Scope Markets Review: Is It A Legit Or Scam Forex Broker?
As a popular broker in Kenya, Scope Markets provides online Forex and CFD trading via MetaTrader 5 (MT5) platforms for desktop, web and mobile devices. But is the broker a trustworthy option for traders in Kenya?
In this article, we take a closer look at Scope Markets regulation and trading features offered to traders in Kenya.
Scope Markets Regulation
SM Capital Markets Ltd., a Cyprus-based corporation, runs Scope Markets. The Cyprus Securities and Exchange Commission has licensed and regulated SM Capital Markets Ltd.
According to this Scope Markets Review in Kenya, Scope Markets is a regulated company, which means it must adhere to strong rules and regulations designed to safeguard investors.
A regulated brokerage firm can provide clients with a sense of security that they may not otherwise have while trading online with an unregulated firm.
Scope Markets trading platforms
According to this Scope Markets Review in Kenya, traders in Kenya can trade 24 hours a day and 5 days a week with competitive trading conditions at Scope Markets with user-friendly trading platforms that are basic but sophisticated enough for novice and professional traders alike.
As a cutting-edge trading platform for a wide range of financial instruments, MetaTrader 5 has been built to provide traders with a superior degree of technical analysis tools, automated trading systems, and expanded functionality.
Scope Markets Trading Fees
There are a number of trading accounts available at Scope Markets, all of which demand a minimum deposit of $200 and have no additional fees or penalties.
Even if the spreads are competitive, about two-thirds of the accounts have a mark-up, and the broker provides a range of adjustable leverage options, from one to one and a half to one.
All of the broker’s account types feature competitive floating spreads. For Standard and Gold accounts, the spread is all that is charged and there is no commission.
Spreads on key FX currency pairs begin at zero on the Platinum account, although there is a commission fee of $6 for 1 lot of USD traded.
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Scope Markets Customer Support
When it comes to the brokers’ products and services, a specialized support team at Scope Markets is on hand 24 hours a day, seven days a week. Online chat, phone, and email are all methods of contacting customer service.
The broker’s website also includes a frequently asked questions (FAQ) section that answers some of the most often asked questions. Quick and easy answers to your general questions are available through this method.
Scope Markets Deposit and Withdrawal
For deposits and withdrawals, the broker does not charge any fees, but you may want to check with your bank to see whether you will be charged any additional fees.
If you request a withdrawal outside of regular business hours, it will be processed the following day or the day after that. The cash will clear in 3 to 5 days.
Final Thoughts
It is possible to trade FX and CFDs on the internet through Scope Markets, a company based in Europe. Compliant, flexible, cost-effective, and client-centric trading solutions are available from this broker. Global markets such as CFDs (contracts for difference) can be traded by clients.
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