Review of Skilling
Skilling’s platform gives several different account options with low spreads starting from 0.7 pips and advanced features such as stop-out levels and scalping. Keep reading to find out everything you need to know about Skilling.
Pros & Cons
What can I do with Skilling?
Using Skilling’s platform you can trade a range of financial products and securities. Skilling is a Contract For Difference (CFD) and forex broker which provides access to over 800 financial instruments across currency pairs, stocks, indices, commodities, and cryptocurrencies.
Trades can be carried out on Skilling’s web platform, in addition to its desktop and mobile apps. Skilling’s focus is on ease of use and simplicity, so there aren’t many advanced features that professional traders have become accustomed to – apart from a trading assistant and indicator/drawing tools.
Skilling was founded in 2016 by fintech industry veterans and officially received its authorisation and license from the Cyprus Securities and Exchange Commission (CySEC) in 2017, allowing it to offer its services in all EEA countries.
Skilling markets, assets, and options
What assets and products can you trade on Skilling?
What leverage trading options are there?
Skilling extends leverage starting at the low ratio of 1:30, all the way up to a maximum of 1:500 for professional traders, which is up to industry standards.
It is important to remember that leveraged trading of any kind means that you are exposed to much more risk if a trade goes against you and your losses will also be greatly magnified, potentially losing more than the funds in your account. Therefore we do not recommend using leverage if you are a beginner investor.
Here’s a breakdown of the amount of leverage available on Skilling for different products.
|Product (CFDs)||Maximum leverage||Margin|
What are the spreads?
Skilling now offers spreads starting from a very reasonable 0.7 pips on standard accounts. Spreads start at a minimum of 0.1 pips on Premium accounts with a minimum deposit of $5,000.
These are the spreads you can expect when using Skilling to place trades.
|Product||Average spread||Fixed or variable?|
Fees, limits, and payment options on Skilling
What are the deposit and withdrawal fees, limits, and speeds?
Skilling has a detailed deposit and withdrawal policy. Impressively you can elect to withdraw funds directly from your account dashboard and they will process the request within the same business day. Not every broker offers such convenience and they also offer other options as well.
In this table are all the available payment options with Skilling, and the fees and speeds associated with them.
1-2 business days
1 business day
1 business day
How much are Skilling’s fees and commissions?
Skilling advertises commission-free trades, opting instead to make its money on trade spreads. This has become the industry standard and its charges are in line with what we have seen from many other brokers. These are the fees you can expect with Skilling.
|Forex||None||0.5 pip spread|
|Commodities||None||6 pip spread|
|Inactivity||€10.00 after a year||–|
Skilling trade sizes and limits
Skilling trading starts from 0.01 lots, or 1 share, all the way up to €50,000 when maximum leverage is applied. This again is standard and perhaps even slightly aggressive given the broker’s orientation towards beginner and intermediate traders.
|Product||Minimum trade||Maximum trade|
Skilling trading platform
What devices can I use Skilling on?
Skilling provides easy access to its trading platform from any popular web browser such as Chrome, Safari or Edge, as well as via their mobile app for Android and iOS devices. You can access Skilling on:
- Laptop computers
- Desktop computers
- Android smartphones
- iOS smartphones
Can I use Skilling in my country?
Skilling is available in all EU/EAA countries, including Germany, Spain, Malta and Cyprus. Select your country from the dropdown box below to see if Skilling is available where you are.
Is Skilling available in my language?
Apart from English, Skilling’s website and support is offered in four additional languages: German, Norwegian, Swedish, and Spanish.
How easy is it to use Skilling?
Skilling is a user-friendly platform regardless of your level of trading experience. The platform provides several different easy to use trading account types, and it has simple account funding and withdrawal methods.
Its proprietary trading platform Skilling Trader has been designed with both beginner and advanced traders in mind and fully supports both web and mobile versions. With a trading assistant, 0.05 second trade execution times, it is an intuitive, well-developed platform.
Skilling offers multiple sophisticated trading platforms with many powerful features. Our favourites among these include:
Skilling Trade Assistant
A wizard designed specifically for new traders with easy to follow steps to make your first trade and answer any questions you may have about the process.
Ultra-fast order execution
Industry-leading execution time of 0.05 seconds on average. This means you can react to markets as they move and take advantage of short term fluctuations.
