Assessment of Skilling Exchange: Unveiling the Truth

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Established in 2016, Skilling Exchange has swiftly carved a niche for itself, attracting both novice and seasoned traders alike. Are you contemplating trading and pondering if Skilling Exchange aligns with your needs? Explore the comprehensive review below to find out.

I - Introduction to Skilling Exchange

II - Advantages and Disadvantages of Skilling Exchange

III - Account Types

IV - Skilling Exchange Trading Fees

V - Deposits and Withdrawals

VI - Supported Trading Platforms by Skilling

VII - Is Skilling Exchange a Scam?

Concerned about the authenticity of Skilling Exchange? Wondering about its safety? Mytour is here to provide an insightful evaluation of Skilling Exchange, equipping you with all necessary information to facilitate your decision-making process. Let's delve deeper into this broker's realm and decipher if it's the right fit for you.

Skilling Exchange: A Relatively New Player in CFD Trading and Forex Market

Established in 2016, Skilling Exchange has swiftly carved a niche for itself, attracting both novice and seasoned traders alike. Are you contemplating trading and pondering if Skilling Exchange aligns with your needs? Explore the comprehensive review below to find out.

Article Contents:
1. Understanding Skilling Exchange
2. Pros and Cons of Skilling Exchange
3. Types of Accounts Offered
4. Trading Fees at Skilling Exchange
5. Deposits and Withdrawals Process
6. Supported Trading Platforms by Skilling
7. Legitimacy of Skilling Exchange

I - Introduction to Skilling Exchange

As previously mentioned, Skilling Exchange is a CFD and forex trading platform established in 2016 by technology experts Henrik Pearsson Ekdahl, Andre Lavold, and Mikael Riese Harstad. With offices in Spain, Malta, and Cyprus, Skilling Exchange caters to traders across the EU/EEA and has recently gained attention in the Vietnamese market.

Initially, Skilling started as a start-up company focusing on bond markets. However, it is now striving to develop a new securities trading model based on blockchain technology. Additionally, it aims to compete with major players in the forex trading market such as Exness. Therefore, it currently offers CFDs and forex products globally. Let's now proceed to the formal review of Skilling Exchange.

II - Advantages and Disadvantages of Skilling Exchange

1. Advantages of Skilling Exchange

- Exclusive trading platform and MetaTrader 4.
- Wide range of trading products: Currencies, cryptocurrencies, indices, commodities, stocks, CFDs..
- Competitive spreads starting from 0.7 pips.
- Regulated and licensed by reputable financial organizations: CySEC, FSA.
- User-friendly platform, suitable for beginners.
- Multilingual support.

2. Disadvantages of Skilling Exchange

- Low leverage ratio of 1:500.
- No ETF trading support.

III - Account Types

Skilling Exchange offers 3 different account types, catering to the needs of both novice and experienced traders. Depending on your experience, trading style, and capital, you can choose one of the following 3 account types:

- Demo Account: Recommended for traders who want to test Skilling Exchange's trading platforms and practice their strategies before opening a real trading account.
- Standard Account: Requires an initial deposit of 100 Euro, with no commission fees for trades and leverage up to 1:500. This account type is available on both Skilling Trader and Skilling cTrader platforms, with spreads starting from 0.7 pips. By choosing this account type, you'll have access to 73 currency pairs, 10 cryptocurrencies, 17 indices, 5 commodities, and over 700 stocks.
- Premium Account: Requires an initial deposit of 5,000 Euro, targeting more experienced traders. It offers low spreads starting from 0.1 pips, while the leverage is capped at 1:500. The Premium Account is available on both Skilling Trader and Skilling cTrader platforms. With this account, you'll have access to trade over 800 financial instruments while commission starts from 35 USD per million USD traded.

Opening a Skilling account is incredibly simple and straightforward. Just register with your personal information, verify your ID by uploading your documents or register with BankID. Finally, deposit funds into your account and start trading.

IV - Skilling Exchange Trading Fees

Skilling pledges to eliminate deposit fees and maintain transparency regarding its fees. However, the spread fees may be slightly higher compared to other brokers.

1. Transaction Fees

Transaction fees depend on the account type and trading products. The Standard account incurs no commission fees but has relatively high spread fees. Spreads start from 0.7 pips, or 0.007%, for the EUR/USD forex pair.

The Premium account charges commission fees for forex and metal CFD trades but offers lower spreads. The commission is 35 USD per million USD traded. However, the minimum spread for the EUR/USD pair is only 0.1 pip.

2. Account Fees

Skilling does not charge deposit or withdrawal fees and has no monthly fees, regardless of whether you have a Standard or Premium account. However, depending on the payment method used, customers may incur platform provider fees.

It's important to note that Skilling charges an inactivity fee, which is considered reasonable. You'll be charged 10 Euro after one year of inactivity.

3. Overnight Fees

Overnight fees are calculated and applied once daily from Monday to Friday, excluding Wednesday.

