Skilling Review 2024
Website: www.skilling.com
Min. Deposit: US$ 100
Leverage: 1:30 | 1:500
Trading Platforms: MT4, cTrader, Skilling Trader
Regulation: CySEC, FSA
Headquarters: Cyprus
Founded: 2016
Regulatory Licenses:
- Skilling (Seychelles) Ltd - authorized by FSA (Seychelles) license no. SD042
- Skilling Ltd - authorized by CySEC (Cyprus) registration no. 357/18
Updated on April 8, 2024
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At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.
Skilling is a brokerage firm that operates on an STP model and was launched with the aim of creating an easy-to-use and navigate trading platform for both beginners and seasoned traders. It was established by a team of Scandinavian technology experts and initially registered in Malta before expanding its operations to other locations. Skilling, which has its headquarters in Cyprus, also maintains a legal branch in Seychelles to broaden its international offerings.
The broker has managed to balance its trading offerings with over 800 financial instruments and supports popular and advanced trading platforms such as MT4 and cTrader. Additionally, Skilling has developed its proprietary trading software, Skilling Trader, ensuring a high level of technical solutions where trading conditions are transparent, enabling traders to concentrate on their trading performance.
Skilling is acknowledged for providing a comprehensive range of trading instruments and technical solutions conducive to low-risk trading. The broker is praised for the vast range of trading platforms it offers and the advanced research tools it provides, alongside an easy account opening process.
However, the broker does not support multi-currency accounts, which may result in fees for funding. Additionally, it lacks educational resources, and the international offerings differ from those regulated within the EU.
Pros
Comprehensive range of trading instruments
Advanced trading platforms and proprietary software
Transparent trading conditions
Cons
No multicurrency accounts, potential funding fees
Lack of educational resources
Skilling Review Summary in 10 Points
Headquarters: Cyprus
Regulation and License: CySEC, FSC
Platforms: MT4, cTrader, Skilling Trader
Instruments: Currency pairs and CFDs on Stocks, Indices, Energies, Metals, 12 Cryptocurrencies
Costs: EUR/USD spread at 1 pip
Demo Account: Available
Minimum deposit: $100
Base currencies: Various currencies
Education: No education provided, research tools available.
Customer Support: Available 24/5
Overall Skilling Ranking
Overall, Skilling emerges as a competent and trustworthy broker that adheres to modern safety standards and provides excellent service for trading Forex and CFDs. The broker sets itself apart with its innovative technology and notably low spreads when compared to numerous other brokers in the industry. Based on our comprehensive testing and comparison across over 1000 brokers, Skilling's Overall Ranking stands at 8.6 out of 5.
Despite being relatively new to the brokerage industry since its inception in 2016, Skilling has already earned a commendable reputation and has taken significant strides in branding by becoming a principal partner of Fulham F.C.
Skilling is deemed a safe broker, backed by its regulatory licenses and compliance with legal standards. These measures ensure that the broker's operations adhere to the stringent trading requirements and internationally recognized financial norms that safeguard clients.
Our Conclusion on Skilling Reliability ▲
Our Skilling Trust Score is 8.2 out of 5, reflecting the broker's commitment to trustworthiness and quality service. Supervised by a highly esteemed regulator, Skilling fosters a secure trading environment, ensuring traders' protection and safety.
Regulated Forex brokers offer the option to leverage positions, presenting an opportunity to amplify gains. However, it's crucial to understand that leverage also magnifies losses. Consequently, regulatory bodies around the world impose restrictions on leverage levels to protect traders. Skilling provides different leverage levels depending on the regulatory entity you trade through. European regulations cap leverage for retail clients at 1:30. However, Skilling extends its services globally through an international branch in the Seychelles, where traders can access higher leverage levels of up to 1:500. It's essential for traders to educate themselves on leveraging effectively and managing the associated risks.
Skilling offers two types of accounts: the Standard account, which operates on a spread basis, and the Premium account, which offers ECN Account execution with raw spreads and a commission charge per million traded. Remarkably, opening a single account grants access to any platform of your choosing for the Standard account, including MT4, cTrader, and Skilling Trader. The Premium account, however, does not support MT4, which may seem like a drawback but is negligible for those who prefer cTrader and proprietary platforms, especially for active or day traders.
Skilling's trading fees are primarily spread-based, though it's crucial to confirm the specific conditions as they vary by account type and trading platform.
CFD Fees
Comparatively, CFD fees might be higher at Skilling than at other brokers, with noticeable differences in spreads for Gold and Oil. However, spreads can be competitive for certain instruments. It's important for traders to weigh all factors, considering the overall quality of the broker and not just trading costs.
