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Sky Clearing Review - Is it scam or safe?

Sky Clearing Review - Is skyclearing.com a good forex broker or a scam?

RATING: 3 / 1 REVIEWS ForexBrokerz Sky Clearing
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Trading accounts  

Account type Minimum deposit  Minimum trade size Maximum leverage Agerage Spreads 
Mini $600 0.01 (micro lot) 1:100 0.4 pips + 1.6 pips mark-up 
Standard $3000 0.01 (micro lot) 1:100 0.4 pips + 1.3 pips mark-up 
Pro $20 000 0.1 (mini lot) 1:100 0.4 pips + 0.9 pips mark-up 

 

Like most brokers, Sky Clearing offers its clients a choice of several account types, depending on the initial investment made. All of them offer market execution, leverage up to 1:100, and variable spreads, averaged 0.4 pips on EUR/USD. However, the mark-up on the spread varies by account type.

 

Both Mini & Standard account types provide micro tradeable lots for those unwilling to risk large volumes. Of course, demo practice accounts are also available.

 

In addition, Sky Clearing provides managed account solutions (MAM accounts).

 

The Company. Security of Funds

 

Sky Clearing provides both retail and institutional traders access to wide range of global markets including Forex, Indices, Commodities and more through the industry’s most popular platform, MetaTrader 4.

 

Sky Clearing is the trading brand of Finotec Trading UK Limited, a London-based company, which is authorized and regulated by the Financial Conduct Authority (FCA) since 2007.  Stemming put of Asia, the company operates a number of brands: CSI-FX, 121clearing, Ballistic Markets, Dragon Gain and Noa Prime.

 

FCA regulation its famous for being among the strictest in Europe. To acquire a license from the UK financial watchdog, UK-based brokerages must provide proof of financial stability (€730 000 net tangible assets) and to meet various requirements. For example, clients` funds shall be kept in segregated bank accounts, separated from the company operating funds. Trade and financial reports and accounts must be files with the FCA on a regular basis.

 

Probably the most important thing in relation to financial regulation in the UK is the fact that it involves a compensation scheme in the event that a licensed broker becomes insolvent. The Financial Services Compensation Scheme (FSCS) provides a maximum compensation cover of £50,000 per person.

 

Trading Conditions

 

Minimum Initial deposit

In order to open an account with Sky Clearing, one has to deposit at least $600, which according to us is a bit too much. Leading UK brokerage FxPro requires $500 from traders as a start, and its offerings cannot be compared to those of Sky Clearing – a choice of three trading platforms, better pricing, negative balance protection, etc.

 

Spreads & Commissions

Sky Clearing offers variable spreads, averaged 0.4 pips on EUR/USD on all account types. The brokerage, however, adds salty mark-ups to this tight spread. Thus, average trading cost per lot amounts to 2 pips for Mini account holders, and to 1.7 pips for Standard ones. Such spreads are higher than average.

 

In comparison, FxPro also provides average spreads of 0.4 pips on the EUR/USD for its cTrader accounts, but charges $4.5 per standard lot traded. So, average trading cost for FxPro clients is around 1.3 pips for this pair per lot. You may look up real-time spreads of 15 leading brokers here.

 

Maximum Leverage

The maximum leverage available to Sky Clearing clients is just 1:100, while most FX brokers offer at least 1:200. FxPro, for example, provides leverage up to 1:500 and there are also a number of brokers that offer leverage equal to or exceeding 1:500.

 

Leverage ratios of 1:100 are deemed low or at least mediocre, however we would like to remind traders that high leverage levels involve higher risk, not only the chance of multiplied profits on a small deposit.

 

Trading Platform

 

Clients of Sky Clearing are offered access to the most commonly used FX trading platform, Metatrader 4 (MT4).

 

MT4 is popular worldwide for its user-friendly interface, innovative on the go trading capabilities, advanced charting tools, extensive back-testing environment and automated trade options with Expert Advisor strategies (EA).  Here is a list of more forex brokers offering MT4 platform.

 

Methods of Payment

 

Clients of Sky Clearing can make deposits to and withdrawals from their accounts via bank wire, credit/debit card (Visa, MasterCard, American Express), e-wallets, such as China Union Pay, and some local payment methods.

 

Conclusion

 

Sky Clearing is a forex and CFD broker with strong regulation, using the popular MetaTrader 4 platform. According to us, the main problem with this broker are the high mark-ups it applies to the spread. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros

Cons

FCA-regulated

High spread mark-ups

MT4 available

Relatively high minimum initial deposits

 

No choice of trading platforms

 

Mediocre leverage levels offered

 

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Traders` reviews for Sky Clearing

Spread

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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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Cons

 

 

Customer service

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Summary

Pros

Cons

 

 

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