Honest Skilling Review & User-Ratings

Skilling user-ratings: $100
  • Asset varierity - 0/10
    0/10
  • Trading platform - 0/10
    0/10
  • Support - 0/10
    0/10
  • Fees - 0/10
    0/10
  • Deposit/Withdrawal - 0/10
    0/10

Facts about the company:

  • Type: Forex Broker
  • Regulation: CySEC, FCA, and FSA
  • Minimum deposit: $100 
  • Demo account: Free
  • Markets: 800+ Forex, Shares, Indices, Commodities, Cryptocurrencies
9.6/10
Comments Rating 9.6/10 (1 review)

Pros

  • Free deposits and withdrawals possible
  • Good customer support
  • Intuitive and user-friendly
  • Spreads from 0.1 pips
  • Account opening in just a few minutes
  • Extensive trade offer

Cons

Skilling CFD experience – can the Scandinavian broker score in our test?

In the following, we will go into our Skilling experiences in detail. Thus, the provider is a Scandinavian broker, which has its headquarters in Cyprus. In our test, we noticed above all the broker’s self-developed trading platform. This is designed to be very accessible but is also very suitable for advanced traders due to its many functions.

We also found that the broker has very favorable trading conditions. For example, the spreads are low, and generally, free deposits and withdrawals are possible. Skilling is therefore deliberately very customer-friendly. The good customer support and the helpful range of training courses (Skilling Academy) are also part of this.

Screenshot of the Skilling website

CFD trading offer: Many underlyings available for CFD trading

Typically, a broker test begins with a closer look at the provider’s trading offer. It is true that our experience is that many traders focus on trading currency pairs or stock indices. However, it is still desirable that one of the brokers can offer as many underlying assets as possible for CFD trading. This makes it easier for you to diversify your trading account so that you can diversify your trading.

Overview of the skilling trading offer

Our Skilling Test showed that you can trade with the following underlyings as CFD with the broker:

  • Forex: Sei Skilling has a lot of currency pairs available (over 80 in total). So you can trade with the broker both with the main currency pairs, as well as with secondary currency pairs. Examples are the Euro / US Dollar (EUR / USD), the British Pound / US Dollar (GBP / USD), the US Dollar / Japanese Yen (USD / JPY) and the Euro / Swiss Franc (EUR / CHF). In addition, Skilling offers you numerous exotic currency pairs. These include the US Dollar / Singapore Dollar (USD / SGD) and the Euro / Turkish Lira (EUR / TRY).
  • Crypto: That Skilling is a modern broker is also shown by the fact that you can trade with different cryptocurrencies. Examples are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XPR).
  • Indices: In addition, one of the brokers offers the possibility to trade with numerous stock indices. These include the DAX, the Euro Stoxx 50, the Dow Jones Index, and the S&P 500 Index.
  • Commodities: If you want, you can also trade with commodities at Skilling. Our test showed that especially gold, silver, and oil are available for CFD trading.

You can see that Skilling’s trading offer is quite versatile. The focus is clearly on currencies and stock indices. However, if you want to, you also have the possibility to trade commodities and cryptocurrencies. Overall, we can therefore rate the broker as “very good” in this respect.

Large selection of different underlyings

The focus is on currency pairs (over 80) and stock indices. But there is also the possibility to trade with commodities and cryptocurrencies

Skilling CFD experience with the trading conditions: The broker offers relatively favorable spreads

In a broker comparison or test, it is also important to take a closer look at the trading conditions of the providers. The costs and fees that can occur when trading CFDs can be divided into three categories:

  • Fees that are due with every trade (through the spread or commissions)
  • Costs incurred by the broker through deposits and withdrawals
  • Other fees and costs (for example the inactivity fee)

Our Skilling experience with the spreads

Usually, the highest costs of trading are those fees that are charged for each trade. The broker usually charges these fees through the spread: This term is used to describe the difference between the purchase price and the sale price.

Here is a short example to explain this: let’s assume the DAX is at 13,000 points and you decide to buy a DAX CFD. If the spread is two points, the German leading index is obtained at a price of 13,002 points. In total there are three different possibilities to shape the spread:

  • Fixed spreads
  • Variable spreads
  • Variable spreads plus commissions

The easiest way to explain this is usually the fixed spread. This form of spread always has the same level and does not change even when the market is unsettled. The situation is different with variable spreads: These usually have a certain minimum level.

