Skilling Review 2020
Skilling is a regulated online trading broker that offers over 800 financial instruments across different asset classes, such as forex, shares, indices, commodities, and cryptocurrencies. They provide clients with their user-friendly and intuitive Skilling trading platform along with the powerful and professional cTrader platform. The broker offers a variety of account types with a minimum required deposits of 100 Euro and competitive spreads starting from 0.1 pips.
Skilling Review 2020, Pros & Cons
- Regulated trading broker
- Intuitive & powerful trading platforms
- Multiple account types & funding options
- Over 800 financial instruments
- Limited educational resources
- No MetaTrader platforms
- Not the lowest spreads
- No US clients
In this detailed Skilling review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Skilling is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Skilling.
Skilling Review: Summary
Headquartered in Cyprus, Skilling is a Scandinavian-owned online trading broker that aims to make trading simple and accessible to everyone in a transparent and secure environment. The broker provides traders with multiple sophisticated trading platforms – Skilling Trader and cTrader – for trading 800+ instruments across multiple markets, including forex, shares, indices, commodities, and cryptocurrencies.
The broker offers rapid order execution speeds (within 0.05 seconds) and competitive spreads that start from just 0.1 pips. Clients have a choice of multiple account types with a required minimum deposit of 100 Euro, and there are no hidden charges, with all charges clearly displayed in your account currency.
Skilling Review: Regulation
Skilling Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under CIF license No. 357/18. They are also regulated by the Seychelles Financial Service Authority (FSA). Skilling Ltd is authorized to operate via its UK Branch by the Financial Conduct Authority (FCA), under Reference Number (FRN) 810951.
Skilling Review: Countries
Skilling allows traders from different parts of the world to open an account with them if their countries of residence permit online trading with international brokers. The broker does not accept US clients.
Some Skilling features and products mentioned within this Skilling review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Skilling Review: Trading Platforms
Skilling provides traders with a variety of intuitive and powerful trading platforms for trading the various offered instruments. The trading platforms include their proprietary Skilling Trader and the sophisticated cTrader trading platforms.
This is the broker’s proprietary trading platform. It is a user-friendly and intuitive trading platform with multiple chart display options, offering access to trade over 800 financial instruments with ultra-fast order executions (within 0.05 seconds).
The Skilling Trader platform includes an economic calendar that keeps traders up to date on the latest events in the global markets and their expected impact. It also has multiple indicators and drawing tools that enable traders to keep track of their trades, price movements, and important market moments.
Other unique features of the Skilling Trade platform are the Skilling Trade Assistant and the Skilling Academy: they are designed for improving the overall trading experience of both novice and experienced traders. The Skilling Trade platform offers full web and mobile support, hence clients can trade on multiple platforms, such as desktop, web, and the Skilling mobile trading app.
The cTrader platform is a more expansive trading platform that is geared towards professional retail traders and institutional clients that are looking for a versatile trading solution. cTrader is an intuitive and easy-to-use platform with advanced order capabilities and customization features. Designed by traders for traders, the platform features a user-friendly interface that can be customized with different preset and detachable charts. It also allows you to fill orders with advanced cTrader features.
cTrader makes it possible for traders to write their own script by letting them code in C#. Clients can easily access all cTrader features from any popular web browser, such as Chrome, Safari, Firefox, and Edge, and trade on any device without any download required. They can also download the cTrader app on their iOS or Android devices from the respective app stores.
The Skilling cTrader platform has the following features:
- Real time price quotes
- Full market depth
- Detailed trade analysis
- Large range of indicators
- Multiple charts view
- Advanced order protection
- Trailing stop loss
- Algo trading
- Ability to create price alerts
Skilling Review: Trading Tools
The Skilling website contains no standalone trading tools, but the Skilling Trader and Skilling cTrader platforms have a vast array of built-in trading tools, which are developed to satisfy the trading needs of traders of all experience levels.
Skilling Review: Education
TheSkilling website has no educational materials, but there is a help center on the website that contains some basic information about the broker’s commissions, leverage, and how to make deposits and withdrawals.
Skilling Review: Trading Instruments
Skilling offers over 800 financial instruments across different asset classes such as:
- Forex: The broker offers over 70 different forex currency pairs to choose from including major, minor, and exotics.
- Shares: There is a good number of shares to choose from, including the big-name companies like Amazon and Facebook, as well as Alibaba and Netflix, to name a few.
