Skilling
Pros and Cons
Pros
- Regulated by Cyprus Securities and Exchange Commission (CySEC)
- Diverse range of trading instruments including Forex, commodities, indices, stocks, and cryptocurrencies
- Multiple trading platforms: Skilling Trader, MT4, and cTrader
- Flexible account types catering to different trader needs
- Customer support available through email, live chat, and telephone
Cons
- No support for U.S. customers
- Limited educational resources for beginners
- High trading fees compared to competitors
- No multi-currency accounts
- Spreads may widen during high volatility
Basic Information
User Reviews
Skilling Overview
Skilling is a forex broker established in Cyprus, operating for approximately 5 to 10 years under the full name Skilling Ltd. The broker is registered and regulated, providing a level of oversight that is essential for traders seeking a secure trading environment. This regulatory status is important as it helps enhance trust and credibility among traders who are looking to engage in the forex market.
Is Skilling Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Cyprus Securities and Exchange Commission (CySEC) | Cyprus | Segregated Funds |
Is Skilling Regulated and How Are Client Funds Protected?
Skilling is a regulated forex broker established in Cyprus, operating under the oversight of the Cyprus Securities and Exchange Commission (CySEC). This regulatory status provides a layer of protection for traders, enhancing the trust and credibility of the broker in the forex market. Client funds are safeguarded through the implementation of segregated accounts, which ensure that clients’ funds are kept separate from the broker’s operational funds. This practice is crucial in protecting traders’ investments in the event of any financial difficulties faced by the broker. Overall, Skilling’s regulatory framework contributes to a safer trading environment, aligning with international financial standards that are designed to protect investors.
Trading Products and Services
What trading instruments does Skilling offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | Many |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US, UK | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
Skilling provides a diverse range of trading instruments across multiple asset categories, meeting the needs of various traders, from beginners to professionals. With offerings in Forex, commodities, indices, stocks, and cryptocurrencies, traders can explore numerous opportunities tailored to their trading strategies. The availability of various products allows for effective portfolio diversification, enabling traders to adapt their approaches and manage risk effectively. This flexibility is essential for developing robust trading strategies that align with individual investment goals, making Skilling an appealing choice for those looking to navigate the financial markets.
Account Types and Trading Conditions
What Account Types and Fees Does Skilling Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard Account | Beginners | Zero commission, available on Skilling Trader and Skilling cTrader, spreads from 0.8 pips | Suitable for small-capital practice |
| Premium Account | Experienced traders | Low spreads from 0.1 pips, subject to trading volume commissions | Requires higher initial deposit or significant trading volume |
| MT4 Account | Various traders | Available on MT4 platform, spreads from 0.8 pips | Can be used for various trading strategies |
| Corporate Account | Corporate clients | Can be categorized as Standard, Premium, or MT4 | Requires corporate documentation |
Account Opening Process
To open an account with Skilling, traders must follow a straightforward process that includes submitting personal, employment, and financial information. This is essential for identity verification and includes providing an ID and proof of address. Skilling offers account flexibility, allowing traders to upgrade to a professional account at a later stage if they meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| CFDs (Stocks) | Varies | $40/million | Subject to trading volume |
| CFDs (Commodities) | Varies | $40/million | Dependent on market conditions |
| Cryptocurrencies | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
In addition to trading fees, traders should be aware of other potential costs associated with their accounts. These may include deposit and withdrawal fees, inactivity fees, and platform usage fees if applicable. Overnight interest (swap rates) may also apply, along with currency conversion fees for trades involving different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Skilling Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| Skilling Trader | Web, iOS, Android | 2FA, market search, multiple order types, price alerts, advanced technical indicators | Demo accounts, VPS |
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | Encryption, symbol lookup, one-click trading, customizable alerts, expert advisors | Demo accounts, API interfaces |
| cTrader | Windows, iOS, Android | Biometrics, multi-symbol search, various order types, push notifications, advanced charting tools | Demo accounts, algorithmic trading support |
Skilling offers a range of trading platforms tailored to different trader needs. The Skilling Trader platform is designed for ease of use, making it suitable for both beginners and experienced traders. It provides a seamless trading experience across devices, allowing convenient access anywhere. MetaTrader 4 is ideal for those seeking advanced analysis tools and algorithmic trading capabilities. cTrader caters to advanced traders, with features like fast order execution and customizable trading options. All platforms prioritize security, with features such as secure logins and real-time alerts to enhance the trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min 50, Max 20,000/day | EUR, USD |
| Credit/Debit Card | Instant | No platform fee | Min 50, Max 20,000/day | EUR, USD |
| e-Wallet (e.g., PayPal) | Instant | 1.5% charge | Min 50, Max 20,000/day | EUR, USD |
| Cryptocurrency | Instant | No platform fee | Min 50, Max 10,000/day | EUR, USD |
Minimum Deposit
The minimum deposit requirement at Skilling is set at 50 units of the base currency selected. This requirement is consistent across all payment methods and account types, providing a straightforward entry point for traders.
How to Withdraw
To withdraw funds from your Skilling account, follow these steps:
- Log into your Skilling account.
- Navigate to the ‘Withdrawals’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Submit your withdrawal request and wait for the processing to complete based on the chosen method.
Customer Support
Skilling Customer Support Overview
Support Channels
Skilling provides multiple contact methods for customer support, ensuring that traders can reach out for assistance as needed. Support channels include:
- Email: Traders can send inquiries via email, and a customer support expert will respond within 24 hours.
- Live Chat: Customers can engage with support experts through live chat, which is available during business hours.
- Telephone: Telephone support is also available for more direct communication.
- Social Media: Skilling may maintain a presence on various social media platforms for additional support and updates.
Service Availability
Skilling’s customer support operates from Monday to Friday, between 06:00 and 22:00 CET. Multilingual support is available, catering to a diverse range of traders and ensuring effective communication in multiple languages.
Additional Resources
In addition to direct support, Skilling offers various resources that can assist traders, such as educational materials, market analysis, and trading signals, which can help enhance their trading experience and knowledge.
Frequently Asked Questions
Yes, Skilling is a regulated forex broker under the oversight of the Cyprus Securities and Exchange Commission (CySEC). Client funds are protected through the use of segregated accounts, ensuring that traders’ investments are safeguarded in case of any financial issues faced by the broker.
Skilling offers a diverse range of trading instruments across multiple asset categories, including Forex, commodities, indices, stocks, and cryptocurrencies. This variety allows traders to explore numerous trading opportunities tailored to their individual strategies.
Skilling provides several deposit and withdrawal options, including bank transfers, credit/debit cards, e-wallets, and cryptocurrencies. Each method has specific processing times and limits, ensuring flexibility for traders when managing their accounts.
Skilling offers customer support through various channels, including email, live chat, and telephone. Support is available from Monday to Friday, between 06:00 and 22:00 CET, with multilingual assistance to cater to a diverse range of traders.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.