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Skilling Review 2020

Founded by Andre Lavold in 2016, Skilling is a Scandinavian based fintech business that makes trading safer and easier for both the beginner and professional traders. Headquartered in Nicosia, Cyprus, it has acquired valid licenses from the Seychelles Financial Service Authority (FSA) and Cyprus Securities and Exchange Commission (CySEC). The service enables investors to trade more than 800 CFD (Contract for Difference) and forex instruments which include cryptocurrencies, commodities, indices, stocks, and currency pairs from all over the globe. 

Skilling makes trading accessible for anyone with a dedicated platform for computers and apps for both iOS and Android operating systems. It means users can trade on the go without having to worry about missing out on great opportunities. The team consists of more than 40 talented individuals who do not only come from different professional backgrounds but regions as well including Cyprus, Spain, Malta, and Seychelles. This team of experts includes financial specialists, marketers, and developers.

3 Steps to Sign Up on Skilling

1. Sign Up & Verify: It does not matter if you are a beginner or a seasoned trader as you can sign up in no time. You will be required to provide basic personal information like your name, number, email address, and country of residence.

2. Make an Initial Deposit: Once you have gone through the above phase and activated your account, it is now time to make your initial deposit, which will act as your working capital. For a standard account type, deposit minimum is $100, while for premium account type, you will need to deposit at least $5,000.

3. Time to Trade: After you have deposited funds into your account, it is time to trade on Skilling. You can either use the web platform or download the mobile app. We recommend that you go through all the training materials provided on the website first and then practice your trading using a demo account. 

Pros & Cons

Pros

Trade more than 800 CFDs and forex financial instruments
Quick and easy sign-up and verification process
The minimum deposit is only $100 for the standard account
Availability of demo account to gain familiarity with trading
Easy to use platform for beginners and amateur traders
Leveraged trading available for professional investors
No hidden charges and straightforward trading fees
Regulated by CySEC and FSA and quick order execution
Trade popular cryptocurrencies including BTC, ETH, and XRP
Support for a wide range of traditional and online payment modes
Trading assistance tools available such as multiple chart display

Cons

Relatively new trading platform compared to other established companies
Some users may find the cost of spread to be higher than the competition
Service not available in many countries including Canada and the US

Skilling Compared

Skilling may not have a decade long legacy to boast about but it has focused on two crucial aspects of trading which have helped the platform make its mark within the industry. The first objective of the founders was to make trading accessible, and they have done exactly that by continuing to expand their regional as well as functional reach at a rapid pace. You can now trade all the popular financial instruments and asset classes across a range of different types of devices and from different regions.

Secondly, it acquired credibility and trustworthiness by securing two very crucial licenses from CySEC and FSA while paying attention to traders’ security as well. The service deploys the industry's best practices to ensure your credentials, funds, and personal data remain safe at all costs. Doing basics right is what has given it a competitive advantage.

History of Skilling

The foundation of the Skilling trading platform was laid in April 2016 when Scandinavian technology moguls - Andre Lavold, Henrik, Persson, and Mikael Riese - joined hands with the objective to revolutionize traditional and modern trading. In June 2016, the first office opened its doors in Malta while in October, the trading platform went into the design and development phase.

In January 2017, the company started searching for talented individuals for key management positions who would be able to define the path of the new-born company. By May 2017, Skilling Ltd was successfully incorporated as a Cyprus entity, and August of the same year saw the development initiation of its execution engine. In the month of November, management filed the application for the CySEC license.

February 2018 witnessed their headquarter being founded in Cyprus, which was followed by the acquisition of an official CySEC license in March that enabled the company to offer its trading services in the EEA region. By September of 2018, major improvements were made and deployed to the trading platform to make trading much easier for the users. Moreover, Skilling Academy and Trade Assistant were included in the resources to help out beginners and amateur traders.

In April of 2019, the trading platform went through its final phase of QA and testing which encouraged the company to expand its operations to the United Kingdom, Germany, Norway, and Sweden. By October 2019, the platform was operational in all EEA countries.

In April 2020, Skilling capitalized on its exponential growth and was successful in acquiring a new official license from the Seychelles Financial Service Authority (FSA). This enabled the platform to expand its operational reach beyond the European Union.

Regulation and Security

Skilling is a broker that is regulated by the European Union with a valid license from the Cyprus Exchange Commission (CySEC). It means that it cannot make any promotional claims or offer any deals to its new and existing users since they have been banned in EEA and EU regions. What this means is that all information presented on the platform is fact-based and reliable. Apart from that, Skilling recently acquired a new license from the Seychelles Financial Services Authority (FSA) which is another regulatory body.

