Table of contents:
- 1 Why payment methods are so important for a broker
- 1.1 Credit cards: The classic payment method
- 1.2 The bank transfer: Easier than ever, cheaper and faster
- 1.3 Trustly: Bank transfer with security function
- 1.4 Online wallets gain ground
- 1.5 Mostly binding: Deposit and withdrawal in the same way
- 1.6 Only transactions from your own private account are allowed
- 1.7 Accounts with Skilling – only two types of accounts
- 2 Deposit money with Skilling
Skilling is a new addition among the many online brokers that allow trading Forex and CFD. Since the beginning of 2019, traders from Sweden and Norway, but also from Germany and Great Britain have been able to trade CFDs on a large repertoire of underlying with the help of Skilling. The provider is based in Cyprus and is regulated by the local authority CySEC. The focus of Skilling’s business model is to make trading simple and transparent. Even beginners can enter CFD trading thanks to the low Skilling minimum deposit of 100 Euros/US-Dollars. We have tested how Skilling deposits and withdrawals work.
Facts about Skilling as a broker:
- Licensing and regulation by the CySEC
- Contracts for Difference on Indices, Commodities, Crypto Currencies, Bonds
- A low minimum deposit of only 50 Euro
- Payment by Visa- or Mastercard, bank transfer (also with Trustly), Skrill, Neteller
Why payment methods are so important for a broker
Beginners in particular often have completely different priorities when brokers are being checked to enter Forex and CFD trading – payment methods are sometimes only considered once the trading account has already been set up and the holder is annoyed by long processing times or (in their own opinion) too high fees. This does not have to happen.
This is because while brokers, as well as broker comparisons, focus on other factors such as the trading offer and trading costs, the available options for deposits and withdrawals can be determined by reputable brokers and should be part of the comparison from the outset. Payments by brokers are not always free of charge, and the time to value date also depends heavily on the provider. This can lead to the fact that accruing fees reduce the yield, or that payment by credit card is only credited after 48 hours.
For this reason, more and more brokers such as Skilling are making deposits and withdrawals convenient and transparent, allowing their customers to choose from numerous payment options. In addition to the common credit card payment and the conventional bank transfer, electronic payment service providers have entered the market, which enable secure, fast and cost-effective transactions.
Traders only have to reckon with restrictions imposed by the legislator, i.e. regulations that serve to restrict international money laundering. Apart from that, payments have never been as convenient as they are today.
- More and more payment solutions are becoming part of the offering
- Deposit and withdrawal methods must generally be identical
- Third parties cannot make payments
- Reference accounts must be private accounts
Credit cards: The classic payment method
Prior to the introduction of SEPA credit transfers, credit card payments were often the only way to capitalize the trading account with a broker in order to avoid endless waiting times and/or fees. Although the practical plastic cards are by no means as widely used in the United States, for example, they remain popular among online brokers as payment methods. Traders can make payments by Mastercard or Visa, also with debit cards such as Maestro, and usually have the money within half an hour.
Especially experienced traders attach great importance to this quick availability. If satisfactory SSL encryption measures are taken at the respective broker, the data transfer via the customer interface is also secure, less advisable is to simply deposit the credit card data. Brokers sometimes require their customers to scan their credit cards, usually in color, in good resolution, and from front and back. Traders do not always have the possibility to make some of the numbers on the front of the card unrecognizable! If you have security concerns, choose bank transfer instead.
The bank transfer: Easier than ever, cheaper and faster
Since the Single Euro Payment Area was established, bank transfers have become easier and faster. In the SEPA area, bank transfers are completed within one working day. However, the value date on the trading account can be delayed afterward because the processing by the broker is also added. Depending on how quickly the provider proceeds here, traders can sometimes use funds transferred by a SEPA transfer within two days. However, processing times of up to five days can also occur.
One advantage of SEPA credit transfers is that they can be made free of charge via your own online banking. Fees are only due if you order the transfer at the bank counter or by telephone. Under certain circumstances, the broker may also charge a processing fee. Transfers outside the SEPA area may also be subject to exchange rate charges and interbank fees.
Trustly: Bank transfer with security function
Bank transfers, which are even more secure, can be made with the help of Trustly. The provider, which has been on the market since 2008, is a payment institution licensed by the Swedish Financial Supervisory Authority. Trustly is licensed as a European payment service provider within the meaning of the relevant EU Directive 2007/64/EC and cooperates with numerous credit institutions within Germany.
