker, or a scam.
What exactly do SkyTrade24 Offer
SkyTrade24 offers returns of up to 81% on your investment with their binary options platform. They claim that their system is “top regulated.” We will get to the question of regulation soon.
When signing up with SkyTrade 24, you will be able to choose among three available account types.
- The classic pack requires a minimum deposit of $500. This package includes a junior broker, low stakes and low trade frequency.
- If you deposit $1,000, you get a professional broker, one risk free trade, 1 hour of training, meduim (sic) stakes and “general trading signal.”
- The pro package includes an executive broker, 3 risk free trades, three hours of training, high stakes, high trading frequency and “personalized trading signal.” It also requires a $2,000 minimum deposit.
Now, already we’re not impressed. Even if we ignore the many spelling mistakes present in the text, how the “low trade frequency” works is really unclear. I mean, a broker is just a platform that allows you to trade whenever you want. Do they limit the amount of trades you can execute? It really makes no sense.
Moreover, you should be very careful with any broker that offers you advice on how to invest. Stay clear of any dedicated “brokers,” signal services provided by a binary options brokerage, and account management services. These are usually clear indications of scam. Learn why here.
Who Runs SkyTrade24?
According SkyTrade24’s About page, they are “one of the leading binary options brokers in the industry.” No information is provided regarding the company who runs the site. There’s also no contact information except for a contact form where you can leave a message. We could not even find a terms and conditions page, even though their About page says: “Please take the time to read our Terms and Conditions.”
Checking SkyTrade.com on a Whois service is not helpful since the identity of the creators of the site is hidden.
SkyTrade24 – Regulated?
On their homepage they write that they are regulated by CySEC. However, a license number is not provided.
At the time of writing, SkyTrade24.com’s Alexa global rank was 14,963,425, which indicates they barely get any visitors.
There’s not much more information to share about SkyTrade. We currently have no doubt that SkyTrade24, if it’s even operational, is a scam! No contact information, no company information, claiming to be CySEC regulated without disclosing the license number, the sloppiness their presentation, all these are clear indications that we’re dealing with a fraudulent website.
If you have any information about SkyTrade24, please share it with us in a comment below this review.
For legitimate alternatives, you’re welcome to read about our top recommended brokers.