Working with these licenses means Skilling has to comply with all the regulations mandated by the concerned authorities to ensure the safety and security of the users and their funds.

Is Skilling Safe?

Being regulated by CySEC means traders have a financial protective cover of up to €20,000 and they also have negative balance protection which means they cannot lose more money than they already have in their accounts. Moreover, Skilling also has to reveal its financial reports on an annual basis as well as permit external audits to ensure customers' funds are separated from the organization's funds.

It also has a legal requirement to ask traders for their valid IDs that state their physical address as anti-money laundering measures. Apart from that, Skilling is a member of the Investor Compensation Fund (ICF) which proves its devotion towards ensuring compliance with a variety of regulations.

When it comes to the online trading platform, the website boasts robust protection enabled through Secure Socket Layer (SSL) ensuring all the user data is completely encrypted during transit. It means that even if the data is intercepted, hackers or cyber criminals won't be able to decode it to get personal and privileged information.

Reputation

With Skilling adding thousands of new amateur and professional traders on its platform within a few years of its launch, it is quite evident that the trading platform has become highly reputed owing to its simple, secure, and user-friendly services. It has not only expanded its operations in different regions but has also added new financial instruments and assets for investors to trade so they can diversify their portfolios.

Due to its stellar reputation, it was able to land an endorsement from Fulham FC's becoming their sponsor for the 2019/2020 season. With its services available on all types of platforms including desktop PCs and mobile operating systems, people from all walks of life can start trading on Skilling. 

Is Skilling for Me?

Whenever you bring up a trading platform, it is always met with at least some level of scepticism and rightly so. Many people who have never traded anything in their life feel intimidated by these platforms and fear losing their money. On the other hand, seasoned professionals are often sceptical of whether a platform will offer all the features and granular controls they need to maximize their profit growth.

Here we have reviewed the platform from the perspectives of both beginner and professional traders. 

I’m a Beginner

Beginners who are just starting out in the field of trading have a wide range of training resources available to them. Moreover, they can also start practising with a demo account which allows them to get to know the platform in a better way and learn the basics of trading without putting their real money at risk. 

I’m an Expert

Professional traders will also find plenty of features on Skilling to leverage their skill set and experience. The proprietary platform comes with more than 70 indicators including MACD and moving average which enables seasoned traders to carry out technical analysis with ease. The range of charts and integration with cTrader and MT4 ensures that professional traders don't have anything to be disappointed about. 

What Are the Benefits of Trading Crypto on Skilling?

Skilling enables traders to invest in cryptocurrency CFDs of all popular tokens including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and more. You get tight spreads and straightforward pricing, so you can manage your trades diligently to maximize your profit margins. The proprietary trading platform is intuitive to use for everyone, from inexperienced traders to seasoned professionals.

You can continue to trade your cryptocurrency CFDs on your smartphone as well with full-featured iOS and Android mobile apps. Enabling trading on the go means that you will never miss out on profit-making opportunities, while trading assistant and swift order execution will ensure you get exactly what you are looking for.

The spread of cryptocurrencies is quite low with 0.2% on BTC and 1.6% on ETH. Other coins you can trade include NEO, IOTA, XMR, EOS, DASH, XRP, LTC, ETH, and BCH. If you have any questions or concerns, you can always reach out to the customer support that is always more than happy to help.

Fees and Costs

Skilling does not charge any fee for deposits while spreads for standard and professional accounts start from 0.7 pips and 0.1 pips respectively. If you are drawing your money through Skrill or Neteller, you will be charged around 2% to 2.6% as a withdrawal fee, with a minimum withdrawal amount of $50. Moreover, if you haven't used your account in the last 12 months, you will be charged $10 a month from then on.

If you are looking to trade CFDs, FTSE spread is 2 pts, GBP/USD spread is 0.5 pips, oil spread is 6 pips, and stocks spread is around 0.1% for each side. For forex trading, GBP/USD spread is 0.7 pips, EUR/USD is 0.4 pips, and EUR/GBP is 1.1 pips.

For all other financial instruments and assets, you will need to monitor the detailed pages of the respective assets. Generally, the platform is quite transparent and straightforward in terms of fees and commissions and reputedly does not sneak in any kinds of hidden charges or costs.

For complete details about the fees and commissions charged, you can visit this page. It includes all the details along with formulas used to calculate different types of charges and fees for different classes of assets.

