July 11, 2020

Scope Markets Review – Is it scam or Decent broker?

Regulators: IFSC

Cryptocurrencies: YES

Minimum Deposit: $500

Maximum Leverage: 1:500

Spreads: Low

My Score: 6.0

ScopeMarkets is a Belize-based Forex/CFD broker. Developed by Scope Markets Ltd., ScopeMarkets have offices in both Belize, Bulgaria and Cyprus. Before beginning out reading my ScopeMarkets review, remember they overlook accept investors from Afghanistan, Cote d’Ivoire, Cuba, Iran, Libya, Myanmar, North Korea, Sudan, Puerto Rico, USA, Syria, along with Ecuador.

I will say their internet site designed professionally and live chat option is found. They supply various trading tools such as money pairs, currencies, metals, energies, stocks and 7 unique cryptocurrencies. However, while some other brokers provide trading with over 50 currency pairs, even ScopeMarkets offers just 29 distinct currencies.

On the flip side, 3 forex currency trading platforms have been encouraged by ScopeMarkets: MetaTrader4, MetaTrader5 and Scope GT. MetaTrader4 is my own personal favourite platform however I will say 3 distinct option is just a large convenience.

If you’re interested in finding Scope Markets review, you’re in the ideal location. It’s possible to find Scope Markets’ account types, spreads, maximum leverage, regulation, etc. in this article. Is ScopeMarkets good or a scam broker? So, let’s begin.

Regulation

ScopeMarkets regulated by International Financial Services Commission of Belize (IFSC). CySEC, Financial Conduct Authority (FCA) in the UK, or Australian Securities and Investments Commission (ASIC) are more respected regulators but it is hard to obtain a license from them.

And also because of the new ESMA measures, some brokers choose to obtain licenses from regulators like IFSC or VFSC. Because ESMA decided to decrease leverage rates significantly and brokers started to search alternative solutions.

Even if ScopeMarkets is a regulated broker, IFSC is an offshore regulator. So, I recommend you to think twice before opening an account.

Account Types

There are 3 different account types at ScopeMarkets. You can choose the most suitable one for you: Fixed Spread, Variable Spread or Raw Spreads Commision. For the before all else 2 account type, minimum deposit limit is $500 which is very high. And for Commision account minimum deposit limit is $5.000 which is also higher than most brokers.

Account type Minimum deposit Maximum leverage Spreads & Commission
Fixed spreads $500 1:500 1.0 pips, fixed
Variable spreads $500 1:500 From 0.5 pips
Raw spreads $500 1:500 From 0 pips $7 /lot (roundtrip)

Maximum leverage rate is 1:500 for all accounts types and you can trade with micro lots. Also, I can say their spreads are very tight and competitive: 1 pip for a fixed account and minimum 0.5 for a variable account.

Payment Methods

Payment methods are limited and only 4 deposit/withdrawal methods are available at ScopeMarkets: Credit/Card, Wire Transfer, Neteller and Skrill.

Final Thoughts

Scope Markets is an offshore-regulated broker and you must always think twice before opening an account. Also, their minimum deposit limit is higher than most brokers. On the other hand, they offer very tight spreads, high leverage ratio and 3 different trading platforms.

If the regulation and safety of your funds are your number one priority, then I recommend you to work brokers that licensed by regulators like FCA or ASIC. But if you are looking for a broker with high leverage and tight spreads, you can try ScopeMarkets.

Scope Markets

5.8

Trust

4.0/10

Commissions and charges

7.0/10

Customer Service

5.0/10

Platform & Tools

6.0/10

Product Portfolio

7.0/10

Pros

  • IFSC Regulated

Cons

  • Limeted payment approaches
  • Minimum deposit quantity is equally large.