Scope Markets Review 2024
Website: www.scopemarkets.eu
Min. Deposit: US$ 50
Leverage: 1:30 | 1:500
Trading Platforms: MT4, MT5
Regulation: CySEC, IFSC
Headquarters: Cyprus
Founded: 2014
Regulatory Licenses:
- SM CAPITAL MARKETS Ltd - authorized by CySEC (Cyprus) registration no. 339/17
- Scope Markets Ltd - authorized by IFSC (Belize) registration no. IFSC/60/373/TS/19.
Updated on April 29, 2024
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In our comprehensive review process, we meticulously analyze and evaluate forex brokers based on a variety of critical factors. Our method involves comparing a wide array of brokers, specifically over 1000, to determine their strengths, weaknesses, and overall performance in the market. We scrutinize every detail from trading platforms, fees, spreads, and commissions to regulation, customer service, and more. This thorough approach ensures that our reviews are balanced, detailed, and provide valuable insights to traders of all levels.
Scope Markets, previously recognized as SMFX, is a prominent Forex and CFD Broker that has been providing institutional and retail trading services globally for over two decades. With a rich history in the financial market, Scope Markets offers a diverse portfolio of trading instruments, including Forex, Indices, Metals, among others. The broker has established its operations in two main locations; Belize, where the offshore entity Scope Markets Ltd is headquartered, and in Cyprus, operating under SM Capital Markets Ltd. The Cyprus entity manages several domains such as scopemarkets.com/eu and sminvest.com/eu, all offering comparable trading services.
What Type of Broker is Scope Markets? ▲
Scope Markets is a Forex and CFD broker that has been maintaining its trading dealer service since 1997. Over the years, the company has developed and delivered valuable trading conditions, demonstrating a deep understanding of traders' needs. Scope Markets employs a No Dealing Desk or STP execution model, providing a simple yet sophisticated trading environment suitable for both novice and professional traders.
Pros
CySEC regulated broker with a strong reputation
Easy account opening process
Wide range of trading tools and userfriendly software
Competitive fees and trading conditions
Excellent multilingual customer support
Cons
One of the regulations is in the offshore zone
Lack of 24/7 customer support
Scope Markets Review Summary in 12 Points ▲
Headquarters: Cyprus
Regulation: CySEC, IFSC
Platforms: MT4, MT5
Instruments: CFDs on Commodities, Forex, Metals, Indices, and Energies, Crypto
EUR/USD Spread: 1.5 pips
Demo Account: Available
Minimum deposit: $50
Base currencies: USD, EUR, and GBP
Education: Trader Resources, E-books, Economic calendar
Customer Support: 24/5
Overall Scope Markets Ranking ▲
Based on our expert findings, Scope Markets is deemed a reputable broker offering safe and advantageous trading conditions. The broker caters to both beginner and professional traders, requiring low initial deposit amounts and featuring some of the lowest spreads in the industry. Scope Markets' overall ranking is 8.5 out of 5, following an extensive comparison with over 1000 brokers.
Trading with Scope Markets provides access to leverage, an invaluable tool that allows traders to significantly increase their trading volume. As a European broker, Scope Markets adheres to ESMA restrictions, limiting leverage to a maximum of 1:30 for major currency pairs and even lower for other instruments. However, Scope Markets also operates an offshore entity, offering higher leverage options to international clients. It's important to exercise caution when utilizing leverage due to the increased risk of magnified losses.
Based on our findings, Scope Markets has consolidated all its accounts into a single comprehensive account. This One Account amalgamates trading functionalities along with a broad range of products and offers quite competitive pricing.
Account Types
The transition to a unified account structure demonstrates Scope Markets’ commitment to simplifying the trading experience for its users. This One Account seeks to cater to the needs of various traders by providing a versatile trading environment coupled with competitive pricing.
How to Open Scope Markets Live Account?
Opening an account with Scope Markets is straightforward. Prospective traders can initiate the process by following these steps:
Select and click on the “Open an Account” page
Enter the necessary personal information (Name, email, phone number, etc.)
Verify your personal information by uploading the required documentation (proof of residence, ID, etc.)
Complete the electronic quiz to confirm your trading experience
Once your account is activated and verified, you can proceed with depositing funds.
Our analysis has determined that Scope Markets' trading fees are positioned as low to average in the market. Notably, the broker does not impose any fees on deposits, with the exception of Bank Transfers, where charges from the originating bank may apply. These external banks may levy fees based on their unique fee structures. The minimum withdrawal amount is set at 50 USD/ 50 EUR/ 50 GBP.
After thorough review and comparison to over 1000 other brokers, Scope Markets Fees are deemed competitive, with an overall rating of 4.3 out of 5. Though fees may vary depending on the entity offering the services, Scope Markets’ overall fee structure is considered advantageous.