Payment Methods and Limits 

Accepted Deposit Methods

  • Visa
  • MasterCard
  • Neteller
  • Trustly
  • Klarna
  • Skrill
  • Swish
  • AstroPay
  • Pagsmile
  • Boleto Rapido
  • Fasapay
  • PayTrust
  • Transact World
  • PayRetailers
  • WalaoPay
  • Directa 24k

Minimum Deposit and Withdrawal Limits

  • Minimum deposit of $100
  • Minimum withdrawal limit of $50
  • No maximum withdrawal limit applies

Performance Features and Functionality

Skilling has become a reputed broker for trading CFDs, cryptocurrencies, stocks, and forex in a short space of time. The trading is offered through its own proprietary platform which maintains an effective balance of form and function. For those who are searching for more control over their trades, Skilling allows them to integrate with cTrader as well as MT4. The service is platform-agnostic, which means you can continue to trade on any device which has internet access. If you are on a smartphone, you can download the app for iOS or Android depending on your operating system.

Spreads are relatively low and the demo account helps new traders to familiarize themselves with the platform and test different testing strategies without putting their money at risk. The interface is designed for simplicity and without any frills, so everyone feels welcome to join. This practical design also removes any distractions in order for users to focus solely on their trading.

The watchlist is one of the most modern features offered. An elegant dashboard that displays a variety of trading instruments including their popularity, as well as the country of origin, is available here. The watchlist can be customized to review certain trades or assets.

News and calendars deliver information on recent developments, including any events that would cause a major impact and upcoming modifications. For new users who have just joined, Skilling Trade Assistant provides great assistance. 

Trading Platforms 

Like many other trading services, Skilling offers its own proprietary trading platform to deliver a distinct experience that is more user-friendly as compared to other platforms. It is a web-based interface with a pleasing design and a simple user experience. The company has taken away all the complex and intimidating trading jargon and replaced it with its own visually elegant, easy-to-understand information.

That being said, it doesn't mean the proprietary platform skimps on the functionality, as it brings more than 70 performance indicators including advanced options like MACD and moving average for the technical assessment of trades. There are different types of charts available as well which help traders give the performance a visual meaning. Integration with cTrader and MT4 is also available for the more advanced trader. 

Educational Resources 

Skilling has curated a knowledge database called ‘Help Centre’ which you can find on the official website. The service offers an abundance of information and training regarding the basics of investment trading and how to generally use the platform. From commissions and leverages to withdrawals and payment modes, you can find everything you’ll need on the website. Where some competitor platforms could be accused of keeping their users in the dark, Skilling provides an extensive library of FAQs and other resources that are always readily available. 

Trading Options

Skilling presents more than 800 assets and financial instruments for both beginners and professional traders. Primary categories include:

  • Cryptocurrencies
  • Indices
  • Forex
  • Commodities
  • Shares

As cryptocurrencies emerge as a short and long term investment driver for traders all over the world, Skilling is actively putting in the effort to improve its cryptocurrency CFD trading experience for all types of users. Leading coins like Bitcoin, Ethereum, and Ripple are already available while the platform is determined to bring even more altcoins to its offerings.

Account Types

Demo Account

This is for new users who want to familiarize themselves with the look and feel of the platform and discover exactly how it works. It can also be used to test your trading chops without having to worry about putting real money on the line.

Standard Account

This is the type of account that most new users who have some foundational knowledge on trading tend to go for. Spreads are low and start at 0.7 pips while the minimum deposit is only $100.

Premium Account

Those traders who want to get more out of their account may want to sign up for a premium account. You can place a special request with the company to open this account, which requires a minimum deposit of $5,000. The spreads start from 0.1 pips while trading commission includes extra pips to the spread that is already available.

Final Thoughts

Whether you are a professional trader who wants complete control over his orders or just a beginner who wants to test the waters, Skilling is a trading platform that offers the perfect balance of functionality, simplicity, and security. It is regulated by two leading authorities and operates across multiple regions with thousands of active members all over the world. In the short time the platform has been in operation, it has built a robust reputation for offering a great experience at an exceptional price point.

From conventional financial instruments like commodities to modern trading drivers such as cryptocurrencies, you will find almost every asset class there. Skilling is a trading platform that has just started to spread its wings and is already competing against the leading names. If you are looking for a reliable trading platform that is focussed primarily on user experience and reliability, Skilling might just be the environment you’ve been looking for.

FAQs

  1. Yes. It has a demo account feature for traders to familiarize themselves with the platform UI and learn the basics of trading.

  2. All conventional and modern asset classes including commodities, indices, stocks, cryptocurrencies, and forex.

  3. Unfortunately, currently, there is no support for MT5. It does offer integration with cTrader and MT4 trading platforms for professional traders.

  4. To get a professional account, you need to put in a special request with a minimum deposit of $5,000.