- What is Scope Markets?
- Is Scope Markets Safe or a Scam?
- Trading Instruments
- Deposits and Withdrawals
- Trading Platform
- Customer Support
Our Review Method
- 55Brokers Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, fees, and platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give expert opinions about Scope Markets.
What is Scope Markets?
Scope Markets (formerly known as SMFX) offers institutional and retail trading services to businesses and traders worldwide so is a Forex and CFD Broker. The broker has more than 20 years of experience in the industry providing a range of instruments to traders, including Forex, Indices, Metals, and more.
The company operates through two locations in Belize where the offshore entity Scope Markets Ltd is based, and in Cyprus as SM Capital Markets Ltd.
Also, the Cyprus entity operates several domains alike scopemarkets.com/eu and sminvest.com/eu while all more or less offer similar trading services.
What Type of Broker is Scope Markets?
Scope Markets is a Forex and CFD broker that maintains its trading dealer’s service since 1997. Since then the company gains and deliver valuable trading conditions while understanding deeply the necessary requirements for traders are good. Scope Markets operates No Dealing Desk or STP execution model simple, yet sophisticated enough trading environment suitable either for beginning or professional traders.
Scope Markets Pros and Cons
Scope Markets is a CySEC-regulated broker with a good reputation over its operating years. The account opening is easy, and there is a wide range of trading tools and user-friendly software. Scope Markets offers competitive fees and trading conditions, and also excellent multilingual customer support.
For the Cons, one of the regulations is in the offshore zone, and also there is no 24/7 customer support.
|CySEC-regulated international broker||Operate offshore entity In Belize|
|Global coverage and years of operation||No 24/7 customer support|
|Wide range of trading platforms|
|Competitive trading conditions|
|Quality customer support with live chat and fast response|
|Negative balance protection applied|
Scope Markets Review Summary in 10 Points
|🗺️ Regulation||CySEC, IFSC|
|🖥 Platforms||MT4, MT5|
|📉 Instruments||CFDs on Commodities, Forex, Metals, Indices, and Energies, Crypto|
|💰 EUR/USD Spread||1.5 pips|
|🎮 Demo Account||Available|
|💳 Minimum deposit||$50|
|💰 Base currencies||USD, EUR and GBP|
|📚 Education||Trader Resources, E-books, Economic calendar|
|☎ Customer Support||24/5|
Overall Scope Markets Ranking
Based on our Expert findings, Scope Markets is considered a good broker with safe and favorable trading conditions. The broker offers a range of trading services designed for both beginner traders and professionals with low initial deposit amounts, and also with the lowest spreads.
- Scope Markets Overall Ranking is 8.5 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
Scope Markets Alternative Brokers
We learned that Scope Markets offers a range of trading instruments, good trading conditions, and also low trading spreads and fees. However, there are a number of other brokers that offer similar services. Here are some of the best alternatives to Scope Markets:
- FxPro – Good Instruments and Low Fees
- Pepperstone – Low Spreads and Competitive Trading Conditions
- XM – Wide Range of Trading Opportunities
Scope Markets is a trusted Forex and CFD broker with competitive trading conditions. The broker has also garnered collective recognition from award-giving bodies in the industry.
Is Scope Markets Safe or Scam?
No, SMFX is not a scam. As we mentioned already in our Review, Scope Markets is a brand operated through two locations including offshore Belize, and Cyprus. While Belize registration does not really provide sharp conditions that are necessary to guarantee a safe trading environment, CySEC is a European authority that sets numerous standards.
Is Scope Markets Legit?
Yes, Scope Markets is a legit and regulated broker.
- It is regulated and authorized by European CySEC, which gives it extra layers of security and is always for traders’ better.
- We learned that as a licensed broker, Scope Markets is subject to strict European laws, providing its financial services guaranteed by legal regulatory agencies.
See our conclusion on Scope Markets Reliability:
- Our Ranked Scope Markets Trust Score is 8.5 out of 10 for good reputation and service over the years. The only point is one of the regulations’ availability in the offshore zone.
|Scope Markets Strong Points||Scope Markets Weak Points|
|Regulated by CySEC||International regulation available via offshore zone|
|Negative balance protection for individual accounts|
How Are You Protected?
