Scope Markets
Pros and Cons
Pros
- Regulated by FSC (Belize), CySEC, and CMA (Kenya)
- Access to 40,000+ tradable assets including Forex, indices, and commodities
- Trading platforms: MetaTrader 4 and MetaTrader 5
- Minimum deposit requirement of only $10
- Competitive trading conditions with spreads starting from 0.9 pips
Cons
- Not regulated by major authorities (e.g., FCA, ASIC)
- Limited trading instruments (only CFDs available)
- Lack of educational resources and advanced market analysis
- Technical support only available 12 hours a day
- Mixed user reviews regarding platform reliability and execution issues
Basic Information
User Reviews
Scope Markets Overview
Scope Markets is a prominent forex broker founded in 2014 and headquartered in Belize. Regulated by the Financial Services Commission of Belize (FSC), Scope Markets operates under strict compliance measures, ensuring a safe trading environment for its clients. The broker is part of the Rostro Group, which enhances its credibility through robust financial backing and diversified offerings across multiple jurisdictions, including additional regulatory licenses from CySEC and other authorities.
Is Scope Markets Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Services Commission (FSC) | Belize | Segregated Funds |
| Cyprus Securities and Exchange Commission (CySEC) | Cyprus | Investor Compensation Fund |
| Financial Services Authority (FSA) | Seychelles | Segregated Accounts |
| Financial Sector Conduct Authority (FSCA) | South Africa | Segregated Funds |
| Capital Markets Authority (CMA) | Kenya | Segregated Accounts |
| Financial Services Commission (FSC) | Mauritius | Segregated Funds |
Is Scope Markets Regulated and How Are Client Funds Protected?
Scope Markets is a regulated broker authorized by multiple financial authorities, including the Financial Services Commission (FSC) in Belize and the Cyprus Securities and Exchange Commission (CySEC). This regulatory status ensures that the broker adheres to established standards of conduct and provides a level of assurance for clients. Client funds are protected through measures such as segregated accounts, which help to ensure that funds are not used for operational expenses and are kept safe from any potential financial difficulties faced by the broker. Additionally, in some jurisdictions, clients may benefit from investor compensation schemes that provide further protection. Overall, the regulatory oversight and fund protection measures in place contribute to a safe trading environment for clients of Scope Markets.
Trading Products and Services
What Trading Instruments Does Scope Markets Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/NZD | 50+ |
| Commodities | Gold, Silver, Crude Oil | Many |
| Indices | S&P 500, NASDAQ, FTSE 100 | Varies |
| Stocks | Apple, Tesla, BP | Many |
| Cryptocurrencies | BTC, ETH, LTC | Many |
Scope Markets offers a diverse range of trading instruments that cater to various trading styles and preferences. With a solid selection of Forex pairs, commodities, indices, stocks, and cryptocurrencies, traders can effectively build a well-rounded portfolio. This variety enables both beginners and seasoned professionals to explore multiple strategies and asset classes, enhancing their trading experience. The availability of diverse markets not only allows for effective risk management but also provides opportunities for traders to adapt their approaches based on market conditions, thus supporting long-term investment goals and flexible trading tactics.
Account Types and Trading Conditions
What Account Types and Fees Does Scope Markets Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| One Account | All levels of traders | High leverage (up to 1:1000), competitive spreads from 0.9 pips | Minimum deposit of $50, suitable for beginners and experienced traders |
| Scope Invest | Investors interested in fractional stocks | No commission on trades, zero swaps | Minimum deposit of $10, designed for long positions only |
| Scope Elite | Professional traders and high-volume investors | Tight spreads from 0.0 pips, commission of $3.50 per lot | Minimum deposit of $20,000, requires significant trading volume |
Account Opening Process
To open an account with Scope Markets, follow these steps: First, submit personal information including your name, email, and phone number. Next, provide details about your employment and financial situation. You will then need to verify your identity by submitting a government-issued ID and proof of address, such as a utility bill. After verification, you can fund your account and start trading. Additionally, you have the flexibility to upgrade to a professional account later if you meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| CFDs (Indices) | 1.0 | $3.50 | Competitive pricing for indices |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
In addition to trading fees, there are several other costs to consider: Deposit and withdrawal fees may apply depending on the payment method chosen. An inactivity fee may be charged if there are no trades for a prolonged period. While there are no platform usage fees, traders should be aware of overnight interest (swap rates) on positions held overnight. Lastly, currency conversion fees may apply if trading in a currency different from your account’s base currency.