Spreads
Scope Markets is known for its competitive and tight spreads, starting as low as 0.01 pips. Moreover, the broker ensures transparency by not incorporating any hidden charges or commissions.
Upon comparison with a multitude of brokers, Scope Markets Spreads are rated favorably, achieving an impressive rating of 4.5 out of 5. The Forex spreads offered are significantly lower than the industry average, and spreads across other instruments are equally compelling.
Leveraging a low-latency solution, Scope Markets offers refined services characterized by tight spreads and access to a diverse range of trading instruments including FX, Metals, Energy, Indices, and more. The assortment of supported Currency Pairs is commendable, featuring major, minor, and exotic pairs, in addition to Leading Shares, Commodities, and binary options available in its international offerings. It's important to note, however, that the ECN trading Account does not support Indices trading, so it's advisable to always verify information with the support center.
Scope Markets’ comprehensive selection of trading instruments garners a score of 4.4 out of 5, highlighting the wide array of options available to traders in Forex, Indices, Metals, and beyond.
When looking to manage your finances, it's critical to choose a broker that offers safe and convenient deposit and withdrawal options. Scope Markets excels in this area, providing a streamlined and hassle-free process for managing funds. Our evaluation of Scope Markets Funding Methods has yielded a commendable score of 4.1 out of 5. The broker sets a reasonable minimum deposit benchmark within the industry standard, alongside minimal to nonexistent fees for deposits and withdrawals. Additionally, it supports a variety of account-based currencies, although available deposit options may differ depending on regulatory requirements.
Pros
Numerous payment methods including Credit/Debit cards, Bank Wire, Skrill, and Neteller
Low minimum deposit requirement of $50
Cons
Deposit options availability varies by entity
The Scope Markets minimum deposit stands at $50, which is significantly lower than the industry standard of $500, making it more accessible for a wider range of traders. Notably, withdrawals at Scope Markets are facilitated efficiently, with the broker allowing two free withdrawal requests per month. Subsequent withdrawals are subject to a $35 fee or its equivalent.
To withdraw funds from Scope Markets, one must:
1. Log into their account and select 'Withdraw Funds'
2. Fill in the withdrawal form with the amount and chosen payment method
3. Complete and confirm the necessary form requirements
4. Submit the withdrawal details
Our extensive comparison of Scope Markets against over 1000 other brokers has led us to rate its trading platform highly, with a score of 4.4 out of 5. The broker's significant reliance on the industry-leading MetaTrader4 and MetaTrader5 platforms is well-justified, given their popularity and comprehensive features that cater to both novice and experienced traders. These platforms come equipped with advanced charting packages, numerous add-ons, and the capability for powerful trading strategies.
Web Trading Platform
MetaTrader's Web Trading option eliminates the need for downloads, offering flexibility and essential trading tools directly through any internet browser. This aspect is particularly appreciated for its basic but essential functionalities.
Desktop Platform
For those seeking more sophisticated analysis and customization, the desktop versions of MT4 and MT5 offer extensive tools and features. They support all operating systems, including iOS and Windows, and introduce the possibility of employing automated trading systems through Expert Advisors (EAs).
Mobile Trading Platform
Scope Markets also provides a mobile trading application, maintaining a balance between simplicity and functionality. The app includes adjustable charting features and support, ensuring a satisfactory trading experience on the move.
Our assessment of Scope Markets' customer support services results in a favorable rating of 4.4 out of 5. While the support isn't available round-the-clock, it is accessible during standard working days and hours, providing fast and informed responses to inquiries. This level of accessibility and quality of service are crucial for addressing the concerns and needs of traders efficiently.
Scope Markets distinguishes itself by offering a rich array of market updates, an economic calendar, video tutorials, and other valuable tools, scoring 4.4 out of 5 in our evaluation. Although direct forex education courses are not provided, the broker compensates by delivering high-quality research materials and collaborating with leading market data providers. This approach supports traders in staying informed and making educated decisions.
Pros
Comprehensive research tools and educational materials
Cons
Lack of direct Forex education courses
In summarizing our review of Scope Markets, it's evident that the broker provides a flexible and comfortable trading environment. Its competitive spreads, adherence to European standards despite being based in an offshore zone, and a CySEC license, position it as a trustworthy option for traders of all levels. We particularly commend Scope Markets for its low entry barriers, diverse trading platforms, and comprehensive customer support.
Scope Markets emerges as a recommended broker for:
Beginners seeking accessible entry points
Advanced traders looking for powerful trading platforms
Those who favor MT4/MT5 platforms
Traders interested in currency and CFD trading
Various trading strategies, including low fees and competitive spreads
Algorithmic or API traders
Individuals valuing responsive and knowledgeable customer support
