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.
I can say that their website designed professionally and live chat option is available. They offer various trading instruments like currency pairs, metals, energies, shares and 7 different cryptocurrencies. But while other brokers offer trading with more than 50 currency pairs, ScopeMarkets offers only 29 different currencies.
I reviewed Scope Markets based on the following criteria.
- Limeted payment methods
- Minimum deposit amount is high.
On the other hand, 3 forex trading platforms are supported by ScopeMarkets: MetaTrader4, MetaTrader5 and Scope GT. MetaTrader4 is my personal favorite platform but I can say 3 different option is a big advantage.
If you are looking for 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 and License
ScopeMarkets regulated by International Financial Services Commission of Belize (IFSC). CySEC, Financial Conduct Authority (FCA) in the UK, or Australian Securities and Investments Commission (ASIC) are more respected regulators but it is hard to get a license from them.
And also because of the new ESMA measures, some brokers choose to get licenses from regulators like IFSC or VFSC. Because ESMA decided to decrease leverage rates significantly and brokers started to search alternative solutions.
Even if ScopeMarkets is regulated broker, IFSC is an offshore regulator. So, I recommend you to think twice before opening an account.
There are 3 different account types at ScopeMarkets. You can choose the most suitable one for you: Fixed Spread, Variable Spread or Raw Spreads + Commision. For the first 2 account type, minimum deposit limit is $500 which is very high. And for Commision account minimum deposit limit is $5.000 which is also higher than most brokers.
Maximum leverage rate is 1:500 for all accounts types and you can trade with micro lots. Also, I can say their spreads are very tight and competitive: 1 pip for a fixed account and minimum 0.5 for a variable account.
Payment methods are limited and only 4 deposit/withdrawal methods are available at ScopeMarkets: Credit/Card, Wire Transfer, Neteller and Skrill.
Scope Markets is an offshore-regulated broker and you must always think twice before opening an account. Also, their minimum deposit limit is higher than most brokers. On the other hand, they offer very tight spreads, high leverage ratio and 3 different trading platform.
If regulation and safety of your funds is your number one priority, then I recommend you to work brokers that 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.