Skilling
Trading with Skilling – A New Broker Quickly Growing
We review a new brokerage quickly building its services and user base. Skilling is an emerging European-based online broker. Although the broker is not ideal for every trader, there are some significant upsides to their services.
The Skilling Mission
Skilling is an online broker that provides services to users in multiple European countries. The company is headquartered in Cyprus and also has offices in both Malta and Spain. The Skilling mission is noted to be making the markets “simple, accessible, and transparent” to traders of all levels. Although the company was founded recently in 2016, it has quickly been growing.
In the start of 2019, the company extended its services to users from the United Kingdom, Sweden, Norway, and Germany. The team has also quickly grown to over 35 employees. The company is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker supports the following currencies:
EUR
USD
GBP
NOK
SEK
Skilling provides its services in a number of different languages to cater to its European user base. Languages supported include German, Norwegian, Swedish, and Spanish.
Skilling Broker Account Types
Skilling has two tiers of account – standard and premium. Premium accounts require at least €5,000 as a minimum deposit. The premium accounts benefit from lower spreads in products as well as lower ongoing fees for positions which remain open. As per usual standards of regulated brokerage businesses, all clients funds regardless of account type are kept in segregated accounts.
Trading Markets & Products
Skilling provides access to a number of markets through contract for difference (CFD) products which track the price of the different markets. CFDs allow a trader to speculate on the price movements in a market without having to own the actual underlying instrument. The markets catered for include equities, commodities, forex, indices, and even cryptocurrencies. The following table gives an indication of the span of markets which Skilling makes accessible to traders.
| Market (provided through CFD products) | Number |
|---|---|
| Forex | 73 |
| Cryptocurrencies | 10 |
| Indices | 17 |
| Commodities | 5 |
| Equities | >700 |
While the market is currently more limited when compared to other brokers which have been operating for longer, the markets provided have been quickly expanding over the brief history of the company. The products provided are over-the-counter in nature. Traders using the service deal directly with Skilling as a dealer. This means that Skilling determines the pricing and the prices may deviate sometimes from the underlying instrument they are intended to track. The opening hours for the above-listed markets vary and can be found on the Skilling website.
The cryptocurrency markets offered include Bitcoin, Bitcoin Cash, XRP, Ethereum, Litecoin and 5 more popular cryptos. With cryptocurrencies still at an emerging stage as an asset class, it is a big advantage to traders that Skilling has ten products available to speculate on this new market. Most other brokers have far less and sometimes no products tracking the prices of this new asset class.
The biggest market available on Skilling is equities. Equities are available from the US, Ireland, Germany, Canada, Norway, and Sweden with over 700 instruments in total. The equity markets offered from Skilling is also quickly growing. Skilling extended the services it offers to several new markets at the start of 2019 and this is expected to extend to even more countries in the coming years.
Skilling Trading Platforms and Features
Skilling has their own proprietary trading platform for users. The trading platforms are available through the web browser. Customers have noted that the mobile is just as good as the web version if not better. This is a big plus for those traders that try to squeeze some market speculation hours in while on the go or in the office.
One big limitation with the trading platform is only market orders can be executed. This can be a big drawback for professional traders and users who wish to carefully pick their entry points. Users of the trading platform can leverage positions with the maximum margin ratio being 1:30. Technical analysis tools are available with over 70 indicators at the disposal of users. The trading platform also has research integrated into the dashboard so users can gain insights from third-party providers.
What are the Skilling fees?
Skilling mainly charges their customers through the spread in the markets they offer. Only two markets are charged a commission and these charges only apply to premium accounts. These two markets are forex which charges a 0.035% commission on nominal value and also precious metals which charge a 0.006% commission on nominal value traded. These commission fees apply to both the opening and the closing of trades.
There are also ongoing fees charged for positions which remain open. These are called swapped points and vary based on market conditions. This means traders need to continuously monitor the website if they wish to be updated with these. However, the equation by which these swap rates are calculated is clearly disclosed on the website. Pro premium accounts benefit from lower fees in this regard and also have access to lower spreads in the products which they trade.
What else does Skilling do?
Skilling has a comprehensive area dedicated to educating users and potential users on terminology related to the market as well as how to use their platform and tools. Skilling Academy takes users through the key elements to understand about markets and also analysis tools. With an important part of trading being able to gain an edge over the markets using analysis, these resources can be useful for traders looking to strengthen their analytical skills.
Skilling also offers a demo account which allows users to try their platform before opening a funded account. This demo account also allows users to assess whether they are profitable before trading with real money. Demo accounts are funded with $10,000 in virtual money.
Why trade with Skilling?
