71% of retail CFD accounts lose money
Skilling Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- 20 USD
- MT4
- cTrader
- Skilling Trader
- CySEC
- FSA
- 2016
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- 20 USD
- MT4
- cTrader
- Skilling Trader
- CySEC
- FSA
- 2016
Our Evaluation of Skilling
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Skilling is a broker with higher-than-average risk and the TU Overall Score of 4.57 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Skilling clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
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.
Brief Look at 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.
- 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.
- Maximum leverage is 1:30 for traders without experience. Leverage on cryptocurrencies is reduced to 1:2.
- High spreads on standard accounts.
TU Expert Advice
Financial expert and analyst at Traders Union
Skilling is a rather ambitious Scandinavian CFD broker, aiming to expand its presence in the European and Asian regions. The company is young, but already has a clear model of development and goal achievement. The emphasis on trading products is made on the optimization of the popular trading platforms with a focus on the stock market. The broker's range includes classic MT4, modified cTrader, and the Skilling Trader. And while the broker has only 70 currency pairs in its trading assets, the number of stocks is over 750.
Another feature of Skilling, which is rare for CFD brokers, is that it works in strict compliance with the requirements of the European regulators. For novice traders, the leverage is up to 1:30, and for professionals, it is up to 1:200. But one’s professional status must be confirmed by passing the "qualified trader” test. And this is the confirmation of the honesty, transparency, and reliability of the broker.
Rather high commissions are justified by the absence of liquidity issues. There are no slippages or sudden spread widening even in moments of atypical fundamental volatility. You can see the current spread by installing, for example, a script in MT4. The first impression of the broker is positive. Therefore, I recommend getting acquainted with the company because I have tested the functionality of the platforms on a demo account with good results.
Skilling Summary
Your capital is at risk. 71% of retail CFD accounts lose money CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | МТ4, cTrader, Skilling Trader |
|---|---|
| 📊 Accounts: | Standard, Premium, MT4, and MT4 Premium |
| 💰 Account currency: | EUR, USD |
| 💵 Replenishment / Withdrawal: | Visa/Mastercard, Neteller, Trustly, Klarna, Skrill, Swish, AstroPay, FasaPay, Directa, UnionPay, Transact World, and 5 more payment methods |
| 🚀 Minimum deposit: | 20 USD (EUR 100 - EU) |
| ⚖️ Leverage: | Up to 1:30 (for retail trading), up to 1:200 (for professionals) |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 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% |
| 🏛 Liquidity provider: | n/a |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Instant execution |
| ⭐ Trading features: | There is social trading through the cTrader platform |
| 🎁 Contests and bonuses: | Yes, through the Traders Union about the |
Skilling is a universal CFD broker with a focus on stock markets and cryptocurrencies. The broker's arsenal includes 60 tokens and altcoins, over 760 stocks, and stock indexes. The number of assets exceeds 900, but their number may vary depending on the type of account.
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Trading Account Opening
Before registering with a broker, check out the opportunity to save on trading costs by joining the Traders Union.
Registration with Skilling and opening an account:
Click "Sign up” on the main page of the site in the upper right corner. You can use the offer to open a demo account on any other page of the broker. Enter the requested data.
After entering the email, to which the account will be linked, and the password, the broker will offer to proceed to a more in-depth registration and verification. Or follow the browser version of the Skilling Trader platform.
The functionality of the Skilling user account and the platform integrated into it:
Also in the user account, you will have access to:
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Funds management. This section is available only after verification.
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Viewing the history of transactions.
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Access to the Broker Academy.
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News subscriptions and newsletters.
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Trade in the browser version of the platform.
Regulation and Safety
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
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard and MT4 | From $7 | No |
| Premium and MT4 Premium | From $1 | No |
There is a swap and a triple swap fee for transferring a deal to the next day.
The Traders Union analysts also compared Skilling's commissions with those of other brokers. The spread in USD for 1 standard lot on EUR/USD was taken as the basis.
| Broker | Average commission | Level |
|---|---|---|
|
$4 | |
|
$1 | |
|
$8.5 |
Account Types
Skilling offers two classes of accounts: Standard and Premium. Both classes, in turn, are divided into account types depending on the platforms. Both Standard and Premium accounts are available separately for MT4 and separately for cTrader/Skilling Trader platforms.
Types of accounts:
Deposit and Withdrawal
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Payment methods includeVisa/Mastercard, Neteller, Trustly, Klarna, Skrill, Swish, AstroPay, FasaPay, Directa, UnionPay, and Transact World. The broker works with over 15 payment systems.
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There are no withdrawal fees, and deposits are free of charge. But there can be commissions charged by payment systems, which are not reimbursed by the broker. In some cases (not specified on the site), the broker may charge a commission of up to 2.9% when depositing or withdrawing money through Skrill or Neteller.
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The minimum withdrawal is 50 units, depending on the payment system. In most cases, it is from 50 euros.
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Processing time is within 1 working day for withdrawal to electronic systems/e-wallets, and 2-7 days for bank payment systems.
