Pros & cons of Skilling broker

Skilling Fact sheet

Safety is of the utmost importance when selecting a broker. When you entrust your hard-earned money to a financial service provider, you need to be able to fully trust your broker. 

There are various ways to know whether your broker should be trusted, but it's essential for your broker to be regulated and have a good reputation among its clients. Skilling Seychelles Ltd is authorized and regulated by the Seychelles Financial Services Authority (FSA). It should be mentioned that the FSA is not a strict regulator. However, the fact that Skilling is regulated means that it can be trusted.

In order to meet the needs of different traders Skilling offers 4 account types: Standard, Premium, MetaTrader 4, and MetaTrader 4 Premium. The maximum available leverage on all account types is 500:1, with the minimum initial deposit required to open a Standard and MT4 account type, being 100 Euros. For opening Premium and MT4 Premium account types, a minimum of 5,000 Euros is required. Standard and MT4 accounts charge no commissions and spreads on EUR/USD start from 0.7 pips; making these account types ideal for beginner and swing traders. 

Premium and MT4 Premium account types charge commissions of 30 USD/per million traded, one round, with spreads starting from 0.1 pips. These account types are best for intraday and high-frequency trading as spreads are minimal. The Stop Out level on all 4 account types is 50%. Spreads on Bitcoin start from 0.5. 

Pros & cons of account types

Trading fees with Skilling are low compared to competitors. There are no fees on most deposit and withdrawal options and spreads and commissions are low. On the other hand, there’s an inactivity fee of 5% on the withdrawal amount.

Comparing Skilling fees with other brokers

To better understand the difference in fee structure, let’s make a comparison. For the comparison, we picked Standard account fees.

Skilling fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Skilling fees compared to CM Trading fees

Skilling fees compared to plus500 fees

Skilling fees compared to XM fees

Skilling fees compared to AvaTrade fees

Skilling fees compared to Capital.com fees

Skilling offers access to MetaTrader 4 and cTrader as desktop platforms. In addition, there are mobile and web trading apps available. MetaTrader 4 is the most popular Forex trading software in the world, however, the interface looks outdated. On the upside, MetaTrader 4 is very reliable and easy to use. cTrader has a more modern-looking design and is a great platform for both professional and beginner traders. cTrader offers more indicators and timeframes. In addition, the platform also enables traders to check level 2 data. Both platforms support algorithmic trading. Overall, Skilling offers great trading software. 

Skilling offers limited tools for research and educational material compared to competitors. Basic terms are explained and trading articles are provided, however, the educational material is very limited. 

Skilling provides its clients with great customer support. Traders can reach the broker via live chat which is fast and effective, over the phone, or using an email. Chat options are also available for Messenger, Telegram, and LINE users. In addition, the chat window is easy to spot from the broker’s main page. Live customer service is available 24/5 during workdays.

To sum everything up, Skilling is a regulated broker and therefore can be trusted, however, it should be mentioned that the FSA of Seychelles is not a strict regulator. The broker offers access to trading 1,127 tradable instruments from various asset classes, including CFDs on stocks, commodities, cryptocurrencies, Forex, and indices. Trading fees are low compared to the competitors. The minimum initial deposit required to open Standard and MT4 accounts is 100 Euros. For opening Premium accounts traders need to deposit over 5,000 Euros. The maximum available leverage is 500:1 and the available trading platforms are MetaTrader 4 and cTrader. Educational material and offered tools for research are limited, but the customer service is excellent.