Skilling Review

Author By Jeffrey Cammack Author Information Updated: October 27, 2020
Overall Rating
3.82 3.82 / 5
Rated #33 of 49 Recommended Brokers
Min. Deposit
EUR 100
Max. Leverage
500:1
Min. Spread
0.7 pips
Regulators
Regulator Origin
Trading Desk Type
AlertN/A of retail investor accounts lose money when trading CFDs with this provider

Summary

A Scandinavian-owned broker active since 2018, Skilling offers excellent trading conditions across two simple account types. MT4, cTrader and Skilling’s proprietary trading platform are all supported, with seamless integration provided between cTrader and Skilling’s own platform – an industry first. Regulated by CySEC in Europe, Skilling recently acquired a license from the Seychelles FSA, allowing it to offer trading services to the rest of the world. Education and market analysis are almost completely absent, though we put this down to Skilling’s relative youth.  

Reviews

Regulation
1110.503.5/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
10.50001.5/ 5
Assets Available
111104/ 5
Customer Service
1110.503.5/ 5
Beginner Friendly
Standard
Bonuses
None

Trading Conditions

Min. Deposit
EUR 100
Base Currencies
USD, EUR, GBP
Fx Pairs
70
Hedging Allowed
Yes
Scalping Allowed
Yes
Swap Free Accounts
Yes

Average Spreads

Euro/USD
0.2
GBP/USD
0.4
USD/JPY
0.4

Company Details

Company Name
Skilling (Seychelles) Ltd
Founded
2016
Type
Regulators
Office Locations
Cyprus,Malta,Spain

Skilling Header

Is Skilling Safe?

Skilling is a Scandinavian-owned broker founded in 2015 that has been offering services across Europe since 2018 and worldwide since April 2020.

Skilling is currently regulated by CySEC in Europe and the Seychelles FSA across the rest of the globe:

  • Skilling Ltd, is regulated by the Cyprus Securities and Exchange Commission (CySEC) under CIF license No. 357/18
  • Skilling (Seychelles) Ltd, is authorized and regulated by the Financial Services Authority (FSA) under license No. SD042

All client funds are fully segregated from Skilling’s own funds and kept in separate bank accounts in major European banks. This ensures that client funds cannot be used for any other purpose. In addition, all clients – no matter where they live in the world – are provided with negative balance protection.

Along with regulation from CySEC and the FSA, Skilling also recently obtained an FCA branch authorisation in early 2020 and has opened a representative office in London.

While Skilling does not put itself in the running to receive awards from the wider industry, we can confirm that this is a safe broker to trade with. CySEC regulation, FCA authorisation and FSA regulation ensure a fair and safe environment for traders around the world, this is further supported by negative balance protection being provided for all traders.

Skilling Trading Conditions

While Skilling does take its spreads from a network of liquidity providers, its order execution policy states that it always acts as counterparty to client trades, the definition of a market maker broker. While this does allow for fast execution speeds, it also allows Skilling to offer market prices and variable spreads.

Skilling offers some of the best trading conditions available for a market maker broker. These improve further on its Premium Account, which provides raw spreads direct from liquidity providers in exchange for a commission.

Skilling Leverage

Skilling offers maximum leverage of 500:1, though this is conditional on Skilling dynamic leverage model. The more open positions you hold, the lower the maximum leverage you will be offered. If you have more than 15 million USD in open positions, you will be offered a maximum leverage of 50:1.

Skilling Account Types

Skilling offers two account types: The Standard Account and the Premium Account. While most trading conditions remain the same across the two accounts, the Standard Account has wider spreads and a lower minimum deposits, while the Premium Account has a much higher minimum deposit, very tight spreads and charges a commission per 10 lots traded.