Trading Platforms and Apps
What Trading Platforms and Apps Does Scope Markets Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | 2FA, encryption, multiple order types, price alerts, technical indicators | Demo accounts, VPS services |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | 2FA, encryption, advanced order types, economic calendar, built-in trading signals | Demo accounts, VPS services, API access |
| Web Version | All devices with internet access | Secure login, symbol lookup, market analysis tools | Demo accounts |
| Mobile App | iOS, Android | Biometric login, push notifications, one-click trading | Demo accounts |
Scope Markets offers a range of trading platforms tailored to different trader needs. MetaTrader 4 is ideal for those seeking a user-friendly interface with essential trading features, while MetaTrader 5 suits advanced traders needing additional tools and functionalities. The web version provides flexibility for traders who prefer not to download software, and the mobile app ensures convenient trading on the go. All platforms emphasize security with features like two-factor authentication and encryption, supporting secure logins and fast order execution. Additionally, traders benefit from demo accounts for practice and a robust mobile experience that includes real-time alerts and efficient market search tools.
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: 50 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: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (e.g., GrabPay, FasaPay) | 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 |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. First-time large withdrawals (typically over 2,000 USD) require identity documents (passport) and address proof (utility bill), with additional scrutiny for suspicious transactions.
Regional payment methods vary: Southeast Asian users may prefer GrabPay or local bank transfers; European clients often use SEPA transfers; Latin American users rely on domestic banks. Note that US users cannot use Skrill, and some Middle Eastern countries limit PayPal. Partner banks in Japan may offer zero-fee transfers.
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
To withdraw funds from your account, follow these steps:
- Log in to your Scope Markets account.
- Navigate to the “Withdrawal” section.
- Select your preferred withdrawal method.
- Enter the amount you wish to withdraw and any required information.
- Submit your withdrawal request for processing.
Ensure your account is verified to avoid delays, and note that withdrawals are processed on the same day if requested before 2 PM.
Customer Support
Scope Markets Customer Support Overview
Support Channels
Scope Markets provides a variety of support options to assist customers effectively. Clients can reach out through:
- Email: Customers can contact support via asiasupport@scopemarkets.com for any inquiries.
- Live Chat: An instant messaging feature is available on the Scope Markets website for quick help.
- Telephone: For direct conversation, clients can call +44 20 3519 3851 to speak with a support representative.
- Social Media: Scope Markets is also active on various social media platforms, allowing customers to reach out for support and updates.
Service Availability
Customer support at Scope Markets is available 24/5, ensuring that assistance is readily accessible during trading hours. The support team is multilingual, providing help in various languages to cater to a diverse clientele, including English, Spanish, and Mandarin.
Additional Resources
To enhance the trading experience, Scope Markets offers additional educational resources such as video tutorials, webinars, market analysis, and trading signals. These resources are designed to empower clients with the knowledge and tools necessary for successful trading.
Overall, Scope Markets prioritizes customer support, ensuring that clients receive the help they need promptly and efficiently.
Frequently Asked Questions
Yes, Scope Markets operates under the brand name of RS Global Ltd, which is authorized and regulated by the Financial Services Commission of Belize (FSC) under the Securities Industry Act 2021. Additionally, it is regulated by the Cyprus Securities and Exchange Commission (CySEC). This dual regulation helps ensure compliance with industry standards and enhances client trust.
Scope Markets prioritizes fund security by holding client funds in segregated accounts with reputable banks. This ensures that client funds are kept separate from the company’s operational funds, providing an additional layer of security. Furthermore, the broker employs advanced technology and encryption protocols to safeguard personal and financial information.
Scope Markets offers competitive trading conditions, including leverage of up to 1:500, low spreads, and a variety of trading instruments across forex, commodities, and indices. Clients can choose from multiple account types to suit their trading needs, including options for both retail and institutional traders.
To enhance your user experience, Scope Markets provides a user-friendly interface on both the MT4 and MT5 trading platforms, which are widely recognized for their functionality and reliability. Additionally, the broker offers comprehensive educational resources, customer support, and a demo account to help you familiarize yourself with the platform before trading with real funds.
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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.