According to the company’s website, Skyllex is a service provider in the financial sector. Accordingly, one can quickly achieve returns with the help of investments at Skyllex. For this purpose, one can invest money via a supposed trading platform.

However, the website is currently offline and no longer accessible. Are you currently active in online trading and a customer of Skyllex? Or are you considering investing in the near future? Then the following questions are undoubtedly important for you:

  1. What indications are there to assess whether Skyllex is a reputable service provider?
  2. What courses of action can customers of Skyllex possibly take in the event of losses?
  3. Is the financial provider Skyllex licensed by an official European supervisory authority?
  4. Are there any experiences from other investors with Skyllex?

These questions are answered by the lawyers of the Herfurtner law firm in this article on Skyllex.

Table of contents

  1. Skyllex – Experiences with the investment broker
  2. Skyllex website
  3. Contact Skyllex
  4. Skyllex Licensing
  5. Regulatory alert on the subject of Skyllex
  6. Online Trading Guide
  7. How to trade with losses?

In addition to the question of whether Skyllex offers a serious offer, it is elementary to deal with the basics for successful trading. Our lawyers will also comment on how the Skyllex platform compares to other financial services. In addition, we assist investors and support them with questions and difficulties in connection with Skyllex.

Skyllex – Experiences with the Investment Broker

The company Skyllex offered a trading platform for various investments. Customers could supposedly invest their assets on the financial markets via the broker in order to increase them incidentally. Now the website is no longer available. Investors can therefore also no longer log in.

Skyllex website

The website of the provider Skyllex was available under skyllex.com.

Query domain data

Some providers use their many years of practical experience to suggest seriousness. However, such information is often contradicted by the registration date of the domain. Consequently, it is necessary to check who owns the domain and when it was registered. We have queried the facts about Skyllex on 23.03.2022 with this result:

  • Domain name: skyllex.com
  • Registry Domain ID: 1950433891_DOMAIN_COM-VRSN
  • Registrar WHOIS Server: whois.namecheap.com
  • Registrar URL: http://www.namecheap.com
  • Creation Date: 2015-07-31T21:52:23.00Z
  • Registrar Abuse Contact Email: abuse@namecheap.com
  • Registrar Abuse Contact Phone: +1.9854014545

Responsible persons

According to §6 of the German Media State Treaty (MDStV), the name of the person responsible for the content of the online presence must be displayed in the imprint. In most cases, this is a member of the company’s management board. Disclosing the names of the responsible persons is not only necessary, but also a feature of transparency.

Operator and trademark

The name of the website, platform or offer is not necessarily congruent with the operating company. In the past, it was not uncommon for providers to operate simultaneously with many different trademarks.

In addition, it is common practice for certain operators to deactivate the websites of compromised trademarks and to return to the market in a timely manner using a different trademark.

Therefore, when researching news and facts about a provider beyond the trademark, it is always advisable to look at the operating company as well. The respective information can be found either in the imprint or often also in the footer of a website.

Imprint information

In the Federal Republic of Germany, according to §5 of the German Telemedia Act (TMG), there are general obligations to provide information and mandatory details for the imprint. Accordingly, this obligation to “identify the provider” exists for all commercially operated websites.

This is because this information is intended to inform visitors to a website who they are dealing with. In addition, the address of the website operator plays a role here if legal claims are to be enforced against him.

In this context, it is also important to note that the obligation to maintain an imprint also applies to foreign providers who conduct their business activities in Germany.

Skyllex contact details

The following information was found on the former Skyllex website before it went offline:

  • Skyllex email contact: n/a
  • Postal Address of Skyllex: N/A
  • Phone number of Skyllex: n.a.

Skyllex Authorisation

The existence of a valid authorisation from an official European financial supervisory authority can be an important indicator of whether a company is a reputable service provider. This is because issuing a licence requires a large financial outlay on the part of the company.

