Skilling Review [year]

Editor’s Verdict

Overview

Review

Scandinavian-owned and Maltese-registered broker Skilling joins the list of FinTech companies disrupting traditional Forex and multi-asset brokers. Regulated by the Seychelles-based FSA and the UK’s FCA, Skilling promises a trading environment for everyone interested in financial markets, offering 800+ assets from three trading platforms. I conducted an in-depth review to find out if the FinTech core of Skilling delivers a competitive edge to traders. Should you open an account with this promising broker?

Summary

Skilling - A promising FinTech company offering competitive trading conditions

I like that Skilling developed its proprietary trading platform Skilling Trader while also offering traders the choice of MT4, the market leader in algorithmic trading, or cTrader, the best out-of-the-box ECN solution, and fierce MT4 competitor. Skilling also developed a mobile trading app for Android and iOS to cater to mobile traders.

Skilling at a Glance:

• Ideal asset selection for Forex and cryptocurrency

• Competitive choice for scalpers and high-frequency traders due to high leverage and fast order execution

• Support for algorithmic and copy traders from MT4 and cTrader

• Traditional retail account management via MAM/PAMM accounts

• Relatively low reported retail trader loss rate

Skilling Main Features

Regulation and Security

Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. Skilling presents clients with two well-regulated entities.

Some potential comparative advantages of the Seychelles subsidiary:

• Higher leverage
• Competitive regulatory conditions

What is missing?

• Investor compensation fund
• Third-party insurance
• Financial Commission membership

Noteworthy:

• The Cyprus subsidiary offers an investor compensation fund up to 90% or €20,000 of deposits but more restrictive trading conditions.
• Skilling caters to UK traders via its UK branch of the Cyprus unit (reference number 810951).
• Skilling has a clean regulatory track record.
• Transparent broker with management profiles on its website, which is rare.

While Skilling has only five years of experience, the transparency and its present track record conclude that it is a trustworthy broker. Many brokers do not openly profile their management teams, but Skilling does, showing clients their open approach to business, which I appreciate.

Fees

I rank trading costs among the most defining aspects when evaluating a Forex broker, as they directly impact profitability.

Skilling offers traders a choice between two cost structures:

• Commission-free trading costs start at 0.8 pips or $8.00 per 1.0 standard lot.
• Commission-based accounts commence with a minimum spread of 0.1 pips and a commission of $6.00 per round lot for a final cost of $7.00.

Noteworthy:

• Commissions only apply to Forex and commodity assets. Index and equity CFDs remain commission-free.

Here is a screenshot of Skilling live quotes during the London-New York overlap session in their MT4, the most liquid one, where traders usually get the lowest spreads.

Which pricing environment should Forex traders select?

I recommend the following:

• The commission-free cost structure is best for most traders, as it ranks on par with the commission-based one.
• Skilling departs from most competitors, where the commission-based pricing environment usually yields lower overall trading costs.

What is missing at Skilling?

• A volume-based rebate program for the commission-based trading account.

The absence of a volume-based rebate program keeps the commission-based pricing environment more expensive when compared to competing brokers. The minimum costs are acceptable but not especially competitive.

The average trading costs for the EUR/USD in the commission-based Skilling Premium account:

One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.

Noteworthy:

• Skilling (at the time of writing) offers a positive swap on EUR/USD short positions, meaning traders get paid money to hold overnight. This is a relatively competitive offering on overnight fees which could be useful for longer-term traders.

MT4 traders can access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Swap Long and Swap Short.

Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-based Skilling Premium account.

Taking a 1 standard lot buy/sell position, in the EUR/USD at the average spread and holding it for one night will cost the following:

Taking a 1 standard lot buy/sell position, in the EUR/USD at the average spread and holding it for seven nights will cost the following:

Additional notes on trading costs at Skilling:

• No inactivity fees.
• Currency conversion fee of 0.70%.

What Can I Trade?

I like the well-balanced asset selection at Skilling, except for commodities, where it only offers six. While Skilling does not specify ETFs on its website, it lists 45 in its proprietary trading platform. The Forex and cryptocurrency selection ranks among the broadest ones overall, making it ideal for traders seeking exposure to either sector.

The equity CFD selection presents most retail traders with sufficient exposure to large-cap names.

What is missing?

• Mid-cap and small-cap alternatives from the equity CFD list.

Asset List and Leverage Overview

Skilling Leverage

Traders at the Skilling Seychelles subsidiary get maximum leverage up to 1:500. I recommend active traders use the Seychelles entity if possible as it presents more overall trading flexibility, which directly impacts profitability.

Other items worth noting on Skilling’s leverage:

• Skilling offers dynamic leverage, lowering the total based on volume, assisting proper risk management.
• Negative balance protection exists, ensuring traders never lose more than their deposit.
• The Cyprus unit limits leverage to 1:30 in line with regulatory restrictions.

Skilling Trading Hours (GMT Server Time)

Noteworthy:

• Equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies

I recommend the following step for MT4 traders to access trading hours:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Sessions.

Account Types

Skilling offers two account types and two trading platform classifications for a total of four account types.

Traders can choose between the following:

• Commission-free versus commission-based account
• MT4 versus cTrader/Skilling Trader

My observations concerning the Skilling account types:

• Traders requiring the MT4 infrastructure must accept a narrower choice of assets, including Forex and cryptocurrencies.
• Most retail traders will opt for the commission-free account due to the €100 minimum deposit requirement.
• The Premium accounts require €5,000 but it is not clear what additional benefits opening a Premium account brings.
• MAM/PAMM accounts are available for traditional retail account management.
• MT4 and cTrader accounts support algorithmic trading and have an embedded copy trading service.
• Corporate and Islamic accounts are available.