Designed for algorithmic trading strategies and is compatible with C# and .net frameworks allows you to enjoy the benefits of hands-free forex and CFD trading.
Security and regulation
Is Skilling safe?
Skilling’s trading platforms are protected through Secure Socket Layer (SSL) encryption, ensuring all customer data is fully encrypted and secure before internet transmission.
Am I and my funds protected?
All CySEC regulated brokers, including Skilling have to maintain a minimum operational capital of €730,000. This also includes maintaining client funds in segregated accounts in tier-1 banks, negative balance protection, and a compensation fund to protect individual retail investors up to €20,000.
Is Skilling regulated?
Yes, Skilling is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under CIF license No. 357/18. They are also additionally regulated by the Seychelles Financial Service Authority (FSA).
Do I have to verify my account with Skilling?
Yes, you will need to verify your identity by uploading at least two ID documents (including photo ID) when opening an account.
Skilling’s educational resources are rather limited, apart from their “What is CFD trading?’ section which covers the basics of the popular form of trading. This leaves a lot to be desired, especially as their stated goal is that “everyone with an interest in financial markets should be able to access and harness their full potential.”
Tools and charting
Skilling’s trading platform couples access to over 800 financial instruments with advanced user-defined customisation options and multiple trade indicators and drawing tools.
Despite touting “industry leading trading conditions,” Skilling doesn’t elaborate much on the extent of the features it offers traders and it seems the tools and charting services on Skilling are pretty standard for the CFD trading industry.
Skilling provides traders with 24/5 customer support with prompt response times. There is also a live support desk chat which is available Monday-Friday, between 08:00 and 21:00 hours CET.
Skilling’s breadth of over 800 CFDs across multiple asset classes through its proprietary trading platforms is a robust offering in and of itself. When spreads starting from 0.1 pips and leverage of up to 1:400 for professional traders are also considered, Skilling becomes even more attractive.
As a fully authorised and regulated broker by two financial authorities in the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Service Authority (FSA) you can trade with confidence knowing that your funds are segregated, insured, and secure.
The only area visibly lacking is Skilling’s education resources which is nothing more than a single page covering just the very basics of CFD trading. Apart from this, its offering is solid and stacks up well against other similar CFD and forex brokers.
How to open an account with Skilling
Opening a trading account is straightforward, simply follow these steps:
- Click on the ‘Sign up’ button on the top right hand side of Skilling’s website homepage.
- Fill in the basic information form with your email, country of residence, phone number, and preferred account currency.
- Verify your identity by uploading two ID documents (one primary with photo and a secondary piece such as a utility bill) or by registering with Bank ID.
- You are ready to fund your account and start trading.
Skilling is a Scandinavian-owned CFD and forex broker founded in 2016 by three technology experts: Henrik Pearsson Ekdahl, Andre Lavold and Mikael Riese Harstad of Optimal Invest.
Skilling makes its money on the spreads it applies to trades. It also charges commissions on certain equity CFDs and Cryptocurrencies.
Depending on the laws where you reside, you may have to pay taxes on your Skilling profits. Please consult your local tax laws to determine what applies to you.
Yes, Skilling is a specialty CFD and forex broker.
To sell a financial instrument on Skilling simply place a Market Order from your account by clicking the Sell button.
Simply go to the Account page in your Account Settings. On the bottom right-hand side, click the Deactivate Your Account link and follow the instructions.
Short-selling on Skilling is made easy, just one click of the Sell button after setting up the parameters of your short order. To short an asset the aim is to sell it and then buy it at a lower price – as long as the asset falls in value as predicted, you end up with what you started with plus the difference between the buy and sell price.
To recover your password, simply click on ‘Forgot Password’ on the login page and enter your email.
Unfortunately, Skilling does not currently support Paypal payments or withdrawals.
All of your executed and open trades are saved in real time and you can view them once the platform is available again.
In the event that Skilling ceases operations, it is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Service Authority (FSA), both of which offer account holder compensation funds.
Yes, you can access your full trading history once logged into your Skilling account.
No, Skilling does not accept deposits in cryptocurrencies such as Bitcoin.
No. Due to the regulatory measures laid out by Skilling’s regulator CySEC, it’s no longer possible for online brokers to offer any bonus or promotional offers to new customers in EU/EEA countries.