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GreatSky Review - is it scam or safe?

GreatSky Review - is greatskyfx.com scam or good forex broker?

RATING: 3 / 0 REVIEWS GreatSky
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Trading Accounts & Conditions

 

Account type Min. deposit Min. Trade size Max. leverage Spreads (& commission)
Classic $100 0.01 1:200 from 1.8 pips
Advanced $10 000 0.01 1:200 from 0.9 pips
Pro $100 000 0.1 1:200 from 0.1 pips commission fee

 

GreatSky offers several account types, all of which provide variable spreads, leverage up to 1:200 and STP execution. There is also an an Islamic (swap-free) account, as well as a MAM one.

 

Keep in mind that this broker does not offer its services to residents of certain jurisdictions such as the United States of America, Cuba, Iran, Sudan, Syria and North Korea.

 

GreatSky Advantages

 

Regulated in Cyprus

The strongest advantage of GreatSky is that it is operated by Mount Nico Corp Ltd., a company is licensed by the Cyprus Securities and Exchange Commission (CySEC). Cyprus is a popular forex broker destination with well-balanced regulation. Brokers holding a license from CySEC are certainly more reliable than those registered offshore, as they have to meet a number of requirements.

 

Negative balance protection

This broker claims that it provides Negative balance protection. This means that even under highly volatile conditions when margin calls and stopouts do not function correctly, its clients can never lose more than what they have deposited.

 

STP execution

GreatSky promises 100% Straight Through Processing (STP) online trading service, which means no conflict of interest between the broker and its clients.STP brokers send their customers' orders directly to the liquidity providers without running them through a dealing desk.

 

MT4 supported

GreatSky offers its services on the MetaTrader 4 platform, the industry-standard software since 2003. The MT4 is a popular choice for both new and experienced traders due to its great charting package, wide range of automated strategies (EAs) and customization options (via the MQL Marketplace).

 

 

>> More brokers offering MT4 <<

 

 

Reasonable leverage levels

Another thing we like in the offering of this broker is the reasonable leverage ratios it provides. First, GreatSky provides a default leverage level of 1:50, which is in line with CySEC’s guidelines. Second, the maximum leverage available is 1:200, which will suffice the needs of most traders and yet is not dangerously high.

 

GreatSky Disadvantages

 

Wide spreads on Classic account

We tested the broker’s demo MT4 platform and GreatSky’ s average spread on Classic account type is 2 pips on EUR/USD, which is above the industry’s average.

 

 

Most brokers offer spreads in the range of 1.0 – 1.5 pips for this pair, and some even lower. For further information and comparison, check out the link below.

 

 

>>Real-time spread comparison<<

 

 

High initial deposits required for other accounts

In order to get some decent spreads (starting from 0.9 pips on EUR/USD) with GreatSky, clients have to open an Advanced account type, which, however, requires a deposit of at least $10 000. By comparison, you can use spreads starting from 0.2 pips on this pair with commission of $4 per lot (round turn) with FXTM by depositing just $500. FXTM is a major forex brokerage licensed both by CySEC and UK’s FCA.

 

 

Conclusion

 

GreatSky is a Cypriot forex broker that offers trading in more than 60 financial instruments on the popular MT4 platform. It promises 100% STP execution, as well as negative balance protection, but trading costs appear higher than what most brokers offer.

 

Mount Nico Corp Ltd, which owns and operates the brand and domain of GreatSky, is a Cyprus Investment Firm (“CIF”) regulated by the Cyprus Securities and Exchange Commission ("CySEC"). The company is also registered with the Financial Conduct Authority of the UK (FCA). It operates another forex brokerage brand, called NicoFX.

 

CySEC regulation provides a decent level of security and reliability, as it involves a number of requirements to authorized brokers. They must meet solid capital adequacy requirements, to keep client funds separated from company assets, to report their transactions, among other things. Besides, CySEC-regulated companies can provide their services in any EU member state under the MIFID regulations.

 

If you are bothered by GreatSky's high spreads, you can choose a better broker that also holds a CySEC license from the list below.

 

>>Find a better forex broker in Cyprus<<

 

Here is a summary of the strong and weak sides of GreatSky:

 

Pros

Cons

Regulated in Cyprus

Wide spreads on Classic accounts

Negative balance protection

High deposit required for Advanced accounts

STP execution

No choice of trading platforms

Reasonable leverage levels offered

 

MT4 available

 

 

Latest news about GreatSky
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Traders` reviews for GreatSky

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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