Overall Rating: ★☆☆☆☆ (1.7/5.0)

Sky Forex, also known as Sky Forex Bureau, primarily operates as a foreign exchange bureau with limited online presence as a retail forex and CFD broker. Although it presents itself as a currency exchange business in parts of East Africa, some entities have expanded to offer online trading platforms, claiming access to forex, commodities, and indices. However, there are multiple versions of the brand, no unified regulation, and very limited transparency, making it difficult to verify whether the trading arm is credible or safe.

This review assesses Sky Forex’s brokerage offering, its regulatory footprint, costs, and whether it’s worth considering in 2025.

Key Features

Sky Forex claims to offer a standard suite of tradable assets with high leverage and user-friendly access, though details are vague and inconsistent across its websites.

• Trading Platform:
  • Unclear – some entities claim to use MetaTrader 4 (MT4), others offer a web-based proprietary platform
• Markets Offered:
  • Forex, commodities, indices
  • Limited information on total instruments or spreads
• Account Types:
  • No clearly published structure
• Leverage:
  • Up to 1:400 claimed by some versions
• Minimum Deposit:
  • $100–$250, depending on region or platform version
• Funding Methods:
  • Credit/debit card, mobile money, local transfer (for Kenya/Uganda branches), crypto (in some cases)

Regulation and Security

Sky Forex is not regulated by any major financial authority for its online trading services. Some branches operate under local money service licences for currency exchange but not for brokerage operations.

• No licence from FCA, ASIC, CySEC, or FSCA
• Not listed in regulatory databases as a registered broker
• Unclear ownership structure and fragmented global branding
• No investor protection schemes
• No proof of segregated accounts or oversight

This lack of credible oversight makes Sky Forex a high-risk broker, particularly for online traders.

Pricing and Costs

There is no detailed breakdown of fees, commissions, or spreads, and user reviews point to inconsistent or hidden charges.

• Spreads:
  • Unverified – no live pricing published
• Commissions:
  • Not transparently disclosed
• Deposit/Withdrawal Fees:
  • May apply based on region or payment method
• Inactivity Fee:
  • Unknown

Educational Resources and Customer Support

Sky Forex offers no structured educational resources, aside from basic FX bureau services and vague trading support claims.

• Education:
  • None available for trading
• Market Analysis:
  • Not provided
• Customer Support:
  • Local phone numbers for bureau services
  • No verified live chat or ticketing system for online brokerage users
  • Customer complaints include poor responsiveness and unclear procedures

Risk Management Tools

Risk control appears minimal and entirely dependent on which trading platform (if any) is provided.

• Standard stop-loss and take-profit functionality via MT4 if applicable
• No guaranteed stop-loss orders (GSLOs)
• No negative balance protection
• No risk calculator or margin alert tools

Pros and Cons

Pros

• Recognised brand name in physical currency exchange in East Africa
• Basic access to forex and commodities trading (claimed)
• Local funding options in some regions

Cons

• Unregulated and unverified as a forex broker
• No clear trading platform, legal protection, or documentation
• No education or support for retail traders
• Lack of transparency across all levels
• High-risk brand fragmentation and conflicting online information

Conclusion: Is Sky Forex the Right Choice?

Sky Forex is not a recommended broker for online trading. While it may operate legitimately as a local bureau in some countries, its attempt to offer online brokerage services is unregulated, opaque, and risky. Traders should avoid engaging with this brand unless it becomes fully regulated and transparent. Instead, consider reputable brokers like Pepperstone, AvaTrade, or IC Markets with clear licensing and investor safeguards.