Scope Markets ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
Scope Markets EU is a regulated broker that provides you with online trading services via the powerful and sophisticated MetaTrader 5 (MT5) platforms for desktop, web and mobile devices. You can buy and sell a great selection of financial instruments with 3000+ symbols across 8 asset classes including shares, indices, forex, commodities, bonds and ETFs. I found the trading conditions to be decent, with low commission fees, tight spreads and reliable execution speeds. There are some additional tools to help with your market analysis and educational content for beginners to learn more about the markets. Free demo accounts are also available if you want to practice trading or you can get started right away with a $200 minimum deposit required. Whilst the broker does have a diverse range of trading instruments and a variety of account types, you should know that the funding options are limited and some of the spreads are subject to a mark-up on some accounts. They can be a decent choice of broker for all types of trader but I did spot a few areas in which I feel that they could improve. However, these probably wouldn’t be deal breakers for most but you can read on to find out more.
Pros & Cons
- Powerful MetaTrader 5 platforms for all of your devices
- Great range of 3000+ trading instruments to choose from
- Decent trading conditions including low spreads and fees
- Excellent 24/5 support on hand to assist you
- Selection of tutorial videos and trading guides
- A few handy trading calculators
- Free demo trading accounts to practice your strategies
- Islamic swap-free accounts for Muslim traders
- Commission free trading accounts (spread mark-up)
- Only support bank transfers for deposit and withdrawals
- No MetaTrader 4 platforms
- No FIX API connectivity
- No managed accounts
- Limited additional trading tools
- Spread mark-ups on some accounts
- Minimum $200 deposit is not the lowest
- EU clients only
Scope Markets are a successful and established broker in the financial services industry, aiming to provide a best-in-class trading infrastructure for all clients and investors. Their management team has over 20 years of experience in the industry and have built established partnerships over the years, primarily dealing in Forex and CFDs, understanding what traders need to be successful and striving to offer premium trading services to traders of all skill levels. The broker offers a diverse range of trading products and services to retail and institutional traders across Europe, including CFD trading on shares, indices, forex, commodities and more. You can get access to a range of trading solutions that are compliant, flexible, cost-efficient and client-centric. I appreciate how they are a client-oriented company that understands what you are looking for including fast execution, minimum slippage, and tight spreads.
When it comes to choosing a broker, regulation is one of the most important things that I look for. I would personally always prefer to trade with a regulated broker as they can provide certain protections that an unregulated broker cannot. 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). 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 traders the peace of mind that they may not be able to get if trading online with an unregulated brokerage firm.
Scope Markets EU takes the safety of your 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. I like this feature as it helps to ensure that your funds cannot be used for any other purpose such as day to day business running costs.
Scope Markets EU offers trading services to retail traders across the European Economic Area (EEA). They do not accept clients from many other countries but do have a global entity for those of you who are not EU based. If your country is not accepted by any of the brokers entities, you may wish to take a look at our broker comparison tool for some alternative options.
Whether you are a new or experienced trader, Scope Markets let you trade on the user-friendly MetaTrader 5 (MT5) platform that is simple to use yet sophisticated enough to give competitive trading conditions 24 hours a day, 5 days a week. It 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. The platform implements all of the leading trading and analytical technologies, as well as additional services. It has everything that you need for conducting market analysis, executing and managing trades.
I have used the platform for many years and find it perfect for trading manually and running automated systems. It can do everything that I need it to and so much more. It is absolutely packed with tools and is fully customisable so that you can set it up to be as simple or complex as you need it to be. 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 MetaTrader 5 as desktop, web and mobile platforms. The web version is handy if you just want to access your account from directly in your web browser without needing to download or install any additional software. However, the desktop platform is my favourite as it has all of the features and functionalities including support for automated trading and complex chart analysis. The MetaTrader trading app is ideal for when you need to quickly check the latest market news and manage your positions from the convenience of your mobile phone.
