In this article, we will review Scope Markets Broker, and answer the question, “Is this a legit broker?”. Also, we will talk about the features this broker provides and does not provide you with compared to other brokers we have reviewed.
Scope markets is an award-winning broker that is a provider of online trading solutions and institutional solutions. Scope Markets was founded in 1997 and it is regulated by the FSC. Below is a Summary of the Scope Markets Broker.
Summary of Scope Markets
| Assets Available | 5 Asset Classes Available – Forex, Indices, Energies, Metals, and Shares |
| Regulated By | Financial Services Commission of Belize (“FSC”) |
| No. of Trading Platforms | Metatrader 4 and Metatrader 5 |
| Leverage | Up to 1:500 |
| Minimum Deposit | $100 (USD) |
| Spreads | Variable Spreads |
| Awards | 3 Awards by Forex World Awards |
| Education Provided | Basic Trading Education |
| Methods of Payment | Bank wire transfer, Credit card (Visa or Mastercard), Skrill, and Neteller |
Trading Platforms
There are two trading platforms provided by Scope markets, these are the Metatrader 4 and Metatrader 5 platform as most brokers provides you with.
Metatrader 4 and Metatrader 5 are both great trading platforms. They provide everything you need to execute trades, these include all the technical indicators and tools that you need to analyze the financial markets. Both these platforms also support algorithmic trading.
Account Types
There is only one account type available with this broker, which is great because if a broker provides you with many different account types it can confuse most beginner traders.
You can open an account with this broker with a minimum deposit of $100. It is an easy process to open an account, you just have to verify your personal documents and deposit at least $100 to start trading with this broker.
Financial Assets Available For Trading
There are 5 financial assets available for trading with Scope Markets. Scope markets do not provide you with any cryptocurrencies that you can trade. If you want to trade cryptocurrencies, Scope Markets is not an option. This broker is mainly focused on Forex traders even though you can trade 4 other financial assets.
Forex
Scope markets provide you with 30+ currency pairs that you can trade. These include the major currency pairs, exotic currency pairs, and minor currency pairs. The spreads on the forex currency pairs a quite tight but not the lowest in the industry.
Indices
Scope markets provide you with a range of global indices. These include the SP500, NAS100, and DAX30.
Energies
Scope markets provide you with 3 different energies that you can trade. These are crude oil, natural gas, and brent.
Metals
There are only two metals that you can trade with this broker. These are Gold and Silver. You can trade a minimum lot size of 0.01.
Shares
This broker provides you with 50+ shares that you can trade. These include shares from companies like Texas instrument, Hewlett Packard Enterprises, and Amazon.com.
Commissions and Spreads
Scope Markets charges a commission of 0% and average spreads start from 0.9 pips. The spreads are tight but not the lowest in the industry. If you want a broker with lower spreads, check out our recommended brokers towards the end of the article.
Demo Accounts
Scope markets do not provide you with demo accounts. This is a really huge disadvantage of using scope markets. The majority of brokers provide you with demo accounts. If you want to practice trading with demo accounts, it’s better to look elsewhere. You can find brokers who provide demo accounts towards the end of the article.
Awards
This broker has won multiple awards. These are the world forex Awards for best forex broker 2020, best customer support 2020, and best mobile application 2020.
Customer Support
Customer support is available 24 hours 5 days a week. You can contact their customer support by phone or email. There are other brokers who provide 24/7 customer support, therefore the customer support provided by this broker is average.
When you open an account with this broker you get personalized support and a dedicated account manager, which is great. Most brokers do provide these features as well.
Education Provided
This broker provides you with basic trading education. This is not bad for completely beginner traders but not enough to become a profitable trade. They also provide you with free forex signals and free weekly seminars and webinars.
If you are interested in learning how to trade the forex market profitably check out our free guide.
Leverage Provided
Scope markets provide a leverage of up to 500:1. This is a high leverage but not the highest in the industry. But it is not advised to trade with this much high leverage.
Regulations
Scope markets is regulated by the Financial Services Commission of Belize (“FSC”). FSC is not a top regulator but it is better to be regulated than not. We always advise traders to choose a highly regulated broker. The more regulations a broker has the more secure your funds will be with these brokers.
Methods of Payments
Provides you with a range of payment methods, These include credit cards (Mastercard or Visa), Skrill, Neteller, and Wire Transfers. You can withdraw with the same method you funded your account. This is quite common with most brokers. But you can withdraw funds in an alternative method if you prove the ownership of the trading account. Also, this broker does provide you with unlimited free withdrawals.
Is Scope Markets a legit broker?
Yes, the scope market is a legit broker that is regulated by the Financial Services Commission of Belize (“FSC”) but it has a bad reputation among most traders. We personally do not recommend scope markets. Also, scope markets do not provide demo accounts and the spreads are average. It is quite important to note that this broker doesn’t provide services to a lot of countries, including the United Kingdom, the United States, and Australia.
There are other better brokers out there. Below are the top forex brokers who have a good reputation in the industry.
Top Forex Brokers
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