However, it does not necessarily have to be fraudulent if an online broker omits data on its authorisation or its own regulatory status. The following financial regulators, among others, are responsible for licensing and supervising financial service providers such as Skyllex:

  • CSSF, Luxembourg (Commission de Surveillance du Secteur Financier)
  • MFSA, Malta (Malta Financial Services Authority)
  • ASIC, Australia (Australian Securities & Investments Commission)
  • BaFin, Germany (Federal Financial Supervisory Authority)

Warnings from financial regulators on Skyllex

As of March 2022, there were no warnings from financial authorities on the firm.

Before trading with Skyllex and others – online trading tips

Trading via an internet platform such as Skyllex is the extension of conventional trading in financial instruments into the World Wide Web. Here, as there, investors act on the premise of generating surpluses through the purchase and sale of assets.

Trading is no longer limited to shares. Rather, exchange traders also have the following options to choose from, for example:

  • Platinum
  • Commodities
  • Crypto Trading with Bitcoins and Altcoins, for example Ethereum
  • Investment funds
  • Money market funds
  • listed index funds
  • Bonds
  • Bank deposits
  • Real estate
  • Foreign exchange trading

Online trading is done through intermediaries such as brokers (like Skyllex) or banks that offer their clients special trading computer software. It can be assumed that in the future there will be more and more private traders who discover online trading for themselves. All you need is an internet connection and a computer or a smartphone or tablet.

The advantages of online trading

Digitalisation also has a considerable influence on the world of finance, especially when it comes to trading like Skyllex. Because in view of the technological possibilities, trading has increased significantly in performance.

Whereas investors and traders once had to conclude their orders by telephone, fax or letter, this can now be done with a click and much less effort. Aspects such as the term and type of trade, prices and quantities or account details can now be clarified without a personal consultation between a provider such as Skyllex and its customer.

In this respect, the possibility of online trading has created some advantages:

  • The costs of the transaction have gone down significantly, as individual telephone support is no longer required.
  • Training opportunities for online trading, knowledge pools, analyses or trading courses are provided as standard in many places.
  • Surpluses can be achieved even with a small investment.
  • A lot of tools can be applied automatically and immediately.
  • Online traders can access numerous tools and use various indicators.
  • The unpredictability of losses due to gaps decreases.
  • The trading platform executes the booked orders, you only need an internet connection.

Incidentally, online trading not only brings conveniences in terms of ease of use of the trading platform. Primarily through analysis options, indicators and the numerous tools, the investor enjoys significantly more comfort.

The times when you had to draw charts yourself or laboriously make your own calculations are over. Trading platforms now offer their clients an enormous range of order types that online traders can execute themselves with a day trading broker of their choice.

Hype topic cryptocurrencies – new options for money investors?

But it is not only trading as such that has been strongly influenced by digitalisation. For the advancing technologisation has provided online traders with a new field of action: trading with digital assets. The best-known cryptocurrencies include Bitcoin and Ethereum.

Bitcoin was the first cryptocurrency ever, which is why all other digital currencies are called “alt-coins”, i.e. alternative coins. There are now a large number of tradable crypto assets and the landscape is extremely volatile. As a result, fresh coins are constantly entering the market and many disappear just as quickly as they were released.

For financial investors, this entails opportunities as well as risks, which are nevertheless noticeably amplified compared to traditional investments due to the constant ups and downs. In a way, freshly issued cryptocurrencies are like a game of chance at the roulette table for investors.

With a bit of luck, you can multiply your stake by a large amount. However, the possibility of losing all your money is also extremely high. For this reason, it might be a better decision for cautious traders to focus on the top 10 crypto stocks that have been traded for quite some time and have a relatively large market capitalisation.

What do the new alt-coins do?

Apart from Bitcoin and Ethereum, the Binance Coin, Solana, Cardano and Ripple are worth mentioning in this context. Cardano and Solana in particular can be classified as more modern and future-oriented than Bitcoin and Ethereum. This is also relevant for brokers (such as Skyllex).

