Overview:
Skypewalletex.com appears to be a newly launched broker that promises attractive trading conditions to its clients. According to their website, they offer forex and CFDs trading with a minimum deposit of $250 and maximum leverage of 1:300. They claim to be an ECN broker and offer competitive spreads, order execution speed, and trading signals. However, many traders have reported that they are not able to withdraw their funds after depositing.Is Skypewalletex.com regulated?
One of the first things traders should check before opening an account with a broker is whether the firm is regulated by a reputable financial regulator. However, despite Skypewalletex.com’s claims of being regulated in the UK, there is no evidence of it being registered with the Financial Conduct Authority (FCA). Furthermore, the company’s physical address is not provided on its website, which hints at a lack of transparency.Warnings from financial regulators:
The lack of regulation and transparency is not the only red flag about Skypewalletex.com. The brokerage has also been flagged by several financial regulators across the world for operating unlawfully. For example, Italy’s market regulator CONSOB has blacklisted it as an unregulated broker. Similarly, Spain’s regulator CNMV has issued an alert against Skypewalletex.com, stating that it has no authorization to provide investment services in Spain.
What currency pairs do they offer?
Skypewalletex.com claims to provide access to a wide range of currency pairs, including majors, minors, and exotics. However, it is unclear whether these assets are available for trading since the company has not provided any details about their trading conditions, such as spreads and commissions.
Customer support:
The quality of customer support is a crucial factor in maintaining a good relationship between a broker and its clients. But, according to reviews from traders, the support team at Skypewalletex.com is unreliable and difficult to reach. There have been reports of customers being ignored or receiving vague and unhelpful responses when trying to contact support.
Trading platform:
Skypewalletex.com provides the MetaTrader 4 (MT4) platform for its customers, which is a widely-used trading platform in the forex and CFDs market. However, there have been complaints from traders that the platform is prone to crashes and has limited functionality.
What do traders think about Skypewalletex.com?
Many traders who have invested with Skypewalletex.com have reported being unable to withdraw their funds once they have been deposited. There have been reports of delayed withdrawals, technical issues, and missing funds. All indications point towards Skypewalletex.com being a fraudulent broker endeavoring to cheat its clients.
What to do if you get scammed?
If you believe you have been scammed by Skypewalletex.com or any other brokerage firm, you should file a complaint with your local regulator immediately. You should also contact us to get an immediate solution. We will evaluate the case and will provide you with a free consultation to help you in recovering the lost fund.
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Final thought:
In conclusion, Skypewalletex.com is not a trustworthy broker. It lacks regulation and transparency, has an unreliable customer support team, and has been flagged by numerous financial regulators. Moreover, many traders have reported difficulties in withdrawing their funds, indicating suspicious activities. Therefore, it is crucial that every trader is cautious when dealing with Skypewalletex.com and any other broker that displays similar characteristics. Always choose to work with a reputable and regulated broker with excellent customer service, even if it means forgoing a few pips.
