Sky Alliance Markets Review 2023

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Sky Alliance Markets is a global broker that offers leveraged trading on the MT4 platform.

Pros

• Demo account
• MT4 integration
• Copy trading
• Low minimum deposit
• Multiple account currencies
• Full range of investments

Cons

• Weak customer support

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Instruments	CFDs, Forex, Indices, Commodities, Cryptos, Futures
Demo Account	Yes
Min. Deposit	$100
Payment Methods	Bitcoin Payments Credit Card Debit Card Neteller Skrill UnionPay Wire Transfer
Min. Trade	0.01 Lots
Regulated By	ASIC
MetaTrader 4	Yes
MetaTrader 5	No
cTrader	No
OmniTrader	No
AlgoTrader	No
TradingView	No
Trading Central	No
Autochartist	No
eSignal	No
STP Account	No
ECN Account	Yes
DMA Account	No
MAM Account	Yes
PAMM Account	Yes
LAMM Account	No
Demat Account	No
Mobile Apps	Android
Margin Trading	Yes
Volatility Index	No
Spot Trading	No
Perpetual Swaps	No
ELWs	No
REITs	No
AI / Machine Learning	No
Robo Advisor	No
P2P Trading	No
Negative Balance Protection	Yes
VPS Hosting	No
Tournaments	No
Demo Competitions	No
Managed Accounts	No
Market Maker	Yes
Auto Trading	EAs
Social Trading	No
Copy Trading	Yes
Trade Signals	MetaTrader
Islamic Account	Yes
Account Currencies	USD EUR GBP AUD NZD
Guaranteed Stop Loss	No
Stock Exchanges	Australian Securities Exchange CAC 40 Index France DAX GER 40 Index Euronext FTSE UK Index Hang Seng Japan Exchange Group
Commodities	Gold Oil Platinum Silver
CFD Trading	Use highly leveraged derivatives to go long or short on popular global markets.
CFD FTSE Spread	From 1 Pip (Standard Account)
CFD GBPUSD Spread	From 1 Pip (Standard Account)
CFD Oil Spread	From 1 Pip (Standard Account)
CFD Stocks Spread	NA
CFD Leverage	1:400
Forex Trading	Trade popular currency pairs on the MetaTrader 4 platform.
Forex GBPUSD Spread	From 1 Pip (Standard Account)
Forex EURUSD Spread	From 1 Pip (Standard Account)
Forex EURGBP Spread	From 1 Pip (Standard Account)
Forex Assets	57
Currency Indices	USD
Crypto Trading	Trade crypto CFDs with 1:5 leverage.
Crypto Spread	From 1 Pip (Standard Account)
Crypto Lending	No
Crypto Staking	No
Crypto Mining	No
Crypto Auto Market Maker	No
Crypto Coins	BCH BTC ETH LTC XRP

Risk Warning – Your capital is at risk

Sky Alliance Markets is an Aussie-headquartered forex and CFD broker. The firm offers 75+ instruments in five asset classes, alongside 1:400 leverage, a free demo account and a copy trading tool. This Sky Alliance Markets review will examine the website’s account options, payment methods, customer support, and regulatory status. Our traders also explain how to sign up for a Sky Alliance Markets account and start trading.

Key Takeaways

• Sky Alliance Markets has a $100 minimum deposit, demo account and copy trading
• Leveraged trading is available on the MetaTrader 4 platform and mobile app
• The account opening process is slow and cumbersome
• Customer support services are lacking

Company History & Overview

Sky Alliance Markets Pty Ltd is a financial brokerage based in Sydney, Australia, founded in 2005. The broker uses a no-dealing desk model (NDD), meaning retail investors benefit from access to live interbank pricing.

Sky Alliance Markets is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services License (AFSL).

Trading Platform

Sky Alliance Markets offers MetaTrader 4 (MT4) via desktop download or mobile app.

MT4 is a leading third-party terminal for forex trading, but its intuitive design extends to all tradable assets. Developed in 2005 by MetaQuotes Software, its popularity amongst traders can be credited to its various user-friendly features, including charting and analysis, automated trading (EAs), and a large community of online traders. Day traders can also access three order execution modes and four pending orders.

How To Use MT4

1. Create a Sky Alliance Markets live trading account
2. Download MetaTrader 4 (direct download link available on the broker’s website)
3. Sign in to the MT4 platform with your registered credentials
4. Start trading on the broker’s 75+ assets

Once you have signed in, there are three main windows; market watch, the terminal, and the main charting screen. The market watch window gives you the option to choose a list of assets to monitor. The terminal shows your trading activity, including open positions or any profits you make. The main screen shows live charts (up to four at a time) of the assets you choose to monitor.

