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SK Trading Review - is it scam or safe?

SK Trading REview - is sktrading.com.sg scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz SK Trading
SK Trading is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type Min. deposit Min. trade size Max. leverage Spreads (& Commission)
Standard Not specified 0.01 1:100 3 pips fixed + $50 /lot

 

SK Trading does not seem to offer a variety of trading accounts, and actually does a very poor job at presenting its trading conditions. We assumed that it provides a single account and filled the table above with the information we got from its demo trading environment on the MT4.

 

 

SK Trading Advanatges:

 

- MT4 supported

As we mentioned, SK Trading offers its services on the renown MetaTrader4 (MT4), which according to us is one of the few possible benefits of this brokers. This is a platform, which has proved its reliability over the years, and although other forex trading solutions have entered the market, the MT4 is still the favorite of the majority of traders. This is due to its superior charting, support for Expert Advisors, signal-following, and customization options it is a favorite.

 

 

>> Choose a better MT4 broker <<

 

 

- Micro lots available

This broker supports trading in micro lots (1000 units of the base currency), which is a nice option. It allows for better risk management and is therefore recommended for beginner traders.

 

 

SK Trading Disadvantages:

 

- Not regulated

This broker is owned and operated by SK Trading Pte Ltd., a company headquartered in Singapore. Singapore is one of the largest foreign exchange centers in the Asia-Pacific region, and forex brokers operating in the country must be licensed and overseen by the Monetary Authority of Singapore (MAS). Unfortunately, this is not the case with SK Trading.

 

As we keep reiterating in our reviews, regulation is the most important factor when choosing a fore broker. Investing in brokers operating without a valid license of such issued by some offshore agency, is not recommended.

 

- Trading conditions not announced on website

Unlike most decent brokers who publish their pricing and trading conditions on their websites, SK Trading has not announced the initial investment it requires, nor its spreads or commission fees. This is yet another red flag.

 

- Very high trading costs

When we tested SK Trading’s MT4 platform in demo mode, we found the spreads on EUR/USD fixed at 3. pips, which is very high.

 

 

What is worse, a commission of $50 applies, which means that the average trading costs for this pair amount to 8 pips per standard lot.  This is around four times higher than what most fixed-spread brokers charge.

 

 

>> Find better fixed-spread brokers <<

 

 

- Few financial instruments

Another thing we don’t like about this broker is the limited type and number of financial instruments available for trade. SK Trading offers trading in 20 something FX pairs, gold and crude oil. Most brokers offer much more currency pairs and more CFDs, including such on indices, shares, and cryptocurrencies.

 

-High leverage not available

As it seems from this broker’s demo account, the maximum leverage it offers is 1:100. Although some financial regulators cap leverage at 1:30 or 1:50, many brokerages offer leverage up to 1:200, 1:500 or even higher. Many traders use such leverage levels, but keep in mind that they are not for everybody. Leverage is a double-edged sword and may also lead to heavy loss.

 

Conclusion

 

Allegedly established in 2014, SK Trading is a forex broker with a focus on the Asian markets. It does a very poor job at presenting its trading conditions, but judging from its demo trading account, the trading costs are actually very high. However, our biggest concern with this broker is the lack of regulatory oversight.


Trading with such a broker is very risky, because might never will your investment (let alone a potential profit) again. On the other hand, regulated financial intermediaries have to comply with a lot of rules, which ensure the security of their clients’ funds.

 

As regards Singapore, there are actually only around 30 firma holding a MAS license for Leveraged Foreign Exchange Trading. Among them there are some major global forex brokerages like IGGain CapitalOandaCMC Markets, and Saxo Bank

 

To sum up the review in a few words: 

 

Pros Cons
MT4 supported Not regulated
Trading in micro lots High costs of trading
  Trading conditions not announced on website
  No CFDs on indices, stocks, Bitcoin

 

Latest news about SK Trading
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Traders` reviews for SK Trading

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

Pros

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