Skilling Review & Rating 2022
Is Skilling a safe platform? The online broker Skilling has only recently been active on the market. According to our review, Skilling trading instruments include Forex trading with popular currency pairs, stocks, cryptocurrencies and commodities and CFDs.
The offer is also aimed at beginners, as the platform is designed to be very user-friendly. The offer includes the Trade Assisting function, with which new customers can easily carry out their first trades.
The following review of Skilling introduces the new online broker in detail.
The CFD broker Skilling is a newcomer to the market. Established in 2019, Skilling has its origins in Scandinavia, while the headquarters of the broker is in Cyprus. The company is managed by Anders Berglund, who was previously managing director of Google Sweden.
The goal from the start was to provide an easily accessible platform that even inexperienced traders can use to trade easily. The group of companies employs more than 35 people across Europe. A team of marketers, developers and specialists work together from offices in Spain, Cyprus and Malta.
Since the Skilling platform was launched, traders at Skilling have been able to experience trading CFDs on more than 800 base values, all with a comparatively low minimum deposit, as the Skilling review shows. Is Skilling legit with its promise of transparency or is there evidence of Skilling scam?
Read on to find out.
Skilling pros and cons
- Minimum deposit is only $100
- Regulated by CySEC
- Transparent and easy trading
- Forex and CFD trading
- Skilling academy
- Suitable for beginners
- Trading software and all research tools are easy to use
- Account creation in just a few minutes
- Provides a negative balance protection policy
- PayPal is not offered as a payment method
- No Islamic Account
Is Skilling legit? Skilling has its origins in Scandinavia, but the company is based in Cyprus. Skilling is therefore subject to regulation by the CySEC, which in turn ensures that the European-wide requirements of the MiFID directive are implemented.
Like all brokers with EU regulation, Skilling also keeps customers' deposits in segregated bank accounts separate from company capital. This protects customer funds from the claims of creditors in the event of bankruptcy. In addition, Skilling is a member of the Investor Compensation Fund (ICF) by the Cypriot Investment Firms (CIFs). This means in case the parent company becomes insolvent; the organization will compensate each investor up to 20,000 euros.
No award has been won yet at the time of doing this skilling review, and descriptions in the trade press have so far only been few, albeit benevolent. If you want to get an impression of yourself and exclude fraud in the case of skilling, you can use the broker's free demo account.
Another positive thing to note is that Skilling is comparatively transparent compared to many other brokers. For example, the broker publishes data on the executions and their quality every quarter. This is certainly partly due to the company's own trading platform, which is only accepted by traders if it appears trustworthy. However, this does not change the fact that this step contributes to transparency and makes it easier to assess the quality of the broker.
A well-functioning trading platform is a prerequisite for reliable trading. Is Skilling good in terms of trading platforms?
While many online brokers allow the integration of external software, Skilling traders can use their own trading platform. According to our Skilling broker review, the trading platform is convincing with a clear design with a dashboard that can be individually adapted. In addition, some helpful tools are integrated that can be used to trade effectively. If you want to place an order, you can choose between several order types such as Stop Loss or Limit Buy.
Traders can access a lot of useful information on the Skilling trading platform. The current prices of stocks, currencies or commodities are clearly displayed. In addition, users also have an overview of the latest economic and political news. The trading software can be used for PC (Windows or PC) and for smartphones (Android or iOS). A separate mobile trading app is not yet available. However, the trading platform is optimized for mobile devices so that all functions of the PC version are clearly displayed on smartphones.
A special feature of Skilling is the so-called Skilling Trade Assistant. This service helps beginners in particular to place their first trades. They learn the basics of trading so that after a short time they should be able to trade like professionals.
This online trading platform is clearly laid out and can be operated intuitively. Orders can be placed easily with just a few clicks. Even beginners can quickly find their way around with the Skilling Trade Assistant.
Traders who want to invest with Skilling currently have two different account types to choose from:
- Standard account
- Premium account
These two accounts differ in many features and conditions. The standard account is intended more for beginners. It is only necessary to deposit $100 in order to use the account. With a premium account, however, $50,000 is required.
In both trading accounts, the maximum leverage is limited to 30: 1. This means that traders are classified as private customers in both cases and the broker is only allowed to offer them this maximum leverage. To do this, they are protected by EU-wide investor protection provisions. Exactly how high the leverage also depends on which underlying you want to trade.
Micro lots can be traded in both Skilling account types. Currencies available for the live trading account are US dollars, euros, Norwegian kroner, Swedish krona, and British pound sterling.
Skilling also offers a demo trading account that customers can use free of charge. It is loaded with 10,000 virtual units of the currency of your choice and thus enables you to gain quite an extensive skilling experience without taking any risks.
It is also possible for a very small group of users to change the classification. Traders can be classified as "professional" upon request if they submit an application. Since this goes hand in hand with a lower level of protection, the trader must demonstrate that he is financially and in terms of his knowledge and experience in a position to trade professionally and to correctly assess the risk.
Deposit and withdrawal methods
With Skilling, traders can deposit into thier retail investor accounts in many different ways to start trading. Currently, the broker supports the following payment methods:
- Credit cards with Visa, Visa Electron, and Mastercard
- Bank transfer
Customers must allow for the longest processing time for bank transfers. Here it can take up to three working days until the credit is available. With all other payment methods, however, Skilling guarantees a credit within just one hour. In addition, Skilling never charges fees for deposits. Financial service providers also usually do without it.
