Overview of Scope Markets
Established in 2014 and regulated in multiple jurisdictions, Scope Markets is a part of the Rostro Group, a leading fintech and financial services provider. Scope Markets provides access to over 40,000 financial instruments, including equities, forex, commodities, and indices through popular powerful trading platforms like MT4, MT5, CQG, IRESS, and Bloomberg.
Scope Markets claims that it empowers clients to participate in global financial markets with its innovation and technology.
Pros and Cons
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
Scope Markets offers a unique investment platform that empowers individuals to invest in fractional shares of their favorite companies. In addition, it offers a wide range of trading products, including Forex CFDs, Index CFDs, Energy CFDs, Metal CFDs, Share CFDs, Commodity CFDs, Fractional Shares, and Futures CFDs.
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.
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.
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.
2024-08-27 18:03
2024-07-22 10:51
