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Skilling Broker Review | Pros & Cons In 2022
Skilling is a new generation trading platform based in Cyprus, which has gained popularity within the financial markets thanks to its excellent trading platform that makes it easier for beginners and experienced traders to trade. It offers a diverse range of financial instruments that can be accessed in over 800 markets. The platform charges competitive fees, and it's highly secure. Also, it's highly regulated by the CySEC, which allows it to offer its services to all EEA countries, and by the Financial Service Authority in Seychelles.
The platform's sole mission is to create a trading platform that can cater to traders of all levels and connect them to the global markets ensuring they make the most of the opportunities on offer. Over the past few years, this broker has been able to create some buzz around the financial markets, and it's for this reason we sought to find out if it's worth investing your money or not.
More about Skilling
Skilling exists to make trading simple and accessible to everyone. It thrives on transparency with fees and any other costs clearly displayed on its platform. The online broker offers over 800 forex and CFD instruments where users can trade the shares of their favourite companies, popular commodities, indices, and cryptocurrencies by leverage.
All clients’ trades in Skilling are executed with no dealing desk intervention using prices directly from the market through reputable liquidity providers. This allows for high execution speed under 15 milliseconds on most trades
3 Reasons to Use Skilling
Skilling has been designed with one goal in mind, to make it easy for beginners and even pros to trade the financial markets. Therefore, the trading platform has been designed with a simple to use GUI where markets, charts, and order placing functions are displayed neatly on the dashboard. A trading assistant helps beginners make their first trades and responsive customer support, who will help with any issues.
All commissions and fees charged on this platform are clearly displayed in your account. There are no hidden fees or charges you are likely to encounter. Also, there are clear reports on your portfolio, which helps with filing taxes.
Powerful and competitive
The broker has been designed with market-leading technology that makes it quite powerful and competitive among other brokers. When it comes to trade execution, it boasts some of the top speeds within the market, and the variety of its offerings coupled with low fees ensure the platform is among the best in the industry.
What is Skilling?
Skilling is a Scandinavian owned fintech company that has its headquarters in Nicosia, Cyprus. The broker was launched in 2016 and currently has around 40 employees made up of developers, marketers, and other specialists, all working together from its offices in Cyprus, Malta, and Spain. The broker is regulated in Cyprus by CySEC and FSA in Seychelles.
Over the four years of existence, the platform has established itself as a leading broker for the forex and cryptocurrency markets. On top of the trading services offered through top traders, it gives entrepreneurs and blog owners a chance to be partners through Introducing Broker and affiliate programs where individuals can make decent sums depending on the amount of business they bring.
To boost its image worldwide, Skilling has made strategic partnerships that will put the broker on the world map. These include two top sponsorship deals with English Premier League team, Aston Villa. The sponsorships will benefit the broker with much-needed exposure to over 4.7 billion people who watch the EPL.
After launching in April 2016, the company opened its first office and was incorporated in Malta the same year. By October, work had begun to design and develop the platform. In January 2017, recruiting of top management positions was held, and by May, Skilling Limited was incorporated in Cyprus. In March 2018, the platform was awarded its license by the CySEC. And in July 2018, the broker launched its services in Germany, Norway, Sweden, and the United Kingdom. In April 2020, the FSA license was awarded, which allowed the broker to operate outside Europe.
Michael Kamerman is the CEO and one of the co-founders. Other top management figures include Michalis Kaarakatsianis COO, Fiona Soler CFO, Pavel Spirin CCO, Andrew Haigh CIO, Lennart Clausen, the head of trading, and Christoffer Hartman, the head of legal.
How Does it Work?
Skilling offers access to numerous financial markets that can be accessed through its proprietary software, Skilling trader, and two third-party platforms; cTrader and MetaTrader 4. The three platforms are available via web, desktop, and mobile for Android and IOS users. The trading platforms are unique in that they cater to different needs. For example, the Skilling Trader is simple yet powerful, making it suitable for beginners thanks to its intuitive design. There is also a Skilling Trade assistant that explains trading basics to new traders and helps them make their first trade.
The cTrader is an advanced platform for traders with high demands, focusing on order execution and charting capabilities. It's superfast with industry-leading trade executions of 0.05 seconds on average. While MetaTrader allows users to automate their trading using expert advisors taking the burden off your hands.
Once you sign up and verify your account, you will be taken to the dashboard from where you can deposit and trade different markets. If you encounter any issues, customer support is always on hand to help out.
The broker makes its money through swaps and commissions. On the platform, you can trade with up to 30:1 for major FX; up to 20:1 on major indices, minor FX and gold; 5:1 on stocks and 2:1 on cryptos.
How does Skilling Make Money?