While the former are criticised for their energy-intensive “proof of work” mechanism, the latter rely on the less energy-intensive “proof of stake” mechanism. On top of that, the blockchain-based projects Cardano and Solana allow the use of so-called smart contracts.

Furthermore, additional projects are emerging in the respective ecosystems, such as Solanart, a marketplace for so-called “non-fungible tokens”, or NFTs for short. These can be used in decentralised finance, for example.

There, they help to implement security mechanisms that guarantee the authenticity of transactions and the correctness of each submitted order. Investors therefore have an extraordinarily wide choice of cryptocurrencies in which to invest.

However, crypto trading is particularly recommended for those investors who are extremely risk-averse. Furthermore, the same applies to crypto trading: be careful when choosing a provider. Unfortunately, there are countless documented cases of fraud and cybercrime in which crypto exchanges played a significant role.

Risks in online trading

Where there is light, there is also shadow, this statement also applies to online trading. Accordingly, in addition to the advantages, there are also a number of disadvantages that interested investors should include in their considerations:

  • Money investors should already be proficient in trading and rely on resilient strategies.
  • The emergence of fraudulent trading providers has led to great risks of loss.
  • Compared to conventional trading, it is rather hasty.
  • In case of wrong decisions, one has to expect high losses.
  • Investors should keep a constant eye on the course of prices.

Above all, risky day trading is not suitable for private investors who are dealing with the topic of trading for the first time. This is because the risk of misjudging price developments is considerable, and in view of the time pressure, adjustments are difficult.

Accordingly, this form of trading tends to be recommended for very experienced or extremely risk-averse investors. If you belong to this group, day trading is an option for generating results quickly. In addition, one benefits, for example, from the omission of fees for overnight positions.

Because these costs must also be included in an overall consideration of an investment. In addition, one is literally spared the rude awakening in the morning if there were immediate and drastic price changes. Such “gaps” develop quickly due to unfavourable reporting about a company.

On the other hand, you quickly see success as soon as you can report a profit at the end of a trading day. Otherwise, it is relevant for day traders to compare the trading fees of the different online brokers. It may be advisable to opt for a fixed amount in the form of a fixed rate.

This is particularly worthwhile if you trade with a high frequency and separately invoiced order fees would significantly reduce your earnings.

Understand the dangers

In order not to unnecessarily increase the dangers of online trading, one should question which company one wants to trade with at the trading centres. From our firm’s experience, some questions have emerged that can be used to identify any risks. Applied to the example of Skyllex, these would be as follows:

  • Does Skyllex promise unusually high profits or a guaranteed return and hide or downplay the risks?
  • What experiences have other investors already had with Skyllex, what is the prevailing opinion in forums?
  • Can one find official warnings about Skyllex?
  • Is there an imprint on the Skyllex website and can credible statements about the company’s location be found?
  • Is Skyllex controlled by a European financial supervisory authority and is the provider subject to official supervision?
  • Has contact with Skyllex been established on the basis of an unsolicited telephone call?
  • Are there any alerts from lawyers or law firms assisting clients who have suffered losses in connection with Skyllex?

Behaviour in the event of losses

If you suspect that you have been defrauded in online trading, it is advisable to immediately stop any additional payments. This is especially true if the provider suggests additional payments to make up for deficits. Moreover, one should attempt to recover the lost capital.

Here, affected investors can seek investor protection and turn to the lawyers of our law firm. We examine both civil and criminal law options and possible claims for damages against the company and against involved payment service providers such as financial institutions.

“It is far from being an isolated case when a private investor loses his capital in online trading. Numerous investors are deceived by the professional appearance of the companies and only realise too late that they are not responsible for their losses.”

Our advice is therefore not to despair, but to act promptly and actively. Because the chance of recovering the lost money is usually greater than the aggrieved investors realise. Would you like to talk to one of our lawyers about Skyllex? Then you can go straight to our contact area here.