Skilling Review

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Trader Rating
5 minutes read/Updated: 02 March 2020

Skilling is a Scandinavian owned forex broker, Skilling offers CFD and Forex trading across European countries. Skilling has offices in three European countries, Spain, Malta and Cyprus.
Skilling was founded in 2016 by three technology experts: Henrik Pearsson Ekdahl, Andre Lavold and Mikael Riese Harstad of optimal invest. Skilling’s mission is to provide a unique trading platform to cater for the need of traders, from beginner traders to expert traders. Skilling aims to create a platform that connects everyone to the financial market and showcases its potential to them.

The Skilling group is made up of a multinational team of forty people from all over the world. Developers, marketers, and specialists all work together from offices located in Cyprus, Malta, and Spain.

The key question is: Is Skilling the right broker for you? This article would be providing an insight into Skilling and aims to help you decide if Skilling is the right broker to carter for your investing needs.

Strengths
  • The platform is easy to use for every type of traders from amateurs to professionals
  • Over 3,000 financial instruments to trade.
  • Leverage above 1:30 available to professional traders.
  • Transparent trading fees.
  • You can open a live trading account for £100
Weaknesses
  • New broker, Skilling has been available for just three years now so no real track history to support them
  • The cost of spreads is higher than other services in the market.
  • The MT4 platform is not supported by Skilling, it created its own web-based platform.

What can you trade?

Open Forex Account

Skilling Forex review

£100 Min Deposit
Trading Fees
Good App Support
1:30 Max Leverage

Skilling offers to trade in more than 70 different currency pairs including GDPJPY, EURJPY, USDGDP, USD AUD, and many more currency pairs. Skilling spreads are around 0.7 pips for currency trading.

Open CFD Account

Skilling CFD review

£100 Min Deposit
Trading Fees
Good App Support
1:30 Max Leverage

Skilling enables users to trade commodities like Gold, Silver, oil, and gas.

CFD equities options are also available on the platform, they are Amazon, Apple, Uber, Tesla among others. The Skilling easy to use platform ensures that users get updates on their CFD trading portfolio.

Open Crypto Account

Skilling crypto review

£100 Min Deposit
Trading Fees
Many App Support
1:30 Max Leverage

Skilling offers about ten cryptocurrency assets which include Bitcoin (BTC), Litecoin (LTC), Ripple (XRP) along with other cryptocurrencies that are available through their trading platform. Skilling does not currently offer deposits through cryptocurrencies.

What did our traders think after reviewing the key criteria?

Skilling fees

Skilling provides spreads from 0.7 pips for standard accounts and does not charge for account deposits, Spreads in professional account starts from 0.1 pips.

Skilling does charge a withdrawal fee of around 2% and 2.6% on Neteller and Skrill withdrawals respectively, the minimum withdrawal amount for Skilling is £50

A charge of £10 is levied on accounts that are inactive for 12 months.

Account types

Skilling provides two types of trading accounts for traders. The standard account and the professional account. There is also a demo account available for new traders which are equipped with a virtual balance of $10,000.

Standard account

This is an ideal account for most traders, this account requires that traders register with Skilling and deposit a minimum of £100. This account offers spreads starting from 0.7 pips.

Professional account

Skilling professional account is only open to professional traders who request it directly instead of signing up online. The minimum deposit required for this account is £500, spreads starts from 0.1 pips with trading commission adding additional pips to the available spread

Platforms

Skilling does not offer the MT4 trading platform, Skilling platform is not the only browser-based it is also mobile-friendly. This means traders can monitor their trade as long as they have an internet-enabled device.

Skilling Mobile

Skilling offers trading instruments from currency pairs to CFD commodities and everything in between which makes Skilling a good platform for investors who want to diversify their portfolios.

A big disadvantage, however, is that the Skilling platform does not offer the MT4 platform which means traders are only able to trade with what the company offers them, which makes Skilling a wrong choice for sophisticated traders.

Usability

Skilling official website is clean, simple and lightweight, the website is updated regularly to reflect the latest market news, announcements, and new trading features. The font of the website is bold and easy to view with the eye. The homepage is very professional and conveys a job well done by the company’s website developers.

The homepage features a drop-down menu for mobile (iOS and Android) which are available in clickable links. The company’s FAQ page reflects detailed information about the company, and what traders need to know before and after signing up to use Skilling services.

The about page features well-detailed information about the founders of the company and their background, the major leaders of the company pictures and roles are also available for viewers. It also displays a timeline highlighting the important moments in the company’s development.

Skilling offers a trading academy on its dashboard which includes six different courses about the markets, trading basis, fundamental analysis, technical analysis intermediate, technical analysis advanced, Skilling educational materials are free to use for all users, a live account is not required to be trained through Skilling.

However, there is still room for improvement as some pages still contain less information, the deposit page is quite difficult to view on the mobile version of web browsers because of its small font.

Customer support

Skilling provides traders with a wide range of contact in case of technical problems and general inquiries. There is always a live chat button available for traders.