However, in certain market situations, they can also widen upwards. The decisive factor with variable spreads is therefore their average size. Should a trader, therefore, prefer to trade with fixed or variable spreads? Overall, we have found that many traders prefer a variable spread. This is because it is usually lower and therefore cheaper than a fixed spread.

Skilling relies on favorable variable spreads

For the reasons mentioned above, Skilling probably decided to offer its customers variable spreads rather than fixed ones. In our experience, the size of the spread depends on the selected trading account: So you can choose between the standard and the pro premium account with the broker.

According to our experience, the Pro Premium account offers even lower spreads. In the further course of this article, we will talk about the trading accounts of the broker in more detail.

Anyway, our test has shown that Skilling gives you an average spread of 0.7 pips on the popular currency pair Euro / US Dollar (for currency trading you use “pips” instead of “points”). Compared to other brokers, this can be considered relatively cheap. This is because they sometimes charge their customers 1.5 or 2 pips.

There is a special feature to consider when trading on the Pro Premium account: Thus one receives on it straight with the CFD Trading with currency pairs and raw materials very low spreads. In return, however, you have to pay a fee (commission) to the broker for each trade.

Whether this fee model is advantageous for you depends primarily on the traded strategy. In any case, it is positive that Skilling gives you a choice between different trading conditions. Overall, Skilling, fortunately, pursues a customer-friendly pricing policy.

regulation & deposit protection: Skilling is regulated by the CySEC

In our experience, before finally deciding on a particular broker, one should also take a look at regulation and deposit protection. Which government agency is responsible for regulation depends primarily on the broker’s registered office. In Germany, for example, this task is performed by the Federal Financial Supervisory Authority (BaFin).

However, Skilling is not a German provider. Rather, Skilling is a Scandinavian broker, although it has its headquarters in Cyprus. For this reason, the Cypriot financial supervisory authority CySEC is also responsible for supervision. Since Cyprus is a country of the European Union, the European regulations also apply to Skilling.

These include, for example, the requirement to keep client funds separate from the company’s other assets. In addition, deposit insurance is also in effect in Cyprus: the ICF security fund protects customer deposits up to an amount of 20,000€.

Altogether the broker knows to convince therefore also with the topics regulation and deposit protection. Skilling is regulated by the Cypriot financial supervisory authority CySEC. European law also applies to the broker.

awards: How is Skilling rated by the trade press?

As a final test criterion, we looked at how Skilling is rated by the trade press. The Broker has been mentioned more often in the following media:

  • The Times.
  • Bloomberg
  • AP
  • Yahoo! Finance
  • com

The broker’s self-developed trading platform is very often praised. It is very easy and intuitive to use and is therefore particularly suitable for beginners. However, due to its range of functions, it can also be used well by advanced traders. Moreover, Skilling’s favorable spreads are often viewed very positively.

The broker can also regularly score points thanks to its good customer support and the helpful training courses offered (“Skilling Academy”). All in all, the Broker is a convincing customer-friendly and reputable company. Skilling has often been mentioned in the media (for example The Times, Bloomberg, and Investing.com). The broker is often positively evaluated due to his trading platform. In addition, Skilling can convince with its favorable trading conditions.

In our experience, more and more brokers are moving towards charging their customers a so-called inactivity fee. Skilling is no exception in this respect. Anyone who does not log into the trading platform for more than twelve months will therefore have to pay a fee of €10.

Compared to other brokers, the Skilling inactivity fee is fortunately rather low. Nevertheless, we recommend that you log into the broker’s trading platform regularly to avoid this fee if possible.

The level of leverage in skilling depends on the traded underlying instrument

For our test, we also took a closer look at the levers offered by Skilling for CFD trading. As some of you probably already know, leverage plays a very important role in CFD trading. Leverage determines how much capital must be available in the trading account to trade a certain underlying asset.

This is best illustrated with a short example: If one trades with stock indices such as the DAX, maximum leverage of 1:20 is available. If the German leading index is therefore quoted at 10,000 points and you want to trade with a DAX CFD, you do not need 10,000 € thanks to the leverage. In fact, 500 € on the trading account is already quite sufficient.

