ScoreCM
Pros and Cons
Pros
- Regulated by MISA with license number T2023420
- Trading leverage up to 1:1000 available
- Diverse trading instruments including Forex, stocks, and cryptocurrencies
- Advanced platform with MetaTrader 5 features
- Multiple account types catering to different trading preferences
Cons
- Offshore regulation with limited investor protection
- Short operating history since 2024
- Limited tradable instruments (no stocks or soft commodities)
- High spreads on Standard account
- Only one trading platform available (MetaTrader 5)
Basic Information
User Reviews
ScoreCM Overview
ScoreCM, established in 2023 and headquartered in Funchal, Portugal, is a forex broker regulated by the Mwali International Services Authority (MISA) under license number T2023420. This relatively new broker has positioned itself to cater to a diverse range of traders by providing access to the global forex market while ensuring compliance with regulatory standards. ScoreCM also operates under a CFDs Dealer License in Dominica, further enhancing its legitimacy in the competitive landscape of forex trading.
Is ScoreCM Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Mwali International Services Authority (MISA) | Mwali | Segregated Funds, Compliance with International AML Policies |
| Financial Master Management Ltd | Dominica | Compliance with Dominica Financial Services Unit Regulations |
Is ScoreCM Regulated and How Are Client Funds Protected?
ScoreCM is a regulated broker, holding licenses from the Mwali International Services Authority (MISA) and Financial Master Management Ltd in Dominica. This regulatory oversight ensures that ScoreCM adheres to international financial standards, providing a safe trading environment for its clients. Client funds are protected through measures such as segregated accounts, which separate client funds from the broker’s operational funds, and compliance with anti-money laundering policies, ensuring transparency and security. Furthermore, regular audits and ongoing supervision by regulatory authorities help maintain high operational standards. Thus, traders can engage with ScoreCM in a regulated and secure manner, fostering trust and legitimacy in their trading activities.
Trading Products and Services
What trading instruments does ScoreCM offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/USD, USD/JPY, Major & Minor Pairs | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | 15+ |
| Stocks | Apple, Tesla, BP, Vodafone | 100+ |
| Cryptocurrencies | Bitcoin, Ethereum, XRP, Litecoin | 38 |
ScoreCM offers a diverse range of trading instruments, ensuring traders have access to multiple asset categories including Forex, commodities, indices, stocks, and cryptocurrencies. This extensive offering caters to a wide variety of trading styles and expertise levels, from beginners exploring the markets to seasoned professionals seeking advanced trading options. By providing the ability to trade across various asset classes, ScoreCM facilitates effective portfolio diversification and flexible trading strategies, meeting the diverse needs of its users.
Account Types and Trading Conditions
What Account Types and Fees Does ScoreCM Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard Account | Beginners and casual traders | Low minimum deposit, no commissions, up to 1:1000 leverage | Ideal for new traders with limited capital |
| Pro Account | Intermediate traders | Tighter spreads, $3.5 commission per lot, higher leverage of 1:500 | Requires a minimum deposit of $100 |
| Elite Account | Experienced and professional traders | Lowest spreads starting at 0.1 pips, $3.5 commission per lot, leverage capped at 1:100 | Minimum deposit of $1,000 required |
| Islamic Account | Traders requiring swap-free options | Swap-free trading conditions | Available upon request with specific eligibility |
| Demo Account | All trader levels | Practice trading without risk, access to all features | No funding required; great for testing strategies |
Account Opening Process
To open an account with ScoreCM, follow these steps:
1. Personal Information: Fill in your personal details in the registration form, including name, email, and phone number.
2. Employment and Financial Information: Provide information regarding your employment status and financial background to assess your trading knowledge.
3. Identity Verification: Submit required documents such as a government-issued ID and proof of address to comply with KYC regulations.
4. Account Flexibility: After opening your Standard Account, you can upgrade to a Pro or Elite Account later if your trading volume or experience level increases.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 1.2 | $0 (Pro: $3.5/lot) | Competitive spreads for beginners |
| CFDs (S&P 500) | 1.0 | $0 | No commission on indices trading |
| Commodities (Gold) | 0.4 | $0 | Low trading costs on precious metals |
| Cryptos (BTC/USD) | 1.0% | $0.1 | Variable spread depending on market conditions |
Other Fees
In addition to the trading fees, traders should be aware of the following potential costs:
– Deposit/Withdrawal Fees: ScoreCM does not charge for deposits or withdrawals, but clients may incur network fees when using cryptocurrencies.
– Inactivity Fees: An inactivity fee may apply if no trading activity occurs for a prolonged period.
– Platform Usage Fees: No platform usage fees are charged for accessing MetaTrader 5.
– Overnight Interest (Swap Rates): Standard accounts may incur swap rates for overnight positions, while Islamic accounts are swap-free.
