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Scope Markets Review: An average Forex broker offering good educational content

scopemarkets.com
nika
Written by:
Nika
Av
konstantinrabin
Edited by:
Konstantin Rabin
Calendar
Written on:
3 April 2023
Date
Last edit:
29 May 2023
Our rating:
5.52

5.52

Summary
Safety & Security of Scope Markets
0.6
0.6
Account types available for traders on Scope Markets
7.2
7.2
Fees & commissions review of Scope Markets
6.8
6.8
Trading platforms and mobile trading reviewed at Scope Markets
10
10.0
Education and research tools offered by Scope Markets
3.2
3.2
Customer support of Scope Markets
10
10.0
Conclusion

Scope Markets Review: An average Forex broker offering good educational content

scopemarkets.com
nika
Written by:
Nika
konstantinrabin
Edited by:
Konstantin Rabin
Calendar
Written on:
3 April 2023
Date
Last edit:
29 May 2023
Our rating
5.52

5.52

Visit broker
Please note that forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors. Trading in financial instruments may result in losses as well as profits and your losses can be greater than your initial invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary.
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Main summary

Scope Markets provides institutional and retail traders with financial services around the globe. The top management of the company has more than 20 years of experience.

There are CFDs on stocks, energies, Forex, indices, and metals available for trading through the MetaTrader platforms. The maximum available leverage is capped at 500:1. In order to start trading with this broker, at least a 100 USD minimum initial deposit is required. 

Scope Markets is authorized and regulated by the Financial Services Commission of Belize. In addition, the broker provides its traders with negative balance protection and good trading fees. 

Let’s dive deeper and find more information about Scope Markets. In this review, we will compare the fees of this broker with the fees of industry leaders, discuss account types, safety, and more. 

Here are the 8 pros and cons:

  • No deposit or withdrawal fees
  • Offers access to MetaTrader 4, and MetaTrader 5
  • Fast and digital account opening/verification
  • Offers access to 347 instruments, including CFDs on Stocks, Energies, Forex, Indices, and Metals
  • High leverage is available, up to 500:1
  • Offers good fees
  • The broker has only one regulator. Scope Markets is authorized and regulated in Belize
  • There is no spread markup free account available, which can be a challenge for high-frequency traders

Scope Markets Fact sheet

Main features
Regulations Belize
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 0 USD
Minimum deposit 100 USD
Minimum account activation 100 USD
Number of available assets 347
Leverage up to 1:500
Available trading markets CFDs on Stocks, Energies, Forex, Indices, Metals
Account currencies USD, GBP, EUR
Demo account Yes
Live account types One Account
Islamic account -
Security
Negative balance protection Yes
Part of compensation fund -
Keeps funds on segregated bank account Yes
Assets
Forex 40
Shares 0
Cryptocurrencies 0
Indices 14
Commodities 8
Total 347
Fees & spread
Forex From 0.9 pips
Shares N/A
Cryptocurrencies N/A
Indices From 0.01 pips
Commodities From 0.03
Software
Platforms MetaTrader 4, MetaTrader 5
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Skrill
Minimum deposit Bank Transfer, Skrill
Minimum withdrawal Bank Transfer, Skrill
Withdrawal processing time instant
Time to open an account -
Show all

Safety & Security of Scope Markets

Choosing a safe Forex broker is important to ensure the security of your funds and the integrity of your trading activity.

Scope Markets Ltd is authorized and regulated by the Financial Services Commission of Belize (FSC) under the license numbers 000274/325 and 000274/324. It should be mentioned that the FSC doesn’t have very strict regulations. However, the fact that Scope Markets is licensed, means that it is safe to open a live trading account with this broker. 

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Account types available for traders on Scope Markets

Typically, brokers offer spread-free and commission-free account types to meet the needs of both active and passive traders. However, other than Islamic and demo accounts, retail traders of Scope Markets only get a commission-free account type called “One Account”. 

Pros & cons of Scope Markets account types

ProsCons
Trading fees on EUR/USD start from 0.9 pips, which is reasonableThere’s only commission-free account type available
Enables traders to use Demo and Islamic account typesNo micro account
Accounts can be opened in USD, GBP, and EURNo VIP account
Low barriers to entry. The One Account type can be opened with as little as 100 USD 
Account funding methods are limited 

One Account

There are no commissions on this account, so traders are charged with spreads starting from 0.9 pips on EUR/USD. The spread based fees are preferred by less active traders such as swing traders and position traders. It should be mentioned that the fees are not high and fairly average. We’ll discuss fees later in this review. The maximum available leverage for trading currency pairs is 500:1. The minimum initial deposit required to open this account is 100 USD. Account holders get a dedicated account manager, personalized support, a free premium signals package, free weekly webinars and seminars (where available), and free access to premium educational materials. 

