Skytorex.com Review: Is it Legitimate or a Scam?

Is Skytorex Legit or Scam?

Absolutely not. Skytorex is a well-documented scam platform designed to deceive unsuspecting investors, particularly young people on TikTok. This article will expose Skytorex’s fraudulent practices and advise you on how to avoid falling victim to their schemes.

Company Overview

Services or Products

Skytorex claims to offer cryptocurrency trading, but it’s a mere facade. They only list the most popular cryptocurrencies and lack essential features like:

• NFT trading: Despite advertising “coming soon,” NFTs are a risky investment due to the recent market crash.
• Advanced trading tools: The web terminal is basic and potentially riddled with malware.

If you have lost money to companies like XLTRADE or BitFX; please report it to us on our report a scam From

Trading Platform & Leverages

The platform offers:

• Limited crypto selection: Only a handful of popular digital assets are available.
• Live account only: No demo account exists to practice trading before risking real funds.
• Tiered fee structure: Fees decrease with increased trading volume, incentivizing higher deposits.
• Shady payment processors: Avoid using credit cards with Skytorex due to their association with known scams.

Spreads and Cost of Trading

Skytorex doesn’t explicitly display spreads or other trading costs, indicating their lack of transparency. Hidden fees are likely.

License and Regulations

Skytorex is completely unregulated and operates illegally. They claim to be based in Malta but are not registered with the Malta Financial Services Authority (MFSA). This lack of regulatory oversight poses significant risks:

• No protection for your funds: They can disappear without any legal recourse.
• Potential market manipulation: The platform can manipulate prices to steal your money.
• Exposure to malware: The website may contain malware that steals your personal information.

Legal Warning Against Skytorex

The platform mentions an exclusive jurisdiction of Maltese courts, yet they are not registered in Malta. This is a deceptive tactic, further solidifying their fraudulent nature.

Deposit and Withdrawal Methods

While information on deposit methods is limited, we strongly advise against using any payment processor associated with Skytorex. These processors have connections to other known scams and could compromise your financial information.

Skytorex Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

Unlicensed brokers like Skytorex pose a multitude of risks:

• Financial loss: You have no legal recourse if they steal your funds.
• Market manipulation: They can manipulate prices to your disadvantage.
• Identity theft: The platform may be used to steal your personal information.
• Lack of customer support: You won’t receive any assistance if you encounter problems.

Client Feedback

Client feedback overwhelmingly exposes Skytorex as a scam. Victims report losing money and experiencing issues with withdrawals.

How Can “Reviewsadvice” Help You If You Get Scammed?

Unfortunately, recovering funds from a scam is often difficult. However, “Reviewsadvice” can offer resources and support to help you navigate the situation. Consider seeking legal advice and reporting the scam to relevant authorities.

You Can report to us today by the below form.