GreatSky Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this GreatSky Review.
GreatSky Review
GreatSky offers several account types, all of which provide variable spreads, leverage up to 1:200 and STP execution. There is also an an Islamic (swap-free) account, as well as a MAM one.
Keep in mind that this broker does not offer its services to residents of certain jurisdictions such as the United States of America, Cuba, Iran, Sudan, Syria and North Korea.
GreatSky Advantages
Regulated in Cyprus
The strongest advantage of GreatSky is that it is operated by Mount Nico Corp Ltd., a company is licensed by the Cyprus Securities and Exchange Commission (CySEC). Cyprus is a popular forex broker destination with well-balanced regulation. Brokers holding a license from CySEC are certainly more reliable than those registered offshore, as they have to meet a number of requirements.
Negative balance protection
This broker claims that it provides Negative balance protection. This means that even under highly volatile conditions when margin calls and stopouts do not function correctly, its clients can never lose more than what they have deposited.
STP execution
GreatSky promises 100% Straight Through Processing (STP) online trading service, which means no conflict of interest between the broker and its clients.STP brokers send their customers’ orders directly to the liquidity providers without running them through a dealing desk.
MT4 supported
GreatSky offers its services on the MetaTrader 4 platform, the industry-standard software since 2003. The MT4 is a popular choice for both new and experienced traders due to its great charting package, wide range of automated strategies (EAs) and customization options (via the MQL Marketplace).
Reasonable leverage levels
Another thing we like in the offering of this broker is the reasonable leverage ratios it provides. First, GreatSky provides a default leverage level of 1:50, which is in line with CySEC’s guidelines. Second, the maximum leverage available is 1:200, which will suffice the needs of most traders and yet is not dangerously high.
GreatSky Disadvantages
Wide spreads on Classic account
We tested the broker’s demo MT4 platform and GreatSky’ s average spread on Classic account type is 2 pips on EUR/USD, which is above the industry’s average.
Most brokers offer spreads in the range of 1.0 – 1.5 pips for this pair, and some even lower. For further information and comparison.
High initial deposits required for other accounts
In order to get some decent spreads (starting from 0.9 pips on EUR/USD) with GreatSky, clients have to open an Advanced account type, which, however, requires a deposit of at least $10 000. By comparison, you can use spreads starting from 0.2 pips on this pair with commission of $4 per lot (round turn) with FXTM by depositing just $500. FXTM is a major forex brokerage licensed both by CySEC and UK’s FCA.
GreatSky is a Cypriot forex broker that offers trading in more than 60 financial instruments on the popular MT4 platform. It promises 100% STP execution, as well as negative balance protection, but trading costs appear higher than what most brokers offer.
Mount Nico Corp Ltd, which owns and operates the brand and domain of GreatSky, is a Cyprus Investment Firm (“CIF”) regulated by the Cyprus Securities and Exchange Commission (“CySEC”). The company is also registered with the Financial Conduct Authority of the UK (FCA). It operates another forex brokerage brand, called NicoFX.
CySEC regulation provides a decent level of security and reliability, as it involves a number of requirements to authorized brokers. They must meet solid capital adequacy requirements, to keep client funds separated from company assets, to report their transactions, among other things. Besides, CySEC-regulated companies can provide their services in any EU member state under the MIFID regulations.
Instead of the cryptocurrency broker you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.
GreatSky Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about GreatSky Review.