Skilling makes its money by charging minimal fees on trades. These are taken through spreads, swaps, and commissions. Spreads represent the difference between the bid and ask price and start at around 0.7 pips. Swaps are fees charged for positions held overnight. They are also known as rollover charges, and commissions are charged only FX pairs and spot metals on the premium account. For the EUR/USD, a commission of $35 is charged per million traded. For GBP/USD, Rest FX, gold, and silver, the commission per million traded is $40, $50, $60, and $120, respectively.
As for swaps, the cost could be positive or negative depending on your trade direction and the applicable rate. The expected charge or credit will be displayed on your Trade Ticket. This fee is charged automatically, and it's converted into the base currency of your account. Swaps are calculated and made once every day from Monday to Friday, except Wednesday, when it's calculated and charged three times to cover the weekend.
Swap charges for cryptocurrencies are calculated as a percentage of the price (0.04%). However, the broker warns that swap fees are subject to change and can change daily without prior notice depending on the market conditions.
Pros & Cons of Skilling
Breaking Down Skilling: Our Analysis and Review
So far, we have seen what this broker is all about, the pros and cons it offers, and how it makes its money. Below we will take a more in-depth look at other aspects of the platform like regulation, unique features on offer, deposits, withdrawals, and even how to get started.
Regulation, Licenses and Security
Skilling is regulated by the Cyprus Securities and Exchange Commission (CySEC) license No. 357/18, with the permit awarded in May 2018. The FSA also regulates it in Seychelles under license number SD042. Per the regulatory rules, the broker keeps all client funds in segregated bank accounts. Furthermore, investor funds are protected through the Investor Compensation Fund (ICF) by the Cypriot Investment Firms (CIFs). This means in case the parent company becomes insolvent; the organisation will compensate investors.
As of 6th January UK residents can't trade crypto CFDs due to new FCA regulation.
Supported Countries on Skilling
Since it's highly regulated and secure, Skilling is allowed to operate in many countries worldwide. One exception is the United States. We believe this has something to do with the lack of regulation by the SEC. You can check if your country is supported by visiting the official website and scrolling through the drop-down menu on the signup page.
Is Skilling Secure?
Skilling is highly secure since the website, and trading platforms are protected by SSL encryptions, which encrypt data before it is shared over the internet, keeping the bad actors away.
Key Services and Additional Features
Skilling boasts some exceptional features which you will find attractive on the platform, including;
Responsive customer support
Once you open the Skilling website, you will see a chatbox on the bottom corner where you can seek assistance from the support by typing your questions. This option gets you immediate attention, and it's best if you have urgent inquiries. You can also contact the support via email and receive feedback within 24 hours if the live chat isn't available. And if you wish, you can call them directly. Phone calls and the live chat feature is only available on working days.
Access to many markets
One great thing about Skilling is the variety of tradable assets available. You can access over 800 financial instruments, including cryptocurrencies, currency pairs, indices, shares of your favourite companies, and commodities.
Access to three world-class trading platforms
Skilling has its own trading software and also employs the services of cTrader and MetaTrader 4. The three platforms can be accessed through the web, mobile or desktop applications where you can trade your favourite markets at your own comfort. You will find all the platforms quite user friendly with ultrafast order executions.
Highly regulated and secure
When choosing a broker to grow your money with, security is of uttermost importance. But, a platform could offer excellent security and still be fraudulent, leading to loss of money. This is where regulation comes in. Any genuine broker within the industry has to be regulated by various authorities in different jurisdictions. This is the case for Skilling, which has robust security measures to protect user funds and its regulated CySEC and FSA.
Accessibility of multiple research tools
On the trading dashboard, you can access a section where you can research the latest news and events within the markets you are involved in. There is a list of upcoming high impact events which have the potential to impact market prices. Also, there is an economic calendar provided by Trading View.
Learn to trade on the Skilling academy
Skilling lets beginner, intermediate, and even expert traders learn a thing or two on its academy. Whatever your skill level is, there is something for you to learn since when it comes to trading, knowledge is money. Here you will learn how to hunt the best trades and beat the market.
Supported Cryptocurrencies on Skilling
Skilling is one of a few top brokers that support a plethora of crypto coins. So far, there are ten, including; Bitcoin (BTC), Bitcoin Cash (BCH), EOS, DASH, Monero (XMR), IOTA, NEO, Ripple (XRP), Ethereum (ETH), and Litecoin (LTC).
Skilling offers three top trading platforms. It has its own proprietary software known as the Skilling trader, and it also employs the services of two third parties in cTrader and MetaTrader 4. The Skilling Trader offers a simple, unique, and powerful trading platform that serves both beginners and expert traders' needs. It is available on the web, desktop, and mobile app. Also, it's user friendly and executes trades at lightning speeds. This trader can be easily integrated with the cTrader allowing the user to trade across the two platforms seamlessly inside one trading account.
Skilling cTrader is an advanced platform that is designed to meet the highest of expectations from demanding traders. Its integration on Skilling helps unlock a more robust trading platform that boasts advanced trading capabilities like coding customisation and fast entry and many other indicators that help users make better trading decisions. Using the trader, one can access over 800+ financial instruments and trade for free with no commission or hidden fees.
