SkyShell Trading is a clone broker. This means it creates a name that is similar to a legitimate, licensed broker to give a false impression. In addition, this broker engages in bait and switch tactics. It encourages clients to open an account and claims that the basic account is free, but seven days later, it charges fees as high as 30% and claims these fees are for “tax.” Although it may say something about this in the fine print, this is clearly meant to fool clients who don’t realize how much money is going to go to the broker until it’s too late.
We Have Found Some Problems with SkyShell Trading
Not surprisingly, given the practices described above, SkyShell Trading has no license. It’s never a good idea to trade with a broker that doesn’t have a license. For instance, the situation described above would be unlikely to happen if there is oversight from a regulator inspecting brokers’ practices.
Red Flags Concerning SkyShell Trading
No license
Bait and switch tactics
Clone broker
Lack of transparency
Negative reviews
What Should You Do If You Have an Account with SkyShell Trading?
We do not recommend opening an account with SkyShell Trading. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds, and will help you prepare your claim.
