Scandinavian Capital Markets Review 2024
Website: www.scandinavianmarkets.com
Min. Deposit: US$ 250
Leverage: 1:30 | 1:200
Trading Platforms: cTrader, MT4, FIX API
Regulation: Swedish FSA
Headquarters: Sweden
Founded: 2011
Regulatory Licenses:
- Scandinavian Capital Markets Ltd. - authorized by Finansinspektionen (Sweden) registration no. 556863-5972
Updated on January 30, 2024
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Scandinavian Capital Markets stands out as a prominent Swedish-based financial services provider, specializing in Forex trading and offering a broad spectrum of services across global financial markets. These include Forex, commodities, indices, cryptocurrencies, and more. Our review method meticulously evaluates the broker's offerings, trading conditions, regulatory status, platform availability, customer service, and more, comparing it to over 1000 brokers to provide a comprehensive overview.
Scandinavian Capital Markets Pros and Cons ▲
Pros
Offers competitive trading conditions for retail and institutional clients
Easy account opening process
Access to advanced trading platforms such as cTrader and MT4
Cons
Limited comprehensive educational materials available on the website
The range of financial instruments might not be as extensive as some traders would prefer
Lacks a toptier regulatory license, which might raise concerns regarding regulatory oversight
Scandinavian Capital Markets Review Summary in 10 Points ▲
Headquarters: Sweden
Regulation: Swedish FSA
Instruments: Forex, Metals, Commodities, Cryptocurrencies, etc.
Platforms: cTrader, MT4, FIX API
Minimum deposit: $250
EUR/USD Spread: 0.0 pips
Base currencies: USD, GBP, EUR
Demo Account: Available
Education: Provided
Customer Support: 24/5
Overall Scandinavian Capital Markets Ranking ▲
Given its reliable trading environment and competitive trading solutions, Scandinavian Capital Markets emerges as a compelling option for traders. The broker's access to sophisticated trading platforms facilitates trading in popular financial instruments, making it an attractive choice. The Overall Scandinavian Capital Markets Ranking is 4.5 out of 5, based on our extensive testing and comparison with over 1000 brokers.
Is Scandinavian Capital Markets Safe or a Scam? ▲
Scandinavian Capital Markets is not a scam. Operating from Stockholm, Sweden, the firm is committed to following necessary legal procedures to secure a safe trading environment for its clients.
Is Scandinavian Capital Markets Legit? ▲
Yes, Scandinavian Capital Markets is a legitimate, regulated broker. It is overseen by the Swedish Financial Supervisory Authority (Finansinspektionen), ensuring compliance with local and European regulations, including the ESMA regulation and the MiFID directive. Our Ranked Scandinavian Capital Markets Trust Score is 4.0 out of 5, acknowledging its good reputation and provided services. However, the broker's authorization by a single regulatory body should be considered when evaluating its suitability for your trading needs.
Trading or investing with Scandinavian Capital Markets offers clients the assurance of transaction transparency and a conflict-free trading environment, thanks to the company’s technological infrastructure. Being authorized, Scandinavian Capital Markets adheres to strict rules concerning client treatment, fund handling, and protection, differentiating it from offshore firms. Furthermore, European regulations provide a cross-border regulated status and include participating brokers in a compensation scheme, offering an additional layer of protection against broker insolvency.
Reviewing the broker’s fee structure, it was observed that the fees depend on the selected account type and can either be spread-based or commission-based. Deposits are free of any charges. However, a discretionary fee of $25 is levied on withdrawals made through bank transfer. Furthermore, if an account remains inactive for a period exceeding six months, an inactivity fee of $20, which may vary according to the account currency, is enforced.
Scandinavian Capital Markets Fees are considered low or average with an overall score of 4.0 out of 5, based on our extensive review and comparison to over 1000 other brokers.
According to our test trade, Scandinavian Capital Markets spreads fluctuate depending on the account type chosen. For the Standard account, spreads commence at 0.0 pips for the widely-traded EUR/USD currency pair in the Forex market. The Premium account, on the other hand, operates on a raw interbank spread accompanied by a commission charge of $10 per lot for the MT4 platform and $100 per million traded on the cTrader platform.
