ScopeMarkets is a Belize-based Forex/CFD broker. Operated by Scope Markets Ltd., ScopeMarkets have offices in Belize, Bulgaria and Cyprus. Before start reading my ScopeMarkets review, beware that they don’t accept investors from Afghanistan, Cote d’Ivoire, Cuba, Iran, Libya, Myanmar, North Korea, Sudan, Puerto Rico, USA, Syria, and Ecuador.
The website of Scope Markets, https://www.scopemarkets.com/, is provided in different languages including English, Spanish, Vietnamese and Arabic. Additionally, the broker adheres to transparency, honesty and candidness at all levels providing a level playing field for all, as part of the values and mission they want to achieve in the market.
Scope Markets is supporting west ham united and partnering up with the team as they both, the team and the broker, share the same vision of constantly aiming to be on top of their game and following the goals and targets along with their teams.
I can say that their website is designed professionally and a live chat option is available. They offer various trading instruments like currency pairs, metals, energies, and shares.
On the other hand, 3 forex trading platforms are supported by ScopeMarkets: MetaTrader4, MetaTrader5 and Scope GT. MetaTrader4 is my personal favourite platform but I can say 3 different option is a significant advantage.
If you are looking for a Scope Markets review, you are in the right place. You can find Scope Markets’ account types, spreads, maximum leverage, regulation, etc. in this article. Is ScopeMarkets good or a scam broker? So, let’s begin.
Regulation
Regulation and License
Within this scope markets review, I’ll be viewing any regulations and licenses the broker has obtained. But before I do that I need to stress the importance and the value the regulation gives to any forex broker and the brightness it gives to trading with a certain broker.
It’s a fact that a regulated broker is always better and can be more trusted than an unregulated one. Yet I’d also like to stress that not all regulations are trustworthy and can be taken as a high-value regulation.
Even though financial regulatory organizations form auditory communities along with rules and terms to be followed by the brokers who wish to obtain a license, not all the regulators have strict rules as others. So for example, FCA in the UK and ASIC in Australia are known to be one of the strictest regulations in the market, and that would also means that obtaining their regulation is no easy job.
Offshore regulators though are examples of imprecise regulators that are quite loose when it comes to forcing rules or terms on forex brokers.
Scope Markets Ltd is authorized and regulated by the Financial Services Commission of Belize (“FSC”) under the license numbers 000274/325 and 000274/324.
Even if ScopeMarkets is a regulated broker, IFSC is an offshore regulator. So, I recommend you think twice before opening an account.
Account Types
Account Types
Through this Scopemarkets review, I’ll break down the account types offered at the platform of the broker yet let me set your expectations from now, they’re not quite the variety you’d be looking for.
ScopeMarkets is offering one account that’s called ” One Account” which is combining all features of any accounts they had before and now just presents one account type that is suitable for both traders and investors alike.
One account has a minimum deposit of $100, which is acceptable considering that the minimum deposit average in the market is already $100, so it’s an average amount. Yet that doesn’t eliminate the fact there are other brokers with way less amounts as minimum deposit and I’ve listed them all in my minimum deposit broker article.
The spreads offered are 0.9 pips on transactions done. In addition, a leverage of 1:500 is presented for trade. A zero commission policy is applied on all instruments, besides, the availability to trade with this account on the MT4 and MT5 trading platforms.
A dedicated account manager, personalized support and free premium signals are offered, in addition to weekly webinars and premium educational materials.
An option for a swap-free Islamic account that allows traders from Islamic countries and those following Islamic beliefs is unavailable while it’s a must-present option at almost the majority of the brokers in the forex market.
Another thing to mention is the absence of a demo account possibility which allows traders from all levels to test out the broker and it provides them with a risk-free environment for trials and testing, Whether that is testing of knowledge or trials of new strategic tactics and moves to apply late print he really markets.
Payment Methods
Payment Methods
Extremely limited funding options are presented within Scope Markets, Yet they’re still worth mentioning in this Scopemarkets review. The options presented for funding the accounts are as follows
- Credit and debit cards ( Visa and MasterCard)
- E-wallets ( Skrill and Neteller)
- Wire transfer
Withdrawal methods take place through the same channels as the funding ones. With commissions applied on withdrawal transactions of $35 or equivalent per withdrawal. A processing time of 3-5 business days is allowed on the bank wire transfer and credit and debit card withdrawals, while it can range between 1-2 business days for other methods. A minimum withdrawal amount of $50 or equivalent is specified.
