Is Skilling Regulated? Is it safe? - TU Expert review
License is the most important document you have to consider when choosing a broker. Many traders, who would like to start working with Skilling try to check whether it is regulated. Traders Union experts have already done that. In this article, you will learn whether Skilling is regulated, what regulatory authorities supervise the broker and whether it is safe to work with the company in general.
Short summary about the broker Skilling
Skilling is a Scandinavian broker founded in 2016. Initially, the company worked in the regional market, providing classic CFD trading services. Today it is a relatively large European broker registered in Cyprus and licensed by CySEC 357/18, FCA 810951 (UK) and FSA SD042 (Seychelles). The broker positions itself as a fintech platform, developing software and technologies for novice and professional traders.
| 💰 Account currency: | EUR, USD |
|---|---|
| 🚀 Minimum deposit: | 20 USD (EUR 100 - EU) |
| ⚖️ Leverage: | Up to 1:30 (for retail trading), up to 1:200 (for professionals) |
| 💱 Spread: | From 0.7 pip (Standard and MT4), from 0.1 pip (Premium, MT4 Premium) |
| 🔧 Instruments: | Currency Pairs (53-73), Stock CFDs (760), Indices (16-18), Commodities (6), Cryptocurrencies (50) |
| 💹 Margin Call / Stop Out: | n/a/50% |
Pros and cons of Skilling
👍 Advantages of trading with Skilling:
•No commission for replenishment and withdrawal of money.
•No restrictions on the amount and number of requests.
•Availability of an insurance fund in case of force majeure, bankruptcy, or fraud.
•Proprietary professional platform for manual trading. Classic platforms for trading with expert advisors.
•Exit to a large level of liquidity. Excluding slippage, a sharp increase in trading commission.
•Over 750 fund assets, including indices.
👎 Disadvantages of Skilling:
•Maximum leverage is 1:30 for traders without experience. Leverage on cryptocurrencies is reduced to 1:2.
•High spreads on standard accounts.
Why is it important to work with a regulated broker?
License is a document that certifies that a broker operates legally and guarantees fulfillment of its obligations to the traders. A financial license is issued by a financial regulatory authority of a country (the National Bank) or a specialized authority (for example, Securities Commission, Futures Trading Commission, etc.). It is important to choose licensed brokers for the following reasons:
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A license guarantees that the broker operates in compliance with the rules of the financial regulator that issued the document.
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In order to obtain the license, a broker must comply with certain requirements, for example, the size of the authorized capital or personnel qualification. It is simply not lucrative for scammers to comply with such requirements.
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A broker’s license provides access to real markets, and you can be sure that the quotes are real and up-to-date.
The best option is to work with a broker that holds the license of the jurisdiction, where the trader resides. You can also choose a company with a financial license of another reliable jurisdiction, for example, the U.S. or the European Union.
Is Skilling Regulated? Broker’s license
Security (Protection for Investors)
The broker has licenses from regulators in Cyprus (CySEC) as well as in Great Britain (FCA). The company strictly complies with the requirements of the European MiFID Directive, which means that increased leverage is provided only to qualified investors, the maximum leverage on cryptocurrencies is 1:2, and the annual contributions to the compensation fund are paid. In case of a violation of rights, every investor can apply to the regulator and ombudsman at the place of registration with a complaint.
👍 Advantages
- CySEC is among the most respected regulators
👎 Disadvantages
- The need to comply with the requirements for the execution of documents
Brokerage fees
Broker’s regulation is the most important choice criterion. However, before you start working with the broker, it is also important to analyze its commissions and fees. TU analysts have studied the commissions and fees charged by Skilling, which you can see below.
Experts at the Traders Union analyzed the tariff policy of the Skilling broker. According to the results, the flexibility of trading terms depends on the type of account and the asset traded. On the Standard and MT4 accounts there is no fixed commission, but the spread is from 0.7 pips for currency pairs. There is a fixed commission for the Premium and MT4 Premium accounts with a spread of 0.1 pip from $35-50 for a trading turnover of $1 million, taking into account the leverage. There are no commissions for replenishment and withdrawing money.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard and MT4 | From $7 | No |
| Premium and MT4 Premium | From $1 | No |
Brokers that are similar to Skilling
Many brokers operate legally, obtaining relevant licenses and permissions. However, when choosing a broker, it is important to compare their trading conditions. TU experts have prepared a comparative analysis of Skilling conditions with its closest competitors.
Comparison of Skilling with other Brokers
| Skilling | RoboForex | Pocket Option | Exness | FBS | AMarkets | |
|---|---|---|---|---|---|---|
Trading platform |
Skilling Trader, MT4, cTrader |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MobileTrading |
MT4, MT5, AMarkets App |
Min deposit |
$100 |
$10 |
$5 |
$10 |
$1 |
$100 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
Spread |
From 0.1 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0.2 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
No deposit bonus |
No |
No |
No |
No |
$5 |
No |
Cent accounts |
No |
Yes |
No |
No |
Yes |
No |
Skilling is a broker for traders with any level of knowledge, who appreciate the meeting of European financial legislation and the reliability of the company.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
AMarkets is a broker that is more suitable for professional trading. Everything here is designed to accommodate trading with EAs and that is the broker’s strength. The weakness of the broker is that it won’t be easy for traders without experience to work here.
Conclusions
Skilling is a quite reliable broker for trading. Skilling operates on the license of a reliable jurisdiction and its operation is regularly monitored. However, the company does not offer the best trading conditions compared to competitors. You can choose this broker and not worry about the safety of your funds, but there are better options in terms of trading conditions.
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FAQ
How difficult is it to obtain a brokerage license?
The procedure for obtaining a license differs depending on the jurisdiction, but it is very difficult and expensive to get the document in a reliable jurisdiction. This is why only reliable brokers obtain licenses.
Why is it not recommended to work with offshore brokers?
Offshore brokers have to meet minimum requirements for obtaining a license and reporting, which is why often scammers get such licenses.
Can an offshore broker be reliable?
Yes, although there are not many of such brokers. There are brokers with a good reputation, but with an offshore license. You still need to be very cautious when working with such companies.
How do I check a broker’s reputation?
In order to check a broker’s reputation, you need to read user reviews. However, it is recommended to only use independent websites for that.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.