Summary

Scope Markets is a Belize based online trading broker. It is a part of Rostro Financial Group, a leading fintech brand focused on creating diversified and multiservice financial services. The broker offers its services to users in Africa, Asia and many parts of the world. Its activities are regulated by the Financial Services Commission of Belize (FSC). The broker offers its users access to different trading instruments. These instruments include 12+ indices, 10+ cryptos, 70+ currency pairs, 7+ commodities, 1,550+ shares and 10 futures. .

The account opening process of the broker is quite lengthy. In opening an account with them, at least 2 documents will have to be submitted for verification. The minimum deposit amount on all account types  is $50.

Detailed information as to fees, account types, trading platforms and mobile apps, account opening procedures, verification processes, deposits and withdrawals, spreads, leverage, customer support, users’ comments, and many more will be looked at in-detail in this Scope Markets review.

Regulations

Scope Markets does not have so many regulations as it is only regulated by the Financial Services Commission of Belize (FSC). You will find more details about the broker’s only entity below.  

RS Global Ltd.: Located at 6160, Park Avenue, Buttonwood Bay, Lower Flat Office Space Front, Belize City, Belize, this entity authorised and regulated by the Financial Services Commission of Belize (FSC).

• Licence Number: 000274/394 & 000274/393
• Registration Number: 145,138

Supported Countries

Scope Markets support clients from different countries in the world, which include China, Brazil, Egypt, Hong Kong, Japan, Nigeria and many others. However, it does not support clients from Australia, Canada, France, Germany, Greece, Spain, Sweden, United Kingdom of Great Britain and Northern Ireland, United States of America, Iraq and a few others.

Available Assets

There are 1,600+ trading instruments on Scope Markets, including 70+ forex pairs, 10+ cryptos, 1,550+ shares, 7+ commodities, 12+ indices and 10 futures. Below is a review of each of the trading instruments.

Cryptocurrencies

Cryptocurrencies are digital assets that conduct financial transactions using cryptographic functions. Scope Markets offers 10+ cryptocurrencies CFD trading with up to 1:4 leverage. Some of the cryptocurrencies offered by the broker include Bitcoin, Ethereum and Litecoin.

Shares

Traders are given the opportunity to place long and short positions through CFD trading on shares. The broker offers 1,550+ popular shares, like Amazon, Apple, and Facebook. It also offers Cannabis stocks to clients. The leverage on shares is up to 1:20.

Commodities

The supply and demand of commodities such as metals, globally plays an important role for their value. The difference in the demand and supply of metals have little to no  effect on  price in the short run, its effect is felt in the longer term. Metals are an important part of investors’ portfolios and are generally used to hedge against dollar weakness, political instability, inflation and deflation. Commodities such as energies are tradable assets and are most often the asset class of Oil and its derivatives.

Scope Markets offers 7+ commodities to its clients. They include  (XAG/USD, XAU/EUR, XAU/USD, XPD/USD, USOIL, UKOIL and XNGUSD ) with up to 1:2000 leverage.

Indices

Scope Markets offers 12+ indices with leverage up to 1:2000. Some of these indices include UK100, NAS100, US2000, DAX40, JPN225 and CAC40. 

Forex Pairs

The foreign exchange which is also known as forex, is a global marketplace for exchanging currencies against one another. It’s one of the notable forex brokers offering 70+ forex pairs, inclusive of 30+ currency pairs with leverage up to 1:2000. They are made up of majors pairs (the USD/JPY pair, EUR/USD, AUD/USD and GBP/USD), minor pairs (EUR/CHF, GBP/CAD, AUD/NZD and CAD/JPY) and exotic pairs (GBP/TRY, USD/SEK, USD/CNH and EUR/NOK). 

Futures

Futures trading is a way to buy or sell assets at a specific price at a future date without owning them. Scope Markets offers its clients 10 futures to trade with leverage of up to 1:2000. Some of the tradable futures include Gold, Brent Oil and S&P 500 Mini Index.

Spreads

Spread is the difference between ask and bid price of an asset. The table below shows the minimum spread on forex pairs and commodities that the broker offers. 

Leverage

Leverage is a double edged sword that gives traders access to the financial market with little capital. It basically amplifies both gains and losses. Scope Markets offers its clients leverage of up to, 1:2000 on commodities, 1:2000 on indices, 1:2000 on forex pairs, and 1:20 on shares.

