Sky Digital

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

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

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.

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.

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.