SK Markets is a forex broker. SK Markets offers a financial platform with a variety of trading products, including forex, commodities, indices, and stocks. However, there is much uncertainty regarding the company's corporate entity information and regulatory status. The official website of SK Markets is: https://www.skmarketsfx.com/index.html. It currently supports English, German, French, Spanish, Chinese, Japanese, and Korean.
Corporate and Regulatory Information of SK Markets:
SK Markets claims to be located at 1585 Broadway in Midtown Manhattan, New York City, which is actually the global headquarters of Morgan Stanley. This suggests that SK Markets has misappropriated the address of a well-known financial institution, casting serious doubt on the authenticity of its corporate entity information. Additionally, SK Markets claims to be regulated by CySEC and the NFA, but upon verification, these regulatory claims were found to be nonexistent, further questioning the platform's credibility.
SK Markets Account Opening Process:
Although SK Markets provides an account opening process on its official website, the registration page is currently inaccessible, showing that the website has technical implementation issues.
Types of Accounts Offered by SK Markets:
SK Markets offers five different levels of account types, aimed at meeting the investment needs and capital sizes of various clients. These range from the entry-level Bronze account to the high-end Diamond account, with minimum deposits ranging from $500 to $50,000 to accommodate different types of investors:
- Bronze Account: Minimum deposit of $500, trading fee of $0.01 per share, with a minimum fee of $1.5.
- Silver Account: Minimum deposit of $5,000, reduced trading fee of $0.008 per share, with a minimum fee of $1.5.
- Gold Account: Minimum deposit of $10,000, further reduced trading fee of $0.007 per share, with a minimum fee of $1.5.
- Platinum Account: Minimum deposit of $25,000, trading fee of $0.006 per share, with a reduced minimum fee of $1.25.
- Diamond Account: Minimum deposit of $50,000, offering the most favorable trading fee of $0.005 per share, with a minimum fee of $1.
These account types reflect SK Markets' attempt to attract various levels of investors through a flexible fee structure, from small investors to high-volume traders. Each account adjusts fees based on the potential trading volume and capital size of the investor, offering relatively favorable trading conditions. However, investors should consider the regulatory status and other associated risks of SK Markets when choosing an account type.
Trading Products of SK Markets:
SK Markets offers a wide range of trading products, spanning across multiple financial markets, including forex, commodities, indices, and stocks, to meet the needs of various investors. Specifically:
- Forex: SK Markets offers multiple major currency pairs for trading, including but not limited to AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, and some cross-currency pairs like AUDCAD, AUDCHF, etc.
- Commodities: In commodities trading, SK Markets includes gold (XAUUSD), silver (XAGUSD), palladium (XPDUSD), platinum (XPTUSD), as well as crude oil markets like US crude oil (USOIL) and Brent crude oil (UKOIL).
- Indices: Index products cover major global stock indices, including the US30, SPX500, NAS100 in the US, UK100 in the UK, SUI30 in Switzerland, EUSTX50 in Europe, and GER40 in Germany.
- Stocks: Stock trading products include well-known companies from various industries, such as 3M, American Airlines, Abbvie, Adobe, AIG, Alcoa, Alibaba, and Altria.
This diversified product portfolio aims to provide investors with a rich variety of choices, whether they focus on a specific market or seek to diversify their investments across markets. However, before trading, investors should carefully consider factors such as the regulatory status and corporate transparency of SK Markets to ensure their investment decisions are well-informed and considered.
SK Markets Trading Software:
SK Markets provides a range of advanced trading software solutions to meet the needs of various traders. These solutions include ST5, mobile app versions, and web versions. However, the desktop software currently seems to be experiencing technical issues, preventing users from accessing its page introduction.
Leverage and Commissions of SK Markets:
SK Markets has set different leverage ratios:
- Forex trading offers leverage ratios of 1:30 and 1:20, varying according to specific trading products.
- Commodity trading leverage is set at 1:20, providing investors with flexible trading options.
- Index trading also uses a 1:20 leverage ratio, allowing traders to manage their positions more flexibly.
- In stock trading, SK Markets offers a leverage ratio of 1:05, providing a more stable trading environment for traders.
These leverage ratios aim to balance traders' risk and rewards, adjusted according to market conditions and product characteristics to meet different investors' needs.
SK Markets' Deposit and Withdrawal Process:
Information about deposit and withdrawal methods on SK Markets' website is currently inaccessible.
SK Markets' Social Media:
SK Markets' website does not provide any social media information.
SK Markets' Customer Support:
SK Markets' customer support is available via email and phone:
- Email: support@skmarketsfx.com
- Phone: +1 617 798 0330
Conclusion:
SK Markets has serious transparency issues regarding its corporate entity information, as it claims to be regulated but lacks relevant regulatory information. Moreover, the account opening process has technical issues, making the registration page inaccessible, causing inconvenience to users. Investors should approach this platform with caution, especially considering its regulatory status and transparency. Currently, SK Markets is marked as "Suspected Fraud" on TraderKnows.