This is often different with payouts. The first payment in the calendar month is possible for the customer free of charge. For each additional payment, the broker charges at least EUR 12.50 per payout. Also, additional costs can come from the financial service provider to the customer. Due to the EU-wide directives on protection against money laundering, it is often not possible to withdraw using other payment methods than those used to deposit.
It can therefore be worthwhile to inquire about the withdrawal fees from the respective provider in advance.
Either way, a Skilling trader have to verify their data before paying out and submit a copy of their ID and a utility bill. This is also due to the anti-money laundering guidelines and is mandatory for Skilling as well as for every other broker.
Cryptocurrencies have become increasingly popular in recent years. On the one hand, this is due to the fact that the value of some cryptocurrencies has risen extremely sharply. Bitcoin's price went from a few dollars to over $60,000. Cryptocurrencies are also very popular due to their high volatility.
With Skilling, users can trade Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple.
Skilling, therefore, offers numerous underlying that can be traded via CFDs. Nevertheless, the offer can still be expanded, especially in the field of cryptocurrencies.
The fees charged by Skilling mainly depend on which account types a trader is using. In most cases, Skilling charges trading fees through spreads. The buying and selling price differs accordingly not only due to the usual market differences but also due to the trading costs that Skilling adds to the respective course.
This spread differs greatly depending on the account model:
- EUR/USD in the standard account: 0.7 pips
- EUR/USD in the premium account: 0.4 pips
Trading is therefore considerably cheaper in the premium account. Compared to other brokers, however, Skilling requires a very high deposit for a premium account of $50,000. Overall, the broker does not offer the cheapest trading fees, which beginners who deposit $100 cannot expect either. Traders who invest $50,000 can, however, find cheaper providers.
The only exceptions to spread-based billing are forex trading and trading gold and silver in the premium account. Here the broker charges $60 per million traded as commission for currencies and gold and $240 for silver.
The financing costs do not differ quite so significantly in the two account models. EUR/USD can be financed for -1.4000 and 0.4700% fees in the standard account, whereas in the premium account it is currently -1.3693 and 0.5007%.
The broker also charges inactivity fees, which accrue after 12 months and amount to $10.
Communication with a broker begins on the Skilling website, as this is where visitors get their first skilling experience. The range of information on their trading services is very clear, the most important questions are answered by a comprehensive FAQ - which is only part of the Skilling Help Desk. Questions about payment methods are also answered here, and the legal documents can also be viewed.
If there are still questions, traders can contact the support team on weekdays from 8:00 a.m. to 5:00 p.m. by phone on a Cypriot number, or between 8:00 a.m. and 9:00 p.m. via the live chat module on the Website.
Alternatively, users can contact the broker by email and experience has shown that they will receive an answer within 24 hours.
Is Skilling good? In the skilling review, it is very gratifying that the support also speaks Spanish, German, Italian, and Turkish, so that there are no communication difficulties in the first place. The fact that customers or interested parties can submit their questions to the broker at no additional cost and receive an answer quickly indicates that Skilling is good.
Is Skilling safe? If a new Forex broker wants to establish itself on the market, it must also convince customers with regard to safety. There are some online brokers that are not regulated and thus have the possibility of defrauding customers. However, this does not apply to skilling. So is Skilling a safe platform? Yes!
The broker is controlled by the local regulator Cyprus Securities and Exchange Commission (CySEC), so that Skilling scam can be ruled out. In addition, customer funds are strictly separated from company assets so that payments to customers are possible even in the event of bankruptcy.
This regulated broker is represented on the social networks LinkedIn and Facebook. This means that customers or interested parties can also contact Skilling via these platforms if certain questions remain unanswered.
Skilling is based in Nicosia and is controlled there by the local regulatory authority. Hence, Skilling strives for fair, open and transparent trade.
After an extensive skilling review, it can be said that this relatively new provider is in no way inferior to its competitors. When asked whether there is a Skilling scam, one can definitely say: No! If you still want to form your own Skilling opinions, you can use the demo version to get an overview. Here you can then form your own opinion about Skilling.
As we have mentioned above, Skilling offers two account models that differ in terms of both the minimum deposit and the conditions.
Accordingly, both as a new customer and as a professional trader, you should thoroughly inform yourself about the two models before registering.
The support area is well equipped. For all questions, Skilling offers Q&A areas where you can ask about even the smallest inconsistencies.
Questions can be answered by phone, chat, or email. Customer support can be reached on weekdays. Overall, the skilling broker review shows only positive sides. That's why skilling is good. You should definitely give this broker a chance.
Since Skilling takes care of all European guidelines and there are no hidden fees, the provider can be described as legit.
Overall, the impression from this broker is more than positive. In order to form your own Skilling opinions, it is definitely worth trying out the demo version at www.skilling.com.
At the end of this review of Skilling, it's about how Skilling did - i.e. what the skilling rating looks like. Among other things, the skilling fees and the costs incurred in the course of trading, the trading offer, the available trading platform, and the question of whether skilling is a safe platform was also answered in this review of Skilling.
In the end, Skilling is convincing on all levels. Even if MetaTrader is not used and its own trading platform has been created, Skilling may be a broker that is recommended. And those who have their first skilling experience can even access the free skilling demo account here - that means you don't have to take any risks at the beginning.
Ultimately, Skilling is an interesting broker who can be trusted if your own ideas are met.