Sky Digital Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-12-25 14:11

Abstract：SkyDigital is an unlicensed brokerage firm that claims to have offices in the UAE, Turkey, and Saudi Arabia, yet it has not obtained licenses from the regulatory authorities of these countries. It offers Forex and Indices trading with a minimum deposit of $500 and a maximum leverage of up to 1:400.

　　Note: Sky Digital's official website - https://www.sky-digital.online/ is currently inaccessible normally.

Sky Digital Review Summary
Founded	2022
Registered Country/Region	Turkey
Regulation	Unregulated
Market Instruments	Forex, Indices
Demo Account	❌
Leverage	1:400
EUR/USD Spread	From 1.5 pips
Trading Platform	Web
Min Deposit	$500
Customer Support	Tel: +966596356301
	Email: support@sky-digital.online
	Physical address: Riyadh, Al Kharj road 11564, Saudi Arabia

　　SkyDigital is an unlicensed brokerage firm that claims to have offices in the UAE, Turkey, and Saudi Arabia, yet it has not obtained licenses from the regulatory authorities of these countries. It offers Forex and Indices trading with a minimum deposit of $500 and a maximum leverage of up to 1:400.

Pros and Cons

Pros	Cons
No deposit/withdrawal fee	Unavailable website
	No regulation
	Limited trading choices
	Unclear fee structure
	No MT4/5
	High minimum deposit
	Limited payment option

Is Sky Digital Legit?

　　SkyDigital claims to be headquartered in Turkey and to have a license from the Turkish Investment Ministry, however, in reality, this ministry is not the regulatory authority in Turkey. Financial companies in the country must obtain authorization from the Capital Markets Board. Therefore, SkyDigital has not actually obtained a business license, and depositing funds with SkyDigital would render your money insecure.

What Can I Trade on Sky Digital?

　　Sky Digital only offers Forex and Indices trading.

Tradable Instruments	Supported
Forex	✔
Indices	✔
Commodities	❌
Stocks	❌
Cryptocurrencies	❌
Bonds	❌
Options	❌
ETFs	❌

Leverage

　　Sky Digital offers leverage as high as 1:400, but in reality, such high leverage is not permitted in many regions. For instance, brokers in the EU, the UK, and Australia must limit the leverage for their main products to 1:30, while Canadian and American brokers cannot provide leverage exceeding 1:50. Most high-leverage forex companies are unregulated, and high-leverage trading poses significant risks for those who are new to the forex market.

Spread

　　As tested on Sky Digitals web-based trading platform, the EUR/USD spread is 1.5 pips, which equals the industry average.

Trading Platform

　　Sky Digital offers a web-based platform that suffers from inadequate indicators, unreliable charting tools, and an absence of advanced features. It simply cannot compete with high-end platforms like MT4 or MT5. This is also a red flag indicating that this broker may not be reliable.

Trading Platform	Supported	Available Devices	Suitable for
Web-based platform	✔	Web	/
MT4	❌	/	Beginners
MT5	❌	/	Experienced traders

Deposit and withdrawal

　　The only deposit and withdrawal method offered is through debit/credit cards. While there are no fees charged, the minimum withdrawal amount is $50, which compares unfavorably to most regulated brokers that have no or minimal requirements. As a result, SkyDigital's service falls short of industry standards.