Fees & Commissions

Generally brokers charge two kinds of fees, trading and non-trading fees. Scope Markets, like other brokers, also charges such fees. In this section of the review, we will look at the different Scope Markets fees. 

Trading Fees

Trading fees are charges that are incurred during trading. They are fees clients must pay while performing any trading activity on the broker. Trading fees include spreads, commission and swap. 

Spreads

Scope Markets spreads are not fixed, therefore, are subject to change during trading hours. Normally, the broker offers its lowest spread in most conditions but it is worth noting that spreads will widen when there is more volatility in the market. The broker offers a minimum spread of 0.9 pips.

Commission

For a broker to carry out a transaction on behalf of the client, a fee is charged and that fee is called commission. Scope Markets claims to charge zero commission on all instruments in the Standard and Islamic accounts.

Overnight/Swap Fee

Overnight/swap fee is the fee charged or paid for holding cash CFD trading positions overnight. It is based on the interest  rate differential between the two currencies of the open position. The swap is credited or debited directly to your trades and reflected in your account’s balance. The broker charges the client’s account to reflect the cost of holding that position over the night. This fee applies to the standard one account. 

It is worthy to note that interest is still applicable on positions kept open during the weekend, thus, this results in triple swap charges applied on Wednesday. On the broker’s website, there is a convenient Swap Calculator that can be used to calculate swap charges.

Storage Fee

Storage fee is a fee charged for maintaining cash CFD trading positions in a portfolio. It is like the overnight/swap fee but it is charged to only Islamic accounts. The broker’s storage fee applies to CFD pairs that are offered in the islamic account category, which have been opened for more than 7 days. Each subsequent day will be subject to the overnight funding charges.

Non-Trading Fees

Non-trading fees are fees incurred when performing non-trading activities. These fees include:

Deposit and Withdrawal Fees

Scope Markets claims to charge no deposit fee, but the sending and corresponding bank may charge the client for bank transfer. As for withdrawals, each account has one free withdrawal for the day. Any other withdrawal attracts a withdrawal fee of $35, depending on the withdrawal currency.

Trading Platforms

Alongside its proprietary trading platform, the broker offers other trading platforms. These platforms include MT4, MT5, Scope Trader and Scope Trader App. IOS and Android versions of these Scope Markets trading platforms are all available. This section of our review explores the Scope Trader and Scope Trader App. 

Desktop Trading Platform

The Scope Trader is user-friendly and has multiple functions such as buy limit, sell limit, buy stop, sell stop, buy stop limit and sell stop limit and many more. Traders can easily set parameters such as: buy/sell stops and limits, alerts, trade sizes, and more.

Design

The modern design of the trading platform is a pulse to its several interesting features and functionality. A number of features that allow more optimization and user productivity have been incorporated into its design. The latest financial and investing news function that has been added to its design is also a plus. It is a 100% web based platform.

Features

The broker’s desktop trading platform allows users to create a watchlist with their top preferred financial instruments and dynamic price alerts, so users do not miss trading opportunities and are able to experience ease while trading. It comes with a Live Forex Heatmap that gives traders access to insider information in real time to enable traders to stay informed and make better trading decisions. One click trading directly from your chart is another awesome feature offered as well.

Charting Tools

The platform offers advanced charting tools for technical analysis. It has over 50 charting tools which can help traders get a trading edge by upscaling their technical edge. These charting tools include trend lines, crosshairs,  zoom in and zoom out tools among others.  

