SkillsTech broker invites you to join the ranks of half a million clients on its platform and access hundreds of trading pairs. However, we have our doubts about this claim. Half a million clients is an exceptionally large number, and we question whether this broker truly has such a vast clientele. In this review, we’ll explore whether it is indeed a promising platform or just another ambitious scam entity in the world of trading.
- SkillsTech General Information
- Registration and Client Portal Review
- SkillsTech Trading Conditions
- Account Types Review
- Trading Platform
- SkillsTech — Deposit and Withdrawal of Funds
- Additional Options
- Is SkillsTech a Scam?
- Legal Information and License
- Skillstech.pro Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
SkillsTech General Information
|Address||The Willis Building, 51 Lime St, London, UK|
|Leverage||Up to 1:200|
Registration and Client Portal Review
SkillsTech has opted for a rather typical official website. The homepage is filled with templates, showcasing images of successful traders and describing the broker’s advantages. However, let’s be frank, all of this is uninteresting and doesn’t provide much value to readers. It seems like content for the sake of content. What is notably missing, and what is genuinely crucial, is the legal information about the company, which is conspicuously hard to find on this website.
The registration process with SkillsTech is fairly straightforward. You start by filling out a relatively uncomplicated form, which includes the usual personal details like your name, email address, and phone number. Once you’ve completed this form, you’re immediately directed to the client portal. What’s somewhat surprising is that there’s no requirement for email or phone verification, meaning that access to the portal is almost instantaneous.
However, as you venture into the client portal, you might start to notice that it feels rather ordinary. It seems to offer the typical set of features and functionalities that you’d find on most trading platforms, but without any remarkable innovations or particularly user-friendly tools. The layout is straightforward, and while it’s not overly complex, it also doesn’t stand out as exceptionally intuitive or comprehensive.
SkillsTech Trading Conditions
Well, then, let’s delve into the trading conditions that this broker has in store for us. Perhaps we’ll discover something intriguing.
Account Types Review
SkillsTech offers five typical trading account types. The number of available services with this broker increases as your deposit grows. For instance, with a Silver account, you get just one private training session, whereas the VIP Club includes 12. Additionally, VIP support, trading signals, and a private account manager are included in the package. Overall, it seems that this broker is primarily interested in making money from traders because the more you deposit, the more they provide. However, we find all these additional options rather questionable. Moreover, SkillsTech doesn’t disclose any information about spreads and commissions.
Let’s take a closer look at the broker’s trading terminal, and we must say, it’s far from impressive. SkillsTech offers a web-based trading platform that leaves much to be desired. First and foremost, it lacks the essential indicators and tools that serious traders rely on for technical analysis. The charting capabilities are basic at best, with a limited number of technical indicators available for analysis.
Moreover, the trading functions are disappointingly minimal. SkillsTech’s platform lacks the advanced order types and risk management features that are standard in many other brokerage platforms.
SkillsTech — Deposit and Withdrawal of Funds
SkillsTech offers several methods for funding and withdrawing funds from your trading account. Traders can use credit or debit cards, bank transfers, and even electronic wallets. However, it’s important to note that electronic wallets are not specified in the user account, which could be a limitation for those who prefer this payment method.
Additionally, the broker does not provide clear information about the processing times for withdrawals.
Regarding the verification process at SkillsTech, there is a lack of clear information available. The user portal does provide an option for uploading documents.
To initiate the verification process with SkillsTech, traders are required to provide specific documents for identity and account verification. The documents requested by the broker for verification purposes include:
- Proof of Identity. This usually requires a government-issued photo ID, such as a passport, driver’s license, or national ID card. The document must be valid and show a clear picture of the trader’s face.
- Proof of Address. This document should confirm the trader’s residential address and may include utility bills (electricity, water, or gas bills), bank statements, or official government correspondence with the trader’s name and address.
However, SkillsTech states that they will charge a commission of 10% to those traders who have not completed the KYC (Know Your Customer) verification process. Then, is it possible to trade without undergoing this verification?
On the official website, there is a mention of market analysis. However, its value is quite questionable, even for novice traders, not to mention experienced investors.
The market analysis provided by SkillsTech appears to be limited in depth and sophistication. It lacks the comprehensive research, insights, and tools that experienced traders typically require to make informed decisions. For beginners, such analysis might offer some basic insights, but it’s essential to remember that successful trading often involves more thorough research and a deeper understanding of market dynamics.
Is SkillsTech a Scam?
Now, let’s address the critical question: is this broker a scam, or can you trust it with your money? Let’s take a closer look.
Legal Information and License
When we attempted to locate information regarding SkillsTech’s official registration, we encountered a significant information gap. The company’s documentation did not provide any details about its place of registration.
Additionally, the broker claims to have offices in the United Kingdom, Slovakia, and the Czech Republic. However, when we cross-referenced this information with the respective business registries of these countries, we found no records of SkillsTech’s presence. It appears that this company does not have a formal existence in these regions, which raises doubts about its legitimacy.
Furthermore, the absence of official registration and the lack of licensing information suggest that SkillsTech operates without proper regulatory oversight.
Skillstech.pro Domain Info
Another concerning aspect that adds to the suspicion surrounding SkillsTech is the broker’s relatively short period of operation. An examination of the broker’s domain registration reveals that it was only created in May 2023. Furthermore, online reviews and feedback about this project have only started to surface recently.
In essence, the company has been in operation for just a few months. This brief history raises questions about the broker’s stability, reliability, and ability to provide a safe and consistent trading environment for its clients.
Regarding contact information, SkillsTech provides phone numbers, emails, and even office addresses. However, as we have previously determined, it’s advisable not to visit these offices. The likelihood of finding anything of relevance there is slim, and it’s doubtful that these are the actual offices of the broker.
Pros and Cons
- Variety of account types.
- Lack of regulation.
- Minimal market analysis.
- Suspicious office locations.
- Short operating history.
- Lack of demo trading.
- Unclear fees and charges.
Frequently Asked Questions (FAQ)
It claims to offer access to hundreds of trading pairs and market analysis. However, our investigation has raised concerns about the legitimacy of these offerings, and traders should exercise caution.
The broker specifies a minimum deposit of $250 according to their trading conditions.
No, SkillsTech cannot be considered safe. Our findings suggest that this broker is questionable at best and may even be involved in fraudulent activities.