Top 8 Locally Based Brokers
Scope Markets Review
Overall, Scope Markets is considered low-risk, with an overall Trust Score of 80% out of 100. Scope Market offers one retail account. Scope Market is authorized by two tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Scope Markets is currently not regulated by the CMA of Kenya
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.6/5
Min Deposit
50% of your initial deposit
Regulators
–
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Scope Markets Review – 16 key points quick overview:
- ✅ Regulation and Safety of Funds
- ✅ Account Types and Features
- ✅ Account Registration
- Scope Markets Vs AvaTrade Vs Exness – Broker Comparison
- Trading Platforms
- Range of Markets
- Broker Comparison for Range of Markets
- Trading and Non-Trading Fees
- Deposits and Withdrawals
- Scope Markets Education and Research
- Bonuses and Promotions
- Scope Markets Affiliate Program
- Verdict on Scope Markets
- Scope Markets Current Popularity Trends
- Scope Markets Pros and Cons
- Frequently Asked Questions
Scope Markets Overview
👉 According to research in Kenya, as a trading broker registered in Kenya, South Africa, and the European Union (Belize and Cyprus), Scope Markets provides online Forex and CFD trading using the Metatrader 4 (MT4) and MetaTrader 5 (MT5) platforms for desktop, web, and mobile trading.
👉 Scope Markets is the trading name for SCFM Limited, a Kenyan limited liability company that provides trading services and solutions to Kenyan traders, regulated by the Capital Markets Authority (CMA).
👉 Retail and institutional traders can use Scope Markets’ online trading services, which include Forex and CFD trading across several asset classes. With more than 20 years of experience in the financial business, the Scope Markets executive team is well-versed in the industry. If Kenyan traders are searching for swift execution, little slippage, and tight spreads, Scope Markets is a viable option.
👉 This Scope Markets review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.
Distribution of Traders
👉 The distribution of traders with Scope Markets is as follows:
➡️️ Cyprus – 60%
➡️️ Turkey – 11%
➡️️ Vietnam – 6%
➡️️ Nigeria – 2%
➡️️ Kenya – 2%
Popularity among traders who choose Scope Markets
🥇 Scope Markets have a broad reach across the African continent and Europe. Scope Markets has local offices in Kenya, making it a prominent broker for Kenyan traders despite their trading experience or styles. Scope Markets falls within the Top 5 CFD and forex brokers for Kenyan traders.
Scope Markets At a Glance
| 🏛 Headquartered | London, United Kingdom |
| 🏙 Kenyan Based Office | No |
| ✅ Accepts Kenyan Traders? | Yes |
| 🗓 Year Founded | 2015 |
| 📞 Kenyan Office Contact Number | None |
| 🤳 Social Media Platforms | • Facebook • YouTube • Telegram |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 🪪 License Number | • Seychelles – SD008 • United Kingdom – 733772 • Cyprus – 278/15 • Labuan – MB/18/0028 • South Africa – FSP 49464 |
| ⚖️ CMA Regulation | No |
| 🚫 Regional Restrictions | The United States |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 3 |
| 📊 PAMM Accounts | MAM Accounts |
| 🤝 Liquidity Providers | Barclays and other top-tier banks as well as hedge funds |
| 💸 Affiliate Program | Yes |
| 📲 Order Execution | Market |
| 📊 Average spread | From 0.0 pips |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | 30% |
| ✅ Crypto trading offered? | No |
| 💰 Offers a Kenyan shilling Account? | No |
| 👨💻 Dedicated Kenyan Account Manager? | Yes |
| 📊 Maximum Leverage | 1:500 |
| 🚫 Leverage Restrictions for Kenya? | No |
| 💰 Minimum Deposit (KES) | 11,400 Kenyan shilling equivalent to $100 |
| ✅ Kenyan shilling Deposits Allowed? | No, only USD, GBP, EUR, IDR, CNY, VND, RUB |
| 📊 Active Kenyan Trader Stats | 70,000+ |
| 👥 Active Kenyan-based Scope Markets Customers | Unknown |
| 💳 Kenya Daily Forex Turnover | $100 million+ |
| 💵 Deposit and Withdrawal Options | • Bank Transfer • Debit Card • Credit Card • Skrill • Neteller • Sticpay • Fasapay • UnionPay • Nganluong • QIWI • WebMoney |