How To Place A Trade

1. Log in to the MT4 platform
2. Click on the ‘New Order’ icon in the top toolbar
3. Choose the asset you want to trade such as AUD/USD
4. Input the trade details such as position size and risk parameters such as stop loss or take profit (optional)
5. Select ‘Buy’ or ‘Sell’ to open a position

Markets & Instruments

Sky Alliance Market’s product lineup is not the largest vs other brands, with just 75+ assets available:

• Futures – Trade the US Dollar Index (USIDX) as a futures contract
• Indices – 8 major global indices including UK100, GER30, and AUS200
• Cryptocurrency – 5 popular cryptocurrencies including Bitcoin, Bitcoin Cash and Ethereum
• Commodities – 3 precious metals and 2 energies including Gold, Silver, and Brent Oil
• Forex – 57 forex pairs including majors (such as EUR/USD), minors (such as AUD/JPY), and exotic pairs (such as AUD/ZAR)

Sky Alliance Markets Fees

Sky Alliance Markets is fairly typical in terms of its trading fees. Users that have registered for an ECN account are liable for a $7 commission per round lot turn plus tight spreads from 0 pips on the EUR/USD currency pair. Traders using the Standard profiles can trade commission-free, with spreads from 1 pip on the EUR/USD pair.

Swap fees also apply for positions held overnight, except for Islamic trading accounts.

Fortunately, there are no deposit or withdrawal fees at Sky Alliance Markets.

Leverage

Sky Alliance Markets offers high leverage up to 1:400 and a 50% stop-out level. However, maximum ratios do vary between asset classes. Also, regulatory restrictions may limit the leverage available depending on where you register for an account.

• Forex: Up to 1:400
• Indices: Up to 1:100
• Futures: Up to 1:100
• Commodities: Up to 1:200
• Cryptocurrencies: Up to 1:5

Mobile App

When we used Sky Alliance Markets, we were disappointed to find there was no proprietary mobile app. With that said, MT4 is available as a mobile application, currently available on Android devices only.

The MT4 application is user-friendly, with all the features of the desktop software. Day traders can open and close positions, create custom charts, amend watchlists and view live price quotes.

Keep in mind detailed analysis can be difficult on phone screens. A stable internet connection is also key to getting the most from the app.

Payment Methods

Sky Alliance Markets has a relatively low minimum deposit of just $100 or equivalent currency with the Standard account. It is also good to see that the broker does not charge a fee for account funding or withdrawals.

Accepted payment methods include:

• Cryptocurrency: Up to 24-hour processing time. BTC and USDT only
• Union Pay: Up to 24-hour processing time. CNY accepted only
• Payment Asia: Up to 24-hour processing time. PHP accepted only
• Neteller & Skrill: Up to 24-hour processing time. USD accepted only
• Credit/Debit card: Up to 24-hour processing time. USD, GBP, EUR, AUD, and NZD accepted currencies
• Bank wire transfer: Two to five business days processing time. USD, GBP, EUR, AUD, and NZD accepted currencies

How To Make A Deposit

1. Log in to the Sky Alliance Markets customer portal
2. Click ‘Transfers’ and then ‘Fund Account’
3. Select the payment method
4. Input details such as the card number and reference
5. Enter the amount
6. Press ‘Submit’

Demo Account

Sky Alliance Markets offer a free demo account. The registration form can be accessed from the top menu on the broker’s web pages by clicking on the blue ‘Demo Account’ icon. You will need to input your name and contact details to sign up.

Note, demo accounts are only available in USD virtual currency.

Bonuses & Promotions

At the time of writing, Sky Alliance Markets did not offer any financial incentives or bonus rewards to new or existing customers. This includes welcome deposit bonuses or no-deposit rewards.

This is aligned with the ASIC’s position on the use of bonuses to encourage risky investment decisions.

Sky Alliance Markets Regulation

Sky Alliance Markets is regulated by the Australian Securities and Investments Commission. The ASIC is a highly regarded body that ensures brokers comply with stringent rules, including negative balance protection and segregated accounts. Sky Alliance Markets keeps traders’ funds separate at the National Australia Bank.

The broker is also routinely audited and holds Indemnity insurance to protect global traders. Indemnity insurance covers retail investor losses generated due to negligent services or advice.