How to Open an Account and Trade on Scope Trader

1. Go to the broker’s official website (www.scopemarkets.com) and click on the “Start trading” option which is visible on the homepage. Image 15 
2. A form page will come up. Here you will fill in your name, surname and email address. Select your country of residence from the list of options provided, input your phone number and type in your password. Note that your password must be at least 8 characters long, it must contain at least one uppercase, one lowercase and one number. Click on the  small check box after reading the terms and conditions and privacy policy of the broker and click on “Submit”.
3. An application form will come up, on this form, you will select your gender, type in your date of birth, and tax identification number. You will then type in your address information such as your country of residence, town/city, street and postal code. On the same application page, you will provide a  “Yes” or “No” answer to a couple of questions, answer them and then click on “Next.”
4. On the next page, click on “Get code”. A verification email containing 3-digit code will be sent to you, paste the code and click on “Submit.”  
5. Next, a number of questions on your finances will be asked. Select options that best answer the questions asked and click on “Next”.
6. Questions on your Knowledge and experience, select the option that best answer the questions and click on “Next.”  
7. Complete the process by uploading proof of identity and proof of residence. The approval can take as long as 48 hours.
8. To create a trading account after your KYC has been verified, click on “Trading Account” on the left side of the dashboard.
9. Next, click on “Open Account”.
10. After selecting your preferred platform, currency and account type, input your login password and click on “Submit Request”. The password will be revealed on the screen in a matter of seconds.
11. To make a deposit, go back to your dashboard and click on “My Wallet”.
12. Select the currency you want to deposit in, the amount you want to deposit or click on “Other” to type in your preferred deposit amount and then click on “Next”.
13. Next, if you want the money deposited directly to one of your trading accounts, select the trading account and click on “Submit”.
14. Choose your preferred deposit medium and make a deposit.
15. To initiate a trade, click on your Scope Trader which is on the left side of the home page.
16. If you have multiple accounts, you can open your Scope trader by clicking on the account you want to trade with and selecting Scope trader.
17. Now you can start trading by clicking on the buy or sell position option.

Mobile App

With the Scope Trader App, users can access advanced and user-friendly trading interface straight from the comfort of their mobile phones. With the mobile app, users can have access to 600+ symbols across 8 asset classes to trade. The app can be downloaded from the app store for IOS users while android users can download the app from the Play Store. This section of the Scope Market review looks at the details of the Scope Trader app. 

Trading Interface

The trading interface of Scope Trader app is modern and easy to use. It is easy to navigate and trade on. On the chat of each pair, the margin required, spread and pip value is shown below the chart. Users can customise their watchlists.

Tools

The Scope Trader app offers a vast range of tools. It offers technical indicators; such as Bollinger Bands, Moving Average, Fractal, ATR, SAR, Relative Strength Index (RSI), Fibonacci Retracements, Pivot Point, Alligator, Awesome Oscillator, Standard Deviation, STARC Bonds, Klinger Oscillator and many others. It also shows real-time market data, Zoom In and Zoom Out features. All of which allow for smooth trading analysis and implementation. 

Charting

The mobile app has over 66 technical indicators and 26+ drawing tools. It also includes over 19 selectable time frames across four(4) distinct chart types. It is easy to set up chats on the mobile app.

How to Open an Account and Trade on the Scope Trader App

1. Download the Scope Trader mobile app on google play store for android users or on apple store for iOS users.
2. Open the app and click on “Select brand” select your county of residence or preferred brand. Click on “confirm” to proceed.
3. Next, select “Demo” or “Live”, input your trading account login details and click on “Sign in”.
4. To then create a portfolio of assets, click on “Add new asset”.
5. Next, select the asset you wish to trade, edit the lot size and click on “Sell” or “Buy” to initiate a trade.

Account Types

Keeping in mind the financial and ethical needs of its clients, the broker offers various account types to suitable carter for these needs. Asides demo account, there are three account types. These accounts are categorised as: Standard One account, Islamic account and Scope Prime. A demo account is also available to give clients  access to practise various trading and money management strategies under live market conditions. This section of our Scope Markets review explores each of these account types.

Demo Account

The company offers her clients a free demo account with up to $100,000 virtual balance, which can be accessed after registering and verifying one’s document with the broker. This demo account gives traders access to get familiar with the broker’s trading platform, to freely evaluate the offerings and test run individual strategies. The virtual funds in the account are not real and as such, profit made can not be withdrawn neither does losses made have any consequences on the user. It is only a test account. With the demo account, traders can gain full access to Scope Markets online platform and the mobile app.

Standard One Account

The Standard One account is an account that incorporates the features of all of the broker’s old accounts. It is designed for both regular and professional traders seeking competitive pricing in the financial market. Each client is given an account manager and a personalised support. Users can also access the broker’s free premium signal package, premium educational materials as well as free weekly webinars and seminars. Standard account users have access to unlimited withdrawals. The minimum deposit on the account is $50, clients can access an average spread from 0.9 pips and up to 1:2000  leverage.