Although Skilling is a relatively new brokerage business, it has a lot to offer users and is quickly growing. Given the early stage that the business is in, there are both upsides and downsides for potential users. Customers will have a lot of support from the business given that the user base is still growing. Users can also set up a standard account for relatively little when compared with other major brokerages. Some online brokerages have significant barriers to entry with extremely high minimum deposits. While there are some downsides to the trading platform, traders can always make use of the demo account to see if the service is a match for their requirements.
Education
The website is designed to be easy to use and there are sections that might be helpful for you, especially if you are a new trader. That being said, Skilling only offers only a few educational materials, and the website lacks a dedicated education section. However, you can find articles on individual pages that teach you about trading basics.
The broker provides a blog section called Skilling blog, where you can read about trading articles, market insight, company news and technical analysis. However, this section might not be as updated as comprehensive as you need it to be at the first glance. This is because the more in-depth broker and trading guides can only be accessed upon login.
In addition, you can also check the Skilling Trade Assistant feature that helps traders to understand the basics of doing a trade.
Skilling has a YouTube channel as well, but it only offers seven short videos, with the latest one being uploaded six months ago. The best way to learn from Skilling is by using a demo account where you can learn how to trade in real-time.
Safety
The Cyprus Securities and Exchange Commission (CySEC) has fully regulated and authorized Skilling Ltd., while Skilling (Seychelles) Ltd. has received authorization from Financial Services Authority (FSA). CySEC and FSA provide negative balance protection and hold client funds in separate accounts. Although CySEC is a tier-1 regulator, FSA is only a tier-3 offshore regulator.
CySEC and FSA offer different degrees of safety, with European Economic Area (EEA) clients receiving the highest degree of security due to CySEC regulation. On the other hand, FSA provides less protection because of its looser regulatory framework and only covers the essentials. The organization has no compensation scheme, and all assets have high leverage.
Skilling has shared its annual financial reports and allowed external audits to ensure that customer funds are separate from the company’s funds. Skilling’s website is protected by Secure Socket Layer (SSL). The SSL ensures that all user data is completely encrypted during transfers, which means that even if the data is intercepted, hackers cannot obtain any information.
FAQ
How can I register a live trading account on Skilling?
To sign up for a live trading account, you can go to the Skilling homepage, click on the ‘Sign up’ icon and follow the on-screen instructions. You can then log in to Skilling using your email address and password. After logging in, you can upload your documents (if you haven’t already done so), manage your account, download our platforms, and fund your account.
What is a Skilling Premium account?
Premium Accounts are available to individuals with large deposits (typically greater than $5,000) and who actively trade in large volumes.
Can I transfer funds between my Skilling accounts?
Yes, you can transfer your funds between your Skilling accounts by selecting ‘Transfers’ and choosing which account you want to transfer from and the ‘destination’ account to which your funds will be transferred.
How do I make a deposit in Skilling?
Skilling offers several payment methods, including digital wallet transfer (Paypal, Skrill and Neteller) and bank transfer.
To make a deposit, you need to go to your dashboard and click on `Deposit’ on the left sidebar. Then follow the steps below:
- Choose Skilling account
- Select your payment method
- Check your email for an email confirmation
Skilling does not charge any fees for deposits regardless of payment method, except for deposits and withdrawals through Neteller and Skrill, where Skilling can charge a fee of up to 2.9%. Bank transfer typically takes longer to process, up to three days. Your bank or payment service provider may also charge you a transfer fee.
You should also note that some payment methods incur processing fees. The payment options depend on your location. Skilling will not accept any third-party payments or withdrawals because of Anti-money Laundering Regulations.
Does Skilling offer a demo account?
Yes, Skilling provides demo accounts which you can open by logging in to Skilling and going to the ‘My account’ section. With a demo account, you can access all Skilling services, including video content and academy articles. Demo accounts are a valuable trading tool for both beginners and experienced traders, allowing them to experiment and test new tactics in a risk-free environment.
Pros
- Despite the limited operating history of the company, its services have been quickly expanding to new jurisdictions within the EU.
- Users can set up a standard account with a small starting balance
- 10 cryptocurrency markets are accessible to users
Cons
- New broker only founded in 2016
- Only market orders can be executed
- Services are only available in a limited number of areas
Fixed spreads
Variable spreads
Stop losses
Limit orders
One-click trading
Trailing stops
Expert advisors (EAs)
Virtual private server
Direct market access
STP broker
ECN broker
Market maker
Price alerts
Signal trading
Watchlists
Charting tools
iOS App
Android App
Windows App
Major Stock markets (US UK Germany)
Indices
Penny stocks
Forex
Majors
ETF
CFDs
Bitcoin
Commodities
ETFs
IPO
Options
Futures
Bonds
Hong Kong stocks
Japanese stocks
Listed on Stock Exchange
Scalping
Hedging
Demo account
Islamic account
Micro account
Standard account
VIP account
Zero spread account
Managed account
Credit cards
Bank transfer
PayPal
Neteller
Skrill
Electronic wallets