Overview of Scope Markets
Scope Markets, operating under SM Capital Markets Ltd., is a regulated financial institution located in Cyprus. With over 1-2 years of experience, it's authorized by the Cyprus Securities and Exchange Commission under license number 339/17. The company employs Straight Through Processing (STP) and holds a sharing license, adhering to regulatory standards since November 2, 2017.
Covering a broad spectrum of trading options, Scope Markets offers a variety of instruments. For the Forex market, traders gain access to 40+ currency pairs, available 24/5. Indices like SP500 and NAS100, futures contracts encompassing DAX40 and Dow Jones, spot energies including USOIL and UKOIL, precious metals like XAUUSD and XAGUSD, stocks such as AAPLUS and GOOGLUS, and notable cryptocurrencies such as BTCUSD and ETHUSD, all comprise the company's extensive offerings.
The firm's trading account options, namely the One Account, Plus Account, and Professional Clients account, operate on the MetaTrader 5 platform. These accounts feature diverse spreads, leverage variations, and cater to different trading preferences.
Pros and Cons
Scope Markets presents a set of pros and cons that outline its key features. On the positive side, the company is regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 339/17, offering a secure trading environment. It provides a wide range of trading options, including indices, futures, spot energies, precious metals, shares, cryptocurrencies, and ETFs. Additionally, it offers a demo account for practice and various account types, including the One Account, Plus Account, and options for Professional Clients with leverage up to 200:1. The trading experience is enhanced by a diverse selection of trading platforms and tools, along with educational resources and an Economic Calendar. On the downside, the company has a limited operating history of 1-2 years and provides relatively few account types. There is a commission applied to CFD shares, and there's a lack of extensive trader reviews. Additionally, customer support channels are limited, and there are some uncertainties regarding potential transaction delays.
Is Scope Markets Legit？
Scope Markets is a regulated financial institution under the Cyprus Securities and Exchange Commission. It operates under the license number 339/17 and is governed by SM Capital Markets Ltd. The company is engaged in Straight Through Processing (STP) and holds a sharing license. Its regulatory status has been in effect since November 2, 2017. The institution's address is Doma Building 1st floor, 227 Archeipiskopou Makariou III Avenue, 3105 Limassol, Cyprus.
Market Instruments
Forex: Scope Markets provides access to over 40 currency pairs, allowing traders to engage in forex trading 24 hours a day, 5 days a week. Examples of currency pairs include USDCAD, EURUSD, GBPUSD, and USDJPY.
Indices: Indices offered include popular options like the SP500, NAS100 (Nasdaq), DXY (Dollar Index), and DAX40. These indices represent the performance of a group of stocks from a specific market.
Futures: Futures contracts available cover key indices such as DAX40, SP500, Dow Jones, Nasdaq, and AEX (Netherlands 25 Future), among others.
Spot Energies: Scope Markets offers trading on spot energies like USOIL (Spot Crude Oil), UKOIL (Spot Brent Oil), and XNGUSD (Spot Natural Gas).
Metals: Precious metals trading includes XAUUSD (Spot Gold vs USD Dollar) and XAGUSD (Spot Silver vs USD Dollar), along with XAUEUR (Spot Gold vs EUR).
Shares: Trading conditions for stocks are provided across various countries, including France, Germany, Spain, Netherlands, UK, and the US. Popular stocks like AAPLUS (Apple Inc), METAUS (Meta Platforms), and GOOGLUS (Alphabet Inc) are available.
Cryptocurrencies: Cryptocurrency CFDs include well-known options such as BCHUSD (Bitcoin Cash), BTCUSD (Bitcoin), ETHUSD (Ethereum), LTCUSD (Litecoin), XMRUSD (Monero), XRPUSD (Ripple), and ZECUSD (ZCash).
ETFs: Exchange-Traded Funds (ETFs) available encompass a diverse range of options, including ACWI.NAS.cash (iShares MSCI ACWI Index Fund ETF), AGG.ARC.cash (iShares Core U.S. Aggregate Bond ETF), and BLCN.NAS.cash (Reality Shares NASDAQ NextGen Economy ETF).