V - Deposits and Withdrawals

Skilling offers various deposit and withdrawal methods, including bank transfer, Visa or Mastercard credit cards, and debit cards. You can also pay using electronic wallets such as Neteller, Skrill, or Trustly.

- Credit Cards - Visa and MasterCard.
- Electronic Payments - Neteller, Skrill, Trustly, Klarna, and Swish.
- Bank Transfer - SEB and Cyprus banks.

When depositing via bank transfer, processing time may take up to 3 business days, while other methods typically take about 1 hour. Withdrawals follow a similar processing time.

VI - Supported Trading Platforms by Skilling

Similar to other brokers in the industry, Skilling has developed its own proprietary trading platform, available as a web-based platform (compatible on Mac and Windows) and mobile app. The platform is designed to provide an easy-to-use trading experience and has some unique trading features. Below are Skilling's trading platforms:

- Skilling Trader: An exclusive trading platform, specially designed by professional traders for traders at all levels.
- Skilling cTrader: An advanced trading platform designed to meet the expectations of even the most demanding traders.
- Skilling MetaTrader 4: A Forex & CFD trading platform considered the industry standard for over 16 years.
- Skilling cCopy: An award-winning web-based system integrated with the Skilling cTrader platform.

VII - Is Skilling Exchange a Scam?

In reality, Skilling is a relatively new and unfamiliar Forex and CFD trading platform for Vietnamese traders. Therefore, many people question whether Skilling is safe. You can find a variety of reviews about Skilling Exchange online with different content, and in the final part of this article, Mytour will provide you with some reliable information as follows:

Skilling is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under CIF license number 357/18 and the Financial Services Authority of Seychelles (FSA). This means like other competitors regulated by CySEC, Skilling must have the ability to provide a minimum capital of 730,000 Euros to conduct its operations.

Furthermore, Skilling also keeps all client funds in separate bank accounts between Tier 1 banks. This means this money is not used by Skilling to fund its daily operations, and traders can still withdraw funds even if the company goes bankrupt. Moreover, Skilling is also legally required to provide further protection for investors, such as a fund to compensate traders with amounts up to 20,000 Euros under the ICF program applicable to all investment firms in Cyprus. The ICF ensures client funds in the event of Skilling's bankruptcy.

Being established in 2016 and gradually building its reputation in recent times, Skilling has not yet won any notable awards according to the information listed on the company's website, but they have been featured on leading websites such as Invest.com, Bloomberg, Yahoo Finance, and more. Additionally, there have been no reports of Skilling scamming or Skilling collapsing in the past.

Skilling was founded by Andre Lavold, Henrik Pearsson Ekdahl, and Mikael Riese Harstad, all of whom have backgrounds in technology. Previously, it was known as Finovel Cyprus before being rebranded as Skilling. When it comes to cybersecurity, Skilling seems to take this matter seriously. It operates on a secure, comprehensive platform with SSL certificates for transactions taking place on it. This provides an additional layer of security through encryption, helping to keep traders' personal information and their money safe.

Similar to Skilling, Exness is also one of the Forex brokers that many people are interested in. If you're looking to find out whether Exness is a scam or not, you can check out the detailed review here.

Download Now: Exness Broker Review

The content is developed by the Mytour team with the aim of customer care and solely to inspire travel experiences. We do not take responsibility for or provide advice for other purposes.

If you find this article inappropriate or containing errors, please contact us via email at [email protected]

Frequently Asked Questions

Is Skilling Exchange a safe and legitimate trading platform for users?

Yes, Skilling Exchange is a legitimate and safe platform. It is regulated by CySEC and FSA, ensuring it adheres to strict financial standards. Skilling keeps client funds in separate Tier 1 bank accounts and is part of the investor protection scheme through the ICF program.

What types of accounts does Skilling Exchange offer to traders?

Skilling Exchange offers three account types: Demo Account, Standard Account, and Premium Account. Each caters to different trader needs, from beginners to experienced professionals, with varying spreads, leverage, and commission structures.

How do I deposit and withdraw funds on Skilling Exchange?

Skilling Exchange supports various deposit and withdrawal methods, including bank transfers, Visa/MasterCard, and e-wallets like Neteller and Skrill. Processing times range from 1 hour to 3 business days depending on the payment method used.

Does Skilling Exchange charge any fees for transactions or inactivity?

Skilling does not charge deposit or withdrawal fees but imposes a 10 Euro inactivity fee after one year of no trading. Transaction fees depend on account types, with the Premium Account offering lower spreads but charging commission fees on certain trades.

What trading platforms are supported by Skilling Exchange?

Skilling Exchange supports multiple platforms: Skilling Trader, Skilling cTrader, MetaTrader 4, and Skilling cCopy. These platforms cater to various trader needs, from beginner-friendly options to advanced trading systems.

Is Skilling Exchange regulated and trusted by financial authorities?

Yes, Skilling Exchange is regulated by CySEC and FSA, ensuring it meets stringent financial regulatory standards. This provides a secure and transparent trading environment for users, ensuring their funds are protected.