SKY Alliance Markets-Some Important Points about the Broker

What is Sky Alliance Markets?

Sky Alliance Markets is an online trading broker owned by Sky Alliance Markets Pty Ltd, headquartered in Sydney, Australia. It provides traders with access to a wide range of financial instruments, including forex, commodities, indices, cryptocurrencies, and futures through the MetaTrader 4 (MT4) platform.

Pros & Cons

Sky Alliance Markets Alternative Brokers

There are many alternative brokers to Sky Alliance Markets depending on the specific needs and preferences of the trader. Some popular options include:

• FX Broadnet - offers competitive spreads, reliable customer support, and a user-friendly trading experience, making it a recommended choice for traders.
• Tasman FX - provides a diverse range of trading instruments, competitive spreads, and robust trading technology, making it a recommended option for traders seeking a comprehensive trading experience.
• TeraFX - offers a user-friendly trading platform, competitive trading conditions, and a wide range of financial instruments, making it a recommended choice for traders looking for a reliable and accessible trading environment.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is Sky Alliance Markets Legit?

Sky Alliance Markets has three licenses, including 2 ASIC Revoked license and 1 ASIC Clone license. Traders should aware the risks and be cautious.

Market Instruments

Sky Alliance Markets offers 5 classes of tradable instruments to its clients, includes Forex, commodities. Indices, cryptocurrencies, futures. However, this broker does not provide trading on shares, ETFs and options.

Account Types

Sky Alliance Markets offers traders a variety of account types to choose from. The Standard account is designed for traders who prefer traditional trading conditions. It has a minimum deposit requirement of $100 and allows traders to access the full range of trading instruments offered by the broker.

For traders looking for tighter spreads and faster execution, the ECN (Electronic Communication Network) account is available. With a minimum deposit requirement of 1,000, the ECN account offers direct access to liquidity providers and allows traders to benefit from competitive pricing and lower trading costs. The ECN account is well-suited for experienced traders who value transparency and direct market access.

Sky Alliance Markets also provides Swap-free accounts, suitable for traders adhering to Islamic finance principles. The Swap-free Standard and Swap-free ECN accounts operate without any overnight swap charges, making them compliant with Islamic finance rules. Traders interested in these accounts can enjoy the same trading conditions as the Standard and ECN accounts while adhering to their religious beliefs.

The minimum lot size for all account types is 0.01 lot, providing flexibility in trade sizes. Regarding base currencies, Sky Alliance Markets supports multiple options, including USD, GBP, EUR, AUD, and NZD. This allows traders to select a base currency that aligns with their preferences and trading requirements.

Furthermore, Sky Alliance Markets offers demo accounts, allowing traders to practice their strategies and familiarize themselves with the trading platforms without risking real money. Demo accounts simulate live market conditions and provide a risk-free environment for traders to gain experience and test their trading skills.

Leverage

Sky Alliance Markets provides traders with varying levels of leverage depending on the trading instrument. For forex pairs, the broker offers leverage up to 1:400. Leverage allows traders to control larger positions in the market with a smaller amount of capital. A leverage of 1:400 means that for every $1 of available capital, traders can open a position worth up to $400.

When it comes to commodities trading, Sky Alliance Markets offers leverage up to 1:200. This enables traders to amplify their exposure to commodity markets such as gold, silver, crude oil, and natural gas. With a leverage of 1:200, traders can control positions that are up to 200 times the size of their account balance.

For US Oil and Brent Oil, as well as indices and futures, Sky Alliance Markets provides leverage up to 1:100. These leverage levels allow traders to participate in the price movements of these assets with increased buying power.

In the case of cryptocurrency CFDs, Sky Alliance Markets offers leverage up to 1:5. Cryptocurrencies are known for their volatility, and the lower leverage of 1:5 helps manage the risk associated with these assets.

It's important to note that while leverage can magnify potential profits, it also increases the risk of losses. Traders should exercise caution and carefully manage their risk when utilizing leverage. It is advisable to have a thorough understanding of leverage and its implications before trading with high leverage ratios.

Spreads & Commissions

Sky Alliance Markets offers competitive spreads and commissions to its traders. For the Standard and Swap-free Standard accounts, the spread starts from 1.0 pips. The spread refers to the difference between the buying and selling price of a trading instrument, and a starting spread of 1.0 pips indicates a relatively tight and competitive pricing environment.

On the other hand, the ECN and Swap-free ECN accounts at Sky Alliance Markets boast even tighter spreads, starting from 0.0 pips. ECN accounts utilize direct market access, allowing traders to access liquidity from multiple providers, resulting in potentially lower spreads and better pricing conditions.

In terms of commissions, there is no commission charged for trades executed on the Standard and Swap-free Standard accounts. This means that traders can enjoy trading without incurring additional costs in the form of commissions for their transactions.

For the ECN and Swap-free ECN accounts, there is a commission of $3.5 per lot traded, or $7 per round turn. This commission-based pricing structure is commonly found in ECN accounts, where traders benefit from the transparency of direct market access and pay a fixed commission per trade instead of wider spreads.

It is important to consider both the spread and commission structure when evaluating the cost of trading with a broker. While a tighter spread can be favorable for traders looking to enter and exit positions at more favorable prices, commissions can add an additional cost to each trade. Traders should assess their trading strategy, frequency of trading, and overall trading volume to determine which account type and pricing structure align best with their trading needs.