– Currency Conversion Fees: Fees may apply if deposits or withdrawals are made in currencies other than USD.
Trading Platforms and Apps
What Trading Platforms and Apps Does ScoreCM Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Two-factor authentication, customizable charts, multiple order types, price alerts, economic calendar | Demo accounts, trading signals |
| Web Version | Web Browsers | Encrypted login, market search, alert notifications, basic charting tools | Demo accounts |
| Mobile App | iOS, Android | Biometric login, symbol lookup, push notifications, one-click trading | Demo accounts |
ScoreCM provides a diverse suite of trading platforms tailored to different trader needs. MetaTrader 5 (MT5) is designed for both novice and experienced traders, offering advanced features for multi-asset trading and detailed technical analysis. The web version ensures accessibility from any browser with secure login options, while the mobile app allows for trading on-the-go, featuring biometric security and real-time alerts.
Each platform emphasizes secure logins, efficient order execution, and user-friendly interfaces, ensuring traders can navigate and react to market movements effectively. ScoreCM’s commitment to providing demo accounts across its platforms facilitates a risk-free environment for users to familiarize themselves with functionalities before trading live.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 10 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 10 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 10 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
| Cryptocurrency (Bitcoin, Ethereum, Tether) | Deposit: 5-15 minutes, Withdrawal: Same day | No platform fees | Min Deposit: 10 USD, Max Withdrawal: 10,000 USD/transaction | BTC, ETH, USDT |
Withdrawals must return to the original payment method for compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations, ensuring traceability of fund flows. For first-time large withdrawals (over 2,000 USD), identity verification documents are required, alongside additional scrutiny for suspicious transactions.
Payment methods may vary by region; Southeast Asian users may prefer GrabPay or local bank transfers, while European clients often use SEPA transfers. Note that US users cannot use Skrill, and some Middle Eastern countries limit PayPal usage. Local advantages include zero-fee transfers through partner banks in Japan.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
- Log in: Access your ScoreCM trading account using your login credentials.
- Choose your withdrawal method: Select your preferred method for receiving your funds, such as credit card, e-wallet, or cryptocurrency.
- Submit your withdrawal request: Specify the amount you wish to withdraw and provide necessary information like bank account details or e-wallet address. Review the details before submitting.
ScoreCM prioritizes security through measures like HTTPS encryption, two-factor authentication (2FA), and KYC procedures to ensure the safety of your funds during transactions.
Customer Support
ScoreCM Customer Support Overview
Support Channels
ScoreCM offers multiple contact methods to ensure customer support is accessible and efficient. You can reach out via:
- Email: Send your inquiries to info@scorecm.com, and expect a response within 24 hours.
- Live Chat: For instant assistance, utilize our live chat feature available on our website.
- Telephone: Contact us directly at +44 20 3807 5948 for prompt support.
- Social Media: Connect with us on various social media platforms for updates and support inquiries.
Service Availability
Our customer service operates 24/5, providing support during the trading week. We also offer multilingual support, catering to a diverse clientele. Our support team is proficient in several languages, including English, Spanish, and Mandarin, ensuring that clients receive assistance in their preferred language.
Additional Resources
To enhance your trading experience, ScoreCM provides a range of educational resources such as:
- Video Tutorials: Comprehensive guides to help you navigate our platform.
- Webinars: Interactive sessions covering various trading strategies and market insights.
- Market Analysis: Regular updates and analyses to keep you informed about market trends.
- Trading Signals: Expert-generated signals to help you make informed trading decisions.
With our dedicated support and valuable resources, ScoreCM is committed to helping you succeed in your trading endeavors.
Frequently Asked Questions
ScoreCM prioritizes the security of your funds by implementing several robust measures, including secure communication protocols (HTTPS) to protect data transmission, two-factor authentication (2FA) for added login security, and strict Know Your Customer (KYC) policies to verify the identity of users. These protocols help prevent unauthorized access and fraudulent activities, ensuring your funds are safeguarded.
ScoreCM offers a variety of trading conditions tailored to different trading styles, including standard, pro, and elite accounts on the MT5 platform. Each account type comes with distinct features such as different leverage options, spreads, and commission structures. Clients can choose the account that best aligns with their trading strategy and risk tolerance.
The processing time for deposits and withdrawals at ScoreCM varies by method. Generally, online deposit methods such as e-wallets and cryptocurrencies are processed instantly, while bank transfers may take longer. Withdrawals typically take a few hours to process, depending on the selected method. For the most accurate information, clients can refer to the specific processing times listed on the ScoreCM website.
ScoreCM is licensed by the MWALI International Services Authority (MISA) under license number T2023420. While this regulatory body oversees the broker’s operations, it is important to note that MISA is considered an offshore regulator with limited international recognition. Therefore, clients are advised to exercise caution and conduct thorough research before engaging in trading activities.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.