Scandinavian Capital Markets Spreads are considered low with an overall score of 4.5 out of 5, based on our testing and comparative analysis with other brokers. We noted that Forex spreads are lower than the industry average of 1.2 pips, and spreads for other instruments are also competitive.
Leverage can significantly amplify both potential returns and risks in trading, making it imperative for traders to have a deep understanding of its mechanisms. Scandinavian Capital Markets offers leverage in line with Swedish FSA regulations, providing retail traders with a maximum leverage of 1:30 for major currency pairs and lower for other instruments. Meanwhile, professional traders have access to leverage up to 1:200, allowing for more substantial trading positions.
Our investigation into Scandinavian Capital Markets reveals a selection of prime account packages tailored to different trading sizes, promising enhanced conditions for high-volume traders. The broker furnishes three account types with competitive costs based on a raw spread and commission charges, while the Standard account incorporates all costs within the spread. For institutions or large traders, Custom accounts offer fully personalized conditions starting from a minimum of $250. Both novice and seasoned traders, as well as those following Islamic finance principles, can find suitable trading environments, with the option to open swap-free accounts.
Opening Scandinavian Capital Markets Trading Account ▲
Registering an account with Scandinavian Capital Markets is straightforward. Prospective traders can start the process by:
Visiting the “Open an Account” page.
Filling in required personal information.
Uploading documents for verification.
Completing an electronic quiz to confirm trading experience.
Once the account is activated, traders can proceed to deposit funds and commence trading.
Scandinavian Capital Markets offers a rich selection of financial markets, including Forex, Metals, Commodities, Cryptocurrencies, and more. This diversity enables traders to spread and diversify their investment portfolio according to their preferences and strategies. However, the absence of some popular asset classes could be a limitation for certain traders. The broker’s markets range score is rated at 6.9 out of 10, reflecting the extensive but not exhaustive selection of trading products.
The broker supports a variety of payment methods, including Bank Wire transfers, Credit/Debit cards, e-wallets such as Skrill, and cryptocurrencies like BTC, ETH, and USDT. Scandinavian Capital Markets' funding methods are highly rated, scoring an 8 out of 10 for their low fees and multiple account currency options. The minimum deposit requirement is set at $250, making it accessible compared to other brokers requiring higher initial deposits. Withdrawals are processed swiftly without imposing any additional fees, although external charges from banks or regulatory bodies may apply.
Scandinavian Capital Markets grants access to the renowned MetaTrader 4, cTrader, and its FIX API, catering to a wide range of trading preferences with advanced functionalities. The platform selection is rated 8.5 out of 10, standing out among over 1000 brokers for its advanced capabilities and user-friendly interfaces.
Each trading platform is equipped with sophisticated trading technology, including risk management tools, trade activities tracking, and comprehensive settlement packages. Traders have the freedom to choose their preferred platform without restrictions and can engage in hedging activities. Additionally, the broker offers auto-trading and API connectivity through Myfxbook for seamless position replication, along with specialized solutions for money managers and institutional traders via MAM accounts.
Scandinavian Capital Markets delivers customer support 24/5 via Email, Phone, Live Chat, and Whatsapp. The support team is adept at handling a range of inquiries, from technical issues to general questions, and is easily accessible during working hours. Customer support quality is rated at 7.9 out of 10, reflecting the team’s responsiveness and expertise.
Scandinavian Capital Markets Education ▲
The broker provides a limited array of educational and research materials, including news updates, financial articles, and analysis resources. Despite the limited scope, these resources are beneficial for traders looking to deepen their market understanding and improve trading skills. The education offering is rated 7 out of 10, suggesting room for expansion but still offering valuable insights.
In conclusion, Scandinavian Capital Markets is a well-regulated brokerage firm known for its competitive trading conditions, diverse financial instrument offerings, and sophisticated trading platforms. It caters to a broad spectrum of traders, from beginners to professionals, including those practicing Islamic finance. Although it lacks a top-tier license and extensive educational resources, the broker compensates with market insights and trading tools. It is particularly recommended for European traders, those favoring MT4 and cTrader platforms, currency trading enthusiasts, and institutional clients seeking STP/ECN execution. Traders should, however, conduct thorough due diligence to ensure the broker’s offerings align with their trading goals and requirements.