For those selecting the Standard account, costs are incorporated into the spread, starting from 0.7 pips. Forex and currency pair fees are competitive, with the EUR/USD pair typically at 1 pip, aligning with industry standards. The Premium account boasts interbank spreads starting from 0.1 pips and a commission of $35 per million traded, positioning Skilling as a competitive option in the market. Based on our analysis of over 1000 brokers, Skilling's spreads, especially for the EUR/USD pair, align with the industry average of 1.2 pips and are attractive for other instruments as well. Skilling's spreads receive a score of 4.4 out of 5.
Trading with Skilling grants access to a wide array of markets including sought-after currency pairs, encompassing both major and minor ones, as well as Contracts for Difference (CFDs) on Stocks, Indices, Energies, and Metals. Additionally, it offers trading in 12 Cryptocurrencies, such as Ripple, Ethereum, Litecoin, Bitcoin, among others.
Skilling facilitates a variety of instant deposit and withdrawal methods, generally without imposing commission fees. However, depending on the jurisdiction and the specific method chosen, some fees may apply. It's important to note that available deposit methods may vary by regulatory requirements, with certain options exclusively available to international clients. Consequently, it's advisable to familiarize yourself with the specifics of financial transactions at Skilling.
Pros
Offers a broad range of funding methods with low fees
Supports several currency bases
Cons
Some jurisdictions may incur fees
Skilling's funding methods score a robust 4.0 out of 5. The broker stands out for its diverse array of funding methods coupled with competitively low fees. The minimum deposit requirement aligns with industry norms.
Deposit Options
Skilling generally exempts deposit fees or internal charges, ensuring deposits reflect within 1 hour, except for Trustly or Bank wire transactions, which may take up to 3 working days. Available deposit methods include:
Bank Wire Transfers, Trustly
Credit Cards, Debit Cards
ewallets Neteller and Skrill
International traders have access to additional methods such as fasapay, AstroPay, swish, directa, among others.
Skilling minimum deposit
The initial deposit for a Skilling Standard account is $100, whereas the Premium account requires $5000. It's also crucial to check the margin requirements set for each trading instrument.
How to make a deposit?
Select account
Choose payment method
A confirmation email will be sent upon deposit
Withdrawals
For withdrawals, Skilling permits the use of prevalent methods like Bank transfers, Credit cards, and e-wallets.
Skilling offers a selection between industry leaders MetaTrader4 and the powerful cTrader, along with Skilling Trader, a proprietary, advanced software developed in-house. The array of trading platforms provided by Skilling is rated 4.3 out of 5, showcasing the broker's commitment to delivering a high-quality trading experience and ensuring client safety.
Web trading
With Skilling, traders can choose the platform that best fits their needs, all accessible via a single account. However, the Premium account does not support the MT4 platform. Skilling Trader, specifically designed by expert traders, is a fully web-based platform with a mobile application for on-the-go updates. Both cTrader and MT4 also offer web platforms, but desktop versions are recommended for more comprehensive analysis.
Desktop platform
MetaTrader4 is recommended for its longstanding reputation over 16 years, supporting automated trading and a vast array of plugins. Skilling's cTrader is ideal for advanced traders, known for its sophisticated capabilities, extensive range of indicators, and professional risk management, including algorithmic trading via C#.
Mobile Trading Platform
The broker provides free, easy-to-use mobile apps for iPhone and Android devices, supporting all available platforms and allowing traders to maintain control at all times.
Skilling's customer support offers multilingual services available 24/5, including international phone lines, live chat, and email support. Our testing grants Skilling a 4.5 out of 5 for support quality and responsiveness, with rapid and knowledgeable responses compared to other brokers. The primary limitation is the unavailability of support during weekends.
Skilling offers a free Demo account and integrates useful research tools into the selected trading platforms, including a News Feed. Each platform features distinct capabilities, allowing traders to tailor their strategies accordingly. However, the broker could improve by providing more comprehensive educational resources and making them available in multiple languages.
Pros
Provides a Demo account and integrated research tools
Cons
Limited educational resources for beginners
Skilling Education is rated 3.5 out of 5, indicating areas for enhancement in educational offerings compared to peers in the industry.
As a relatively new entrant in the brokerage industry, Skilling has quickly established a reputable standing and competitive trading conditions. A standout feature is its diverse selection of trading software, including industry-leading platforms and a proprietary option, accessible via a single account. While the broker caters well to both beginner and professional traders, offering advanced solutions and responsive support, the notable shortfall is the limited availability of educational materials. Therefore, newcomers may need to seek external sources for webinars and courses. Based on our comprehensive analysis, Skilling is recommended for:
Beginner traders
Professional traders
MetaTrader and cTrader users
Lowspread trading enthusiasts
Traders based in Cyprus
Practitioners of Scalping/Hedging strategies
Participants in Copy Trading
Forex and CFDs traders