Islamic Account

An Islamic account in forex is a halal trading account which is offered to clients who respect the Quran and want to follow the principles of Islamic finance to invest in the stock market. It is a swap free account. The Islamic account is one of the account types offered by Scope Market. It offers competitive pricing and zero commision on all instruments. It also offers free premium signal package, personalised support, free weekly webinars and seminars and unlimited withdrawals to her clients. This account type can be accessed via MT4 and MT5. The account currencies offered are USD, EUR and GBP. The swap free FOREX CFD pairs offered are: XAU/USD, AUD/USD, the EUR/USD pair, GBP/USD, NZD/USD, USD/CAD, USD/CHF and USD/JPY.  Positions on the mentioned CFD pairs that remain open for more than 7 days will be charged storage fee on a daily basis for each subsequent day they are open. This account type offers a minimum deposit of $50, from 0.9 pips average spread and maximum leverage of 1:2000.

Scope Prime/Institutional Account

Scope Prime is professional accounts that offers bespoke multi asset liquidity, direct market access, white-label solutions/positions and tier-1  pricing from 12 banks. This account type helps in handling large scale securities while providing efficient market structure and transparent, precise and consistent high frequency execution of large investment transactions. It caters to market participants such as banks, investment funds institutions, hedge funds, brokers, proprietary trading firms, asset managers and others. Assets such as Forex, indices, shares financing/security based lending, commodities, futures, equities, crypto and stocks are tradeable here. To open an Institution or Scope Prime account, you will have to send an email  to Scope Market, alongside your full name and company name. This account type does not have zero balance protection.

Payment Methods

In order to make trading as stress free as possible for its users, the broker offers its clients a wide range of  payment methods to choose from. All payment methods can be used for both deposits or withdrawals,

Deposit Methods

Scope Markets offers a variety of deposit options. They include: Visa Card, Mastercard, Skrill, Wire Transfer and Crypto. The minimum deposit is $50. The broker claims to charge no fee on deposit except for bank transfer where a fee may be charged by your bank. The sending and corresponding bank may charge a fee based on their fee structure. Deposits can also be made in some clients’ local currency.

Withdrawal Methods

The methods used for deposit are also available for withdrawal (Skrill, wire transfer, visa card, mastercard and crypto). In situations where this is not possible, alternative methods may be suggested by the company so long as the necessary proof of account ownership is available. Only the free margin can be withdrawn and only verified accounts can make withdrawal. Scope Markets fee on first withdrawals of the day per client account is zero. From the second withdrawal of the day upwards, a fee of 35 USD/ 35 EUR/ 35 GBP is charged depending on the currency you are withdrawing and the minimum withdrawal amount is 50 USD/ 50 EUR/ 50 GBP. 

Withdrawal requests can be placed at any time but any withdrawal request made after 2:00 GMT will be processed on the next business day. Processing time can take a period of 3-5 business days for Wire Transfer, debit card and credit card withdrawal. It takes 3-8 working days to process International Telegraphic Transfers (TT), depending on the banking procedure of the beneficiary bank. For corporate accounts, only authorised signatory can request a withdrawal for a corporate account, there will be an exception if there is a given Special Power of Attorney to an agent or representative. The beneficiary bank account must be in the name of the Company, for corporate accounts. If a withdrawal request has not been approved it can be cancelled under the withdrawals tab, but an approved withdrawal request can not be cancelled. 

The company claims all the client’s deposits are secured as their website is Security Socket Layer (SSL) protected and all of their client’s sensitive information is transferred by SSL to a secured environment.

How to withdraw Funds from Scope Markets

You can make withdrawal by following these  steps:

1. Login to your Scope Markets account.
2. Click on the “My Wallet” tab. 
3. Then click on withdrawals.
4. Select your preferred withdrawal method and enter the amount you want to withdraw. 

Education

Scope Markets offers a variety of educational materials. The broker has a digital library which offers video tutorials on forex trading to its clients. There is also a library of ebooks that will help beginners, intermediate and experts to acquire knowledge in fundamentals, trading strategies and other trading tips. In addition, there is the economic calendar for keeping track of events, report releases and announcements that could impact the market. The dividends calendar can also be used to track when upcoming dividends are due, the amount of each dividend per share and other relevant information is also available.  

The broker has a blog that provides extensive information on latest developments in the financial market as well as in-depth analysis from a selected team of experts. The blog covers information on a range of categories, which include Bond, Business Daily, Central Banks, Commodities, Cryptocurrencies, Daily Market Video, Forex Trading, Indicators, Indices, Pre-Market Review, Stocks, Videos and Weekly Market Outlook.