On both accounts, Skilling offers 73 FX pairs, 10 crypto pairs, 17 indices, 5 commodities and over 700 equities to trade. Hedging and scalping are also allowed on both accounts

Display Name
Min Deposit
Max Leverage
Min Spread
Commission
Brokers
Premium
EUR 5000
500:1
0.1
3.5 USD/ lot
Account Details
Standard
EUR 100
500:1
0.7
None
Account Details

Standard Account: The Standard Account requires a minimum deposit of 100 USD, offers a maximum leverage of 500:1 and is available through the Skilling Trader platform, MT4 or cTrader. Spreads here start at 0.7 pips but are wider on average. No commission is charged.

Premium Account: The Premium Account is a commission-based, raw spreads account, with spreads starting at 0.1 pips, but a 35USD/10 lot trading commission charged. Leverage is also 500:1 but the minimum deposit is 5000 USD, so this is probably not an account for beginner traders.

Skilling Account Types

Spreads and Commission

Spreads at Skilling are tight, even on the Standard Account. Average spreads on the EUR/USD are 0.9 pips, with a minimum of 0.7. Similarly, the spread on the USD/JPY averages at 1.5 pips, with a minimum of 1 pip.

Skilling EURUSD Spread

On the Premium Account, spreads on the EUR/USD average 0.2 pips, with a minimum spread of 0 pips. Average spreads on the USD/JPY is 0.5 pips, with a minimum of 0 pips. The Premium Account also has a trading commission. Commission starts at 3.5 USD per lot per side traded for the EUR/USD (7USD round-turn). This increases to 4 USD on the GBP/USD and 5 USD for all other Forex pairs. If the base currency of the account is other than USD, the charge is converted to the respective currency.

Skilling Commission

Deposit and Withdrawal

Skilling offers a range of deposit and withdrawal methods and charges no fees for either type of transaction. Be aware that your bank or card issuer may charge you for international transfers.

Deposits and withdrawals can be made via:

  • Visa/Mastercard: USD/EUR only. No fees for deposits or withdrawals. Minimum deposit of 100 USD, minimum withdrawals of 50 USD. Deposits are instants, withdrawals are completed within 1 working day.
  • Trustly: USD/EUR/GBP/NOK/SEK only. No fees for deposits or withdrawals. Minimum deposit of 100 USD, minimum withdrawals of 50 USD. Deposits are instants, withdrawals are completed within 1 working day.
  • Skrill/Neteller: USD/EUR/GBP only. No fees for deposits or withdrawals. Minimum deposit of 100 USD, minimum withdrawals of 50 USD. Deposits are instants, withdrawals are completed within 1 working day.

Skilling also offers a range of other payment options including Klarna, swish, fasapay, WalaoPay, PayR, PayTrust88, pagsmile, directa24 and NganLuong.vn. These all have broadly similar deposit and withdrawal terms.

Skilling for Beginners

While Skilling is very transparent and describes its product line-up in great detail, it offers little in the way of education or market analysis. This may be problematic for beginner traders – or those who like to receive regular analysis of their favoured markets and assets.

Education Material

Education is limited to a short section titled What is CFD Trading? This covers the basics of how contracts for difference function, with brief explanations of leverage, margin, and CFD costs.

Skilling’s own trading platform, Skilling Trader, also features the Skilling Trade Assistant – which is designed to explain the trading basics and help you place your first trade.

Analysis Material

Skilling seems to offer nothing in the way of market analysis, either through third parties or in-house. While analysis is available through the trading platforms on offer, do not expect Skilling to provide regular updates on the markets.

Customer Support

Customer support is available via phone, live chat, and email in English, Swedish, Norwegian or German. Phone support is available from 0800-1700 CET, Monday to Friday and live chat is available from 0800-2200 CET, Monday to Friday.

Skilling Trading Platforms

Skilling supports a good range of trading platforms, including the proprietary Skilling Trader, MT4 and cTrader. In an industry first, Skilling has also completed seamless integration between Skilling Trader and cTrader, a unique feature dubbed One Account. Two Platforms. This allows traders to choose which platform they wish to use while having a single trading account, with the same margin, same wallet, and same trading conditions.