Some of the key MetaTrader 5 platform features include:
- Fully customisable & user-friendly interface
- 21 chart timeframes to get a good overview of the markets
- Real-time bid/ask symbol quotes with no data fees
- Over 50 technical indicators & drawing objects for detailed analysis
- Support for 4 execution models & 8 order types
- Economic Calendar to keep up to date with the latest news
- Automated trading via expert advisors (EAs)
- Multi-currency EA strategy tester
- Price alert notifications so you don’t need to watch charts all day long
- 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
I’m quite disappointed to find that Scope Markets does not have that many additional tools to help with your trading activities. They do provide some useful trading calculators and have an economic calendar available, but this is nothing that helps them stand out from the crowd. They could improve by adding support for some third-party analytical software such as Trading Central or Autochartist. I recommend checking out BlackBull Markets if you are looking for a broker with a good selection of standalone tools. That being said, the MetaTrader 5 platform is already loaded with more tools than most traders will ever need access to. Not to mention, you can get a practically endless number of tools from the marketplace that is accessible from directly within the platform. You can also develop your own using the MQL programming interface or hire a freelancer to do it for you. I have built many trading tools over the years that I still implement within my trading to this day.
There is an economic calendar on the brokers website where you can view upcoming news events, releases, reports and announcements that could move the markets. I like the calendar as it enables you 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 you 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’ pip calculator is a tool that will help you calculate the value of a pip in the currency you intend to trade in. This way, you can determine whether the risk per trade is worth taking.
The Scope Markets margin calculator helps you determine the margin requirements to open and hold trading positions. This tool is a good indicator of the margin you must keep in your trading account as insurance for open trades.
Use the Scope Markets swap calculator to calculate the interest rate differential between the two currencies of the currency pair you have in an open trade. This tool will determine the interest paid on an overnight position, credited or debited directly to your trades and reflected in your account’s balance.
Scope Markets’ profit calculator is a tool which will help you calculate if a trade’s outcome is favourable. With this option, you can easily keep track of your trades’ performance when trading multiple positions.
Scope Markets have a decent multimedia trading education library for traders all levels. I found a good variety of trading guides and tutorial videos covering a variety of topics such as market analysis, strategies, market news and trading platforms. These are basic but can help to that make things easier to understand, even if you are a complete novice. I like how the complete video library can be accessed via the broker’s YouTube channel where you may also subscribe to updates. Scope Markets state that they want to cater to the needs of all traders by educating them and offering ongoing support. It is always great to see a broker that cares about clients making informed trading decisions.
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 you 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. I like how with CFD trading, you can 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 known fact that the majority of retail traders lose money when trading online.
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 broker provides flexible leverage from 1:5 to 1:30. If you are specifically looking for higher leverage, there are other brokers such as FXGiants who offer leverage up to 1:1000. Just make sure you have a clear understanding of how leverage works and the risks involved.
I found them to have competitive floating spreads on all their account types but they are marked up on 2/3 of the accounts. 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). However, even when you take the commission charge into account, the overall cost is still very reasonable when compared to their direct competitors such as XM Group who also have raw spreads from just 0.0 pips.
The broker does not offer Joint Accounts but they do have Corporate Account options. I really appreciate how 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. I always like to test a broker and see if they have suitable trading conditions for my strategies before a make any commitment. Just keep in mind that demo trading is different from live trading as it cannot take into account things such as human emotions and slippage, all of which can have an impact on performance.
Scope Markets have a dedicated support team that is available 24/5 for any issues or questions related to the broker’s products or services. It would’ve been nice if they could offer their services on the weekends as well in case of any emergencies that may arise. If you’d like 24/7 customer support, I recommend checking out FP Markets as a possible alternative. 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.
I’m quite disappointed to find that Scope Markets currently only accept deposits/withdrawals by Bank Wire transfers. I would’ve liked to see them offer other popular funding methods like crypto and e-wallets. For a better variety of funding methods, I recommend checking out IronFX. They have a great selection including digital wallets which I find most convenient for moving funds around between my trading accounts with minimal charges.
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 a 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.
Overall, Scope Markets provide EU clients with a basic online trading service that is regulated. The spreads are competitive but you should know that they are 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. I don’t like how 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. I believe the broker could also further improve upon their services by incorporating a social trading platform and daily market analysis. Around the clock customer support is available which is great. You can compare their trading services with other top brokers through our best trading platforms.