Customer Support

Scope Markets customer support can be reached through the telephone, +442030516959. They can also be contacted via fax: +35725056839 and Email: customerservice@scopemarkets.com. Both active and potential clients of the broker can speak to a company representative via  online message (live chat) or use the detailed FAQ section. They can also be reached on social media channels, such as Facebook, Instagram, Telegram, Twitter, Youtube and LinkedIn. 

Reviews

We will be analysing what users have to say about the broker and its services on different platforms in this section of the review. 

What Reddit Users Say About Scope Markets

There is no mention of the broker on Reddit.

What Quora Users Say About Scope Market

There is also no mention of the broker on Quora.

Trustpilot Users’ Review About Scope Market

The company also has no review on trustpilot.

ForexPeaceArmy Users’ Review About Scope Market

On ForexPeaceArmy, the broker has a complex view from its users. Some clients seem very happy and think scope markets is one of the best online trading brokers, while some express feelings of unhappiness. Some of the happy clients commented on the broker for having a good experience with them and not having any issues. Some commended the broker for having a fast and secure deposit medium and having a good and quick customer support system. Other clients who expressed dissatisfaction about the broker complained about slippages, manipulation of quotes and bad customer support. Others accused the firm of being a scam broker. 

Scope Markets has a total of 13 reviews with an average rating of 1.75 on forexpeacearmy.

Is Scope Markets Safe?

Scope Markets is regulated by the Financial Services Commission of Belize (FSC). The broker’s website is Security Socket Layer (SSL) protected and all of its user’s deposit and sensitive information are transferred by SSL to a secured environment. It also takes serious precautionary measures to ensure that your personal details are held in absolute confidence. Aside from a few authorised members of staff, your personal details cannot be accessed by anyone else. Your personal details are safely stored on secure servers and your passwords are highly encrypted. Individual accounts are also offered negative balance protection.

Other Products and Services

Asides the products and services already discussed above, Scope Markets offers some other products and services to its clients. We will be discussing these additional products and services in this section of the review.

Scope Copy

Copy trading is a social trading tool that aids users to copy the trades of top traders from around the world. Scope Markets also offers copy trading to its clients through its platform called Scope Copy. All markets can be accessed and traded on the Scope Copy platform. A more enjoyable social trading experience can be derived by downloading the platform and choosing  the traders you prefer to copy trades from. 

Scope Copy also offers Mirror Master Size Copy tool, which is a tool that copies the original size of the signal that you wish to copy regardless of the differential in account size. For example, if the trader you’d like to copy has bought $500 worth of Tesla shares, choosing ‘Mirror Master Size’ will buy you $500 worth of Tesla shares as well. This function copies the signal trade size for all trades, irrespective of your or the trader’s account size.

Bonus Program

The broker is presently running a bonus program. It is offering a 50% deposit bonus of up to $50,000. It is open to new accounts on their first deposit on a maximum deposit of $100,000. The minimum deposit for the 50% bonus is $100. This bonus option comes with some terms and conditions.

Partners Program

The partners program is a lucrative rebate scheme where partners are mutually rewarded by the broker for promoting the firm and bringing in clients to trade on Scope Markets. The partnership program is divided into two offerings: Hybrid offering and CAC (cost per acquisition) offering. 

Trading Calculator

Scope Markets provides a series of trading calculators to help users do some basic trading calculations with ease. These calculators include: Pip, Margin, Swap and Profit Calculator. 

Bottom Line

Scope Markets prides itself in having top management with over 20 years of experience in the industry. It offers leverage as high as 1:2000 on most assets. In this Scope Markets review, we could see that the broker is regulated by the Financial Services Commission of Belize (FSC) and operates in many countries, but does not support clients in some countries, including the USA and UK. The company has a proprietary trading platform and a mobile app through which its users can comfortably have a great trading experience. These platforms also come with advanced features to make trading more efficient and stress free.

The broker has a wide range of tradable financial assets and also has multiple payment options. Clients have access to demo accounts to help with gaining trading exposure with virtual funds without fear of loss to real funds. It offers negative balance protection for individual accounts but professional, licensed investment firms and corporate accounts are not offered negative balance protection.

It also offers a number of educational materials such as Ebooks, a blog, economic calendar, video tutorials and many others. Customer support can be reached via phone, email and social media platforms. There is also a section for frequently asked questions (FAQ) on the broker’s site to help clients find answers to queries they may have. The company’s review on ForexPeaceArmy is fair but it does not have any remarks on Reddit, Quora and Trustpilot.