Scope Markets Review
Scope Markets is a regulated trading broker that offers online Forex and CFD trading to EU clients via the powerful and sophisticated MetaTrader 5 (MT5) platforms for desktop, web and mobile devices. Whilst the broker has a range of trading instruments and variety of account types, the funding options are limited and some of the spreads subject to a mark-up.
Scope Markets Review, Pros & Cons
- Regulated brokerage firm
- Powerful MetaTrader 5 platform
- Range of trading instruments
- 24/5 support
- Variety of account types
- Bank transfer deposit/withdrawal only
- No MetaTrader 4 platform
- Limited additional trading tools
- Minimum $200 balance
- Spread mark-ups on some accounts
- EU clients only
In this detailed Scope Markets review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Scope Markets Overview
Scope Markets offers online trading services to retail and institutional traders across Europe, including forex and CFD trading. The broker has a range of trading solutions that are compliant, flexible, cost-efficient and client-centric. Clients get access to trade various global markets including shares, indices, forex, commodities and CFDs.
The Scope Markets management team has over 20 years of experience in the financial industry and have built established partnerships over the years. They state that they are a client-oriented company that understands what traders are looking for including fast execution, minimum slippage, and tight spreads.
Scope Markets Regulation
Scope Markets is operated by SM Capital Markets Ltd, a company registered in Cyprus. SM Capital Markets Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
SM Capital Markets Ltd holds a cross-border CySEC licence, authorising the provision of investment and ancillary services. They are governed by the EU and local legislations such as the European Markets in Financial Instruments Directive (MIFID II) and the Cyprus Investment Services and Activities and Regulated Markets Law of 2017 Law 87 (I)/2017.
Scope Markets EU takes the safety of client funds very seriously. For this reason, all retail client funds are fully segregated from the company’s own funds and kept in separate bank accounts. This helps to ensure that client funds cannot be used for any other purpose such as day to day business running costs.
As a regulated entity, Scope Markets must follow the strict rules and regulations that are put in place to try and help protect investors. This can help to give clients the peace of mind that they may not have trading online with an unregulated brokerage firm.
Scope Markets Countries
Scope Markets EU offers trading services to retail traders across the European Economic Area (EEA): Austria, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
They do not accept clients from the USA and many other countries. Some Scope Markets broker features and products mentioned within this Scope Markets review may not be available to traders from specific countries due to legal restrictions.
Scope Markets Platforms
Whether you are a new or experienced trader, Scope Markets have user-friendly trading platforms that are simple to use yet sophisticated enough to give competitive trading conditions 24 hours a day, 5 days a week.
MetaTrader 5 is a leading multi-asset platform designed to deliver a next-level trading experience with enhanced technical analysis tools, automated trading systems and more advanced functionality. MT5 is an all-in-one trading platform appealing to clients of all experience levels who are interested in trading forex, stocks and CFDs. Scope Markets offer the MetaTrader 5 Desktop, Web and Mobile platforms.
Some of the key MT5 platform features include:
- Fully customisable & user-friendly interface
- 21 chart timeframes
- Real-time bid/ask symbol quotes
- Over 50 technical indicators & drawing objects
- Support for 4 execution models & 8 order types
- Economic Calendar
- Automated trading via expert advisors (EAs)
- Multi-currency EA strategy tester
- Price alert notifications
- MQL5 programming interface to develop customised tools
- Signal alerts & copy trading solutions
- Market place to download additional trading tools
- Available on desktop, web & mobile devices
Scope Markets Trading Tools
Scope Markets do not provide any trading calculators, sentiment analysis tools, Trading Central, Claws & Horns or any other specific tools to clients. They do however have an economic calendar available. That being said, the MetaTrader 5 platform is likely to have more than enough tools and functionality to satisfy the needs of most retail traders.
There is an economic calendar on the Scope Markets website where you can view upcoming news events, releases, reports and announcements that could move the markets. The calendar enables users to take a look at the scheduled economic events and click on an individual event to find out further information. An economic calendar can help to give traders a better understanding of what moves the markets and they are often used as part of the fundamental analysis of a trading strategy.