Payments via Trustly offer consumers an uncomplicated and secure option to pay from their own bank account. The customer logs into their home banking via Trustly selects the account to be used for payment and confirms the payment with the preferred authentication. Registration is not required, nor is any data stored by Trustly. The procedure is similar to the IMMEDIATE bank transfer via the Swedish provider Klarna.
Online wallets gain ground
PayPal was the pioneer, Skrill, Neteller & Co. are following suit. Electronic payment service providers are becoming increasingly popular. Introduced to secure online payments for buyers and merchants, PayPal, in particular, developed a life of its own early on and set new standards for secure payments on the Internet. Among other things, online wallets allow transactions even for small amounts, the value date is fast and the fees are relatively low. However, costs for deposits and withdrawals vary from provider to provider.
Due to the increasing popularity of electronic payment solutions, Forex and CFD brokers are also integrating these options into their offerings. In most cases, German traders can capitalize their trading account using common payment methods, such as Skrill and Neteller. Also, SOFORT or GiroPay can be found with many brokers, as well as the SOFORT clone Trustly. The latter also offers Skilling, but PayPal does not because the classic eWallet burdens the seller with comparatively high costs and is only rarely found among the payment methods of Forex and CFD brokers.
The online payment solutions can equal the credit card by fast value date, even larger amounts can be transferred, and also in terms of security, the eWallets do not have to hide behind other solutions. Nevertheless, the costs incurred should first be checked, as well as whether the broker charges additional fees in this case.
Mostly binding: Deposit and withdrawal in the same way
No matter what a trader decides in the end – with most brokers, the first deposit into the trading account is the first step towards later withdrawals. Thus, even with skilling, deposit and payout must be made through the same channel. This is common practice, although traders would like to be able to combine different payment methods for deposits and withdrawals. It is also common for credit card withdrawals not to be able to pay out more than the maximum amount previously deposited.
Only transactions from your own private account are allowed
The legislator provides for further restrictions. Transactions can only be executed in the name of the account holder. Therefore, the trading account cannot be funded by the spouse’s credit card or by a transfer from friends or relatives. The holder of the specified reference account must be the same as the holder of the trading account, and the reference account must be a private account. Business and corporate accounts are rejected by brokers.
Accounts with Skilling – only two types of accounts
Those interested in the trading offer at Skilling do not have to deal with a multitude of account types, because the broker only offers its users a standard account and a pro premium account. The available account currencies, the tradable values, and the trading platform are identical – the only differences are the minimum deposit and the spreads.
With a basic account, traders can join in for as little as 100 euros, while the minimum deposit for the pro-premium account is 50,000 euros. In return, there are much tighter spreads. That’s all – only with Forex trading is there a commission of 0.004 % on the nominal trading value. If you want to set up a live account, you can do this directly from the broker’s website.
The procedure is very similar to that of other providers: In addition to the personal details, income and trading experience are requested. Verification by means of an identification document and proof of address is necessary to allow withdrawals from the trading account. The risk information and the general terms and conditions of the broker must also be taken into account.
Deposit money with Skilling
Once the trading account is set up, the first deposit must of course be made before trading can begin. Traders who wish to deposit money at Skilling can initiate payments from the client dashboard. Here the payment method is selected. Traders can deposit and withdraw money at Skilling by credit card or bank transfer, but also by Trustly, Neteller, and Skrill. Confirmation from the credit card provider or online banking may be required. Especially for bank transfers, the necessary information must be correct and complete. The broker will confirm payments made in writing by e-mail.
- Card payment: Visa, Visa Electron, Mastercard
- SEPA Credit Transfer
- Neteller, Skrill
Skilling does not charge any fees for deposits, but costs may be incurred by the selected payment service provider.
Everything you need to know about deposits at Skilling can be found in the following table:
|Payment type:||Fees:||Time span:||Maximum amount:|
|Neteller||None||1 hour||2.000 Euros|
|Skrill||None||1 hour||10.000 Euros|
|Trustly (bank transfer)||None||0-3 working days||10.000 Euros|
|Credit/debit card||None||1 hour||10.000 Euros|
Payment limits: Depending on the provider
Skilling only requires a deposit of 100 Euro for the standard account or a comparable amount in another possible account currency (USD, GBP, SEK, NOK). If you want to deposit more and withdraw later, you will usually come up against the maximum amounts that the respective payment solutions provide. There are only maximum amounts for bank transfers. All other payment methods have limits as follows:
- Credit card 10.000 Euro
- Trustly 10,000 euros
- Neteller 2.000 Euro
- Skrill 10.000 Euro
Fast processing at Skilling
As a rule, the speed of the transaction is influenced on the one hand by the payment method itself and on the other hand by the processing by the broker. Typically, credit card payments win the day, closely followed by eWallet transactions, while other payment solutions can take days to process. Fortunately, this is not the case with Skilling: not only does the broker not charge any deposit fees, but the funds are available within one working day. And this is independent of the payment method chosen.
