Skilling review – is this new broker trustworthy or a scam?
Forex industry is very active today and the new brokerages are created almost daily. Many amongst them are scammers that are popping up here and there. Hence, when the new broker appears traders need to examine carefully not to fall in the scam. One of such newly established brokerages is Skilling that appeared on the FX market only this year. Can Skilling be trusted or is it just another scam? This review will help you determine if it is worth to invest your money with the broker or if you need to stay away from it. The former name of skilling is Finovel Cyprus Ltd. It is registered in Cyprus and regulated by the CySEC respectively. The brokerage offers its services mostly to the residents of Sweden, Norway, Germany and the United Kingdom. One can trade currency pairs, CFDs on crypto, indices, commodities, and equities with the leverage of 1:30. There are multiple payment methods for traders to deposit and withdraw the money from their trading account. This detailed Skilling review will provide insight into the regulatory side of the brokerage, it’s service and features.
Is Skilling legit?
As mentioned skilling is registered in Cyprus. The main office of the company is in Strovolos, CY-2012 Nicosia, Cyprus. The broker also has offices in Malta and Spain. The company is regulated by the CySEC and has license number indicated on the website. The license number can be checked on the regulator’s website. According to CySEC the license is granted in 2018 and is valid. The fact that the broker actually has authorization is already a good start and indicates that the possibility of Skilling scam being real is low. Plus the broker offers 1:30 leverage, which means that is compliant with the ESMA requirements which gives the broker more credibility.
Although the broker has three offices they only have 35 employees according to its website. It is not really a big number and makes us wonder if it is enough to provide a good service and assistance to the customers. Apart from these, Skilling does not provide any more information about itself. Probably just because it is just established and yet has nothing to say. There is also a lack of Skilling opinions or reviews made by the customers. Hence it is yet too early to say how satisfied or unsatisfied they are with the service of the broker and the trading experience.
As it seems from the broker’s website Skilling is all about the design, the broker has definitely put a lot of efforts to make the website look nice. The modern, minimalistic design with the dark blue and turquoise colour really create a nice impression when you enter the website. The technical side of the website works well as well, it loads fast and there cannot be any complaint about it. Unfortunately, we cannot prise the other side of the website as much. Making Skilling.com review was not easy as the website does not have a lot of content and they are distributed in a very complicated way. Seems like the broker has forsaken the convenience of the website in favour of the design of it. But after all, do you go to the broker’s website to enjoy aesthetics or to get valuable information?
The website offers several sections only, about us, contact us pages, trading information and help desk. Finding needed information there can be troublesome. On the help desk, the broker has a FAQ. As for the trading information page, one can find information about the account and trading instruments. As it seems, the broker also offers education as it features trading assistant for educational purposes. However, it is only accessible for those who create an account with the broker. Overall, this part of the Skilling review was disappointing. The broker offers only very limited information not only about itself but about its service and features as well. It is a big problem especially today when traders need to examine every aspect of the broker before they make a decision.
Skilling account types
There are only two account types available for the traders who want to open an account with the broker: Standard and Pro Premium. This is not a very wide choice especially since the difference between the minimum deposit is very high. For the standard account, the requirement is 50 EUR, Skilling minimum deposit for the pro premium account is as high as 50.000 EUR. For both of the accounts, one can use EUR, USD, NOK, SEK, GBP currencies as an account base currencies. The difference between these two types of accounts is that with standard account one can trade micro lots, and the pro premium account charges 0.004% on nominal value traded as a commission.
Skilling withdrawal policy
At first glance, skilling withdrawal seems very easy, comfortable and clear. The trader who wishes to withdraw the money needs to request a withdrawal from his account. One can withdraw money via credit/debit card, Wire transfer, Neteller, and Skrill. The minimum amount of money that can be withdrawn is 50 EUR or currency equivalent and the withdrawal processing time is one day. The broker claims that there is no fee applied for the withdrawal. Yet everything looks legit and fine. However, in general fees, the broker has additional information written with the extremally small shift. According to it, if you are using Neteller or Skrill for withdrawal you will have to pay 2.0% and 2.6% respectively if you have not traded. But the broker does not state what is the period of time when you should have made last trade in order to avoid this fee. For all of the payment methods, there is a withdrawal fee of 12.5 EUR. The broker claims to cover the first withdrawal fee for any month but if a trader wants to withdraw any more money this fee will be applied. This fees really decreases Skilling rating, moreover, the broker reserves the right to take additional 30 EUR out of your account if you fail to provide needed documents. Again, the broker does not say what are the documents that might be requested.
Skilling Forex broker does not offer any of the most popular trading platforms to its traders. You cannot trade on MT4, MT5 or ctrader. The broker has its own custom platform. There is no information about the trading platform that the broker offers. Hence you will not have the possibility to see if you like it or not unless you register with the broker. The only information that can be found on the website is that the trading platform is compatible on Laptop and PC (Mac and Windows) and the supported browses for the web-based platform are Chrome, Firefox and Internet Explorer.
Can Skilling be trusted?
In terms of regulations, Skilling seems to compatible with the general requirements. It is regulated by the CySEC and is following the ESMA restrictions when it comes to the leverage. However, one does not choose the broker only because it has a regulation. There are many great international brokerages that offer good service to the traders, can Skilling be considered one of them? Yet it does not seem so. Skilling review showed that the broker lacks some of the features that are demanded by the beginner or experienced traders. First things first, the broker does not provide much information about the features and trading experience and counts only on the nice design of the website to convince potential traders. You cannot rate how good is the service of the broker because you simply cannot learn much about it. The broker has its own platform and does not really say anything about it. Overall Skilling scam does not seem real, but at the same time, the broker cannot be considered to be a broker you want to trade with. Especially if you are a beginner trader and do not know much about trading. For experienced traders, it is obviously better to choose an experienced and well-established brokerage with whom one does not need to worry about how things will turn out. In any way, Skilling has a long way to go to prove that it is a broker worth of your time before it happens it is better to be safe with good brokers than sorry for investing with the completely new one.