Skilling Trader

Skilling Trader is Skilling’s proprietary trading platform. Designed to be intuitive and simple, but with a full suite of technical indicators and drawing tools, Skilling Trader is built to appeal to traders of all experience levels. With full integration with Skilling’s cTrader platform, web and mobile support and a trade assistant for beginners, the Skilling Trader platform is flexible enough to satisfy most traders.

cTrader

cTrader is an advanced trading platform designed specifically to work with market execution accounts. As mentioned previously, Skilling is unique in that it has teamed up with Spotware, cTrader’s creators, to seamlessly integrate cTrader with Skilling’s own trading platform.

cTrader is a modern, intuitive, and powerful trading platform with advanced trading capabilities, such as fast entry and coding customisation, as well as a variety of indicators to help you make better trading decisions. It includes a complete charting package and Spotware hosts a library of indicators and robots, traders can also design their own algorithms using the Automate Editor.

MetaTrader 4 (MT4)

MT4 is only available for Skilling clients with Standard Accounts.

The MT4 trading platform is the most widely used Forex trading platform and can also be used to trade other instruments like commodities, cryptocurrency, stock index, and stock CFDs. Though it is now showing its age, MT4 is still popular for its auto trading features that enable algorithmic trading and strategy back testing with expert advisors (trading robots).

Skilling Mobile Apps

All three trading platforms are available on both Android and iOS devices.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Skilling offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Skilling would like you to know that: 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.

Overview

Skilling is a leader of a new wave of brokers we have seen cropping up in the last few years. Two simple account options, excellent trading conditions and a completely transparent approach are all hallmarks of a refreshingly client-focused business model. Free deposit and withdrawals, a responsible approach to leverage and a good range of trading platforms are all very welcome too. The lack of any serious educational section or market analysis is a disadvantage, though this will not matter much to experienced traders. We would also like to see longer customer service hours and a lower minimum deposit for the Premium Account.

AlertN/A of retail investor accounts lose money when trading CFDs with this provider
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.82/ 5
EUR 100
Market Maker
Forex, Commodities, Equities, Cryptocurrencies
70
5
  • Copy trading accounts
  • No swap-free account option
1110.503.5/ 5
11110.54.5/ 5
11110.54.5/ 5
11110.54.5/ 5
10.50001.5/ 5
111104/ 5
1110.503.5/ 5
N/A of retail investor accounts lose money when trading CFDs with this provider
500:1
0.7 pips
Yes
Yes
Premium, Standard
Yes
MT4, cTrader
Mastercard, Skrill, Neteller, Klarna
Fees Included in Spread
1110.503.33/ 5
USD 200
Market Maker
Commodities, Cryptocurrencies, Forex, Equities
47
16
  • Well regulated
  • Good for beginners
  • Innovative trading tools
  • Limited education
  • Wide spreads
11110.54.5/ 5
110.5002.5/ 5
111104/ 5
110002/ 5
10.50001.5/ 5
111104/ 5
111104/ 5
62% of retail investor accounts lose money when trading CFDs with this provider
400:1
1.0 pips
Yes
Yes
Professional, Standard
Yes
etoro
Mastercard, Neteller, Skrill, Paypal
Fees Included in Spread
1110.503.24/ 5
USD 500
Market Maker
Commodities, Forex, Equities, ETFs
48
0
  • Good range of accounts
  • Wide range of assets
  • Wide spreads
  • Limited education
  • Limited market analysis
  • High minimum deposit
1110.503.5/ 5
110002/ 5
111104/ 5
11110.54.5/ 5
10.50001.5/ 5
11110.54.5/ 5
111003/ 5
67.95% of retail investor accounts lose money when trading CFDs with this provider
400:1
1.8 pips
Yes
Yes
Gold, Islamic, Mini, Platinum
Yes
MT4, Sirix
Mastercard, Maestro, Skrill, Neteller
Fees Included in Spread
Visit Broker
AlertN/A of retail investor accounts lose money when trading CFDs with this provider

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