Skilling is a broker that has only recently come onto the market. Having been formed in 2019, it does not have the name recognition that other brokers on the market have. In order to combat this, Skilling has ensured that it offers a wide range of assets to its customers, as well as trying to provide a top-quality service across the board. Its fees are set at a relatively standard level and, as such, are not set lower than usual in order to attract customers. As Skilling is based in Cyprus, it is regulated by CySEC.
- A wide range of assets are available
- Regulated by CySEC
- Relatively new broker to the market
- Aims to offer high-quality services
depends on type of account
up to 1:30
Yes, 30 Days
Robo Advisor Trading Offer
When putting together a robo advisor comparison, it is important to take into account exactly what the broker has on offer. Skilling offers its customers a wide range of different elements to trade with. Firstly, it covers over 70 different currency pairs, including a range of more exotic choices. In terms of CFDs, there are over 15 types from which to choose. On top of that, Skilling also offers its customers the ability to trade in stocks and cryptocurrencies!
Skilling offers customers two types of accounts. There is a standard account and a pro account and there is very little difference between the two types. The standard account has a higher commission rate on trades, and the pro account offers lower commissions but a much higher minimum deposit.
Skilling does not allow customers to open a custody account. For customers who want to provide for their children in the future, this may dissuade them from opening a Skilling brokerage account. Instead, they may favour opening an account with a broker that allows a custody account to be linked to their standard brokerage account.
- Huge range of currency pairs
- CFDs and cryptocurrencies available
- Two types of account, but no custody account
Robo Advisor Costs
While putting together this Skilling brokerage review, it was plain that this broker’s fees tended to stay in line with how most brokers calculate them. A minimum deposit of $50 is required to open a standard account, and $50,000 is required to open a pro account. The opening of an account allows access to different trading elements. The fees are charged on a commission basis, with a starting point of 1.6 pips for the standard account and 0.4 pips for the pro account. Obviously, this means that when carrying out Skilling stock trading, customers will be paying less when using a pro account.
There is a minimum charge of $8 in place for all trades, which does mean that trading in higher volumes is always preferable to ensure that you pay as low a percentage as possible. On both the pro and standard accounts, there is a maximum leverage of 1:30.
As with most brokers on the market, Skilling does not charge to have an account. This means that the only fees in effect are the commissions on trades.
- Minimum deposit of $50 for the standard account and $50,000 for the pro account
- Commissions fall to a lower amount on the pro account
- Maximum leverage of 1:30
Skilling offers its customers two different types of accounts. During the process of putting together this review of Skilling, it became apparent that the gap between the two accounts was based on the potential volume of trading. The standard account could be opened with a minimum $50 deposit, whereas the pro account required a $50,000 deposit. The standard account offers higher pips on trades, while the pro account gives traders access to lower pips.
In terms of trading features, there is not a great deal on offer at Skilling. There is no access to social trading or wealth management options, which does mean that beginner traders will have to do most of the heavy lifting themselves. When opening a Skilling brokerage account, it automatically opens up access to the training area. This means that beginner traders will be able to learn about how the markets work and as such will be able to improve their knowledge while they trade.
There is also a demo account available. This allows traders to learn first-hand how both the Skilling trading platform works and how the market works. It gives traders the ability to do so without having to worry about risking their capital.
- Skilling has two accounts on offer to traders
- There are educational resources on offer to traders who have an account
- A demo account can be used to learn about the platform and market
Skilling has its own bespoke trading platform in place for its customers. The platform itself is well designed and easy to use, which does answer the question “is Skilling good?” with a positive. However, the lack of MetaTrader 5 or other industry-leading platforms does mean that experienced traders may feel like they are not receiving as good a product. This does not mean that the platform is not of a good quality though.
The platform offers a range of different options when it comes to trading. While Skilling does not offer the services to be called best robo advisor, it does include facets to its trading platform that makes it possible to achieve some levels of automation. The first is the watchlist. This allows traders to monitor certain instruments and then from there receive notifications when the instruments behave in a certain manner. It also allows for a range of searching and sorting to be carried out within the platform itself.
While there is no custom-made app on offer to traders, it is still quite easy to use the Skilling trading platform on your mobile device. Because it is created as a browser-based platform, traders can easily use the platform through the browser on their mobile. Of course, this does mean that the screen is not as well optimised as a custom-made app, but it is still optimised to a good enough level to make the platform thoroughly usable.
- Skilling has its own custom-made platform
- No MetaTrader 5 on offer
- Mobile support offered through an in-browser platform
Usability of the Website
While putting together this review of Skilling, we found that the website, on the whole, was very easy to use. All links are easy to find, and there are no serious issues when it comes to the speed of the site. There are a few issues about the site though.
Firstly, there is very little information available at Skilling. What information there is can only be found through one link, which means that despite making the site easy to navigate, the information that is available is all packed into one page. The page only really becomes a useful resource to find out about Skilling when you have signed up to its service and logged in. While this is not a huge issue, it could put off traders who need convincing that Skilling is the right broker for them.
The account types and prices are all available at the site, which means that it is easy for traders to know what they are signing up for before they have even joined. During the research for this review of Skilling, it was relatively easy to find out the main account information. However, other aspects, such as features, were not so easy to find.