| 🏦 Segregated Accounts with Kenyan Banks? | No |
| 📊 Trading Platforms | • MetaTrader 4 • MetaTrader 5 |
| ✔️ Tradable Assets | • Forex • Stock Indices • Energies • Precious Metals • Bonds • Cryptocurrencies |
| 💸 Offers USD/KES currency pair? | No |
| 📈 USD/KES Average Spread | N/A |
| 📉 Offers Kenyan Stocks and CFDs | None |
| 🗣 Languages supported on Website | English, Indonesian, Russian, Arabic, Italian, Thai, Vietnamese, German, Chinese (Simplified), Spanish, Polish, Korean, Malay, Portuguese |
| 📞 Customer Support Languages | Multilingual |
| ⏰ Customer Service Hours | 24/5 |
| 👥 Customer Support Languages | No |
| ✅ Bonuses and Promotions for Kenyans | Yes |
| 📚 Education for Kenyan beginners | Yes |
| 📱 Proprietary trading software | No |
| 💰 Most Successful Kenyan Trader | Patrick Mahinge (Net Worth – Private) |
| ✅ Is Scope Markets a safe broker for Kenyans? | Yes |
| 📊 Rating for Scope Markets Kenya | 9/10 |
| 🤝 Trust score for Scope Markets Kenya | 81% |
| 👉 Open an account | 👉 Open Account |
Regulation and Safety of Funds
Scope Markets is a forex and CFD broker that is well-regulated by the following market regulators:
➡️ Belize – Scope Markets Ltd is regulated and authorized by the Financial Services Commission of Belize (FSC) under the reference numbers 000274/222 and 000274/221.
➡️ South Africa – Scope Markets SA (PTY) Ltd is a registered Financial Service Provider (FSP) with registration number 2016/137466/07, regulated by the Financial Sector Conduct Authority of South Africa (FSCA) under FSP number 47025.
➡️ Kenya – SCFM Limited trades under the name Scope Markets and it is a Limited Liability Company that is incorporated under PVT-GYULYYG. Scope Markets is regulated by the Capital Markets Authority (CMA) as a Non-Dealing Foreign Exchange Broker under license number 123. In addition, Scope Markets is registered as an NSE Derivatives Broker under license number 143.
➡️ Cyprus – SM Capital Markets Ltd trades under the name Scope Markets in Cyprus and is registered under 346068 and regulated by the Cyprus Securities and Exchange Commission (CySEC) under 339/17.
Account Types and Features
👉 Instead of offering several retail investor accounts, Scope Markets has merged all accounts into a comprehensive singular account type. The One Account offers premium features and is designed for traders and investors of all types and trading styles.
👉 The One Account from Scope Markets combines all the benefits of previous accounts to produce a simple, transparent, and competitive account with the best possible pricing to allow Kenyan traders to focus on investing and trading in their simplest forms.
Live Trading Accounts
One Account
👉 The One Account is designed to suit all types of traders despite their trading experience, style, needs, or objectives. With this account, Kenyan traders can expect the following features:
➡️ A standard minimum deposit of $100 or KES equivalent, which works out to 11,400 KES at the current exchange rate
➡️ Average spreads from 0.9 pips EUR/USD
➡️ Commission-free trading because the broker fees have already been added to the spread
➡️ Competitive pricing where spreads and overnight fees are concerned
➡️ A choice between MetaTrader 4 and MetaTrader 5
➡️ Leverage up to 1:500
➡️ Access to a dedicated account manager
➡️ Personalized support
➡️ Access to free premium signals package
➡️ Access to free weekly webinars and seminars
➡️ Access to premium educational material
➡️ Unlimited withdrawals
Demo Account
👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
👉 There is a certain degree of risk involved when trading financial markets and Scope Markets offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
Account Registration
To register an account with Scope Markets, Kenyan traders can follow these steps:
➡️ Go to Scope Market’s registration page and fill out the necessary information. On this page, traders must enter their name, email address, and password.
