WikiFX Scam Alert: FCA Warns Against Skylark FX!!!

Investors who are still trading forex at Skylark FX had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the recent warning on September 14th by the British financial authorities in the face of the Financial Conduct Authority (FCA), who have clearly identified Skylark FX (scfxmarket.com) as a scam. You may check the FCA warning on the screenshot below (https://www.fca.org.uk/news/warnings/skylark-fx-market):

Skylark FX is blacklisted, which ultimately means it‘s an exposed scam. You’ll lose money to fraud if you deposit with this fake brokerage! The implication of such warnings is clear – that the broker in question is a scam and that you would not be entitled to the countless protections available to clients of legitimate brokers. Please turn to someone legitimate and licensed – this is the only way to be sure that you would be treated fairly.

WikiFX also paid a visit to the broker's official website to learn more. Skylark FX claims to be based in the UK, as you can see from the screenshot below:

Every legitimate UK broker must be authorized to operate by the FCA – the UKs financial regulator which also happens to be one of the strictest and most reputable in the world. Not only is Skylark FX not regulated by the FCA but the regulatory body has recently issued a warning stating that Skylark FX is not under the supervision of the FCA and is therefore not authorized to operate in the country.

Skylark FX offers MetaTrader5, which is an excellent platform and arguably the best Forex software. However, the trading conditions are not good, as the MT5 distribution provides only 10 currency pairs to trade, excluding the most popular EUR/USD! Frankly speaking, a broker that doesnt offer EUR/USD, the most affordable and widely traded pair, should not be considered an option at all! Regulated brokers offer thousands of instruments, while Skylark FX Market has only 10!

The trading risks are high, as leverage can reach 1:500. However, the more significant problem, in this case, is that the lowest ratio is 1:100 – a level prohibited by pretty much all self-respected regulators. The EU, UK and Australia impose a leverage cap of 1:30, which clearly shows how risky Skylark FX actually is!

The funding methods are allegedly Credit/Debit cards and PayPal, but WikiFX can‘t validate this information as registrations were impossible, and WikiFX couldn’t test the deposit system. As you can see from the screenshot at the bottom of this section, the sign-up page was broken at the time, which is a major failure nonetheless!

Furthermore, WikiFX also did some research on the brokers activity on social media. Skylark FX does have official accounts on major social websites - Facebook, Twitter & Instagram. Nevertheless, these sites are not accessible any more!

Now let's search “Skylark FX” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/3733335371.html), Skylark FX currently has no valid regulatory license and the score is rather negative - only 1.31/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in Skylark FX. It is yet another broker blacklisted by the British authority FCA. The warning issued by the regulator says it all – the firm is not authorized, and customers who deposit with Skylark FX will have no access to money protection.

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.