There is a legal link at the bottom of the page that takes traders to all of the information that they might need to know about Skilling. This shows that Skilling has nothing to hide in terms of its legal status.
- In terms of visuals, the site looks good
- It can be hard to find some aspects of information
- The legal information is all available at the bottom of the page
The customer support at Skilling is possibly the weakest aspect of the service. Although Skilling is a new company, it should provide customers with longer opening hours than it currently does. This means that when you are carrying out Skilling stock trading, there may be issues that come up that are related to the customer service.
The main issue is that customer service is open for a very short period of time. At just 13 hours a day and only five days a week, customers do not have a long window of time to get their issues across. This does make it slightly difficult for customers who has issues outside of business hours as they will be unable to get a response until the next working day. If there is an issue on a Friday, it could mean waiting until Monday morning for it to be resolved.
This is a big shame because the customer service itself is good. The web chat works superbly and solves issues quickly, the phone operators are knowledgeable and helpful, and emails get a fast response. If it was open for longer hours, then the customer service would definitely get a big thumbs up.
- Opening hours are very short
- The live chat is excellent
- The support workers are superb
Methods of Payment
Skilling offers the standard types of financial transaction methods for the industry at the moment. It covers traditional methods as well as more modern methods. In this broker comparison, we have covered all of the information you need to know about Skilling financial methods.
The first method that Skilling gives to customers is a standard wire transfer. This will be carried out within three working days – this is generally in line with what you would expect from any broker, though it is slightly faster than some other brokers, where it can take up to five days. When carrying out Skilling stock trading, there is a limit of $5,000 per transaction and $20,000 in total transactions each day. Visa and Mastercard are also available for both deposits and withdrawals, and they also take around three business days to carry out.
In terms of e-wallets, Skilling makes it easy for traders to use whichever they prefer. With Trustly, Neteller and Skrill all on offer, there is a maximum of one business day for transactions to be cleared, but they are usually completed instantly. This covers the majority of the best e-wallets on the market for traders.
- A maximum of $5,000 per transaction with traditional methods
- A maximum of $20,000 in transactions each day with traditional methods
- A good choice of e-wallets are available
Skilling keeps its financial offers in line with its accounts. While there are no offers as such, because the regulations do not allow brokers to offer incentives in the form of bonuses to traders, there are savings to be made if you can gain access to a pro account. When we put together this review of Skilling, we found that the fees were much more reasonable for pro traders.
There is, however, a demo account on offer to traders. This means that traders can gain access to an account that allows them to trade without any risks. They can then get used to the bespoke trading platform that Skilling uses, and traders who are new to the market can get used to how the market works.
There is a wide range of trader education on offer at Skilling. In fact, it is safe to say that Skilling’s trader education is one of the best around. It allows traders to not just access a range of lessons, but also to engage with the lessons as a complete course. The dashboard includes student progress and allows traders to see exactly how far they have got and what they have achieved. It is a genuinely helpful course that will help beginner traders to learn about how the market works.
- No bonuses available
- There is a demo account on offer
- Excellent education resources
Regulation & Deposit Protection
All legal information about Skilling is provided at the bottom of the webpage. A link to the legal information is available and it covers a huge range of legal topics. For traders who like to make sure that they are prepared in a legal sense, it is an excellent resource.
Skilling is also regulated by the Cyprus Securities and Exchange Commission (CySEC). This makes sense because it is a Cyprus-based broker, and as such, to be regulated by the Cyprus legislator is the most obvious choice for the firm. CySEC is also a very reliable regulator and will help to make sure that Skilling abides by the rules.
- Legal link at the bottom of the webpage
- A huge resource of legal information is available
- Regulated by CySEC
In terms of awards, most of the top brokers on the market have awards to their name. While carrying out this Skilling brokerage review, we found that this broker does not have any awards to its name yet. However, there are a number of reasons why this is not a big problem.
Skilling is not a very old broker. It has spent a very small amount of time in the industry and, as such, has not had the opportunity to be put forward for any awards yet, let alone win any of them. In terms of both the financial year and the calendar year, Skilling has not had enough time to win any awards yet.
However, if Skilling still has no awards to its name in a year or two, then it is safe to say that there may be some underlying issues there. By the end of this financial year, it is to be expected that Skilling will have at least garnered a nomination for what they offer, with their education resources being a prime candidate to win an award.
- Has not won any awards yet
- Has not been trading for long enough to be considered for any
- If this remains the case, then there may be some problems
Skilling is still quite a new broker. However, it has carried out some aspects of its business as though it is a seasoned market veteran. The performance of its customer support workers is excellent. They know about the business, are polite and very helpful. This helps customers to get their issues solved in a timely fashion. The only problem is that customer support is not open all of the time.
The learning resources are excellent. Customers can access a huge range of topics quite easily and the dashboard tracks their progress the whole way. There is also a demo account, where traders can see if what they are learning is working and begin to learn on the job, so to speak.
While the prices are quite expensive for standard traders, the fees drop to a very good rate when using a pro account. On the whole, Skilling has made a good start to life as a broker, and with a small amount of tweaking to some of its services, it could be one of the best brokers on the market.
- The educational resources are excellent
- The customer service performance is excellent
- A good range of e-wallets is offered
- The pro account offers good value on fees
- Regulated by CySEC, which is very reliable
- The customer service is only open at certain times
- The standard account fees are quite expensive