Scope Markets Education
Scope Markets provide some free educational materials to traders. The broker has a multimedia trading library with videos covering a variety of topics such as market analysis and trading platforms. These are basic videos for traders of all experience levels. The complete video library can be accessed via the brokers YouTube channel. Scope Markets state that they want to cater to the needs of all traders by educating them and offering ongoing support.
Scope Markets Instruments
With Scope Markets you can trade contract for differences (CFDs) on global markets and various financial instruments including Forex, Shares, Metals, Indices and Spot Energies. CFD trading doesn’t require the trader to buy and sell any underlying assets. When trading CFDs, you agree to exchange the difference in the price of an asset from the point at which the contract is opened to when it is closed. One of the advantages of CFD trading is that traders use price movements in either direction, without having to take ownership of the underlying assets. The profit or loss one makes depends on the extent to which the forecast is correct. It should be well emphasised that trading CFDs carries a significant element of risk that you should be fully aware of before trading online. It is a well know fact that the majority of retail traders lose money when trading online.
Scope Markets Accounts & Fees
Scope Markets have a variety of trading accounts to choose from with a $200 minimum balance requirement and no hidden fees or extra charges. The spreads are competitive but marked up on 2/3 of the accounts and the broker offers flexible leverage from 1:5 to 1:30.
The broker has competitive floating spreads on all their account types. On the Standard and Gold accounts, you are only charged the spread on any instrument and there is no commission. On the Platinum account, the spreads are much lower (starting from 0 on major FX currency pairs) but there is a commission charge for each trade ($6 per 1 lot USD traded).
The broker does not offer Joint Accounts but they do have Corporate Account options. They also offer swap-free Islamic friendly accounts that comply with Sharia law and demo trading accounts if you wish to practice your trading strategies with virtual funds.
As broker fees can vary and change, there may be additional fees that are not listed in this Scope Markets review. It is imperative to ensure that you check and understand all of the latest information before you open a Scope Markets broker account for online trading.
Scope Markets Support
Scope Markets have a dedicated support team that is available 24/5 for any issues or questions related to the brokers products or services. Customer support is provided via online chat, telephone and email. The broker also has a frequently asked questions (FAQ) section on their website which covers some of the more commonly asked questions along with an answer for each. This can be a good way to quickly and conveniently get responses to the general questions that you may have.
Scope Markets Deposit & Withdrawal
Scope Markets currently only accept deposits/withdrawals by Bank Wire transfers. The broker does not charge any fees for deposits/withdrawals but you may wish to check with your bank if you will incur any additional fees from them. Withdrawal requests are processed within the same day or next if outside working hours and funds can take between 3-5 days to clear. There is a minimum deposit requirement of $200 and minimum withdrawal requirement of $100.
Accounts can be opened USD, EUR and GBP. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
The trading brokers review team found Scope Markets funding options to be limited when compared to the majority of other online brokers whom offer online payment processors such as PayPal, Neteller and Skrill.
Scope Markets Account Opening
It is a quick and easy process to open a Scope Markets online trading account. You can find a short sign up form on the broker website that requires you to fill out some basic personal information. First you register your account and then you can provide KYC documents for verification. This can be in the form of a driver’s license or passport for identification and utility bill or bank statement as proof of address.
Once the Scope Markets account team have reviewed your documents and verified your account, you will be able to fund it using the provided payment option and then commence trading online. Usually the account is verified within 1 working day however, it might take up to 48 hours.
As a regulated broker, Scope Markets are required to assess the suitability of clients in regards to their understanding of CFDs and knowledge of the risks involved. If it is deemed that you do not currently have the experience required, you can proceed with a demo account creation, in order to familiarize yourself with the market and practice trading. Once you feel that you are ready and experienced enough to open a live account, and are fully aware of the risks involved, you may contact the broker so that they can reassess your suitability.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Scope Markets Summary
Overall, Scope Markets provide EU clients with a basic online trading service that is regulated. The spreads are competitive but marked up on 2 of the available account types. The other account has tighter spreads but a commission charge on top.
The broker provides the powerful MetaTrader 5 platform for multiple devices and has a selection of trading instruments across multiple asset classes. The funding options are limited to bank transfer only with a minimum account balance of $200 and leverage capped at 1:30.
There are some educational materials but a lack of additional trading tools. The broker could further improve upon their services by incorporating a social trading platform and daily market analysis. Around the clock customer support is available.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.