Account Types
One Account:
The One Account offered by Scope Markets operates on the MetaTrader 5 trading platform. It presents spreads from 0.7 pips and supports account currencies in USD, EUR, and GBP. The minimum starting deposit is $200, with a maximum leverage of 1:30. This account type allows for micro lot trading (0.01) and has a stop out level set at 50%. Commission per lot per side is $0, and it should be noted that this doesn't apply to CFD shares.
Plus Account:
The Plus Account, available on the MetaTrader 5 platform, showcases spreads starting from 0.6 pips. It offers account currencies in USD, EUR, and GBP, with a higher starting deposit of $10,000. The maximum leverage is 1:30, and micro lot trading (0.01) is supported. Similar to the Standard Account, the Plus Account also has a stop out level of 50%. Commission per lot per side is $0, excluding CFD shares.
Professional Clients:
For Professional Clients, Scope Markets provides enhanced features. Maximum leverage limits can reach up to 200:1, depending on the instrument being traded. The Margin Close Out Rule stands at 20% of the required margin.
Scope Markets also offers a demo account option for traders. This allows individuals to practice and familiarize themselves with the trading platform and its features without using real money.
How to Open an Account？
To open an account with Scope Markets, follow these steps:
- Click on the “Register” button.
- Fill in your First Name, Last Name, Email, and select your Country of Residence.
- Choose your Phone Prefix (e.g., +1) and provide your Phone number.
- Create a Password for your account.
- Click “Register” to complete the account opening process. If you already have an account, you can choose to “Sign In” instead.
Leverage
Scope Markets offers a maximum leverage of 1:30 for retail clients and up to 200:1 for professional clients.
Spreads & Commissions
Scope Markets provides spreads starting from 0.7 pips for the One Account and 0.6 pips for the Plus Account. There is no commission for both account types, with the exception that the commission does not apply to CFD shares.
Minimum Deposit
Scope Markets sets a minimum deposit requirement of 200 USD for various account types.
Deposit & Withdrawal
Scope Markets offers deposit and withdrawal options for its clients. Bank transfers have a processing time of 3-5 working days for both deposits and withdrawals, with no fees. The minimum deposit is 200 USD, while there is no maximum deposit limit. For withdrawals, the minimum is 100 USD or equivalent, with unlimited maximum withdrawals. Nuvei (formerly Safecharge), VISA, and Mastercard transactions are usually processed within 10 minutes for deposits and take 3-5 working days for withdrawals. There are no fees, and the minimum deposit and withdrawal amounts are 200 USD and 100 USD, respectively. The maximum deposit per transaction is 10,000 USD, while the maximum withdrawal per day is 50,000 USD.
Trading Platforms
MT5 Desktop - Meta Trader 5: Meta Trader 5, a widely recognized trading platform, serves as one of the leading Forex platforms globally. It presents an array of trading and analytical tools, accompanied by additional services. This platform caters comprehensively to Forex trading needs, boasting features such as 21 timeframes, real-time symbol quotes, 38 technical indicators, and 4 order execution types. Notably, it incorporates an Economic Calendar offering macro-economic news updates that can influence financial instrument prices.
MT5 Web Trader - MT5 Webtrader: The MT5 Webtrader stands as another popular trading platform option. Equipped with real-time symbol quotes, over 50 technical indicators, and support for algorithmic trading EA & MQL5, it offers advanced charts and caters to various execution models and order types. This web-based platform provides market event alerts and news updates to facilitate trading decisions.
MT5 Mobile - MT5 for iOS and Android: This mobile app includes 3 chart types, 30 technical indicators, and full MT5 account functionality. Native applications for iPhone, iPad, and Android devices allow traders to manage positions, monitor markets, and perform technical analysis on-the-go.
Scope Trader - Browser-based Platform: Scope Trader is a browser-based platform offering trading opportunities in shares, indices, currencies, and commodities. With user-friendliness and advanced features at its core, Scope Trader provides a modern web application that requires no additional plug-ins or add-ons. This platform is equipped with in-depth financial analysis tools, technical analysis support, and one-click trading from charts.
