Is Skyriss a Scam?

At FXCanary, we don’t simply take a broker at its word. Our editorial team investigates regulatory licences, cross‑checks public registers, analyses user feedback from multiple platforms and weighs every concrete piece of evidence before assigning a Scam Risk Score. For Skyriss, that score stands at 46 out of 100, a rating we describe as ‘Guarded’. It signals that while the broker is not an outright confirmed scam, the risk of serious problems – particularly with withdrawals – is elevated enough that traders should proceed with extreme caution.

A score in the 40s typically reflects a mix of positive superficial indicators and deeper structural concerns. In Skyriss’s case, the broker holds a genuine securities licence from the Financial Services Commission of Mauritius, yet it is barely two months old, has no employees on record and has already accumulated a notable number of withdrawal‑related complaints. To understand how we arrived at this assessment, we dissect every layer of the broker’s offering, from its regulatory umbrella to the real‑world experiences of its users.

Skyriss Securities Ltd claims regulation under the Financial Services Commission (FSC) of Mauritius, holding a Securities Trading Licence (EP) with number GB25204272. Our team verified this licence directly against the public register of the Mauritius FSC and can confirm it is active and currently listed as ‘Regulated’. On paper, a Mauritius FSC licence brings several protections: licensed brokers must segregate client funds from their own operational capital, maintain minimum capital reserves and submit to regular audits.

However, being regulated by the FSC does not mean the broker is authorised to accept clients from every jurisdiction. The FSC does not operate a statutory investor‑compensation fund that covers brokerage insolvency, and negative‑balance protection is not mandated by law – it may be offered contractually at the broker’s discretion. These gaps mean that if Skyriss were to fail, clients would have no automatic recourse to a compensation scheme and could lose more than their deposited funds.

Skyriss Securities Ltd is registered in Saint Lucia, an offshore jurisdiction with a notoriously light‑touch regulatory approach. The registered address – Ground Floor, The Southbay Building, Rodney Village, Rodney Bay – is a typical offshore commercial address. St. Lucia does not have a dedicated financial services authority that enforces stringent conduct‑of‑business rules for forex brokers, and the company is not licensed by any St. Lucian regulatory body.

This dual structure – incorporation in an offshore haven while holding a licence in Mauritius – is a common tactic among brokers trying to project legitimacy while minimising oversight. In practice, the Mauritius licence may only loosely govern the entity, and the St. Lucian registration creates a layer of opacity that can complicate legal recourse for traders. Our view is that this arrangement is a structural red flag, especially for a broker with no trading history and no staff.

The single most important safety metric for any retail trader is whether they can get their money out. Across the 82 reviews we analysed, withdrawal‑related complaints were the most frequent serious grievance. We count 20 explicit withdrawal complaints – a quarter of all reviews – with users reporting issues ranging from prolonged pending statuses to outright refusal. One trader wrote: ‘I did a wire withdrawal on August 12th and today is the 17th and it still says pending … I’m very confused and worried because that was 2.1k of my money.’ Another simply stated: ‘Why can’t I withdraw my money?’ and a third warned: ‘Fake app no withdrawal s in the beginning they give withdrawl after that stuck’.

At the same time, 13 positive mentions praised ‘fast and smooth’ withdrawals. However, given the broker’s extremely short lifespan, many of these positive reports could be from users who have only made small initial withdrawals – a known tactic used by fraudulent brokers to build trust before blocking larger payouts. The pattern of initial successes followed by stalled or denied withdrawals is a classic warning sign that we have documented in numerous broker collapses. Coupled with the absence of any disclosed withdrawal methods on the broker’s own materials, this inconsistency makes withdrawal reliability a core safety concern.

The broker was founded on 7 April 2025, making it barely two months old at the time of our review. It reports zero employees, which raises serious questions about how it can provide the ‘24/7’ support and sophisticated trading services it advertises. A company with no staff cannot effectively run a trading desk, maintain compliance or handle customer service – unless it is a front for an undisclosed third‑party operation, which is itself a transparency risk.

Additional red flags lie in what Skyriss does not disclose. Vital details such as typical spreads, commissions per account type, tradable instruments and – critically – withdrawal methods are simply blank in its official documentation. Legitimate brokers make such information readily available. The absence suggests either a lack of operational substance or a deliberate effort to keep terms ambiguous.

We also note a handful of unrealistic profit claims among the positive reviews. One user asserts they ‘doubled my profits in a week’, which, if true, would imply extraordinary risk or a marketing‑driven fabrication. While not conclusive, such claims can indicate a broker incentivising fake or exaggerated feedback to inflate its reputation.

Under the Mauritius FSC Securities Trading Licence, Skyriss is required to hold client funds in segregated trust accounts with regulated banks. This is a meaningful protection, as it should prevent the broker from using client money for its own purposes. However, segregation alone does not guarantee safety – it requires robust internal controls and honest management, and no third‑party assurance like a Big Four audit is publicly available for this fledgling company.

There is no indication that Skyriss participates in any investor compensation fund, such as those operated by the UK’s FSCS or the Cyprus ICF. Negative‑balance protection is not mentioned in any accessible terms of business. For retail clients, this means that in the event of the broker’s insolvency, the return of their funds would depend entirely on the integrity of Skyriss’s own processes and the effectiveness of the Mauritius FSC’s oversight – neither of which has been tested over time. We regard the absence of external compensation as a significant weakness in the safety net.

Our investigation found no evidence of clone or impersonator websites targeting Skyriss. This is not surprising for a brand‑new entity with limited market recognition. However, users should remain vigilant: scammers often clone broker websites once a brand gains some traction. For now, the greater danger lies in dealing with the broker itself, given its minimal track record.

If you decide to test Skyriss despite our ‘Guarded’ rating, take concrete precautions. First, verify the licence yourself on the Mauritius FSC registrar and cross‑check the licence number GB25204272. Do not rely on a badge on the broker’s website.

Second, start with the absolute minimum deposit – $10 on a Cent or Standard account – and attempt a full withdrawal after placing just one or two trades. Document the entire process: save screenshots of deposit confirmations, trading statements and any communication with support. If the broker begins inventing ‘verification’ delays or unexplained bonus‑related lock‑ins, halt all activity.

Third, be extremely wary of any bonus offer. Several reviews mention a ‘generous bonus’, but bonuses often come with trading‑volume requirements that can trap your deposit. Read the terms meticulously before accepting any credit.

Finally, never commit capital you cannot afford to lose entirely. A broker this young, with such a thin operational profile and a growing list of withdrawal complaints, is a high‑risk counterparty by any objective measure.

Our assessment does not label Skyriss an outright scam. The Mauritius licence exists, the platform appears functional and some users report smooth withdrawals. Yet the warning signs are unmistakable: a brand‑new entity with no staff, crucial disclosures missing, and a significant minority of users unable to access their funds. At 46/100, our Scam Risk Score reflects a balance that tips unfavourably for traders.

In our experience, brokers that launch with this profile often exhibit worsening withdrawal behaviour over time. The positive early reviews may be genuine, but they are outweighed by the red flags we have uncovered. Until Skyriss demonstrates a consistent, verifiable record of processing all withdrawal requests fairly, we advise extreme caution. For most retail traders, the safer course is to choose a broker with a longer public record, top‑tier regulation and transparent operating practices.