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Skilling Review - is it scam or safe?

Skilling Review - is skilling.com scam or good forex broker?

RATING: 3 / 0 REVIEWS Skilling
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Trading Accounts and Conditions

 

Trading account  Minimum deposit  Min. trade size Default leverage* Spread
Standard  $50 1:30 0.01 from 1.6 pips
Pro  $50 000 1:30 0.1 from 0.4 pips + 0.004% on Nominal Value traded
         

*The Maximum Leverage depends on Client’s categorization.

 

Cypriot brokerage Skilling offers two account types and wide range of tradeable assets on its in-house web-based platform. The broker launched in 2019 and holds a license with CySEC, which brings along significant advantages for its clients.

 

In this review, we will highlight both the strong and weak sides of Skilling.

 

 

Skilling Advantages

 

Licensed in Europe

Skilling is authorised and regulated by one of the most popular financial watchdogs in Europe, the Cyprus Securities and Exchange Commission. The company behind the brand, Skilling Ltd. (formerly Finovel Cyprus Ltd.) also has offices in Malta and Spain.

 

 

Holding a CySEC license means that the brokerage meets a number of requirements, such as: segregation of client accounts, reporting clients’ transaction on a regular basis, maintaining a minimum capital of EUR 730 000, participation in the Investor Compensation Fund (ICF), and more. It also means that the brokerage adheres to all rules introduced on a EU level, including provision of negative balance protection, leverage cap of 1:30, disclosing the percentage of clients who suffer losses, etc.

 

>> Check out the top-rated Cypriot brokers <<

 

 

Transparent pricing and fees

Another thing we like about Skilling is its transparent pricing policy. The broker presents all its spreads, commission and transfer fees in a very clear and precise way, which is not the case with all financial services intermediaries, including regulated ones.

                                              

We have presented Skillings spreads in the Account types section of this review, so we’ll briefly mention the transfer fees the broker charges. Clients of Skilling are entitled to free of charge deposits and one free withdrawal per month. A fee of 12.50 EUR is to be charged on any additional withdrawal. Besides, a fee of 2% on the withdrawal amount is imposed if there was no trading activity in the account. We also have to mention that accounts inactive for a period of 12 months are charged with 10 EUR inactivity fee.

 

Low initial investment required

One can open a live trading account with Skilling with an initial investment of $50. Basically anyone can afford to invest such an amount, which makes this broker’s service easily accessible.

 

Over 300 financial instruments

Skilling offers over 300 financial instruments to trade, including huge selection of forex pairs and various Contracts for Difference (CFDs): on commodities, currencies, shares, indices, and the most popular cryptocurrencies. 

 

Leverage above 1:30 available to professional traders

In case a retail client wishes of Skilling is categorized as an experienced one, he or she may request a higher leverage ratio than the default one of 30:1. Clients of the broker should be granted leverage higher than this only if they pass the appropriateness test, as required by law.

 

 

Skilling Disadvantages

 

MT4 not supported

Unlike more than 80% of all forex brokers across the globe, Skilling does not support the popular MetaTrader 4 platform (MT4). Instead, it uses its own proprietary web-based platform, which has clean and simple interface and requires no download (including the mobile versions). We suppose it is suitable for beginner traders, but many will miss the rich functionality of the MT4.

 

Skilling’s in-house web platform. Click to view larger.

 

 

>> Check out the best MT4 brokers here <<

 

 

Spreads not that good

The spreads offered by Skilling on Standard accounts are actually not that attractive – starting from 1.5 pips on the benchmark EUR/USD. A number of well-regulated brokers offer lower spreads, and some even go lower than 1 pip. Here you may check out the offers of some reliable brokers in real time:

 

>> Compare the spreads of some of the best forex brokers <<

 

 

Conclusion

 

Skilling is a newly-launched European forex broker, which has a lot of advantages. Most notably, it holds a CySEC license, which provides significant protection and guarantees to its clients. Besides, the broker offers wide selection of assets for trade and is transparent about its pricing and fees. That being said, Skilling’s spreads could have been lower, and we miss the availability of the good old MT4 platform

 

Let’s sum up the review of Skilling in a few words:

 

Pros Cons
Licensed in Europe MT4 not supported
Transparent pricing and fees Spreads not that good
Low initial investment required  
Over 300 financial instruments  
Leverage above 1:30 available to experienced traders  

 

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Traders` reviews for Skilling

Spread

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Slippage

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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