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Skylark Fx Review
Skylark Fx claims to be a licensed and regulated broker cleared to operate in London, Hong Kong, Australia, and Dubai. Shockingly, we found that FCA, the regulatory body in the UK, has recently issued a warning regarding the broker’s activity.
Skylark FX is another dangerous investment company. Forex trading is one of the world’s most popular and regulated trades. Geopolitical factors, interest rates, and inflation make it a highly rewarding but also risky venture. With the ubiquity of the internet, forex trading has become accessible more than ever before, but therein lies the danger. The internet has made it possible to engage in forex without human interactions. This makes it hard to spot some irregularities that would be obvious in physical interaction.
Scammers have pounced on this opportunity to clone and create sophisticated websites that trick naïve investors into trading with them. Fortunately, not all is lost as there are still some other ways to discern scam brokers, simply by visiting its website.
Indeed, many investors have lost vast sums of money to online forex frauds. In case you are wondering, the Skylark FX market is among many culprits posing as reliable forex brokers when it is a fraud. Choose reputable forex trading companies to earn passive income. These are regulated schemes with great trading conditions.
According to the website, Skylark Market Ltd owns Skylark Fx. The company has six years of operational experience. The company also claims that it offers transparent financial services to its customers. Moreover, investors can access secure transactions owing to the international bank standard that the company supposedly provides. Skylark fx also promises to avail over 60 trading instruments. Likewise, it brags about having 1200 financial advisors, allocating billions to consulting solutions, and delivering about 100,000 financial plans.
Skylark FX’s address is 1-75 Shelton Street, London, Greater London, UK, WC2H9JQ. But as we shall soon establish, the company’s location is untrue. Customers can contact the company through its email address email@example.com or by telephone contact +447426063431
Skylark FX offers five investment plans for its customers. The Micro and Active plans have a deposit threshold of $100. Next are the Mega and Extreme accounts with a $1000minimum deposit requirement, while the VIP plan has a $10,000 funding threshold.
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Deposit & Withdrawal Terms
Skylark FX accepts deposits through bank transfers, credit cards, e-wallets, and cryptocurrency. Using e-wallets and cryptocurrency to make deposits is unrecommended as you cannot get a refund. This is because it is hard to trace such transactions. As such, be wary of brokers asking you to use such methods as the intention is most likely to take your money.
The company does not provide details on fees or charges that an investor will accrue while using the platform, such as withdrawal and account maintenance. Do not be mistaken- the omission of such details does not imply that Skylark will not charge you. Instead, it is just a covert way for them to introduce hidden costs as it pleases.
Also, pay attention to the relatively higher trade volumes. Remember, you can open a micro account with a trustworthy broker for as low as $10.
Skylark FX Trading Platform
The company allegedly offers MT5 and web-based trading platforms. Remember that even if the MT5 is available, you should not consider this advantage in isolation. Before investing with a broker, you should always ensure the confluence of factors (all conditions must be acceptable). Thus, even if they offer a MT 5, you should still avoid this broker as this could be the only thing it got right.
Trading Conditions & Policy
Skylark FX provides a spread of 2 and leverage of 1:500. These spreads are acceptable, but that should not stop you from exploring other brokers offering tighter spreads below 1.
However, the company’s leverage is too high. Most regulators impose a 1:30 leverage capping to protect investors’ money in case of a loss. Anytime you assess leverage, it is important to consider what can happen if the market goes against your prediction. In such a case, you will make a loss, and worse in a volatile period when the stakes are higher.
The legal documents on the investor engagement with this broker are conspicuously missing. The omission of such an important document casts doubt on the transparency and integrity of this broker. Remember, as an investor, the terms of engagement with any broker should be clear before you engage with them.
Skylark Fx Regulation and Registration
Skylark Fx claims to be a licensed and regulated broker cleared to operate in London, Hong Kong, Australia, and Dubai. Shockingly, we found that FCA, the regulatory body in the UK, has recently issued a warning regarding the broker’s activity. The license number under which it operates in the UK,12294185, is just fictitious to trick you. Next, we searched for the broker in the Australian securities & investment commission (ASIC) register and found no such registered credentials. We have not checked with the Hong Kong or Dubai regulators as we expect the same pattern of lies. Desist from any brokers falsifying their legality or credibility.
As if that is not enough, the company states that it was incorporated at St. Vincent and the Grenadines (SVG) – another major red flag. The SVG is among the countries known for notorious forex brokers. This notoriety is attributable to the lack of a forex ombudsman who can keep the brokers in check. Suppose you lose money to these brokers; it will be a hopeless case. This will be the case as you have no protection regulators afford investors with legit brokers.
Despite its seemingly sophisticated website, all signs indicate that Sky Lark FX is offshore and unregulated! Unregulated forex brokers are dangerous because they circumvent the authority and make you vulnerable to massive investment loss. Since they are not answerable to any oversight body, they ensure they get as much as possible from you and then vanish into thin air.
Again, being an offshore account presents yet another jurisdictional problem. With an offshore broker, you are never immune from scamming; it will be hard to obtain legal recourse if that happens.
Skylark Fx Customer Reviews
For a company that brags about being in the market for six years and delivering over 100,000 financial plans, it is surprising that there is not a single customer review. This leads us to question the credence of its track record. Subsequently, it is safe to assume that the giant figures are there to save face and give the impression of a successful broker.
Skylark Fx is another scam in the market. Shady forex brokers are becoming increasingly common. This means that you cannot believe anything a broker says until you confirm it is so. As an investor, it is your responsibility to conduct due diligence to ascertain the authenticity of a forex broker.
Since you do not have the luxury of human interactions, you must rely on website clues that may tell whether a broker is a scam or legit. Regardless of the years of operation, you should double-check all claims and carefully read the terms of engagement for any ambiguity. Most importantly, confirm the regulation status of a broker before trusting them with your money.
From our experience, most scam brokers provide mouth-watering deals and incentives to get you hooked on them. They later make withdrawals difficult and eventually disappear with your money.
As an investor, get adequate exposure before risking your investment. The exposure will help you to spot untrustworthy brokers easily. You can only achieve your goal of getting reasonable returns with as minimal risk as possible through the help of reliable forex brokers. Protect your investment and your future!