My recommendation:

• Unless traders have EAs or advanced trading solutions requiring the MT4 infrastructure, I recommend the cTrader Standard account, where traders get access to the most assets.

Skilling Demo Account

Demo accounts are available at Skilling, ideal for testing EAs or different trading strategies. I like the absence of a time limit on the account which is more than many other brokers will offer.

My recommendation:

• MT4 demo account offers a flexible size, and traders should select a size equal to what they plan to deposit in a live trading account for psychological reasons.

Trading Platforms

Skilling offers traders the market leading MT4 trading platform, the ECN alternative cTrader, and the proprietary Skilling Trader. Skilling developed its Skilling Trader to connect with cTrader, which is a unique approach.

Since the asset selection differs between MT4 and cTrader, I recommend the latter for traders who require a broader asset selection. Skilling offer 200+ trading instruments for MT4 and 800+ on cTrader/Skilling Trader.

Both MT4 and cTrader are available as desktop clients, a web-based alternative, and a mobile app. Skilling Trader does not feature a desktop version.

What is missing?

• MT4 add-ons are unavailable, leaving traders with only the core version of MT4.

My observations:

• Traders with MT4 EAs must use the desktop client.
• cTrader supports algorithmic trading via its desktop client and web-based alternative.

Overview of Trading Platforms

Unique Features

I like that Skilling offers MAM/PAMM accounts for traditional retail account management. It allows portfolio managers and skilled retail clients to build an additional revenue stream. Since algorithmic trading is available and Skilling grants flexibility in deposit amounts, ideal conditions exist with low capital entry requirements.

Research and Education

Skilling operates as an execution-only broker and does not feature research. Since plenty of free research is available online, I do not consider it a negative against Skilling.

Beginner traders can learn from the Skilling Academy, where five lessons and 47 lessons await. The available content is of good quality, easy to read, and filled with valuable information.

I recommend traders take their time reading and understanding the content in the Skilling Academy. I also advise traders to seek additional information from trusted third parties free of charge for a more comprehensive overall educational approach.

My takeaways:

• As an execution-only broker, Skilling presents a quality trading environment.
• Skilling does not offer any research, creating a services quality gap to competing brokers.
• The educational content features quality but remains insufficient to provide beginner traders with adequate information.

My recommendations:

• Research is not available, but traders can evaluate the MAM/PAMM account, or the copy trading feature embedded in MT4/cTrader.
• MT4 has thousands of EAs, and traders may explore them to determine if they suit their trading style.
• Traders can also access numerous free research available online.

Customer Support

Customer Support Methods
Support Hours	M-F, 04:00 - 22:00
Website Languages	EN ES AR FR ZH RU PT MS TH Other

Customer support is available from Monday through Friday between 04:00 and 22:00.

Since Skilling explains its products and services well and ensures flawless operations, I doubt traders will require customer support.

My recommendations:

• Traders should read through the FAQ section before reaching out to a customer service representative.
• For non-urgent questions, I recommend live chat.
• Skilling provides phone support, ideal for urgent matters.

Bonuses and Promotions

At the time of this review, Skilling neither offered bonuses nor promotions. These are banned by CySEC but could be offered through their Seychelles entity. I want to note the quality affiliate program, allowing traders to create a passive income stream.

Opening an Account

I like the swift account opening process at Skilling. It takes less than 15 seconds. Traders must provide their e-mail, desired password, country, mobile phone number, preferred account base currency, and regulatory jurisdiction. Account verification is mandatory, and most traders will complete it after sending a copy of their ID and one proof of residency document.

Minimum Deposit

The minimum deposit for the Skilling Standard account is €100 or a currency equivalent, higher than many brokers but within a reasonable and affordable range. The Premium alternative is available starting at €5,000.

Payment Methods

Skilling offers bank transfer, credit card, debit card, Neteller, Skrill, wire transfer & others..

Accepted Countries

Skilling caters to most international traders and does not list restrictions on its website. Like almost all international brokers, US persons cannot open trading accounts at Skilling.

Deposits and Withdrawals

All financial transactions take place in the secure back office of Skilling. I like the variety of deposit and withdrawal methods.

My observations:

• Skilling does not charge any fees for deposits or withdrawals, but third-party processing fees may apply.
• Skilling reserves the right to impose a 2.9% fee on Skrill and Neteller transactions.
• A 0.70% currency conversion fee applies.
• Skilling processes all withdrawals in the account base currency.
• Deposits are instant except for bank wires, where it may take up to seven business days.
• Withdrawal times depend on the payment processor, ranging from 24 hours to seven business days.
• Not all deposit and withdrawal methods are available to all traders, dependent on the location.
• The minimum deposit is €100 or a currency equivalent, but the minimum withdrawal amount is lower at €50.

My recommendations:

• Traders should select the payment processor with the lowest fees.
• I also recommend checking the costs from the payment processor to the bank account unless a debit/credit card is available.
• It is ideal to use an option besides the bank or credit/debit card used for day-to-day financial operations.

Bottom Line

I like the trading environment at Skilling as it offers high leverage, fast execution, and a well-balanced asset selection. Skilling offers three trading platforms, MAM/PAMM accounts, supports algorithmic and copy trading, and maintains an attractive partnership program. A well-regulated and transparent broker, Skilling, owned by a FinTech company, stands on a firm foundation and deserves serious consideration as a primary choice.

Trading Platform

FAQs

Is Skilling a good broker?

Skilling is a good broker as it offers a competitive trading environment, including costs and order execution.

Is Skilling broker safe?

Skilling deploys all standard security features on its website, and traders should consider it safe.

Is Skilling a scam?

Skilling is a well-regulated, transparent broker with a clean regulatory track record and not a scam.

Is Skilling legit?

Skilling has licenses from two regulators and operates out of offices in four countries as a legit and trustworthy broker.

By DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.