Many new CFDs brokers have cropped up on the internet in 2024 and one of those “trading platforms” is called Skyion Group. The broker is promoting their services in an aggressive manner and this means new traders are likely to come across it to explore new market trends. If you’re contemplating to use the services of skyiong.com, you need to read this review to avoid making a big financial mistake. Here are things we know about this broker.

Skyion Group is an unlicensed broker

The presence of a license is one of the things that imply the broker is legitimate. In fact, financial regulators recommend trading with licensed brokers only. Skyion Group doesn’t have a license yet their address indicates that they’re operating out of Denmark. However, the Danish Financial Supervisory Authority (FSA) is not aware that this broker is operating illegally in this jurisdiction. Furthermore, the broker’s “don’t care” attitude imply that they have an agenda which they don’t want the financial authority to know about.

Lack of trading conditions disclosure

Skyion Group provides “multiple” account types as indicated on their website. However, the only thing that is apparent is leverage. They refrain from discussing fees, commission, swap and many pertinent details concerning their various account plans. Lack of transparency is one of the signs that a broker could be a scam.

Skyion Group doesn’t have a reputation

Every established broker attracts reviews from clients. If you do a quick Google search to see what people are saying about them, you’ll find reviews from websites which are obviously not posted by clients. Despite this broker presenting their service as “premium grade”, they still lack a track record or a reputation and traders can’t be so confident that they’ll enjoy the ultimate experience as advertised on their website.

Broker’s website is too new

The skyiong.com domain was created in December 2023. We posted this review in January 2024. While assessing the website, we noticed that this broker is avoiding discussions about their track record. They try as much as possible to paint a picture of an established broker who has been serving traders for a long time. The rule of thumb is that you should stay away from new brokers because they are not well-known and chances of getting scammed would be high if you use newer brokers compared to companies that have been around for some time.

Summary

This broker fails to demonstrate transparency and their legal status is bothering since they have not secured a license. Traders can’t be assured that funds safety is a priority. Since this is a CFDs broker, there’s a likelihood of conflict of interest arising between traders and the company. This leads to a situation where the broker will trade against its clients to make bigger profits quickly. Ultimately, it’s not possible to make money with this broker.