The email address is available through the company’s contact page, emails are always replied within 24 hours according to the company’s website.  The problem associated with this website is that customer support is not always available. Usually, traders have to wait for the next working day to get a reply.

The website also lists the addresses of the company’s offices present in Sweden, Norway, Germany, and the United Kingdom to help traders visit them during their working hours. The phone numbers of the offices are also available on their website. The Company’s FAQ page is a great way to assess routine questions.

Skilling Review

The live chat is available from Monday to Friday 08:00 to 21:00 CET, seasoned representatives from the company who are friendly are always available to take care of traders’ concerns and technical issues.

Payment methods

As an internationally known broker, Skilling provides a number of payment options that are available to clients in the company’s countries of operation. Cross-border transactions can be completed within a short time.

Funding your Skilling can be made anytime by clicking on deposit on the trader’s dashboard. First, traders have to complete their KYC verification before they are allowed to deposit funds. Skilling offers several methods to fund your wallet which include:

Credit card (Visa, Mastercard, and VISA electron)

Skilling offers credit card payment in USD, EUR, GDP, SEK, and NOK. The deposit fee is free and payments are completed within ten minutes. The minimum deposit for card payment is £100.

Electronic payments

Neteller and Skrill payment methods are available for traders to deposit their funds. The currencies available are USD, EUR, GDP, SEK, and NOK. The deposit method is free and it is usually completed within ten minutes. The minimum deposit for this method is £100.

Wire transfer

Wire transfer is made available through Trusty. Traders must complete the payment through a bank name associated the same with their account name. Skilling does not accept payment from third parties due to anti-money laundering regulations. The minimum deposit for wire transfer is £100.

Skilling allows traders to withdraw for free once a month. The minimum withdrawal amount is £50. All the payment methods above are valid to withdraw your funds. All withdrawals are completed within one working day. A 2% additional withdrawal fee will be charged for Skrill withdrawal and 2.6% for Neteller.

 

Best offers

For individuals wishing to try Skilling as an online broker without investing their own money, the online broker trading platform also offers a demo account, which is similar to many other forex platforms. This demo account is automatically deposited with a virtual balance of $10,000 to allow potential Skilling customers to get a feel of the Skilling live trading experience

Skilling is clear that this account is entirely risk-free, and provides a safe virtual location for testing trading strategies, getting used to the platform and introducing new traders to exactly how trading works.

The demo account is available through the sign-up page of the website, offering a great opportunity to test precisely what Skilling platform looks like. Interested potential customers can sign up for the Skilling demo via their website, and can easily upgrade from a demo to a standard account by completing account verification.

Skilling Trade Assistant

The Skilling Trade Assistant is a tool aimed at new traders, providing an easy platform from which they can make trades and learn as they go. The wizard functions by providing images and questions surrounding the trading process, allowing the trader to choose what they would like to trade, how they would like to trade it and the full process. This tool is easy for new traders to master and it improves their trading experience.

News and Calendars

The Skilling dashboard also features a simple to use user interface, including the Skilling Academy for additional learning, in addition to relevant selected news stories to provide further insight into the trading market as a whole. This dashboard also features an economic calendar for further information about any high top events or upcoming changes, as well as some market forecasting.

Training materials

Skilling offers a trading academy on its dashboard which includes six different courses about the markets, trading basis, fundamental analysis, intermediate technical analysis, and advanced technical analysis. Skilling educational materials are free to use for all users and a live account is not required to be trained through Skilling.

Skilling also offers training through emails and social media accounts.

Regulation and deposit protection

Skilling is an EU regulated broker licensed and authorized by the Cyprus Exchange Commission (CySEC). The company behind Skilling was formerly known as Finovel Cyrus Ltd. Based in Nicosia, Cyprus.

Skilling is unable to offer any deals or promotions to new or existing customers. Such deals are restricted in EU/EEA countries.
The CySEC in Cyrus is one among the most popular destination for Forex companies, the CySEC give rules that ensure that trader’s funds are protected and yet give them the flexibility of trading.
The minimum operational capital for CySEC regulated brokers (such as Skilling) is £730,000 while the client compensation funds protect traders with the account balance of up to €20,000.
Traders are also protected from the negative balance which means traders can’t lose more than the amount they have deposited

All CySEC companies are also required to file regular financial reports to allow external audits and keep user’s funds segregated, and protected from creditors.
Skilling requires traders to provide their IDs such as a passport or a document with a physical and address as required by the UK law to prevent money laundering. The company also ensures that traders who open an account are above the minimum age as required by the United Kingdom.

Awards

Skilling became the brand sponsor of English football Club Fulham in august, 2019. The new back of the shirt sponsor for the 2019/2020 season.

Considering the fact that Skilling is a new broker, Skilling is yet to win an award according to the information listed on their company website but they have been featured on top websites like investing.com, Bloomberg, yahoo finance and a few other companies.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.