As you can see, the leverage is really very important in CFD trading. According to our experience, the broker offers his clients the following levers:

Financial instrumentMaximum leverageMargin requirement
Forex (currencies)up to 1:30up to 5%
Indicesup to 1:20up to 10%
Commodities1:1010%
Cryptocurrencies2:150%
Shares5:120%

In our experience, the offered levers are very well suited for CFD trading. In general, we have made the experience that as a trader you do not necessarily always have to use the maximum possible leverage.

The two Skilling Trading Accounts

As part of our test, we also took a closer look at the accounts and accounts of Skilling. In this context, it turned out that you can open the following three accounts with the broker:

  • Standard Account
  • Pro Premium Account
  • Demo account (with virtual capital)
StandardPremium
Spreads from (pips)0.70.1
Minimum deposit$100$5.000
Currency Pairs7373
Cryptos1010
Indices1717
Commodities55

Open a Skilling Trading Account in just a few minutes

According to our Skilling CFD experience, it is very easy to open an account with the broker. You can either click on the “Open Account” button on the home page or use the “Register” button in the navigation menu. This will take you to a new page where you have to fill in the following fields:

  • Your e-mail address
  • Password
  • Account currency

Then it is necessary to click on the button “Create trading account”. The account can already be used as a demo account with virtual capital. If you wish, you can also upgrade the demo account to a live account. To do so, it is necessary to verify your address and identity, among other things.

For this purpose, an identity card is suitable, for example. In addition, it is necessary to make the required minimum deposit. On the Standard Account this is 100 € and on the Pro Premium Account 5.000 €.

The main difference between the two trading accounts is that on the Pro Premium Account you get even more favorable spreads (see above). However, a very high minimum deposit is required for this. All in all, from our point of view the Skilling Standard Account is also very well suited for CFD trading.

In our experience, the account opening at Skilling only takes a few minutes
The minimum deposit for the Standard Account is only 100 €.
In contrast, the Pro Premium account requires 5.000 €.

CFD trading platforms: Skilling trading platform is very well suited for CFD trading

Next, we took a closer look at the Skilling trading platform for our test. It is our experience that many traders underestimate the role of a good trading platform. Thus one often spends many hours per day analyzing the charts in the trading platform. For this reason, one should attach importance to good trading software, which supports one in this activity. Our test showed that Skilling only offers one trading platform. This is self-developed trading software.

No matetrader for CFD Trading available

We were a bit surprised about the fact that Skilling does not also provide the “MetaTrader (MT)” as a trading platform. Because this trading platform is still the trading software that is used by most traders around the world. For this reason, it is usually relatively easy for a trader to change brokers. Because even with his new broker you can usually continue trading with the MetaTrader.

Therefore, it is not necessary to get familiar with a new trading platform. With Skilling, however, the situation is different: Here it is very well necessary to first familiarize oneself with the Skilling Trading Software.

Skilling Trading Platform very well suited for technical analysis

However, we can give the all-clear at this point: During our test, it turned out that the broker’s platform was designed very accessible and clear. Therefore, it will usually take only a short time to get used to the new trading software. In general, the Skilling trading platform makes a very modern and tidy impression.

This is what distinguishes it positively from MetaTrader: Although the MT has many useful functions, the user interface looks very outdated. Therefore, in our experience, especially beginners often have difficulties getting along with the MetaTrader. This is probably one of the reasons why Skilling decided to create its own trading platform.

For our test, we put the Skilling platform through its paces. It turned out that the trading software is very well suited for technical analysis. On the one hand, as a trader, you have many different drawing tools at your disposal with which you can analyze the chart thoroughly.

Furthermore, the software has more than 30 technical indicators. Many traders use such indicators to get good signals for profitable trades. In our experience, one of the most popular indicators is the technical indicator:

  • Moving averages
  • MACD indicator
  • Stochastics

Overall, we, therefore, liked the broker’s trading platform very much and we can recommend it for CFD trading. The platform is suitable for both beginners and advanced traders.

Use the Skilling Trading Platform as an App

According to our experience, the broker’s trading platform is also available as an app for mobile devices. In this way, you can access your trading account even when you are on the road using your smartphone or tablet. Due to the small display size, however, in our experience, these devices are only conditionally suitable for chart analysis. Therefore, traders still need a computer with large trading screens.