Pay out money with Skilling
Withdrawals are also initiated from the customer area and are made through the same channel as deposits made previously. Of course, the trader must be verified in order to cash out, by uploading an identification document and proof of residence. And also in the case of Skilling, withdrawals are only possible to the extent that the credit balance for open positions is not affected, so that there are no gaps in coverage.
- No payout by bank transfer
- Minimum payout amount of 50 Euro
- One payout monthly free of charge
- Processing within one working day
In general, a Skilling payout is made through the already mentioned options for deposits, but the bank transfer for payouts is not available with this broker. Instead, Trustly is the best option for withdrawals to a current account. The minimum amount for payouts is 50 euros. If you choose a lower amount, skiing fees may apply. The first payout per month is free of charge for the broker, for each further payout there are minimum fees of 12.50 Euro per transaction.
There are also possible fees for the payment service providers. The processing time for payouts by credit card, Neteller and Skrill, but also by Trustly is also only one working day for Skilling. Domestic bank transfers via Trustly can take about three working days, international bank transfers even more. The value date in this case depends on the processing by the respective bank.
Everything you need to know about withdrawals from your Skilling account can be found in the following table:
|Service provider:||Fees:||Time span:|
|Credit/debit card||None (1x monthly)||1 working day|
|Neteller||None (1x monthly)||1 working day|
|Skrill||None (1x monthly)||1 working day|
|Trustly||None (1x monthly)||1 working day|
|Bank transfer||None (1x monthly)||3 or more working days|
Renew credit cards in time
If you want to withdraw funds from your trading account via your credit card account, you should make sure that the credit card is valid. If the card used for the deposit has expired or been canceled in the meantime, another payment method must be specified or bank details must be provided. If a credit card account has been closed in the meantime, this can cause considerable delays in withdrawals. Skilling disclaims all responsibility for the execution and timing of any such closure and requests Trader to take due care in providing account information.
Bonus payments or starting credits are a proven means of acquiring new customers. Direct banks in particular offer welcome money in various amounts and compositions to entice users to change providers. Online brokers also used to like to use this practice, but now bonuses are prohibited for Forex and CFD brokers within the EU. Skilling, with its headquarters in Cyprus, therefore logically does not offer bonuses. However, the Trading Academy, which Skilling makes available to its registered traders from the standard account onwards, can be regarded as an additional offer, as can the demo account, which is not explicitly highlighted on the website but is part of the offer.
In favor of the broker, it can also be mentioned that there are almost no hidden costs. The provider generates the profits from the spreads, only in forex trading (low) commissions are due as already described. An inactivity fee exists, but is explicitly described on the page on costs and fees: Traders who do not log in to their trading account for a period of 12 months will have to expect an inactivity fee of up to 10 Euro, probably meant per month.
This makes Skilling stand out from other providers at an extremely competitive price, where inactivity fees can climb to several hundred euros within a few months. Fees of about 2% of the balance are also incurred if withdrawals are made without the account holder having acted. This is also communicated on the broker’s website in the usual transparent manner.
The Forex and CFD broker Skilling has only been in business since April 2019, initially in Germany, the UK, Norway, and Sweden. An expansion of the business activity is planned, however. In addition to a large trading offer and favorable spreads, Skilling can convince especially with the fact that there is actually a lot of transparency with this broker. This applies not only to the overview of the tradable assets and the associated costs but also to the very uncomplicated account structure, which is clearly designed for beginners on the one hand and active traders on the other. There are no hidden costs, all relevant information can be viewed effortlessly on the broker’s website.
This transparency covers deposit and withdrawal as well as all other areas. The guidelines are clear: 100 Euro minimum deposit, no fees for deposits from the broker, one payout per month is free of charge. Processing is also carried out in record time – deposits and withdrawals are released by the broker within one working day, deposits are often even faster. In contrast to some other providers, where even credit card payments are on hold for 48 hours, the instructed credit is available promptly, which is a real plus, especially for frequent traders. Although the provider is still very new on the market, so there are hardly any reviews or awards yet, Skilling is probably worth a try in view of the favorable conditions with a low minimum deposit.
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