Trading Instruments
Trading Instruments
Multiple trading tools are offered on the website of the broker I will be breaking them down through this section of the Scopemarkets review.
Forex: a forex broker cant is a forex broker without presenting the main trading instrument, Forex, into their trading tools for their clients to use as the main focal point that established their trading portfolios. Scope Markets offer 30+ forex pairs that include majors, minors and exotic pairs. With tight spreads and no hidden charges, you can add any kind of currency pair to your trading platform.
Indices: with leverage of 1:500 offered on trading indices, you can trade global indices without requotes and the option to trade 24/5. Indices like DAX30, SMI20, SP500, UK100 and more are available for trading.
Energies: whether it’s Brent Crude Oil, Crude Oil or natural gas, all f them are presented for trade with Scope Markets. You can trade with tight spreads over the span of 24/5 and without commissions on transactions. Trading energies represent the ideal transaction for day traders where the price often fluctuates and the market price is on a constant move, which allows the chance to trade on the rise or fall of the process and benefit from both of them.
Metals: Gold and silver are considered the safe haven for traders that allows the perfect portfolio diversity that’s needed for hedging and scalping. Trading metals allow protection against currency weakening, inflation and deflation. Low minimum size lot is allowed in addition to fast order execution and without any hidden fees applied while trading metals.
Shares: the global shares can be traded with Scope Markets are the majors in the industry which include Amazon, Apple, Facebook, Intel, Tesla, Microsoft and more. With low market requirements and without commissions or hidden charges.
Trading Platforms
Trading Platforms
The forex market’s most favourable and preferred platforms are offered which are the MT4 and its next-gen successor which is the MT5.
MT4 is the first choice traders go for when it comes to choosing their most favourable trading platform since it provides features that are expedient for most traders which include:
- MQL4 language
- Built-in strategy tester
- One-click trading
- Multi-language interface
- Availability of micro, mini and standard lots
- Internal mailing and notification system
- Historical data import and export for analysis
- Streaming news
- 3 different chart types
- 9 different time frames
- More than 50 different technical indicators
- Trading Signals through the MetaTrader Signals Service
- Fully automated trading facility
MT4 is also available to be obtained on the web trader versions along with the Andriod version yet the IOS support doesn’t seem to be offered by Scope Markets.
MT5 on the other hand is considered the successor of MT4 due to the advancement in features and programming language that’s included in the platform which resulted in more choices and options for traders. These features include:
- 2 types of stop-orders
- 6 types of pending orders (MT4 only has 4 types of pending orders)
- Improved Strategy Tester for EAs with Agent Manager for remote optimisation
- Additional technical indicators, 22 analytical objects, and 46 graphical objects
- Integrated MQL forex market products tab for EAs
- Offers an extensive choice of global markets
- Additional chart time frames (M1, M2, MI3, MI: Ghost Protocol)
- Built-in economic calendar tab with release schedules, level of impact, previous data, and market consensus
MT5 is also provided on web trader and Android with an upgraded interface, complex market information, and new order types available straight from your mobile device.
Conclusion
Final Thoughts
Scope Markets is an offshore-regulated broker and you must always think twice before opening an account. Also, their minimum deposit of $100 is the average of the market however there are many different better brokers with less minimum deposit. If you want to read about them check my list.
Only one account type is offered with no option for a demo or swap-free account to be initiated which is a big inconvenience and a disadvantage point towards the broker that must be pointed out in this Scope markets review.
MT4 and MT5 are offered as trading platforms which is a good thing since they’re the most used trading platforms in the forex and CFDs markets. Various trading instruments are offered yet they’re lacking cryptocurrencies and commodities trading which both represent a great addition to traders and their positions in the market.
insufficient funding means are offered which only include credit and debit cards, e-wallets and bank wire transfers. No commissions are added on deposits yet commissions are added on withdrawals of an average of $35. Tight spreads that can reach 0.9 pips and the maximum offered leverage is 1:500.
If regulation and safety of your funds are your number one priority, I recommend you to work with brokers licensed by regulators like FCA or ASIC. But if you are looking for a broker with high leverage and tight spreads, you can try ScopeMarkets.
