Skilling is one of the newer online traders out there, but despite this, it gained quite some popularity. The platform is a Forex and CFD one, and it has offices in three countries from Europe. What’s more, it is considered a wonderful broker for both beginner traders and experts, which makes it even more attractive for people who want to trade.
You may have one lingering question, though – is this broker legit or a scam? Well, with this review, we aimed to answer this question, but also provide some useful information to help you decide if you should use Skilling or not. Without further ado, let’s get started!
Who Is Skilling for?
Skilling ensured their platform is suitable for both beginners and experienced traders. On one hand, it is great for beginners because it is easy to open an account and use the platform. The developers worked very hard to make sure that the platform is very convenient and can offer amazing experiences to users, even if they are just getting started in the trading world.
There are 3,000 financial instruments available, making it easier for beginner traders to choose. Besides, the minimum deposit is low and many users, newcomers included, will afford it. An unlimited demo account awaits beginners too, which gives them the possibility to see how the platform performs before they create a real account.
Expert traders will also love the easy-to-use platform and they will be able to enjoy the high number of financial trading instruments. They will enjoy leverage over 1:30 and good spreads.
Things We Like
What really got our attention was the fact that even though it’s new, the platform was developed nicely, and it can serve many types of traders. It is easy to use no matter what, and that is something we always appreciate.
We also love the fact that there is a high number of financial instruments available, allowing people to choose what is suitable for them. What’s more, this can also allow traders to diversify their portfolios, which is even better.
Opening an account is very easy, and the minimum deposit is low, so everyone will have access to the amazing services. Skilling is also very transparent when it comes to fees, which is another wonderful thing.
Something that also impressed us was the customer service. Not only is it experienced and willing to help in any situation, but it is also available in multiple languages. So, you don’t have to be an English speaker to get help, which is great.
Things We Don’t Like
While the customer service is outstanding, we were disappointed to see that it is not available 24/7. Instead, you can only contact them 24/5. Another bad aspect is that there is no education available. So, whereas it is suitable for beginners in other aspects, it is not great in terms of education, and people would have to seek other resources outside of the platform.
Also, after 12 months of inactivity, you will be charged an inactivity fee.
Pros / Cons
- Low-risk trading
- Lots of trading instruments are available
- Opening an account is very easy
- Low minimum deposits for live trading accounts
- There isn’t a lot of track history
- There may be some fees for deposits
- Inactivity fee after 12 months
Safety and Regulation
Whether you are convinced to use the platform or not, one thing is for sure: you cannot ignore the safety aspect. You need to make sure you learn everything there is about the security of the platform before you entrust it with your funds. So, here are some things you may want to know:
Who Is Skilling?
Skilling is a broker that has been operating since 2016. The broker only provides online services, and it offers Forex and CFD trading. Its services are available in the entire world. It has some offices based in Malta, Spain, and Cyprus.
Skilling is available on MT4 and cTrader, as the team worked hard to make the platform accessible for everyone. They also focused on making the platform easy-to-use and understand for all types of traders. With more than 800 instruments available, people have numerous trading options, regardless of their experience and skills.
Is Skilling Regulated?
Skilling is a regulated platform. It is regulated by the Cyprus Securities and Exchange Commission. Due to this regulation, the broker cannot offer promotions or deals to their existing customers. Moreover, the company is regulated by the FSA in Seychelles. This allows them to increase their global reach.
- Skilling Ltd – authorized by CySEC (Cyprus) registration number 357/18
- Skilling (Seychelles) Ltd – authorized by FSA (Seychelles) license number SD042
Is Skilling Safe or a Scam?
Considering Skilling is regulated, it is certainly not a scam. The regulations make sure it complies with the trading requirements, as well as the financial standards recognized internationally. The platform is SSL-protected, so before people’s information is transferred online, it is encrypted. As a result, all the details will be safe.
And if any issue arises, the developers and support team react fast and do everything it takes to solve the problem.
Countries It Accepts Clients from
Skilling accepts clients from numerous countries. More specifically, people can trade from Vietnam, Lithuania, Bulgaria, Austria, Belgium, Germany, France, Finland, Romania, Spain, Estonia, Croatia, Cyprus, Russian Federation, Philippines, Thailand, Iceland, Italy, Ireland, Hungary, the United Kingdom, and many other countries. Customers from the U.S. are not accepted, though.
So far, there isn’t any information regarding awards won by the broker, but considering it is relatively new, it isn’t a surprise. It is worth mentioning that Skilling became the brand sponsor of a football club, more specifically the English football club Fulham. This was available for the 2019-2020 season.
Range of Offerings and Products
Skilling has a lot of markets that you can trade, which is amazing. You can trade popular currency pairs, as well as CFDs on Stocks. You can also trade Metals, Energies and Indices, and 10 Cryptocurrencies. The cryptocurrencies include Ethereum, Bitcoin, and Litecoin, among many others.
Due to the European regulation, people in Europe will only have access to 1:30 in terms of leverage if they are retail clients. Meanwhile, professionals can get higher leverage, of up to 1:200.
People under the Seychelles regulation can access higher leverage, though, more specifically as much as 1:500 in leverage.
When it comes to trading platforms, Skilling offers MetaTrader4, as well as cTrader. There is also Skilling Trader, which is proprietary software. The only downside when it comes to the platforms is that Premium accounts cannot use MT4.
The web platform is easy to understand, and it is easy to use as well. Visually, it looks great. Even if you’re a beginner, you won’t have any problems navigating the platform. MT4 and cTrader are the supporting web platforms, so you can rest assured you will have access to amazing tools and features.
The Desktop platform is also very useful. The MT4 version is easy to understand, and it is suitable for any trader, considering it is one of the most popular platforms. It has a lot of plugins, as well as automated trading among others. On the other hand, the cTrader version is more suitable for traders with experience. It has a lot of indicators, capabilities, and professional risk management.
Lastly, the mobile platform is easy to download on both iOS and Android, and you can use it wherever you are. It will suit your needs just like the web and desktop platforms. It is also suitable for all types of traders.
There are two types of accounts available: Standard and Premium accounts. Each one has its benefits depending on what you want.
A free demo account is provided for users as well. You can start with this one before moving to a standard or premium account.
Deposits and Withdrawals
Lots of deposit methods are available at no charge. But certain fees may apply for some methods depending on the jurisdiction, so keep that in mind before making a deposit. Deposits can be made with bank wire transfers, e-wallets, or cards.
What Is Skilling Minimum Deposit?
The minimum deposit is $100 on the Standard account and $5,000 on the Premium account.
Withdrawals can be made using the same methods you have for deposits.
Unfortunately, there are no promotions or bonuses offered by Skilling.
Client Support and Education
Although there is a demo account feature and some research tools, Skilling is not great in terms of education. It lacks learning courses, analysis, and webinars, as well as videos. So, beginners will have to look elsewhere for these helpful materials.
Verdict – Overall Rating
Overall, Skilling is a great broker. It has a powerful platform with great tools, as well as transparency regarding fees. Sadly, it lacks promotions, and it barely has any educational materials available, so it cannot get a full rating.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
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There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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