Sky Vault has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Sky Vault is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: No regulatory oversight|Money disappeared|Fake testimonials
I referred a friend to Sky Vault from a review site like this one. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Quick verification|Dividend tracking|API access|Good mobile app
Cons: Limited social trading features|Help articles are sometimes vague
I am in a dispute with Sky Vault over a trade that was clearly erroneous. The price shown was wrong, I closed at a profit, and they reversed the trade and took the money back. They said it was a system error. So I lose and they keep? Unacceptable.
Pros: Regular platform improvements|Competitive fees|Social trading features|Personal attention
Cons: Slow to add new assets|Limited demo account features
Sky Vault locked my account without warning and demanded documents I had already submitted. for the past six months later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Low minimum deposit|Professional team
Cons: No phone support on weekends|Would like more payment methods
After seeing ads for Sky Vault online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Financial Markets Authority. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly