Skilling Review – Fees, Features, Pros and Cons Revealed

Skilling is a relatively new CFD broker designed to give traders in the UK and beyond more control over their money. This broker offers several different trading platforms to cater to the needs of beginner and expert traders alike. For a relatively new trading platform, it also offers an impressive range of assets to trade.

So, is Skilling the best online broker in the UK for your needs? In our Skilling review, we’ll cover everything you need to know about this upstart trading platform.

What is Skilling?

Skilling ltd is an online CFD broker founded in 2016. The private company is owned by a group of Scandinavian investors from Sweden and is based in Nicosia in Cyprus, Malta, and Spain.Skilling CFD broker review

Skilling differentiates itself by offering a wide selection of CFDs for stock trading and forex trading. The broker also supports limited commodity and cryptocurrency trading through CFDs, so there’s a good range of financial instruments overall.

The goal of this platform is to be as user-friendly as possible for both beginners and experienced traders while offering the advanced CFD trading tools necessary for success. To that end, Skilling offers two different versions of its own trading platform – one for quick trading and analysis, and another for advanced analysis and algorithmic trading – plus the MetaTrader 4 platform for forex trading. Skilling also has mobile trading apps that you can use to trade on the go.

What Shares Can You Buy on Skilling?

Skilling offers more than 700 shares through CFDs. The majority of stocks available are traded on exchanges in New York, London, and across Europe, but there are also a handful of share CFDs for stocks on the Tokyo and Hong Kong Stock Exchanges. All share CFDs can be traded using a maximum leverage of 5:1.Shares to trade at Skilling

Skilling offers an additional 17 index CFDs, which trade with leverage up to 20:1. These are country-specific and cover most developed economies, including China. Notably, Skilling does not offer ETF trading at this time.

Forex Trading

Skilling is also well-known as a forex broker and its account offerings are primarily focused on forex trading. Skilling has 73 forex currency pairs available as CFDs with leverage up to 30:1 for major forex pairs and 20:1 for all other pairs. The selection of minor and exotic forex pairs at Skilling compares very favourably to online forex brokers in the United Kingdom that have been operating for decades.EUR-USD currency pair details at Skilling

Commodities and Cryptocurrencies

Skilling also offers a limited selection of commodity CFDs and cryptocurrency CFDs. Commodity CFDs include gold, silver, platinum, crude oil, and natural gas. Gold trading allows leverage up to 20:1, while all other commodities allow 10:1 leverage. There is currently no agricultural commodity trading available through this broker.

Skilling has cryptocurrency CFDs available for the 10 most popular coins, including Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. These can be traded with leverage up to 2:1. Remember that cryptocurrencies are complex instruments with a high risk factor.

Skilling Fees & Commissions

Unless you sign up for a Premium forex trading account, which we’ll cover below, Skilling is a 100% commission-free broker. There are no commissions under any circumstances for stock, index, or cryptocurrency trading.

Spreads vary by share, but they are typically very reasonable. Our survey of share CFDs found an average spread of around 0.3%, or 30 pips. Many popular US shares traded with spreads closer to 0.1%. This is on par with other low-cost CFD brokers in the UK. Notably, Skilling is up front about the minimum spread and average spread for every share CFD the broker offers.

Forex Trading Accounts and Fees

For forex and metal CFD trading, Skilling offer two different account types. The Standard Skilling account is completely commission-free, but charges relatively higher spreads. Spreads start at 0.7 pips, or 0.007%, for the popular EUR/USD forex pair. It’s also worth noting that the Standard account has a low minimum deposit of just £100 and is recommended for retail clients.

Skilling account types

The Premium account charges commissions on forex and spot metal CFD trades in exchange for lower spreads. The commission is $35 (around £27) per million dollars of contracts traded. However, the minimum spread for the EUR/USD pair drops from 0.7 pips to just 0.1 pip. The Premium account requires a minimum deposit of £5,000 and it is generally most suitable for scalping trading and professional traders.

Account Fees

One nice thing about Skilling is that the broker charges very few account fees. There are no deposit or withdrawal fees and no monthly platform fees, regardless of whether you have a Standard or Premium account.

Skilling does charge an inactivity fee, but it’s very reasonable. You pay £10 pounds after a year of inactivity, and then £10 pounds again only if an entire additional year goes by. It’s not a monthly charge, as is the case at most other brokers that charge this type of fee.

Skilling Platform and Trading Tools

Skilling offers three different trading platforms: Skilling Trader, Skilling cTrader, and Skilling MetaTrader 4. Trader and cTrader are nearly identical, except that cTrader adds the ability to set up algorithmic trading.

Skilling Trader: Charts

Skilling Trader offers charts that are good, but not great. You can switch between several chart types, including candlesticks, Heikin Ashi, Renko, point and figure, and more. There’s also a wide range of time intervals, from one minute to one month. Notably for day traders, Skilling Trader doesn’t offer one second or tick by tick charts.

The platform comes with 75 built-in indicators, which is fewer than comparable trading platforms. However, most popular indicators are available, so traders won’t finding themselves missing too many studies. There are also plenty of drawing tools, including tools for annotating Elliot waves and pitchfork patterns.Skilling Trader trading platform

One thing we liked is that Skilling Trader makes it easy to compare multiple currencies or shares in the same chart window. You can add any number of symbols simultaneously, so the software works well for deciding between two potential share CFDs.

Skilling Trader: Order Placement

You can place orders directly through the Skilling Trader platform. Order entry is relatively simple, but we liked that Skilling offers relevant information throughout the order entry process.

For example, if you’re trading shares that are priced in USD, Skilling will make it clear how much your order will cost in pounds. The order interface also shows your maximum potential profit for a take-profit entry and your maximum potential loss for a stop loss.

That said, Skilling’s order process isn’t all that robust. The only order types available are market and limit orders, and you have almost no control over fulfillment. It’s also not simple to set up multi-leg orders to automate easing into and out of positions over multiple trades.

Skilling Trader: Trade Assistant

The Skilling Trade Assistant is a useful feature within Skilling Trader for first-time traders. This tool walks you through the process of placing a trade. It first asks what type of asset you want to trade, then suggests popular trading instruments in that asset class. Trade Assistant will help you place a stop loss or take profit level, and then finalize your trade. While most traders won’t need this tool, it’s a huge plus for beginners who want a helping hand.Skilling Trade Assistant

Skilling cTrader: Algorithmic Trading

cTrader is nearly identical to Trader, with the exception that it supports algorithmic trading. Algorithmic trading requires a knowledge of the C# and .net frameworks. Unfortunately, Skilling provides very little guidance about how to set up a basic trading algorithm through cTrader. As a result, it’s difficult to use this feature unless you have prior algorithmic trading experience.

Technical indicators available in Skilling Trader

Skilling MetaTrader 4

Skilling offers access to MetaTrader 4 for all account holders. MetaTrader 4 is only suitable for forex trading, but it offers advanced traders significantly more flexibility than either Skilling Trader or cTrader. For example, you can use MetaTrader 4 to create custom indicators, build forex signals, or deploy forex robots.

Skilling Demo Account

Skilling offers a free demo account. You receive £10,000 to start off with for paper trading and you can reset your account at any time. Notably, Skilling doesn’t let you access the cTrader platform’s algorithmic trading features. This is somewhat disappointing since it can be very useful for advanced traders to try out these tools before committing to this broker.

Research and Analysis at Skilling

The Skilling trading platform is surprisingly light on research and technical analysis tools. There is no information provided by Skilling analysts to help inform your trading, and the ‘Explore’ feature within Skilling Trader does little more than highlight stocks that are popular with other traders across the brokerage.

Skilling Trader does come with a new feed, but it’s far from awe-inspiring. The feed only sources stories from Investing.com. It’s not searchable and cannot be customized based on your watchlist or recent trades.Skilling Trader Explore and News Feed

Skilling does offer some online education. There are five ‘courses,’ although each course consists simply of a handful of plain-text articles. This might be helpful for a brand-new trader, but it’s not the type of in-depth resource that might help you take your trading to the next level.

Skilling App

The Skilling Trader mobile app can be download from the Apple App Store or Google Play Store and preserves nearly all of the features of the web interface and adapts them for a smaller, vertical-oriented mobile screen. You can access nearly the full suite of charting features, including technical indicators. One notable missing feature, though, is the ability to compare multiple stocks on the same chart.Favourites list on the Skilling app

The mobile app is fairly easy to navigate, with a pop-out menu that saves screen space. You can save watchlist stocks and other assets to a favourites menu, which serves as a watchlist. These stocks appear on the app’s home screen when you first open the app.Place a trade on the Skilling mobile app

Payments at Skilling

Skilling requires a minimum deposit of £100 for a Standard account or £5,000 for a Premium account. There are no deposit fees and the company offers a variety of payment methods, including UK bank transfer, wire transfer and Visa or Mastercard credit card and debit card. You can also pay with an e-wallet from Neteller, Skrill, or Trustly. Funds are typically available within one business day.Skilling payment methods - Skrill and NetellerThe withdrawal methods are the same as the deposit methods. There are no withdrawal fees. However, you must withdraw at least £50 pounds at a time.

Customer Service at Skilling

Skilling doesn’t offer the same 24/5 or 24/7 customer service hours as many competing forex brokers. However, the broker still takes customer support seriously and makes agents available between 7 AM and 8 PM GMT by phone, live chat, and email. The brokerage also has a basic FAQs section on its website where you’ll find instructions for how to deposit funds and place your first trade.

You can get in touch with Skilling by calling (357) 222-7610 or emailing support@skilling.com.Contact Skilling by email, live chat, and phone

Is Skilling Safe?

Skilling is regulated by CySECSince Skilling was only founded in 2016, it doesn’t have as long a track record of handling traders’ funds as many other online brokers in the UK. However, the broker has taken a number of steps to reassure traders that it’s completely safe.

First of all, Skilling is regulated by the Cyprus Securities and Exchange Commission. While this isn’t considered a top-tier global financial regulator like the FCA, CySEC is generally trusted and has stringent rules for how brokerages can operate. For example, Skilling must keep at least €750,000 in cash on hand in case of a rainy day and submit regular financial reports to the agency.

Skilling also offers all UK investors negative balance protection. That means that even when you’re trading with leverage, you can never lose more money than you have deposited in your trading account.

Finally, UK trading accounts at Skilling are backed by the UK’s Financial Services Compensation Scheme. In case anything ever happens to the broker, you are eligible for up to £85,000 in reimbursement from the government.

Skilling Pros and Cons

Pros

  • More than 700 share CFDs and 73 forex CFDs
  • Commission-free share trading with low spreads
  • Very limited account fees and low minimum deposit
  • High-quality charting platform
  • Supports algorithmic trading
  • Includes MetaTrader 4 access for forex trading
  • User-friendly mobile app for iOS and Android

Cons

  • Does not support ETF trading
  • Support is only available during limited hours
  • Cannot demo algorithmic trading features
  • Very limited research and analysis
  • No price alerts

The Verdict

Skilling is a relatively new CFD broker that aims to offer user-friendly trading platforms for traders of all stripes. It offers trading on more than 700 shares and 70 forex pairs with no commissions on share trading and a low minimum deposit.

Overall, we were very impressed with Skilling. This broker is easy-to-use, affordable and has some nice features, so it’s certainly worth checking out.

Want to try out Skilling for yourself? Simply click the link below to get started today!

Skilling – Top CFD Broker with Low Fees

 

Your capital is at risk.

FAQs

Is Skilling good for day trading?

Skilling is a good broker for day trading. The trading platform supports intraday charts and there are no commissions on share CFD trades.

Can I use MetaTrader 5 with Skilling?

Skilling offers MetaTrader 4 for forex traders, but it does not offer access to MetaTrader 5. Stock, index, commodity, and cryptocurrency traders must use the Skilling Trader or cTrader platforms.

Is Skilling a publicly traded company?

No, Skilling is privately held by a group of tech magnates based in Scandinavia. The company discloses financial information to regulators, but its internal finances are not publicized.

Is Skilling Trader available as a desktop platform?

Skilling Trader is available as a mobile app for iOS and Android and as a web interface. There is currently no downloadable desktop software for Skilling Trader or cTrader.

Does Skilling offer templates for algorithmic trading?

Skilling expects that traders using C# and .net for algorithmic trading are experienced both with trading and with these platforms. The broker offers very little guidance for how to get started with algo trading.

All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Michael Graw

About Michael Graw

Michael Graw is a freelance journalist based in Bellingham, Washington. He covers finance, trading, and technology. His work has been published on numerous high-profile websites that cover the intersection of markets, global news, and emerging tech. In addition to covering financial markets, Michael’s work focuses on science, the environment, and global change. He holds a Ph.D. in Oceanography from Oregon State University and worked with environmental non-profits across the US to bridge the gap between scientific research and coastal communities. Michael’s science journalism has been featured in high-profile online publications such as Salon and Pacific Standard as well as numerous print magazines over the course of his six-year career as a writer. He has also won accolades as a photographer and videographer for his work covering communities on both coasts of the US. Michael has been a member of the LearnBonds team since March 2020.