Here’s a detailed step-by-step guide on how to open an account with Skilling:
Step 1: Registration
- Visit the Skilling Website: Go to Skilling’s official website and click on the ‘Sign Up’ button located on the homepage.
- Provide Personal Information: You’ll need to fill in your personal details such as your name, email address, phone number, and country of residence.
Step 2: Verify Your Email
- Check Your Email: After completing the initial registration, Skilling will send a verification link to the email address you provided. Click on the link to confirm your email address.
Step 3: Complete Your Application
- Detailed Application: You’ll be asked to provide additional details, including your financial status, trading experience, and knowledge. This is a standard requirement for regulatory compliance and helps Skilling tailor their platform to your needs.
Step 4: Identity Verification (KYC)
- Upload Documents: To comply with KYC (Know Your Customer) regulations, you will need to submit proof of identity and proof of address. Typically, this involves uploading a scanned copy or photo of your passport or ID card, and a recent utility bill or bank statement showing your residential address.
Step 5: Fund Your Account
- Choose Your Payment Method: Once your account is verified, you can deposit funds using various methods, including bank transfers, credit/debit cards, and e-wallets. The minimum deposit is €100 for Standard accounts and €5,000 for Premium accounts.
Step 6: Start Trading
- Begin Trading: With your account funded and verified, you can start trading. Explore Skilling’s platforms and select from a wide range of financial instruments, including forex, stocks, commodities, and cryptocurrencies.
Skilling Account Types
Skilling offers a variety of account types designed to suit different trading needs and experience levels. Here’s a breakdown of the available accounts:
- Standard Account:
- Ideal for Beginners: This account type is designed for new traders.
- Features: No commissions on trades, spreads from 0.7 pips, and leverage up to 1:30 for retail clients.
- Assets Available: Access to 73 currency pairs, 10 cryptocurrencies, 17 indices, 5 commodities, and over 700 equities.
- Minimum Deposit: €100.
- Premium Account:
- For Experienced Traders: This account is suited for seasoned traders who require tighter spreads and are comfortable with a higher initial deposit.
- Features: Lower spreads starting from 0.1 pips, and a commission of $30 per million traded if the volume exceeds this amount.
- Minimum Deposit: €5,000.
- Leverage: Up to 1:30 for retail clients, higher for professional accounts.
- MT4 Account:
- Platform-Specific: For those who prefer trading on MetaTrader 4, Skilling offers a dedicated MT4 account.
- Features: No commissions, spreads starting from 0.7 pips, and leverage up to 1:30.
- Minimum Deposit: €100.
- Assets Available: Similar to the Standard account with access to 53 currency pairs, 7 cryptocurrencies, 12 indices, and 5 commodities.
- MT4 Premium Account:
- Advanced MT4 Trading: This is a premium version of the MT4 account with lower spreads and higher minimum deposit requirements.
- Features: Spreads from 0.1 pips, no commissions, and access to a similar range of financial instruments as the MT4 standard account.
- Minimum Deposit: €5,000.
- Demo Account:
- Risk-Free Practice: This account allows you to trade with virtual funds, making it ideal for beginners to practice without risking real money.
- Features: The demo account comes with €10,000 in virtual currency, unlimited access to all platforms, and does not expire.
- Corporate Account:
- For Businesses: Available for legal entities, providing similar features as individual accounts but tailored to corporate trading needs.
Minimum Deposit Requirements for Skilling Accounts
Skilling has different minimum deposit requirements depending on the type of account you choose:
- Standard Account:
- Minimum Deposit: €100
- Details: This account is suitable for beginners, offering no commissions on trades and spreads starting from 0.7 pips. It provides access to a wide range of financial instruments including forex, cryptocurrencies, indices, commodities, and equities.
- Premium Account:
- Minimum Deposit: €5,000
- Details: Designed for more experienced traders, the Premium account offers lower spreads starting from 0.1 pips. It includes a commission of $30 per million traded when the trading volume exceeds a million dollars. This account provides access to an extensive range of financial instruments, similar to the Standard account but with enhanced trading conditions.
- MT4 Account:
- Minimum Deposit: €100
- Details: Available for traders who prefer the MetaTrader 4 platform, the MT4 account offers no commissions and spreads starting from 0.7 pips. It allows trading on forex, cryptocurrencies, indices, commodities, and equities with similar leverage limits as the Standard account.
- MT4 Premium Account:
- Minimum Deposit: €5,000
- Details: This premium version of the MT4 account features lower spreads from 0.1 pips and no commission on trades. It is targeted at traders who are comfortable with higher initial deposits and prefer using the MT4 platform.
- Corporate Account:
- Minimum Deposit: Varies depending on the selected account type (Standard or Premium).
Countries Eligible and Restricted for Opening an Account
Eligible Countries: Skilling operates primarily within the European Union and European Economic Area, leveraging its licensing and regulatory status in Cyprus. This allows Skilling to offer its services to clients from most EU and EEA countries under the European Passporting Rights. The platform is also available to clients in certain other international markets, subject to local regulations.
Restricted Countries: Skilling does not accept clients from the following countries due to regulatory and compliance reasons:
- United States: Skilling does not serve residents of the U.S. due to stringent financial regulations and licensing requirements.
- Islamic Republic of Iran: Like many other brokers, Skilling excludes residents of Iran from accessing its platform.
- Other Restricted Countries: Additional countries may also be restricted based on international sanctions or specific local regulations. It’s important to check with Skilling directly for the most current list of restricted countries, as these can change over time due to evolving regulatory landscapes.