Skyam Invest Ltd Review
When you begin shopping for an online brokerage, it will not take you long to realize that there are two categories in which they can be divided; genuine and fraudulent. Yes, the fact that setting up a website on the internet is quick and easy has given cybercriminals the perfect opportunity to entrap people. They masquerade as legitimate platforms and convince people into signing up and depositing their money. Before you know it, your money is gone and you are left devastated. This Skyam Invest Ltd review can come in handy because it sheds light on how you can find out the truth about a brokerage.
Learning this is of the utmost importance if you are really interested in trading in the financial markets and have some goals you want to achieve. No one wants to hand over their money to fraudsters and criminals, so you should make it a priority to assess a brokerage before signing up with it. In this way, you will be able to avert disastrous consequences and help you achieve the outcome you want. You need to understand that you cannot take a company at its word when they make big claims because anyone can create a website these days.
You have to assess their claims and ensure they are really offering everything they promise, so you are not disappointed and can also remain safe from scams. Otherwise, you will also become yet another statistic, which is something you want to avoid. You should take the same route with Skyam Invest Ltd, which boasts to be a leading forex and CFD trading services provider and is providing its clients with leverage ratios as high as 1:400. They also promise the renowned MT4 trading platform, which is also an attractive feature.
The first glance at the Skyam Invest Ltd website creates a positive impression and many will be tempted to open an account. But, an assessment can help you decide if you are dealing with a genuine or fraud broker. In this case, it turns out that it is the latter because the company is not what it claims. How? You can learn more below:
Unregulated and anonymous
Signing up with a brokerage is a big decision because you have to trust them to protect your money and also keep your sensitive and confidential data safe from cybercriminals. You do not want it misused for illegal activities down the road. Therefore, before you choose a platform, you want to know as much about the company as possible and ensure that it is regulated. A licensed broker complies with laws and offers protections and can also be held accountable. But, Skyam Invest Ltd is none of these things.
As a matter of fact, you do not really know who they are because when you go through their website, you will not find any such information available. It seems that Skyam Invest Ltd. is virtually anonymous because other than the company name, you do not find an office address or a contact number for that matter. Does that sound like a genuine brokerage? It certainly isn’t because authentic companies are always transparent about their offices and operations.
No Terms and Conditions
One of the most important things that traders need to check in a potential brokerage is their Terms and Conditions. This document is vital because it tells you the kind of fees and charges you can expect from the brokerage you are considering. Moreover, it sheds light on the policies and laws that the brokerage follows and implements and ones you have to comply with. It can save you from any rude surprises in the future.
The problem you come across at Skyam Invest Ltd is that they do not appear to have any legal documentation on their website. There are no Terms and Conditions, nor a Client Agreement, which is a shock because you do not know their policies and fees. You will still be asked to agree with them before completing registration, which means you are expected to do so blindly, providing them the perfect opportunity to exploit you. After all, you will have no idea what you agreed with.
Asks for personal information
Your suspicion and doubts about Skyam Invest Ltd will worsen when you discover that the brokerage demands a copy of your ID card before it allows you to make a deposit or trade. While account verification is required by brokerages during the trading process, it is not done when you just when to register.
This is exactly what happens in the case of Skyam Invest Ltd as it demands that you give a copy of your ID card at the time of registration, which is a red flag because your personal and sensitive data can be misused for various illegal activities.
Excessive levels of leverage
Another rather obvious tactic that Skyam Invest Ltd has used for drawing people to its platform is the offer of leverage ratios as high as 1:400. It is true that higher leverage means more trading flexibility, but you have to understand that the risk also increases significantly. This is why most regulatory authorities in the world, including those in the US, UK, Europe and Australia have imposed a cap on the amount of leverage that can be offered to their clients. These ratios don’t go beyond 1:50, but the same cannot be said for this broker.
No payment methods specified
Checking the payment methods offered by a brokerage might not seem like a big deal initially, but it is one because you want to be able to get a refund in case of a problem. If a brokerage blocks your withdrawal, you need to be able to file a chargeback and this depends on the payment method used. Unfortunately, Skyam Invest Ltd does not mention what payment methods it supports, so you have no idea if you can get your money back or not.
All indicators point to one conclusion; Skyam Invest Ltd is a fraud brokerage and one you should never choose.