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SkybestTrade Review - is it scam or safe?

SkybestTrade review - Is golden-fx.com scam or good forex broker?

RATING: 0.5 / 0 REVIEWS SkybestTrade
SkybestTrade is not regulated. We cannot guarantee your money is safe.

SkybestTrade claims to be a binary options broker, based in Houston, Texas. The website, however, is completely anonymous, we do not know the name of the company behind it and that rises some very serious questions about their legitimacy. 

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a n/a n/a

 

SkybestTrade Advantages:

 

We found it extremely difficult to come with any positive point about SkybestTrade and yet if we are talking about payment methods, we should note that they accept major credit cards like VISA and MasterCard as well as Neteller and bank wire transfers. 

 

However, we do not see Skrill  - another popular e-wallet, which by the way recently adopted a new anti- scam policy, according which Skrill requires all brokers, using its services in the European Union, to present a legit license. And if we give it a second thought, it might turn out that this is the reason, we do not see Skrill among the SkybestTrade payment methods. 

 

Besides, here you may check our list of brokers, where you can pay with Skrill:

 

>>Brokers where you can pay with Skrill<<

 

SkybestTrade Disadvantages:

 

No regulation

 

As we have noted, we do not know who is operating the SkybestTrade website. The only thing they give us is an address in Houston, Texas, but if they really operate form the USA they should be a member of the National Futures Association (NFA) and among other requirements to hold at all times a minimum operational capital of at least 20 000 000 USD. After checking the NFA registers we were not able to find SkybestTrade there.

 

On top of that the US regulators, as well as their European counterparts do not allow retail binary options bets so basically SkybestTrade operations on those markets are illegal. Actually, binary options trading in the US is allowed only through licensed exchanges, which are basically just two - Cantor and Nadex.

 

Have in mind that if you choose to invest with a unregulated broker like SkybestTrade the safety of your funds will depend solely on the integrity of the people who run the website.

 

For that reason, if you do not want to loose your money to scammers, our best advise is to trade only with brokers, licensed and authorized by respected financial institutions such as NFA in the US, the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).

 

Properly regulated brokers are required to follow strict rules, among which to maintain a certain minimum operational capital, to provide a negative balance protection to their customers, to keep all invested funds in a segregated, protected form creditors account, to file regular reports, to allow external audits and in certain cases even to insure traders money.

 

Thus for example, if you are trading with a FCA broker you will not have to worry about the first 50 000 GBP in your trading account, even if your broker goes insolvent. Similarly, if you are with a CySEC broker the insured amount is up to 20 000 EUR. Here you may check our list of FCA licensed brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual clauses in SkybestTrade Terms and Conditions

 

SkybestTrade say they are reserving the right to refuse services or to charge higher withdraw fees in their sole discretion. We should note that this is highly unusual. See for yourself:

 

 

Uncompetitive  payout

 

Unfortunately, we were not able to open a demo account and test the trading conditions first hand. Still, the broker says their maximum payout is 81% and this is lower than the payout most good binary options brokers offer –  85% or above. Besides, here you may also want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few trading instruments

 

The selection of trading instruments SkybestTrade offers is rather small – just 26 forex pairs, with Turkish Lira and Norwegian Krone the only exotic currencies in the list. Apart form that we have several indices, stocks, gold, silver, copper and oil and Bitcoin is the only crypto coin offered. And if you are interested in crypto assets, here you may check our list of brokers offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

No information about the minimum deposit requirement

 

SkybestTrade does not say what is their minimum deposit requirement. Have in mind that with most brokers you can start trading with about 250 USD, while with some big, well established players, like FBS and IG you can open a trading account with just 5 USD or even less.

 

Conclusion:

 

In our view SkybestTrade is just another scam website, which tries to present itself as a broker. Even if that is not the case, they are unregulated and do not have the right to provide any financial services on markets like EU, the USA, Australia or Japan.

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Traders` reviews for SkybestTrade

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