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Adding extra cash to your deposit to trade with higher volumes and turbocharge your profits is a very attractive idea. But it always depends on several things, whether the bonus is worth claiming or not. The broker must be a well-regulated and fair company and spreads and fees should be at acceptable levels. The bonus terms should not be very complicated, preventing traders from achieving their goals. Let’s analyze Scope Market's deposit bonus in detail to understand if it is worthy of claiming.
Regulations, fund safety, low trading commissions and spreads, ability to deposit and withdraw money with ease are key aspects of Forex trading, and if the broker offers all of those, then you have found a reliable broker.
Scope Markets is a regulated Forex and CFDs broker offering traders moderate minimum deposit requirements, from 100 USD, and maximum leverage of up to 1:500. The leverage is very flexible, as traders will be able to control considerable buying power with a relatively small trading budget. What’s more interesting is the broker does not charge fees for deposits and withdrawals, enabling traders to withdraw their funds without concerns about commissions. Scope Markets offers 347 trading instruments across popular asset classes including Forex, CFD on stocks, energies, indices, and metals. Additionally, the broker also provides access to demo and Islamic accounts and protects user funds with negative balance protection and segregated bank accounts. Negative balance protection prevents traders from going into negative amounts if they abuse leveraged trading. Scope Markets has reasonable spreads from 0.9 pips on major pairs, which are slightly cheaper than the industry average. The broker offers an excellent trading environment with MT4 and MT5 platforms and allows hedging and EAs.
The “First-Time Deposit Bonus” introduced by Scope Markets can be used by new clients of the company. The promotion is active till the end of 2023 and clients will have 90 days to complete the trading volume requirement or the bonus will be cancelled. 90 days will be more than enough when trading actively to reach all the requirements that the broker has assigned to this bonus. The bonus can be withdrawn when the client has completed the minimum trading volume of 0.125 effective round turn lot for every 0.5 USD in bonus. Since the minimum deposit is 100 USD and the bonus for this size will be 50 USD, it will require a total trading volume of 12.5 lots, which is a lot. It has to be noted that the bonus is better to use for trading purposes and making profits. The broker allows you to withdraw profits made from the deposit bonus and aims at attracting new clients who want to become experienced traders.
Example 1: A client deposits 200 USD in their trading account. 50% of 200 or 100 USD is added to their trading account. To withdraw the bonus amount, the client will have to generate a trading volume of 25 round-turn lots on the derivatives asset classes described above within 90 days from the time of deposit.
Example 2: The client deposits 100 USD and receives 50 USD as a bonus. The client's total equity is 150 USD, but their funds are 100 USD. The client opens a 0.1 lots EURUSD currency pair with 1:500 leverage and EUR USD exchange rate of 1.15. In this case, the client’s margin requirement to open this position was 100,000 (1 lot of EURUSD) x 0.1 / 500 (leverage) x 1.15 (EURUSD exchange rate) = $23. If the client’s unrealized “Profit and Loss” goes into -78 USD, the client’s total equity will drop to 150-78= 72 USD, but the client’s funds part of the equity will drop to 100-78= 22 USD. Since only the client’s funds can be used for the margin, and it is below margin requirements, a margin call is issued for this position.
As we can see, the best use for Scope Markets deposit bonus is to generate and withdraw profits.