Scope Markets is a global online trading broker, offering both leveraged and investment products that cover forex, commodities, shares, and indices. The firm boasts MetaTrader 5 access and a range of account types, payment methods, and education material that should meet the needs of most traders, from Nigeria and Kenya through to Mexico and beyond. This 2022 Scope Markets review will delve into the broker’s services, client portal login, bonus offers, assets, and more.
Table of Contents
- Scope Markets Headlines
- Trading Platform
- Trading Accounts
- Mobile Apps
- Payment Methods
- Regulation & Licensing
- Additional Features
- Setting Up An Account
- Trading Hours
- Customer Support
- Safety & Security
- Scope Markets Verdict
- Accepted Countries
- Alternatives to Scope Markets
Scope Markets Headlines
Scope Markets is a multi-regulated broker that has gained recent notoriety as a result of its sponsorship with West Ham United FC. The broker is operated by Scope Markets Limited and was previously called SM-Invest but rebranded on 27th September 2021.
Founded in 2014 as a Kenyan broker, the firm has expanded into the global markets, now hosting one international and one Kenyan website. The CEO of the company is Kevin Ng’ang’a, who is also one of the owners of EGM Securities. The firm now exists as three entities to cover all its jurisdictions, with companies in Belize, Cyprus and Kenya.
This Scope Markets review found that the firm offers the MetaTrader 5 (MT5) trading platform, which is available as a desktop client or a web-based application. MT5 is an all-in-one platform that integrates several asset classes into one place, including forex, stocks and futures.
MT5 is very popular, giving clients a smooth, seamless and intuitive platform that is easy to use but offers advanced charting tools, fast order trade execution and access to several technical indicators and timeframes. Automated trading is also supported through the use of EAs, which is similar to its predecessor, MT4. The MT5 platform is available for download from the Scope Markets website.
MT5’s desktop application offers 21 timeframes, real-time symbol quotes, 38 technical indicators, four pending orders, and an economic calendar that delivers macroeconomic news from various countries that may have an impact on financial instrument prices. On top of this, clients can create custom indicators and algorithms with the MQL5 language and analyze advanced charts and graphical objects.
Scope Markets supports both short-term and long-term trading strategies, with leveraged derivatives and spot investment products. Clients can access 44 forex pairs and 19 CFDs on commodities, stocks, and indices. The broker also offers 200 ETFs and stock investment products.
Scope Markets clients can open either a CFD account or an Investment account. The former provides access to leveraged instruments for shorter-term trading approaches, while the latter allows the exchange of equity shares. CFD accounts have three tiers, with fixed, variable, and raw spreads. Each retail CFD account has a stop-out level of 50%, can be opened as an Islam-friendly account is limited to a maximum leverage rate of 1:30, though clients can elect for a professional account, if they have the evidence, for leverage rates up to 1:100.
- $200 minimum deposit
- Spreads from 1.5 pips
- No commissions
- $500 minimum deposit
- Spreads from 0.9 pips
- No commissions
- Commissions $3 per side (forex & commodities)
- $2,000 minimum deposit
- Spreads from 0.0 pips
- Commissions EU & UK 0.1%, US 0.01%
- $500 minimum deposit
- Equity shares only
- No leverage
For UK stocks, a stamp duty of 0.5% of the transaction’s notional value will be applied to buy trades with Scope Markets. A financial transaction tax (FTT) of 0.3% is applied when buying French Stocks and 0.2% for Spanish stocks.
Elective Professional Client Account
High-net-worth, professional traders can opt for a professional account, which couples higher leverage limits with the trading conditions and pricing model of the Platinum account. The leverage rates accessible are:
- Forex – 1:100 (TRY pairs limited to 1:50)
- Spot Energies – 1:100
- EU Shares – 1:10
- Indices – 1:100
- Metals – 1:100
Fulfillment of two or more of the below qualification requirements is required to access a professional account:
- Portfolio, including financial instruments and cash deposits, exceeds $500,000
- Average of 10 significant leveraged transactions per quarter over the past four quarters
- Worked as a professional in the financial sector for over a year in a position that requires knowledge of derivatives trading
Professional Scope Markets clients forgo several protective measures put in place by regulatory agencies for retail traders, namely negative balance protection, membership of the Investment Compensation Fund (IFC) and risk warnings.
Scope Markets clients can manage their accounts, view their portfolios, and enact trades on the go through the MetaTrader 5 mobile app. The mobile platform offers several chart types, 30 indicators, full account management, built-in news and notification center, and interactive charting. The application can be downloaded to both Apple (iOS) and Android (APK) devices through the Apple App Store and Google Play Store.
More experienced traders and those running more complex or advanced trading strategies may find the mobile platform lacking in charting capabilities and order types. Moreover, there have been some reports of dashboard login failures, app crashes, server problems, and taking a long time to open or connect to the internet.
Scope Markets clients can use a variety of payment methods to fund their trading accounts:
- Credit Card & Debit Card
- Wire Transfer
You may only withdraw funds via the same method that was used to deposit unless you used a credit card, in which case capital must be transferred to a bank account held by the same person. There is a maximum of one free withdrawal per trading account per day and a maximum of five free withdrawals per week. After that, you are charged $35 per withdrawal.
It can take up to five working days to process each withdrawal. Wire transfers can take between 3 and 8 working days, depending on the banking procedure of the beneficiary bank. There have also been several reports of clients receiving requests to pay exorbitant fees, the broker being unresponsive to withdrawal requests or simply refusing withdrawals.
Regulation & Licensing
Scope Markets holds three regulatory licenses with the Kenyan Capital Markets Authority (CMA), Cyprus Securities And Exchange Commission (CySEC), and South African Financial Services Conduct Authority (FSCA).
