Is Skyfxoption licensed and legitimate?

By Anonymous, from United Kingdom, April 10, 2021 at 07:15 PM

Basically ive been having problems with withdrawing my money for about a month now. They keep asking for more money. Theres been a problem every step of the way that requires more cash. They take payments in bitcoin from blockchain to their node address. I have paid at least $1700 on what was supposed to be just a $500 trade and %20 commission payment of whatever the new balance was.

  • Is Skyfxoption Licensed And Legitimate?
Answer: Hi Anonymous,

Skyfxoption is an unregulated offshore broker. It is authorized and regulated by the International Financial Services Commission of Belize (“IFSC”). Belize as a gorgeous tourist destination, while also is a tax haven with a zero tax structure that established its own regulation for financial investment and Forex firms licensing due to high demand and necessity of regulation. Ever since Belize became a known offshore zone and Forex hub, the destination attracted thousands of brokerages seeking an opportunity to be a legitimate firm, yet to skip complicated and costly established procedures. We have a detailed article explaining the risk of trading with brokers from Belize.

Also, Skyfxoption claims to be a registered company from UK company house registration number 04902801. However, Companies House is only the United Kingdom’s registrar of companies, it is not the regulator that approves licenses for the brokers in the UK. And, of course, there is no information about this broker in the UK’s FCA register.

All these details only prove that Skyfxoption should be avoided, it is very risky to deal with it. Unfortunately, there is a small chance of getting your money back. We would advise you to stop investing with this firm and report about your issue to your local financial regulator.

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