Scope Markets 2025 Review: Everything You Need to Know
Summary: Scope Markets has garnered a mixed reputation among traders, characterized by its competitive trading conditions and user-friendly platforms. While it offers zero commission trading and high leverage, concerns about regulatory oversight and customer support persist.
Note: It's important to consider that Scope Markets operates through multiple entities, which may lead to differences in trading conditions and regulations across regions. This review aims to provide a fair and accurate assessment based on a variety of sources.
Ratings Overview
How We Rated the Broker: Our ratings are based on a comprehensive analysis of user reviews, expert opinions, and factual data from multiple sources.
Broker Overview
Founded in 2014, Scope Markets is a forex and CFD broker that has established a presence in both Belize and Cyprus. The broker offers a variety of trading platforms, including the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5), catering to both novice and experienced traders. Scope Markets provides access to a diverse range of trading instruments, including forex, indices, metals, and commodities, while being regulated by the Financial Services Commission (FSC) in Belize and the Cyprus Securities and Exchange Commission (CySEC).
Detailed Analysis
Regulatory Regions
Scope Markets operates under the regulatory frameworks of the FSC in Belize and CySEC in Cyprus. While CySEC is considered a more stringent regulatory authority, the FSC's oversight is often viewed as less rigorous. This dual regulation may lead to varying levels of trader protection depending on the account type and region of operation.
Deposit/Withdrawal Currencies and Cryptocurrencies
Scope Markets accepts deposits in multiple currencies, including USD, EUR, and GBP. The broker does not support cryptocurrency trading directly, but it allows for deposits and withdrawals in cryptocurrencies through third-party services. This feature may appeal to traders looking for flexibility in managing their funds.
Minimum Deposit
The minimum deposit required to open a live trading account with Scope Markets is $100, which is competitive compared to other brokers in the industry. This low barrier to entry makes it accessible for beginner traders.
Scope Markets offers a welcome bonus of up to 50% on the initial deposit, providing an added incentive for new traders to start trading with the broker. However, the specifics of the bonus program can vary by region, so traders should review the terms carefully.
Tradable Asset Classes
Traders can access a wide array of instruments through Scope Markets, including over 40 forex pairs, various commodities, and indices. However, the broker does not offer shares or cryptocurrencies directly, which may limit the appeal for some traders looking for a more diverse portfolio.
Costs (Spreads, Fees, Commissions)
Scope Markets is known for its competitive spreads, starting from as low as 0.9 pips on major currency pairs. Notably, the broker does not charge commissions on trades, which can significantly reduce trading costs. However, withdrawal fees may apply after the first free withdrawal each month, which is set at $35 for subsequent requests.
Leverage
Scope Markets offers leverage up to 1:500, allowing traders to increase their trading volume significantly. However, it's essential to note that leverage can amplify losses, and traders should exercise caution when utilizing high leverage ratios.
The broker supports both MT4 and MT5 platforms, which are favored among traders for their advanced charting capabilities and automated trading options. The availability of mobile trading apps further enhances the trading experience for users who prefer to trade on the go.
Restricted Regions
Scope Markets does not accept clients from several countries, including the United States and certain European nations. This restriction is an important consideration for potential clients when evaluating the broker's suitability for their trading needs.
Available Customer Service Languages
Scope Markets provides customer support in multiple languages, including English, Spanish, Arabic, and Vietnamese. However, the availability of support is limited to weekdays, which may be a drawback for traders seeking assistance outside of standard business hours.
Detailed Breakdown
Account Conditions: 7/10
Scope Markets offers a single account type with competitive trading conditions and a low minimum deposit requirement. However, the lack of multiple account types may limit options for more experienced traders.
The broker provides a variety of educational resources, including webinars and e-books, which can be beneficial for traders looking to enhance their skills. Additionally, the availability of advanced trading platforms adds value.
Customer Service and Support: 6/10
While customer support is generally responsive, it is not available 24/7, which can be a limitation for traders needing immediate assistance. User reviews indicate mixed experiences with customer service, highlighting the need for improvement.
Trading Setup (Experience): 7/10
Traders report a generally positive experience with the trading platforms, noting the ease of use and functionality. However, some users have raised concerns about slippage and execution speed during volatile market conditions.
Trustworthiness: 6/10
Scope Markets is regulated by the FSC and CySEC, but the varying levels of oversight raise questions about the overall trustworthiness of the broker. User reviews reflect a mix of positive and negative experiences, adding to the uncertainty.
User Experience: 7/10
The user experience on the Scope Markets platform is largely positive, with a user-friendly interface and accessible educational resources. However, the lack of a diverse range of assets may detract from the overall experience for some traders.
Additional Features: 6/10
While the broker offers a welcome bonus and various educational resources, the absence of advanced trading features like copy trading may limit its appeal to certain traders.
In conclusion, Scope Markets presents itself as a competitive option for traders, particularly those who prioritize low costs and user-friendly platforms. However, potential clients should carefully consider the regulatory environment and customer service limitations before opening an account.