Account Types

Sky Alliance Markets offers four live trading accounts; Standard, Swap-Free Standard, ECN, and Swap-Free ECN. All accounts have five base currency options (USD, GBP, EUR, AUD, and NZD), leverage up to 1:400, and a minimum trade size of 0.01 lots.

The swap-free versions of the account types provide the same account conditions, with the removal of overnight holding charges.

Standard Accounts

• Commission-free
• Spreads from 1 pip
• $100 minimum deposit or equivalent currency

ECN Accounts

• Spreads from 0 pips
• $7 commission per round lot turn
• $1000 minimum deposit or equivalent currency

The ECN accounts are the best fit for active traders looking for competitive fees.

Corporate and PAMM/MAM accounts are also available upon request.

How To Open A Sky Alliance Markets Account

1. Select the red ‘Live Account’ icon on the Sky Alliance Markets website or click the ‘Visit’ button in this review
2. Enter sign-up details including language settings, account type, full name and contact information
3. Complete KYC verification by providing proof of identity and address
4. Await an email confirmation with login credentials
5. Make a deposit using one of the supported methods
6. Download the MT4 platform and start trading

Allow up to three working days for a new account request to be confirmed due to a ‘suitability’ review and identity verification approval. Unfortunately this is notably slower than many competitors.

Additional Tools

Education

The Sky Alliance Markets website offers free educational resources, though the information is very basic. This includes keyword glossaries and an economic calendar. Some information is yet to be translated from simplified Chinese, though it can be downloaded and translated via third-party translator sites.

Day traders can also access market insights and economic news, however, while using Sky Alliance Markets, we found most of the information was outdated and of limited use.

Copy Trading

The broker also offers copy trading. The ‘signal source function’ allows traders to select a professional investor to follow and mirror. The system supports an unlimited number of copied positions and reverse copy trading with no delays. Positions can be opened using a volume allocation or percentage allocation of invested funds.

Clients can request access to the copy trading tool by signing up on the website.

Trading Hours

Sky Alliance Markets follows standard trading hours, though this varies by instrument.

• Forex: Sunday 22:00 to Friday 22:00 (GMT+3)
• Futures: Sunday 23:00 to Friday 22:00 (GMT+3)
• Commodities: Sunday 23:00 to Friday 22:00 (GMT+3)
• Cryptocurrencies: Sunday 22:00 to Friday 22:00 (GMT+3)
• Indices: Varies by the local market. For example, the JPN225 index can be traded Sunday from 23:00 to Friday 22:00 and the FRA40 index Monday from 07:00 to Friday 21:00 (GMT+3)

Customer Support

Customer support at Sky Alliance Markets is limited. The support team can only be reached via email at client@skyallmarkets.com or info@skyalliancemarket.com.

It was disappointing to see no live chat or telephone support, which are offered by the majority of broker-dealers. There is also no information regarding contact hours.

Security & Safety

Sky Alliance Markets claims to use the ‘latest technologies to provide a security shield for customers’ financial safety’. However, what this means in practice is unclear.

On a more positive note, the MetaTrader 4 platform offers transaction encryption, data privacy protocols, and two-factor authentication when you log in.

Sky Alliance Markets Verdict

Sky Alliance Markets offers relatively competitive trading conditions with high leverage and ECN accounts. The trading firm is also regulated by the Australian Securities and Investments Commission (ASIC) which suggests the company is trustworthy.

However, Sky Alliance Markets does fall down in terms of its customer support, pricing transparency, and access to additional trading tools and features.

Accepted Countries

Sky Alliance Markets accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Sky Alliance Markets from United States, Canada, Korea, Iran, Iraq, Yemen, Afghanistan.

Compare Sky Alliance Markets

Compare Sky Alliance Markets with similar brokers that accept traders from your location. Among available brokers these are the most similar to Sky Alliance Markets:

1. Kwakol Markets – Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
   
2. Just2Trade – Just2Trade offer high tech trading on stocks and options with some of the lowest prices in the industry.
   
3. InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, energies, indices, and more. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
   
4. ForexChief – ForexChief is a foreign exchange and CFD broker with offshore regulation and access to both MT4 and MT5 trading platforms.
   

Sky Alliance Markets Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by Sky Alliance Markets and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Sky Alliance Markets vs Other Brokers

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FAQ

		Sky Alliance Markets is a global broker that offers leveraged trading on the MT4 platform.
Sky Alliance Markets is a global broker that offers leveraged trading on the MT4 platform.