However, the app is very well suited as a supplement and should therefore be used by all traders. The app can be found as usual at Google Play or in the Apple App Store. In our test, we found that the Skilling trading app is very easy to use. All in all, the broker can therefore also convince with regard to his trading platform.

Skilling provides its customers with a self-developed trading platform
This is modern and clearly arranged and is suitable for beginners as well as for advanced traders
The trading platform is also available as an app for Apple and Android devices

usability of the website: Very clear and transparent design

in a broker comparison or test, it is also important to take a closer look at the provider’s website. Thus we have often made the experience that you can already tell from the internet offer of a broker whether you are dealing with a customer-friendly and serious company.

Important points here are, for example, whether a user of the website can find all important information easily and quickly. This applies above all to the trading offer and the trading conditions. In any case, the Skilling website presents itself very clearly and tidily. The navigation menu consists of the following points:

  • About us
  • Contact
  • Log in
  • Register

Already on the start page, you will be informed about the essential features of the broker. These include the trading conditions (including minimum deposit), the trading offer, and the broker’s trading platform. At the bottom of the website, there is also a link to the “Trading and account information”. Below this, you will find very detailed information about the costs and fees of Skilling.

Furthermore, the two trading accounts are described in detail. All in all, the broker is therefore very transparent. This is very positive because unfortunately there are always providers who want to “hide” important things from their (future) customers. This is particularly annoying when this affects trading conditions.

StandardPremium
Trading PlattformSkilling Trader
Skilling cTrader
Skilling MetaTrader 4
Skilling Trader
Skilling cTrader
Commission fromN/A$35/million
Spreads from (pips)0.70.1
Starting Deposit$100$5000
Leverage Retail1:301:30
Leverage Professional1:2001:200
Micro Lot Trading (0.01)YesYes
Zurren Pairs7373
Cryptos1010
Indices1717
Commodities55
Equities>700>700
Stop Out Level50 %50 %
ScalpingYesYes
Negative Balance ProtectionYesYes

Because such behavior is clearly dubious. Therefore, it is Skilling highly credited that the broker is generally very customer-friendly and appears as a serious company. It is also positive that Skilling only needs a short time to open a trading account via the website (see above).

We also tested the website on various mobile devices for our test. It turned out that Skilling’s Internet offer can be used well on smartphones and tablets. Therefore we can rate the usability of the website as very good overall:

  • Usability of the Skilling Website is very good
  • Information is presented transparently and clearly
  • Opening a trading account takes only a few minutes

customer support: Skilling Support is very well accessible

In the following, we will talk about our skills experience with customer support. So our test showed that you can contact the broker’s employees in the following way:

  • Phone
  • Live chat
  • E-mail

As you can see, Skilling customer support can also be reached by phone. This allows the broker to stand out positively from many other competitors. Because unfortunately, this is where the red pencil is often used nowadays. Who would like, Skilling can contact in addition, by live Chat or E-Mail.

Support available:monday to friday: 8 am to 10 pm CET
Telephone:+35722276710
Adress:support@skilling.com
Languages:2+

It has been shown that you usually get an answer to your question relatively quickly. In general, the employees of the broker made a very good impression on our test: they were friendly and helpful. Moreover, on the Skilling website, one has a large database with FAQ (frequently asked questions) at one’s disposal. So before contacting the support, you can try to find a solution to your problem with the help of the FAQ database.

All in all, we therefore enjoyed the customer support from Skilling very much.

  • The customer support is available by phone, live chat, and e-mail
  • Friendly and helpful support staff
  • Useful FAQ database (frequently asked questions)

payment methods: Free deposits and withdrawals possible

For our test, we have also looked at the Skilling payment methods. For example, we had already mentioned in the trading conditions that it is common practice for some brokers to charge fees for deposits and withdrawals. Often these fees depend on the chosen payment method. Our test showed that Skilling offers the following payment methods:

  • Bank transfers
  • Credit card payments (MasterCard and Visa)
  • Online Wallets (Neteller and Skrill)

It is positive that one of the brokers offers different payment methods. We have also noticed that with Skilling, deposits are generally free. This applies regardless of the chosen payment method.

In addition, the broker also offers free payouts: you can have the money paid out once a month free of charge. For further payouts, a fee of 12.50 € is charged. The broker also charges a fee of 2.6% if you want to withdraw money without having traded before. However, in our experience, this case should only occur very rarely.