- Indices: The broker has a good variety of indices to choose from, such as the S&P500, Germany 30, UK100, Spain 35, and many more.
- Commodities: Skilling provides competitive trading conditions for trading Gold, Silver, Crude Oil (WTI), Natural Gas, and Crude Oil Brent.
- Cryptocurrencies: Traders get access to trade various cryptocurrencies including Bitcoin, BitcoinCash, Ripple, Etherum, and Litecoin.
Skilling Review: Trading Accounts & Fees
The broker provides clients with a variety of different accounts which depend on their experience, trading styles, and capital. The accounts give traders access to trade forex currency pairs, cryptos, indices, commodities, and equities with a stop out level of 50%. The account types include:
The Standard Account requires an initial deposit of 100 Euros. It charges no commission on trades, whereas leverage of up to 1:200 is available for professional clients and 1:30 for retail clients. This account type is available on both the Skilling Trader and Skilling cTrader trading platforms and has spreads starting from 0.7 pips. It offers negative balance protection along with other competitive trading conditions.
With an initial opening balance of 5,000 Euros, the Premium Account is aimed towards the more seasoned traders. It has a low spread starting from 0.1 pips, while the leverage is capped at 1:200 for professional traders and 1:30 for retail traders. The Premium Account is available on the Skilling Trader and Skilling cTrader trading platforms. It offers access to trade over 800 financial instruments whilst charging a commission of $35/million on trades.
Those who qualify as professional clients can apply for the professional accounts which gives increased leverage of up to 1:200 for certain instruments and a reduction on current margin rates, allowing you to trade with more leverage, as opposed to the limitations imposed by ESMA on retail clients.
To qualify as a professional client requires meeting 2 out of the 3 following guidelines, 1) Have a portfolio of greater than $500k (not including property or cash) 2) Have a verified history of placing significant sized positions (down to broker discretion) 3) Have worked in the capacity of a professional position related to derivatives / speculation / trading. Match any two of these requirements to qualify as a professional client.
It is important to note that some beneifits and protections are removed should you qualify for a professional account as you are then classified as professional trader under ESMA regulation.
There are risk-free demo trading accounts, which are preloaded with virtual funds for practice purposes. The demo account is recommended for traders who wish to test out the broker’s platforms and practice their strategies before opening a real live trading account.
As broker fees can vary and change, there may be additional fees that are not listed in this Skilling review. It is imperative to ensure that you check and understand all of the latest information before you open a Skilling broker account for online trading.
Skilling Review: Customer Service
The broker provides traders with a knowledgeable customer support team, who are polite and prompt in response. They are on hand to respond to traders’ general, technical, and account-based inquiries. Their telephone support is available from Monday to Friday, between 08:00 and 17:00 hours CET. You can speak to the customer support experts via the live chat which is available from Monday to Friday, between 08:00 and 21:00 hours CET. Alternatively, traders can send an email, and one of the customer support experts will get back to you within 24 hours.
Skilling Review: Deposit & Withdrawal
The broker provides clients with a wide range of account funding and withdrawal options that includes:
- Bank Wire Transfer
- Credit/Debit Cards including Visa and MasterCard
- Online Payment Processors such as Trustly, Neteller, Skrill, Klarna, and Swish.
The broker does not charge any fees for deposits regardless of the payment method. However, you might be charged by your bank or the payment service provider. Skilling also states that it does not accept payments from any third parties due to its Anti-money Laundering Regulations. The same applies for withdrawals, the broker can only send money back to the depositing person. Some payment methods may not be available to specific countries, while the transaction processing time may vary, depending on the payment method used.
Skilling Review: Account Opening
Opening a live trading account with the broker is straightforward and easy and involves three simple steps. Firstly, click on the ‘sign up’ icon on the broker’s website and fill the form accordingly whilst supplying the required relevant information. The account opening form is displayed as follows.
Next, verify your identity by uploading your documents or by registering with Bank ID. Finally, once your trading account has been created and approved, you can fund it and start trading online when you feel ready to do so.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Skilling Review: Conclusion
Skilling is a regulated online trading broker that offers over 800 financial instruments across multiple asset classes for trading online via the proprietary Skilling Trader and the sophisticated cTrader trading platforms. The broker offers a good choice of trading account types, as well as multiple account funding and withdrawal methods.
However, they are lacking in educational materials for clients and do not offer the popular MetaTrader platforms that so many traders around the globe have already become accustomed to. The brokers spreads also do not start from 0 pips as they do with many other ECN/STP brokers.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.