Skilling FX broker features, fees, opinions and more in the Skilling review
Skilling is a newly founded Forex and CFD broker. It was established only in 2019 and has already attracted attention. This Skilling review will show examine the broker and discuss if it is a legit broker in terms of the regulation, what is the service that Skilling offers to the customers, how good is it and after all if you can trust the broker with your money or not. Traders are already used to the new scam brokerages appearing and most of them are very critical when the new brokerage is established. Especially today, when scammers got so sophisticated that is is hard to distinguish which broker is genuine and which one has a facade of a good broker to lure the customers. With the new brokerages, it is harder to determine since there are no Skilling opinions or reviews that were made by the customers. Are the traders satisfied with the service? Have they been scammed? Nobody can say since the broker is starting to attract the first customers just now. In situations like this, it is more important to know what the broker actually has to offer and how good and trustworthy it is.
Before we go into details, let’s take a look at the summery of the Skilling review. The broker is registered in Cyprus and regulated by the local regulator CySEC. It offers Forex and CFDs trading to the customers. One can choose between two accounts that the broker offers. As the broker itself states on the website its platform was opened in 2019 for the residents of the United Kingdom, Norway, Sweden, and Germany. It is not stated anywhere if the broker accepts traders from other countries as well. If you are from one of the countries mentioned and are searching for the new broker to trade with I advise taking a closer look at the broker’s service below.
Can Skilling scam be real?
It is understandable that many traders see the scam whenever they come across to the new brokerage. Therefore the question if skilling scam is possible is on the table. Skilling Forex broker is a trading name of Skilling Ltd previously known as Finovel Cyprus Ltd. There is not much information available about Finovel Cyprus Ltd and its activities in the trading sector. Skilling Ltd is situated in Nicosia, Cyprus and is authorized and regulated by the regulatory body of Cyprus, The Cyprus Securities and Exchange Commission. The number of the license is 357/18. The license number can be found on the website of the regulator as well, which means that the broker is truly regulated. This automatically decreased the possibility of Skilling scam. The broker has two other offices in Europe, one is in Malta and the other is in Spain and overall has 35 employees. It is a small number of employees for the brokerage but can be understandable for the new broker. Based on this information we can assume the broker is legit and compatible with the regulations.
What does the broker offer to the customers
The mission statement of the broker is to make trading simple, accessible and transparent. Unfortunately, the broker’s website does not really support the statement. Visually it is very appealing, technically it is working without any bugs and problems, however contentwise it is not as good as I would wish it to be. While making Skilling.com review I had a hard time to find the information I needed and surely, traders will have the same problem. The broker thought a lot about the design of the website but sadly did not do the same when it came to navigation. The front page of the website does not show where the information can be found on different matters. It is only shown once you scroll down to the end. The distribution of the information is not done well here as well.
One can see the about us section – where the broker has a very short description of itself, contact us page where one can find the email address of a support team, help desk – with FAQ section, legal section and finally trading information where you can finally see information about what the broker has to offer. Overall, the website does not talk well about the Skilling rating and it leaves the impression that the broker is not very professional overall and this is the matter of concern.
Minimum deposit, leverage and spread
The minimum deposit with Skilling is 50 EUR or the equivalent of it in USD, GBP, USD and 500 NOK, SEK. It is an average considering that some of the brokers are offering 5 USD minimum deposit for standard accounts and some of them have an as high minimum deposit as 250 USD or more. The maximum leverage a trader can get is 1:30 for the currency pairs like EUR/USD, USD/JPY and some more. For other currency pairs, leverage can be 1:20. As for CFDs on cryptocurrencies, Skilling FX brokerage offers 1:2 leverage, for CFDs on indices the maximum leverage can be 1:10 or 1:20 depending on the trading instrument, the same is for CFDs on commodities. The broker also offers CFDs on equities, but yet it does not have any of them listed.
Spread is something that might be disappointing for many traders. For the standard account with the minimum deposit is 50 EUR spreads for currency pairs start from 1.6 for EUR/USD, and the spreads can get as wide as 132.4 for USD/ZAR currency pair. It is understandable that the USD/ZAR is not an exotic pair but even for exotic pair the spread is too wide. Especially considering the difference between the account types, while the spreads are this wide for standard account the pro premium account (With the 50, 000 EUR minimum deposit) has way better offerings. For example, EUR/USD spread is 0.6 and USD/ZAR is 90.
Speaking of Skilling account types. As you already got the broker has two account types with a major difference between them. The standard account does not have good offerings. With the minimum deposit of 50 EUR, it can be assumed that the account can be well used by the beginner or low budget traders. But with such spreads, it is hard to believe that any trader can enjoy trading with Skilling. As for the Pro Premium with the minimum deposit of 50,000 EUR spreads look better, but there is a commission 0.004% on Nominal Value Traded. Overall, the accounts are not designed in a nice way and are somewhat disappointing.
Skilling withdrawal fees
Skilling withdrawal policy makes us wonder can Skilling be trusted at all? The process itself looks easy but the withdrawal fee is a problem. To withdraw funds from the trading account one needs to submit the request and indicate the money he or she wants to withdraw. The trader will be notified if the request has been approved by the broker or not via email. The minimum withdrawable amount is 50 EUR or currency equivalent, however, broker states that if any trader wants to withdraw less than that, he needs to contact support as there will be additional fees for that. Speaking about fees. The broker claims that it is free to withdraw the money:
However, as you can see there are some remarks indicated. The additional information is written below with very small font size and after checking them out you can say that withdrawal is not that free. The broker states that there are withdrawal costs that are paid by the broker itself for the first withdrawal in the month, thereafter if someone decides to withdraw the money again the fee is 12.50 EUR per additional withdrawal. There is also a withdrawal fee for electronic payment if the trader has not traded. Does it point out Skilling fraud or simply to the bad service? It is up to traders to decide.
Skilling trading platform
Skilling has a custom platform that runs on PC and laptop and also a web-based platform that is compatible with Chrome, Internet Explorer, and Firefox. The information about the platform is nowhere to be found, meaning that one needs to register with the broker to try it out. The broker does not offer any other platform, for example, MT4 or MT5 which are most popular amongst the traders. That does not speak well for the Skilling rating. Offering custom platform is nice, however many of the traders are used to using either MT4, MT5 or ctrader, which makes it hard for them to switch to the new one, made from scratch. Moreover, it is always nice to see the broker taking the needs of the different traders into account and gives them wide selection.
Is Skilling legit?
Now let’s answer the main question – is Skilling legit broker? The fact that the broker is regulated by CySEC and also follows the restrictions of the ESMA states that the broker is legit. But it is the only good news about Skilling. While the broker is not a scam it is not a good broker either. It tries to offer some sophisticated trading experience with a very minimalistic approach but in reality, it makes the process even harder for the traders. The broker does not display the information that is valuable and needed for the traders. The account types that the broker offers are not well designed neither for well-experienced or inexperienced traders. The broker offers own trading platform and does not provide any information about it. It claims to have no fees for the withdrawal but actually has some. The list of the disadvantages of the broker goes on and on. Hence, while Skilling scam might not be the case, I would not advise trading with this broker. If anything, it is better to wait until the broker establishes the reputation and there will be opinions and reviews made by its customers.