Skilling is an FX/Crypto Broker regulated and authorized in Cyprus by CySEC (the Cyprus Securities and Exchange Commission). It was launched in 2016.
The platform is a so called derivatives platform, meaning that they focus on derivatives trading, or more specifically "CFDs". A derivative is an instrument priced based on the value of another asset (normally stocks, bonds, commodities etc). In the cryptocurrency world, derivatives accordingly derive its values from the prices of specific cryptocurrencies.
Supported CFD Contracts
Skilling's crypto division offers trading in a number of different cryptocurrencies. To our knowledge, Skilling actually offers the largest number of supported crypto contracts out of all FX/Crypto Brokers that we have come across - 23 different crypto CFDs. The below picture shows them all (as of 14 June 2021):
As far as we know, Skilling does not allow US-investors to trade on the platform. So, if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Skilling’s trading platform is also mobile compatible as apps for both iPhones and Android users.
Skilling Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen CFD-contract and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you.
The following is an example of the trading view at Skilling:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Skilling also offers leveraged trading, but only 2x leverage on their cryptocurrency CFDs. The leveraged offered on their CFDs relating to FX, Indices and Commodities is higher though, going up as high as 200x for elected professional clients "Major Indices" and "Major FX" (30x for retail clients). Here are the various leverage levels in more detail:
Leveraged derivatives trading can lead to massive returns but – on the contrary – also to massive losses. For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
Skilling Crypto Fees
When you trade at a FX/Crypto Broker like Skilling, you have to pay trading fees. However, the trading fees differ in their structure compared to the trading fees at a centralized crypto exchange for instance. At an FX/Crypto Broker, you need to consider the following fees in your trading: spreads, overnight fees and (possibly) inactivity fees.
Skilling Crypto Spread
Let’s start with explaining what a “spread” is. Spreads are the main fee of any CFD Trading Platform. In essence, it can be compared to trading fees at centralized crypto exchanges. It is the mark-up or mark-down charged by the platform when you purchase a certain crypto CFD. So if the price of the relevant CFD is USD 100, and the spread is 1%, the buyer can buy the crypto CFD on the trading platform for USD 101 (or sell it for USD 99). The difference between the sell price and the purchase price (USD 1 in this case), goes to the trading platform.
When comparing the prices offered by Skilling on their BTC-contract with the then current market price of BTC, we found that the difference (i.e., the spread) was approx. 0.20%. We have therefore listed 0.20% as the trading fees in our database. 0.20% is a quite competitive spread when it comes to crypto CFDs among FX/Crypto Brokers.
Skilling Crypto CFD Overnight Fee
What is an overnight fee? An overnight is the fee charged by the platform when you hold a position (i.e. a Crypto CFD) overnight. It's as easy as that. Seeing as it is charged every night, it is small, and a trader will of course hope that his position will be successful enough that he won't even notice the overnight fee as the value of his position appreciates.
Unfortunately, as of 14 June 2021, we have not been able to find any information on the overnight fee for crypto CFDs charged by Skilling. We will follow up with the platform in order to obtain this information as soon as possible.
Skilling Crypto CFD Inactivity Fee
An inactivity fee is a fee that is charged if you have not logger in to your trading account for a certain period of time. eToro has one, Plus500 has one, IG Markets has one, and FXCM Markets one. But, as far as we can tell, Skilling does not have one!
While the inactivity fee is clearly not one of the more important ones, we feel that is worth mentioning seeing as it is a bit consumer-unfriendly in our opinion. And as mentioned above, most of the FX/Crypto Brokers seem to have it. In this context, not having it at all is a small feather in the hat for Skilling.
Skilling Crypto Withdrawal fees
Seeing as you never really hold any cryptocurrency at this platform, but only contracts connected to such cryptocurrencies, there is no real point in stating a BTC-withdrawal fee here and then comparing that to the corresponding BTC-withdrawal fees at other platforms. The only thing you withdraw here is money.
According to information we have received, this particular platform does not charge any withdrawal fees at all. This almost seems too good to be true, so we have asked the platform to verify the information. We'll let you know once we have received such verification.
At Skilling, you can deposit fiat currency in a lot of different ways, including (but not limited to) VISA, MasterCard, Klarna, PayPal, Skrill and many others. This is naturally very helpful for someone that needs an easy way to access his/her trading platform.