Scope Trader App - Mobile Platform: Scope Trader App caters to mobile traders, providing access to shares, indices, currencies, and commodities. This native trading application offers features parallel to the Scope Trader Web version. It includes in-depth financial analysis tools and aligns with traders seeking an enhanced trading experience through mobile platforms.
Trading Tools
1. PIP Calculator:
Scope Markets offers a pip calculator that enables traders to calculate the pip value for their chosen trading currency. This tool assists in evaluating the potential risk associated with each trade.
2. Margin Calculator:
The margin calculator provided by Scope Markets aids traders in determining the margin requirements necessary to initiate and maintain trading positions. It serves as an indicator for maintaining sufficient margin in the trading account to cover ongoing trades.
3. Swap Calculator:
Scope Markets presents a swap calculator to compute the interest rate difference between the two currencies in an open trade's currency pair. This tool calculates the overnight interest credited or debited directly to trades, impacting the overall account balance.
4. Profit Calculator:
The profit calculator offered by Scope Markets allows traders to assess the favorable outcome of a trade. This tool proves valuable for monitoring trade performance, especially when dealing with multiple positions simultaneously.
Educational Resources
Trader Resources
Scope Markets offers a variety of financial instruments for trading, including Forex, precious metals, indices, shares, and commodities. Traders can choose from a range of assets to suit their preferences.
Ebooks
The educational resources at Scope Markets include a series of ebooks designed for both beginners and advanced traders. The Beginner section covers the basics of Forex, essential trading terms, and taking the first steps in trading. A Glossary is provided to familiarize traders with important trading and market terminology. Basic Technical Analysis introduces common price patterns, types of trends, and concepts like support and resistance. The Beginners Strategies course offers insights into new trading strategies to maximize profit. For Advanced traders, topics include an overview of the global trading market, different financial instruments, trading psychology, capital management, market analysis, advanced technical analysis techniques, and advanced trading strategies.
Economic Calendar
Scope Markets provides an Economic Calendar to keep traders informed about upcoming events, report releases, and announcements that could impact the markets. The calendar is a valuable tool for traders to track scheduled economic events, gaining insights into market changes and understanding the reasons behind these changes. By clicking on individual events, traders can access further information related to each event, contributing to a better grasp of market dynamics.
Customer Support
Scope Markets provides accessible customer support through various channels. Clients can reach out via email to support@scopemarkets.eu or info@scopemarkets.eu for assistance. Additionally, customer inquiries can be directed to +357 25281811. The company's physical address is Doma Building 1st floor, 227 Archeipiskopou Makariou III Avenue, 3105 Limassol, Cyprus.
Conclusion
In conclusion, Scope Markets is a regulated financial institution operating under the Cyprus Securities and Exchange Commission. It offers a range of market instruments, including forex, indices, futures, spot energies, metals, shares, cryptocurrencies, and ETFs. The company provides different account types, including the One Account and Plus Account, with varying starting deposits and leverage options. Traders can access the MetaTrader 5 trading platform, along with web and mobile versions. Scope Markets offers useful trading tools like pip, margin, swap, and profit calculators, aiding traders in risk assessment and performance evaluation. The educational resources encompass ebooks and an economic calendar. Customer support is available through email and phone.
FAQs
Are there any restrictions on withdrawals？
No, withdrawals are unrestricted as long as the client has deposited funds available for trading.
Are there fees for deposit and withdrawal options？
No, Scope Markets EU does not charge any fees for deposit and withdrawal options.
Can I change the time zone of the trading servers？
No, the trading servers' time zone remains fixed at GMT+3 Winter time and GMT+3 Summer time.
Are micro lots available on all platforms？
Yes, micro lots are accessible on all of Scope Markets EU's trading platforms.
When can I withdraw funds after closing positions？
After closing positions, you can withdraw the funds after a waiting period of 5 working days (T+5).
What are the transaction fees for physical stocks in different regions？
For EU Physical Stocks: 0.10% per side; For UK Physical Stocks: 0.10% per side + 0.5% Stamp Duty (buy trades); For US Physical Stocks & ETFs: 0.04 Cent per Share/ETF per side.
How long does it take to verify an account？
Normally, account verification takes 1 working day, but it could take up to 48 hours in some cases.
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