Fees & commissions review of Scope Markets

Trading fees with Scope Markets are low. Spreads on EUR/USD start from as low as 0.9 pips, and there are no commissions. In addition, there are no fees on deposits and withdrawals. On the downside, deposit and withdrawal methods are very limited compared to other brokers. Traders have only bank wire transfers and Skrill as options for account funding.

Comparing Scope Markets fees with other brokers

To get a better picture of the trading fees with this broker, let’s compare Scope Markets’ fees with other brokers. 

Scope Markets fees compared to Interactive Brokers fees

Type of FeeScope MarketsInteractive Brokers
EUR/USD SpreadFrom 0.9 pipsFrom 0.6 pips
Fees on DepositsNo1%
Inactivity feeNoNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Scope Markets fees compared to CM Trading fees

Type of FeeScope MarketsCM Trading
EUR/USD SpreadFrom 0.9 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 EUR/USD per month after 60 days of inactivity

Scope Markets fees compared to plus500 fees

Type of FeeScope Marketsplus500
EUR/USD SpreadFrom 0.9 pipsFrom 0.8 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 10 USD per month after 3 months of inactivity

Scope Markets fees compared to XM fees

Type of FeeScope MarketsXM
EUR/USD SpreadFrom 0.9 pipsFrom 0.6 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 USD after 12 months, +5 USD/m

Scope Markets fees compared to AvaTrade fees

Type of FeeScope MarketsAvaTrade
EUR/USD SpreadFrom 0.9 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

Scope Markets fees compared to Capital.com fees

Type of FeeScope MarketsCapital.com
EUR/USD SpreadFrom 0.9 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading reviewed at Scope Markets

Scope Markets offers access to the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Both are developed by MetaQuotes Software Corp. They are commonly used by Forex traders not only for trading but for technical analysis as well. 

MT4 was released in 2005 and is the predecessor of MT5, which was released in 2010. While both platforms are similar in many respects, MT5 has some advanced features that the MT4 lacks. For example, MT5 has more advanced charting capabilities, more timeframes, and a broader range of order types. Additionally, MT5 can handle more markets than MT4, including bonds, stocks and futures. 

Both platforms are customizable and offer numerous technical indicators, charting tools, and Expert Advisors (EAs). EAs are trading robots that help automate trading on the MetaTrader platforms.

MT4 is the most popular platform for Forex traders and the MT5 attracts traders that want to have access to a broader range of markets. If you wish to trade solely FX pairs, then you can pick MT4.

Education and research tools offered by Scope Markets

Scope Markets provides its clients with an extensive range of educational material and research tools. The list includes:

  • Video tutorials
  • E-books
  • Economic calendar
  • Dividends calendar
  • Trading calculators, such as PIP calculator, margin calculator, swap calculator, and profit calculator 

Overall, the educational material is good with his broker and both experienced and new traders will find the offered tools for research and education very useful. 

Customer support of Scope Markets

Customer service is available in English, Spanish, Arabic, and Vietnamese. Existing and potential traders can reach out to the broker using email, fax, telephone call, or via online chat. The customer support agents are professional and friendly. Live chat is available fromMonday to Friday GMT +0 8:30 - 12:30. Overall, the customer service is good at Scope Markets. 

Conclusion

To sum everything up, Scope Markets is a regulated broker and therefore can be trusted. The broker offers 347 tradable instruments, including: CFDs on stocks, energies, Forex, indices, and metals using MetaTrader 4 and MetaTrader 5. Trading fees with Scope Markets are average. There are no commissions and spreads on EUR/USD start from as low as 0.9 pips. Maximum available leverage is 500:1, and traders can open live accounts with as little as 100 USD. 

Ready to open an account with Scope Markets? Click the button below to get started.
Please note that forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors. Trading in financial instruments may result in losses as well as profits and your losses can be greater than your initial invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary.
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See how Scope Markets compares to it's closest alternatives.

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FAQs about Scope Markets

What assets are available for trading with Scope Markets?

Scope Markets offers access to trading CFDs on stocks, energies, Forex, indices, and metals to its clients. The number of tradable instruments is 347 and includes:

  • 40 currency pairs
  • 285 CFDs on shares
  • 14 indices
  • 8 commodities

It should be noted that when picking MetaTrader 4 as a trading platform, the number of instruments is limited to mostly FX pairs and some indices and commodities, whereas MetaTrader 5 is a multi-asset platform that enables traders to access the full range of tradable instruments that are offered by Scope Markets. 

Is it safe to open an account with Scope Markets?

Yes, Scope Markets is authorized and regulated by the Financial Services Commission of Belize. However, the regulator is not as strict as some of the competitors such as the Financial Conduct Authority (FCA) of the UK, or the Australian Securities and Investments Commission, etc.