Scope Markets is a CMA-regulated forex broker under license no. 123 as SCFM Limited since 2019. The firm was the second non – dealing online foreign exchange broker licensed by the CMA. Scope Markets is regulated by the CySEC under license no. 339/17 as SM Capital Markets Ltd. and has been since 2017. The broker has been authorized by the FSCA since 05/07/2016 with FSP No 47025, registered as Scope Markets SA (PTY) Ltd.
CySEC members are typically also part of the Investor Compensation Fund (ICF), which ensures client capital against broker insolvency or malpractice. In the event of a claim, the maximum payout is EUR 20,000.
The Scope Markets website has a blog section that covers developments in the financial markets and analyses of different instruments and sectors. There is also an economic calendar and an extensive education section, complete with trading seminars, training courses, tutorials, and Q&As.
Setting Up An Account
To set up an account with Scope Markets, you will need a copy of your ID and proof of residence. Deposit verification is optional. During the registration process, you must input a variety of personal and financial information and, after that, answer several questions relating to your financial situation, investment experience, and future goals. Finally, you must upload your ID and proof of residence. Verification takes a maximum of 24 hours and you will receive an email notification when it is complete.
There have been reports that, if you fail to input all the necessary information, your email is spammed every few minutes requesting that you complete your application.
- MT5 access
- Multi regulated
- Low commissions
- Economic calendar
- Fairly tight spreads
- Competitive trading conditions
- Multilingual, 24/5 customer support
- Regular market news, updates & webinars
- A wide range of trading training courses and tutorials
- Available in English, Spanish, Russian, Vietnamese & Chinese
- No demo account
- High initial deposit
- Limited trading instruments
Scope Markets is open 24/7 for account management and platform use. However, forex instruments can only be traded 24/5 during weekdays and other equities and commodities are limited to the times of their respective exchanges and markets.
Scope Markets’ customer service team can be contacted via telephone line, fax, email, and the live chat function on the website. The team is available 24/5, Monday through Friday. Live chat responses take around three minutes. The broker also has active social media accounts on Twitter, Instagram, LinkedIn, and Facebook.
- Email: [email protected]
- Phone: +357 252 81811
- Fax: +357 250 56839
Customer reviews of the customer support team are mixed, with some describing them as useful and helpful and others saying it is inadequate and unreliable.
Safety & Security
Scope Markets uses the MT5 trading platform, which supports two-factor authentication (2FA) on login and encrypts personal information. There are also several payment options supported by the site, which is a good sign, as each one requires vendors to surpass a threshold of security and data privacy.
While regulation by the CMA and FSCA is not particularly rigorous, the CySEC is a relatively reputable agency and the acquisition of three licenses is promising. However, the firm does claim to have won several awards at the World Forex Awards, which does not appear to be the case. Moreover, our Scope Markets review found some inconsistencies regarding the company’s address and registration.
Scope Markets Verdict
Scope Markets is a multiregulated forex and CFD broker operating across the world. Originating in Kenya, the firm now holds licenses with the CMA, FSCA, and CySEC, offering leveraged derivatives and spot equity investment products to retail and professional clients. Accounts come with free access to MT5, competitive trading conditions, and multilingual, 24/5 customer support. There is a decent range of educational content available on the broker’s website, alongside a blog and a YouTube channel. However, customers cannot open a demo account to trial Scope Markets’ services and minimum deposits are not particularly accessible.
Scope Markets accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Scope Markets from Afghanistan, Albania, Barbados, Burkina Faso, Cambodia, Haiti, Iran, Iraq, Jamaica, Libya, Mongolia, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, Sudan, Syria, Yemen, Zambia, Zimbabwe.
Alternatives to Scope Markets
If you are looking for alternatives to Scope Markets we have compiled a list of the top 5 brokers that are similar to Scope Markets below. This list of brokers like Scope Markets is in order of similarity and only includes companies that accept traders from your location.
- Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
- Rockfort Markets – Rockfort Markets is a New Zealand broker with a competitive range of assets, trading platforms and educational services.
- FXPro – Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
- XM – XM.com Offer a range of Account types and a low minimum deposit to appeal to all levels of trader. With 1000+ markets and low spreads they offer a great service. 100% deposit bonus + further offers up to 4500$Win 1KG of Gold by trading during September!
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
How Much Capital Do I Need To Trade With Scope Markets?
The minimum deposit for a Standard leveraged account is $200. Gold, Platinum & Investment Scope Markets accounts have higher requirements.
Does Scope Markets Offer A Demo Account?
There is no demo account offered by Scope Markets, so prospective clients cannot trial the broker’s platform, assets or services before risking real money.
Is Scope Markets Safe & Legit?
Scope Markets holds three regulatory licenses from the Kenyan CMA, South African FSCA, and CySEC. The latter two of these are relatively respected agencies, with decent compensation protocols and retail client protection systems. The company is also registered in Belize, though it is not licensed there.
Is Scope Markets A Good Broker?
Scope Markets offers competitive trading conditions, access to the MT5 trading platform, and a range of market analysis articles and educational webinars. Leverage rates are standard, at 1:30 for retail clients, though there is a relatively limited range of instruments available to trade. There is also no cryptocurrency trading available.
How Can I Contact Scope Markets?
Scope Markets customer support can be contacted via telephone, email, live chat, and even fax. The support team is available 24/5 during the week and can provide help in English, Spanish, Russian, Chinese, and Vietnamese.
|Scope Markets offers day trading and investing in over 250 spot & CFD instruments. The firm is regulated and boasts competitive trading conditions, several account types and a range of payment methods.|
Vincent Nyagaka is a Professional Trader, Analyst & Author. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Check out Vincent’s Professional Trading Course here.