As we learned, being compliant with EU ESMA regulations, Scope Markets brings you assurance about its security conditions and applied measures on how your orders are managed, as well as money operated.
Alongside the professional service, Scope Markets’ customer support also ensures the highest rate assuring you of the safety measures. Besides, CySEC-regulated broker assures funds are segregated at all times and covered by the compensation funds in case of the company insolvency.
While trading with Scope Markets you will also be offered leverage, a great tool allowing you to increase your trading size a defined number of times.
As a European broker Scope Markets leverage automatically comply with ESMA restrictions towards leverage, thus you won’t be able to access high leverage since the regulator lowered leverage ratios to a maximum of
- 1:30 for major currency pairs and even lower for other instruments
Nevertheless, since Scope Markets runs also an entity in the offshore zone available for international clients, in case you open an account under this jurisdiction higher leverage will be available to you as well. Yet, always be cautious about leverage use, as with its magnifying possibilities the risks are increased as well.
Based on our findings, Scope Markets merged its all accounts into One Account. The account combines trading functionality also with a wide suite of products and a quite competitive pricing.
|Fast digital account opening||Account types and proposals may vary according to jurisdiction|
|Low minimum deposit|
|Access to a wide range of financial instruments|
|Account Base currencies including USD, EUR, and GBP|
How to Open Scope Markets Live Account?
Opening an account with Scope Markets is quite easy. You should follow the opening account or sign-in page and proceed with the guided steps:
- Select and Click on the “Open an Account” page
- Enter the required personal data (Name, email, phone number, etc.)
- Verify your personal data by upload of documentation (residential proof, ID, etc.)
- Complete the electronic quiz confirming your trading experience
- Once your account is activated and proven, follow with the money deposit.
Through a low-latency solution, Scope Markets provides developed services with tight spreads and access to FX, Metals, Energy, Indices, and more. The range of supported Currency Pairs is a good one, where you will find major, minor and exotic pairs, also with Leading Shares and Commodities and binary options available at international offerings. Yet note, ECN trading Account does not support Indices trading, so always verify info with the support center.
- Scope Markets Markets Range Score is 8.8 out of 10 for wide trading instrument selection among Forex, Indices, Metals, and more.
Scope Markets Fees
We found that Scope Markets’ trading fees are low or average. The broker does not charge any fees on deposits except for Bank Transfers where you may be charged fees from your bank. The sending and correspondent banks may charge according to their own fee structure. The minimum amount for withdrawal is 50 USD/ 50 EUR/ 50 GBP.
- Scope Markets Fees are ranked average with an overall rating of 8.5 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity offering, see our findings of fees and pricing in the table below, however, Scope Markets overall fees are considered good.
|Fees||Scope Markets Fees||FxPro Fees||Pepperstone Fees|
|Fee ranking||Low, Average||Low, Average||Low|
Scope Markets offers competitive tight spreads starting from 0.01 pips. In addition, there is no hidden charges and commission.
- Scope Markets Spreads are ranked low with an overall rating of 8.9 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average, and spreads for other instruments are very attractive too.
|Asset/ Pair||Scope Markets Spread||FxPro Spread||Pepperstone Spread|
|EUR USD Spread||0.01 pips||0.9 pips||0.77 pips|
|Crude Oil WTI Spread||0.01 pips||88||2.3 pips|
|BTC USD Spread||-||20155||31.39|
Deposits and Withdrawals
In order to deposit or withdraw funds you may use proven methods so the transfer will be convenient and safe as well. We found that the money management and funding methods at Scope Markets are quick and simple, which is very pleasant and important for your account management convenience.
- Scope Markets Funding Methods we ranked good with an overall rating of 8.2 out of 10. The minimum deposit is among average in the industry, yet fees are either none or very small also allowing to benefit from various account-based currencies, yet deposit options vary on each entity.
Here are some good and negative points for Scope Markets funding methods found:
|Scope Markets Advantage||Scope Markets Disadvantage|
|$50 is a first deposit amount||Limited deposit and withdrawal option for European clients|
|No deposit fees||No Credit card supported for the Cyprus entity|
|Fast digital deposits, including Skrill, Neteller, Credit Cards, and more|
|Withdrawal requests confirmed within 3-5 business days|
In terms of funding methods, Scope Markets offers numerous payment methods which are a very good plus, yet check according to its regulation whether the method is available or not.
