Rating Index
Pros
Regulated by the Swedish Financial Supervisory Authority, providing a level of security for traders.
Offers a variety of popular trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader.
Competitive pricing with raw spreads and commissions, which can be advantageous for active traders.
Cons
High minimum deposit requirement of $2,000, which may be a barrier for beginner traders.
Additional monthly fees for using automated trading strategies (EAs), which can increase overall trading costs.
Limited payment methods, as popular e-wallets are not supported, potentially complicating fund transfers.
SCM broker Accounts
Scandinavian Capital Markets Account Type
Scandinavian Capital Markets (SCM) offers a streamlined approach to trading with a focus on raw spreads and competitive pricing. Currently, SCM provides three distinct account types: Free Forever Account, Growth Account, and Institutional Account. Heres a brief overview of each:
- Free Forever Account
- Minimum Deposit: $25
- Commission: $0 per lot
- Maximum Leverage: 1:500
- Raw Spreads: Available
- Growth Account
- Minimum Deposit: $25
- Commission: $4 per lot
- Maximum Leverage: 1:500
- Raw Spreads: Available
- Institutional Account
- Minimum Deposit: $10,000
- Commission: Custom based on agreement
- Maximum Leverage: Custom based on agreement
- Raw Spreads: Available
- Visit the Official Website: Go to the Scandinavian Capital Markets homepage.
- Click on "Get Started": Find and click the "Get Started" button to begin the registration process.
- Fill Out the Application: Provide your personal information, including your full name, email address, and password.
- Submit Required Documents: Upload necessary KYC documents, including:
- A valid government-issued photo ID (passport or drivers license)
- Proof of residence (utility bill or bank statement, not older than 3 months)
- Account Verification: Wait for the verification approval from SCM.
- Choose Your Account Type: Select the account type that suits your trading needs (Free Forever, Growth, or Institutional).
- Fund Your Account: Deposit funds using available payment methods (bank wire, credit/debit cards, e-wallets).
- Start Trading: Once your account is funded, you can begin trading on your preferred platform.
SCM emphasizes transparency and ethical practices, ensuring that clients have access to segregated funds for enhanced security.
Scandinavian Capital Markets Broker Account Opening Process
Opening an account with Scandinavian Capital Markets is a straightforward process that can typically be completed in just a few minutes. Here are the steps to follow:
The entire process is designed to be user-friendly, ensuring that clients can quickly access the trading opportunities available at SCM.
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