MetaTrader 4 has established itself as the leading trader for forex and CFD within the industry over the past 16 years. It offers unparalleled customisation options with a huge variety of plugins and automated trading with expert advisors, which allow the user to enjoy the perks of hands-free forex and CFD trading.
Skilling Trading Platform at a Glance
As we have mentioned above, you can access the Skilling platform using the web version, the desktop version, or the mobile version.
Deposits and Withdrawals on Skilling
There are several modes for depositing and withdrawing supported on Skilling at zero fees. But depending on the service provider, you use there could be some fees applied. The means of depositing and withdrawing also vary depending on the location and regulations. Also, how fast the funds get to your account will depend on the method you choose. For bank transfers, it could take up to 3 working days. As for credit/debit cards, Skrill and Neteller, it's approximately 1 hour.
Payment Methods Accepted by Skilling
Firstly, the following is a list of payment method accepted by Skilling:
- Credit/debit cards
- Bank transfers
Minimum Deposit Required by Skilling
The minimum deposit on Skilling for the standard account is 100 units for the base currency and 5,000 for the premium account.
Minimum Trade Size for Cryptocurrencies on Skilling
Skilling doesn't have limits on the least amount you can trade when it comes to cryptocurrencies. The unit can only be decided by the trader, depending on how comfortable they feel.
Skilling Fees and Spreads
Fees on Skilling depend on the type of account you choose and the platform you trade on. There are no fees on the standard account, and all costs are built on spreads starting from 0.7 pips. These fees are quite competitive when you consider the industry at large where typically the EUR/USD swap attracts 1 pip. The premium account offers interbank spreads starting at 0.1 pips, and there is a $35 commission for every million traded.
However, Skilling's CFD fees may be higher when you consider other top brokers. But, there are a few instruments that are priced well. Given that trading costs are not the sole determinant of choosing a broker, it helps consider other factors before deciding if you will trade with this broker.
Skilling Registration Process
Registration on Skilling is easy and fast. All you have to do is visit the official website of the platform and click on get started. You will be taken to a page where you will enter your email address, password, choose your country of residence, select the currency you would like to use as the base currency, and enter your phone number. Once you create the account, you will be taken to a page where you have to complete the registration by entering personal details like name, address, financial information, and experience as a trader. Then you have to verify your identity by uploading a government-issued ID or passport. And proof your residence by uploading a utility bill. This helps the trader comply with AML rules since it's regulated. There are two main account types which users have available to them on the Skilling platform. These are the standard account, and the premier account. The standard account requires a 100 minimum deposit and offers a maximum leverage of 1:30 in keeping with ESMA regulations. The premier account requires a 5,000 minimum deposit, but has many more benefits which include extremely low commission costs for winning trades. It is generally understood that the account type that you opt for should be dependent on your level of experience. Beginners are therefore encouraged to begin their investment journey on the Skilling platform by opening a standard account.
Valid proof of address documents should clearly show your official names; the address you provided during registration should match and should not be more than six months old. They include:
- Bank statement
- Credit card statement
- Electricity, water, or gas bill
- Council Tax bill
- Tax letter or bill
- Phone bill
- Internet bill
How to Trade Cryptocurrencies on Skilling
There are five necessary steps required to trade cryptocurrencies on Skilling:
Step 1 – Open a Skilling account.
Step 2 – Search for the crypto which you would like to buy.
Step 3 – Click on "Trade."
Step 4 – Insert your desired investment amount.
Step 5 – Click on "Buy."
Our Skilling Conclusion
In just a few years, this broker has managed to establish itself worldwide as one of the top CFD brokers when it comes to forex and cryptocurrencies. Its low fees and fast trade executions have made the platform highly attractive among traders. Its high security and regulation has made even institutions and large businesses comfortable using the broker. It's not only traders who are in love with Skilling but entrepreneurs who get to earn through its lucrative partnership and affiliate programs. So far, there hasn't been an incident of hacks or problems with regulators, and this clear cut image adds to its appeal.
The excellently designed user interface and the many educational and research tools mean this broker is for anyone who is looking for a simple platform where they can conduct their trades without stressing.
Frequently Asked Questions
No. Knowledge of trading is necessary, but you don't have to be an expert to get started on Skilling. All you need is time to learn through the Skilling academy, and you can practice on the demo account and even seek the help of a trade assistant as you learn the ropes.
Unlike other instruments on offer on this broker, cryptocurrencies can be traded 24/7 since the crypto market never sleeps.
Withdrawals can be made any time you feel like, and requests will be processed within a day. But the period it takes for the money to get to your account will depend on the mode you opt to use.
Skilling provides its users with straightforward financial statements that show the profits and losses one has made plus the account balance. But, it's your obligation to manage, calculate, and pay taxes depending on the gains you realise on the platform. If this proves troublesome, you can seek the services of a professional tax advisor.