Below is a comparison table about spreads and commissions charged by different brokers:

Please note that spreads and commissions may vary depending on market conditions, account types, and trading platforms. It's always recommended to check the latest information directly from the brokers' websites or contact their customer support for the most accurate and up-to-date details.

Trading Platform

Sky Alliance Markets provides traders with the popular MetaTrader 4 (MT4) trading platform, available for Windows, iOS, and Android devices. MT4 is widely recognized and appreciated for its robust features, user-friendly interface, and advanced trading tools.

With the MT4 platform, traders can access a comprehensive range of trading instruments offered by Sky Alliance Markets, including forex, commodities, indices, and cryptocurrencies. The platform allows for real-time price quotes, interactive charts, and a wide selection of technical indicators to aid in market analysis.

Traders can execute trades directly from the platform using various order types, including market orders, limit orders, and stop orders. The platform also supports automated trading through the use of Expert Advisors (EAs), which are customizable trading algorithms that can execute trades based on predefined conditions.

MT4 offers a range of charting capabilities, allowing traders to analyze price movements and apply various technical analysis tools. Traders can customize chart layouts, timeframes, and indicators to suit their preferred trading strategies.

Additionally, the MT4 platform provides access to historical data, allowing traders to backtest their trading strategies and evaluate their performance over time. This feature can be valuable for traders looking to refine their approaches and make data-driven decisions.

Furthermore, the mobile versions of MT4 for iOS and Android devices enable traders to stay connected to the markets and manage their trades on the go. Traders can monitor their positions, receive real-time market updates, and execute trades from their mobile devices, providing flexibility and convenience.

Overall, Sky Alliance Markets' offering of the MT4 platform for Windows, iOS, and Android provides traders with a reliable and feature-rich trading environment. The platform's comprehensive tools, customization options, and accessibility empower traders to make informed trading decisions and execute trades seamlessly across various devices.

See the trading platform comparison table below:

Trading Tools

Sky Alliance Markets provides traders with a range of trading tools to enhance their trading experience. One of the notable tools offered is the MAM/PAMM (Multi-Account Manager/Percentage Allocation Management Module) system. This tool is designed for professional traders and money managers who manage multiple trading accounts on behalf of their clients. With the MAM/PAMM system, traders can allocate trades and manage multiple accounts simultaneously, making it efficient and convenient to execute trades across various clients' accounts.

Another valuable trading tool offered by Sky Alliance Markets is copy trading. This feature allows traders to follow and copy the trades of experienced and successful traders. By connecting their trading account to the platform's copy trading system, traders can automatically replicate the trades of the selected traders in their own accounts. This tool is particularly beneficial for those who are new to trading or wish to diversify their trading strategies by leveraging the expertise of proven traders.

Deposits & Withdrawals

Sky Alliance Markets offers traders a convenient and straightforward process for depositing and withdrawing funds. The broker accepts payments through various methods, including wire transfer, Skrill, Neteller, and NganLuong.vn.

Sky Alliance Markets supports multiple base currencies, including USD, GBP, EUR, AUD, and NZD. This allows traders to choose their preferred base currency for their trading accounts, which can be advantageous for managing their trading activities and reducing currency conversion costs.

Sky Alliance Markets minimum deposit vs other brokers

The minimum deposit requirement is $100, allowing traders with different capital levels to start trading. Importantly, Sky Alliance Markets does not charge any deposit fees, providing an advantage for traders looking to maximize their trading capital.

Customer Service

Sky Alliance Markets only offers customer support through email: client@skyallmarkets.com. The absence of more direct contact options, such as telephone support or live chat, may limit the immediate accessibility for urgent matters.

In addition to email support, Sky Alliance Markets maintains a presence on various social media platforms, including Twitter, Facebook, and Instagram. By following the broker on these networks, traders can stay updated with the latest news, announcements, and market insights that may be shared by the company. Social media can also serve as a platform for traders to engage with the broker and potentially connect with other traders in the community.

Note: These pros and cons are subjective and may vary depending on the individual's experience with Sky Alliance Markets' customer service.

User Exposure at WikiFX

On our website, you can see that reports of unable to withdraw. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Education

Sky Alliance Markets places a strong emphasis on educating its clients, providing valuable market insights and analytical articles that cater to both novice and experienced traders. These educational resources are designed to enhance understanding of market dynamics and improve trading skills. The content covers a broad spectrum of topics, from basic trading concepts to advanced strategies and market analysis, ensuring that all traders have access to the information they need to make informed decisions.

Conclusion

In conclusion, Sky Alliance Markets is a broker that provides appealing trading circumstances. Beginning to trade with this broker is easy because it allows for small budgets in trading, and experienced traders and scalpers would see its adjustable leverage as a benefit. Spreads, or trading charges, aren't very low in comparison to other brokers, though.

Frequently Asked Questions (FAQs)

At Sky Alliance Markets, are there any regional restrictions for traders?

Yes. Sky Alliance Markets do not offer our services to residents of certain jurisdictions where such distribution or use would be contrary to local law or regulation, United States of America (U.S), Australia, Afghanistan, North Korea, Iran, Iraq, Yemen, Ontario Province (Canada).

Does Sky Alliance Markets offer demo accounts?

Yes. Demo accounts are on offer.

Is Sky Alliance Markets a good broker for beginners?

Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.