- Credit/Debit cards
- Bank Wire
- Neteller, and more
Scope Markets Minimum Deposit
The Scope Markets minimum deposit amount is $50, where costs are built into a spread.
Scope Markets minimum deposit vs other brokers
|Scope Markets||Most Other Brokers|
Scope Markets Withdrawals
Generally, Scope Markets does not charge funding fees, however, payment providers may add on some fees again according to jurisdiction or international rules, so you better check for them as well. For withdrawals, Scope Markets allows 2 requests per month free of charge, while further requests will charge $35 or equivalent.
How Withdraw Money from Scope Markets Step by Step:
- Login to your account and select Withdraw Funds’
- Fill in the withdrawal form and enter withdrawal amount
- Choose the payment method
- Complete the necessary form requirements and confirm its terms
- Submit withdrawal details
Based on our findings, ss a majority of brokers Scope Markets mainstays at industry leader MetaTrader4. MT4 is indeed the most popular platform used by both beginners and professionals due to its user-friendly but great possibility of powerful capabilities, numerous add-ons, and great charting packages. In addition, MT5 trading is also available while trading with Scope Markets.
- Scope Markets Platform is ranked good with an overall rating of 8.9 out of 10 compared to over 500 other brokers. We mark it as excellent being one of the best proposals we saw in the industry, and a great range including MT4, and MT5 suitable for professional trading. Also, all are provided with good research and excellent tools.
Trading Platform Comparison to Other Brokers:
|Platforms||Scope Markets Platform||FxPro Platforms||XM Platforms|
Web Trading Platform
MetaTrader Web Trading will bring you all the benefits and powerful capabilities’ without any download or hustle, simply go to any internet browser and log in to your account. Its flexibility is one of the main points why MT4 Webtrader is very much regarded and used by various traders, there you will find basic tools and capabilities essential for everyday trading.
However, advanced traders would prefer the desktop version as it features much more customization capabilities and tools to use, which is suitable for any operating system either iOS or Windows.
In addition, MT4 also offers one of the best automatic trading systems known as EAs, allowing even better control over the strategy. There are different versions of the platform suited for desktop or web versions, along with mobile applications.
Mobile Trading Platform
The mobile app is also offered with its simple to use and still a good range of tools allowing you to make analyses and trade on the go. Also, MT4 mobile is adjustable with its charting features and good support you will definitely enjoy.
Based on our research, you can contact Scope Markets’ support at your convenience and get a relevant and appropriate answer to your concern. Even though the broker does not provide support 24/7 you will find it reachable within working days and hours.
- Customer Support in Scope Markets is ranked good with an overall rating of 8.9 out of 10 based on our testing. We got fast and knowledgeable responses, also quite easy to reach during the working days.
See our find and ranking on Customer Service Quality:
|Quick response||No 24/7 customer support|
|Supporting numerous languages|
|Availability of live chat|
Scope Markets Education
Alongside competitive trading conditions, we learned that Scope Markets also supports traders with market updates together with an economic calendar, video tutorials, and other tools available for your free use.
However, there is no specified Forex education or courses provided. You can definitely enjoy vast research tools and other trading essentials, together with ideas, but not education itself, so if you are a very beginner you better sign in for some learning course from a third party.
- Scope Markets Education ranked with an overall rating of 8.8 out of 10 based on our research. The broker provides good quality educational materials, and research and also cooperates with market-leading providers of data.
Scope Markets Review Conclusion
Concluding the Scope Markets review, we admit a broker with flexibility over the trading conditions, options between account types, and execution models which all in all bring you comfort through the overall trading experience.
A quite low spread is another great option from Scope Markets, also despite its entity being in an offshore zone, the broker complies with European standards of running a Forex business due to its CySEC license. So overall, we would recommend trading with Scope Markets as a balanced option for either beginners or seasoned traders.
Based on Our findings and Financial Expert Opinions Scope Markets is Good for:
- Advanced traders
- Traders who prefer MT4/MT5 trading platforms
- Currency and CFD trading
- Variety of trading strategies
- Low fees and competitive spreads
- Algorithmic or API traders
- Good customer support
No news available.