In our experience, if you are looking for speed in transactions, you should use credit cards or online wallets. Because bank transfers can sometimes take several days.

All in all, we can therefore also rate the broker positively with regard to his payment methods. It is possible to make both free deposits and withdrawals. Skilling is thus once again very customer-friendly.

  • Skilling offers numerous payment methods
  • Deposits are always free of charge
  • Also, one payout per month is possible without fees

additional offers: Use Skilling Academy and free demo account

Next, we will talk about our skill experience with regard to the broker’s additional offers. We have found that one of the brokers provides a helpful training offer to learn CFD trading. Furthermore, Skilling offers the possibility to open a free demo account.

Overview of the Skilling Academy

Our test showed that the broker summarizes its training offers under the term “Skilling Academy”. So there are different courses available to learn CFD trading. Examples of these are:

  • About the markets
  • Trading principles
  • Fundamental Analysis
  • Technical analysis – basics
  • Technical Analysis – Advanced
  • Technical analysis – experts

The individual courses always consist of several lessons. Altogether one is introduced by the Skilling Academy, therefore, step by step to the CFD Trading. We, therefore, recommend every trader to take a look at the broker’s training offer.

Use free Skilling Demo Account

We already mentioned that Skilling also offers the possibility to open a free demo account. In our experience, the demo account already provides real-time quotes. In this way, CFD trading can be simulated relatively realistically. However, you do not trade with real money on the demo account, but with virtual capital. This offers the advantage that you can first familiarize yourself with the Skilling trading platform at your leisure.

Skilling Demo Account

We recommend the following procedures: During the demo phase, you use the Skilling Academy to increase your knowledge of CFD trading. However, it is also important to apply the new knowledge. The free demo account is very well suited for this purpose. As soon as you feel safe on the demo account, there is nothing to stop you from continuing trading on the live account with real money. All in all, the additional offers of Skilling have convinced us.

The Skilling Academy is very well suited for learning how to trade
The training offer is aimed at beginners as well as at traders who already have experience with CFD trading
Skilling provides you with a free demo account to try out stock market trading

Conclusion

For our Skilling test, we have dealt with the broker’s offer in great detail. It turned out that Skilling allows you to trade with many different underlying. We were positively surprised by the favorable spreads of the broker. This enables Skilling to stand out from many of its competitors.

It also fits that the broker generally does not charge any fees on deposits and withdrawals (once a month). The provider is also very customer-friendly in terms of support. The broker’s employees can be reached by phone, live chat, and e-mail. We also liked the training offered by Skilling. With it, even beginners can quickly become familiar with CFD trading. Overall, it is recommended to use the free demo account of Skilling first. This way you can also familiarize yourself with the broker’s trading platform. In our test, we found that the trading platform is very easy to use and has many useful functions for technical analysis.

On the demo account, you do not trade with real money, but with virtual capital. This way you can train trading without risk. The Skilling demo account is ideal for trying out new strategies and trading styles. All in all, Skilling is a very good broker that we recommend for CFD trading.


Most asked questions:

Is Skilling a regulated Broker?

Skilling is authorized and regulated by the CySEC (Cyprus Securities And Exchange Commission) under CIF license No. 357/18. Furthermore, Skilling is authorized by the FCA (Financial Conduct Authority) under Reference Number (FRN) 810951.

What markets does Skilling offer?

Besides Forex (currencies), with Skilling you can trade Shares, Indices, Commodities as well as Cryptocurrencies. Therefore, Skilling offers access to over 800 instruments and an intuitive and user-friendly trading platform.

Is Skilling good for Beginners?

With the intuitive trading platform, Skilling is a good options for beginners at trading. There is a free demo account, so new traders can first learn how to trade and develop strategies, before trading real money. Also Skilling offers the “Skilling Academy” where you can visit individual courses, which always consist of several lessons.

What Payment Methods can i use with Skilling?

Skilling offers different Payment Methods, which is very positive. You can pay via Bank transfers, Credit Card or Online Wallets like Neteller or Skrill. Depending on which Payment Method you chose, you may have to pay a fee for withdrawals. Deposits are always free.

One Response

  1. Andre Witzel September 13, 2020

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