Scope Markets is a multi-regulated broker that has lately become well-known due to its sponsorship of West Ham United Football Club. The broker was originally known as SM-Invest, but on September 27, 2021, it was rebranded.
The company began as a Kenyan broker in 2014 and has now grown to include one foreign and one Kenyan website. Kevin Nganga, the company’s CEO, is also one of EGM Securities’ owners. With companies in Belize, Cyprus, and Kenya, the firm now has three entities that cover all of its jurisdictions.
The company provides a desktop web application for the MT5 trading platform. It is quite popular because it gives clients a seamless and intuitive platform that is simple to use while still providing comprehensive charting capabilities, quick trade execution, and access to many technical indicators and timeframes. Expert Advisors, which are identical to MT4’s predecessor, are also used to enable automated trading.
The MT5 desktop program has 21 periods, real-time symbol quotations, 38 technical indicators, four pending orders, and an economic calendar with macroeconomic news from various nations that might impact financial instrument pricing. Clients may also use MQL5 to develop custom indicators and algorithms, as well as examine sophisticated charts and graphical objects.
With derivatives and spot investment products, the business enables both short- and long-term trading methods. Clients may trade 44 different currency pairings as well as 19 different CFDs on commodities, equities, and indices. There are also 200 ETFs and equity investment products available through the broker.
Clients have the option of opening a CFD or an investment account. The first gives you access to leveraged instruments for short-term trading, while the second lets you trade stocks. Fixed, variable, and raw spreads are available in CFD accounts. Each retail CFD account has a 50% stop-out level and can be launched as an Islam-friendly account with a maximum leverage of 1:30, or customers can open a professional account with leverage rates as high as 1:01.
Professional traders with a lot of money might pick a professional account that combines greater leverage limits with the Platinum account’s trading conditions and pricing strategy. Leverage rates that are available
To be eligible for a professional account, you must fulfill two or more of the following criteria:
The MetaTrader 5 mobile app allows clients to manage their accounts, check their portfolios, and execute trades while on the go. Multiple chart types, 30 indicators, comprehensive account administration, an integrated news and notification center, and interactive charts are all available on the mobile platform. The software is available for Apple (iOS) and Android (APK) through the Apple App Store and Google Play Store, respectively.
Clients can use a variety of payment methods to fund their trading accounts:
Unless you used a credit card, in which case the capital must be moved to a bank account held by the same individual, you may only withdraw funds using the same method you used to deposit. There is a daily limit of one free withdrawal per trading account and a weekly limit of five free withdrawals. You’ll be charged $35 for withdrawals after that.
It might take up to five business days for each withdrawal to be processed. Electronic transfers can take anywhere from 3 to 8 business days, depending on the beneficiary bank’s banking procedures. Clients have also reported getting demands for unreasonable fees, the broker failing to react to withdrawal requests, or the broker simply refusing to take cash.
Since 2019, Scope Markets has been a CMA-regulated forex broker with license number 123. The company was just the second non-trading online foreign exchange broker to be granted a CMA license. Scope Markets has been in operation since 2017 and is governed by CySEC under license number 339/17 as SM Capital Markets Ltd. The broker has been registered as Scope Markets SA (PTY) Ltd with the FSCA since 05/07/2016 with FSP No. 47025.
CySEC members are usually members of the Investor Compensation Fund (ICF), which protects client funds in the event of broker bankruptcy or negligence. The maximum reimbursement in the case of a claim is EUR 20,000.
A blog portion of the website is devoted to financial market developments and analysis of various instruments and industries. An economic calendar is also available, as well as a comprehensive instructional component with trade seminars, training courses, tutorials, and questions and answers.
You’ll need a copy of your ID and proof of residency to establish an account. It is not required to check the deposit. You must provide different personal and financial information, as well as answer a few questions about your financial state, investment experience, and future ambitions, throughout the registration process. Finally, you must upload your photo identification as well as evidence of residency. The evaluation will take no more than 24 hours to complete, and you will be notified by email when it is done.