Investment Options
Passive investing is represented by the Skilling copy trading platform. It can only be accessed after installing the cTrader platform, from which you switch to social trading. Rating of traders for copying is not available without registration.
Another option for passive investing is by using the MT4 platform, which has an integrated social trading service. The function of transaction copying is available on MT4 and MT4 Premium accounts.
Social trading on MT4 by MetaQuotes
MetaQuotes is the developer of the MT4 trading platform, which is also the creator of a community of traders based on the analytical portal MQL5.community. This community brings together programmers, traders, and investors from all over the world. Access to this community is integrated into MT4 so that every broker's client can copy trades of community traders via MQL5 in the MT4 platform.
How it works:
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Register on the MQL5.com website.
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Register and open an account with a Skilling broker and install the МТ4 trading platform.
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In the "Signals" tab of the "Terminal" window, select the trader whose trades you plan to copy to your account.
The fee for copying trades is fixed (monthly subscription fee) and individual for each trader. The rating of traders is strictly monitored by community analysts, so there is no risk of getting faked backtest.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Skilling’s affiliate program:
The broker provides the affiliate programs as follows:
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Introducing Broker (IB). The program is for private traders and legal entities with remuneration up to 50% of the amount of spread paid by a referral.
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Affiliates. This program is for website owners, media persons, and SMM marketers. Income can be up to $800 depending on conversion.
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PAMM. Possibility of opening the account of the manager with a multilevel system of connection of investor accounts. The broker doesn’t allocate this direction in a separate investment product, therefore there is no rating of managers. This service is of interest to managers who search for potential investors and bring them to Skilling, allowing them to receive compensation from the broker.
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Strategy Provider. A program for traders to share their strategies in the Skilling copy community.
Customer Support
Support is only available on weekdays, Monday through Friday, from 04:00 am to 10:00 pm CET.
Advantages
- Quick professional answers
Disadvantages
- Doesn't work 24 hours a day
There are several ways to contact technical support:
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Chat.
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Email.
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Telephones.
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Offices in Cyprus, Malta, and Spain.
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Social networks and messengers.
Chat is the fastest way to contact support for unregistered users.
Contacts
| Foundation date | 2016 |
|---|---|
| Registration address | 62 Athalassas Avenue, Strovolos, CY-2012 Nicosia, Cyprus. |
| Regulation | CySEC, FSA |
| Official site | https://skilling.com/ |
| Contacts |
+357 22 276710
|
Education
The Skilling site doesn’t have a dedicated section with training materials. But there are informational articles on individual pages that familiarize traders with the basics of trading. One of the subsections of the information menu is the Academy. It contains over 40 tutorials on fundamental, technical, and advanced technical analysis.
Use a demo account to reinforce the learned material.
Comparison of Skilling with other Brokers
| Skilling | RoboForex | Pocket Option | Exness | TeleTrade | IC Markets | |
| 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, MT5 | MT4, cTrader, MT5, TradingView |
| Min deposit | $100 | $10 | $5 | $10 | $1 | $200 |
| Leverage |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:10 |
From 1:1 to 1:500 |
| 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 0.8 points | From 0 points |
| Level of margin call / stop out |
No / 50% | 60% / 40% | 30% / 50% | No / 60% | 70% / 20% | 100% / 50% |
| Execution of orders | Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | No |
Detailed Review of Skilling
The Skilling broker is a universal broker, having a trading toolkit as a unique advantage. The company's mission is to create a unique platform that would meet the needs of traders with any level of experience, allow the implementation of any type of strategy, instantly process signals, and transfer information. Skilling is licensed by CySEC (Cyprus) and FCA (UK). Having a license from the Cypriot regulator automatically means the broker's membership in the CIF compensation fund, which guarantees reimbursement of up to 20,000 euros per account in case of bankruptcy.
Skilling's success by the numbers:
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Over 900 assets to trade, including cryptocurrencies;
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The execution speed of 98% of transactions is about 50 ms.
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Over 1,000 trading strategies for copying.
Skilling is a broker for active trading and passive investments
Skilling works on STP and ECN technologies for processing orders. In the first case, the trader receives a higher floating spread. In the second case, the spread is minimal, but there is a fixed commission for the trading turnover.
The company has three trading platforms designed for different types of trading systems. MT4 is a classic platform for testing manual and algorithmic strategies. cTrader is a professional platform for working with complex strategies using combined technical indicators and graphical tools in C#. This platform also provides access to the Skilling copy system. The Skilling Trader is the broker's proprietary platform that focuses on high-speed execution of orders and integration with cTrader. The terminal is adapted to the needs of novice traders.
Useful Skilling services:
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PAMM and MAM accounts are designed to connect investor accounts and trust management of investors' money.
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Platform for copying transactions.
Advantages:
High trading execution speed.
Access to large liquidity providers, ensuring the stability of the spread stated.
Comprehensive set of tools for active and passive investing.
Over 750 stock assets such as stocks, indices, and derivative securities.
Demo account for practicing skills and testing strategies.
User Satisfaction