➡️ The next step is to select the trading platform and the base currency for the trading account.
➡️ After having chosen a platform, traders be prompted to input some personal information like their birth date, country of residence, and so forth.
➡️ Next, traders must verify their identity by providing a copy of their government-issued ID and a copy of their residential address. Depending on the sort of document that traders have submitted, this verification procedure could take a few hours or days.
➡️ To begin trading, traders can now fund the trading account with any of the supported payment methods.
How to Register Your Account
👉 Step 1 – Go to the Official Scope Markets Website
➡️ Go to the official easyMarkets website (www.scopemarkets.com) and click on “Start Trading Now”.
👉 Step 2 – Fill Out Your Details
➡️ Fill out your first and last name, and email address, country of residence and create a password for your account.
Overall Rating
- 4.6/5
Min Deposit
50% of your initial deposit
Regulators
–
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Scope Markets Vs AvaTrade Vs Exness – Broker Comparison
| Scope Markets | AvaTrade | Exness | |
| ⚖️ Regulation | IFSC, FSCA, CMA, CySEC | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade | • MetaTrader 4 • MetaTrader 5 |
| 💰 Withdrawal Fee | No | None | No |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 11,400 KES | 11,400 KES | 1,100 KES |
| 📈 Leverage | 1:500 | 1:400 | Unlimited |
| 📊 Spread | Variable, from 0.9 pips | Fixed, from 0.9 pips | Variable, from 0.0 pips |
| 💰 Commissions | None | None | From $0.1 per side, per lot |
| ✴️ Margin Call/Stop-Out | 50%/10% | 25%/10% | 60%/0% |
| ✴️ Order Execution | Market | Instant | Market |
| 💳 No-Deposit Bonus | No | No | No |
| 📊 Cent Accounts | No | No | Yes |
| 📈 Account Types | • One Account | • Standard Live Account • Professional Account Option | • Standard Account • Standard Cent Account • Raw Spread Account • Zero Account • Pro Account |
| ⚖️ CMA Regulation | Yes | No | No |
| 💳 KES Deposits | Yes | No | Yes |
| 📊 Kenyan shilling Account | No | No | Yes |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/7 |
| 📊 Retail Investor Accounts | 1 | 1 | 5 |
| ☪️ Islamic Account | No | Yes | Yes |
Trading Platforms
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 Trades can access worldwide markets and numerous financial products using MetaTrader 4 (MT4). Advanced technical analysis tools, trading charts, real-time pricing, indicators, and other technological perks make MT4 the industry standard.
👉 All of Scope Markets’ customers have access to MetaTrader5, an innovative trading platform that allows them to trade on the world’s major financial markets. With new and improved technology. Instant trade execution and additional instructional resources are also available on MT5’s platform.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 Scope Markets’ competitive spreads allow Kenyan customers to use the advanced charting and automated trading features of the MT4 platform through their Internet browser. With the MT4 platform, traders are executed quickly, there is no dealing desk interaction, and there are no order proximity restrictions.
👉 Scope Markets’ MetaTrader 5 is a multi-asset institutional trading platform that offers advanced technical analysis tools, automated trading systems, and other innovative features to take trading to the next level. Forex, stock, and futures traders will find MT5 to be an all-in-one trading solution that is compatible with most Internet browsers.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 MT4 Mobile for iPhone and iPad lets Kenyan traders make use of the most popular trading platform on the go. With over 30 pre-packaged technical indicators, traders can initiate and exit trades, keep an eye on the markets, and do technical analysis all from their Apple mobile device.
👉 Like how MT4 revolutionized internet trading, the Android operating system has revolutionized mobile devices as well. Kenyan traders can now access their MT4 accounts from any web-enabled Android device thanks to MT4 Mobile, a comprehensive app for Android.
👉 MT5 mobile is available on iOS and Android devices and has an enhanced user interface, complicated market data, and new order types accessible directly from any mobile device. MT5 mobile is an easy method to keep an eye on global markets while on the road.
Range of Markets
👉 Scope Markets offers Kenyan traders the following range of markets:
➡️ Forex
➡️ Indices
➡️ Energies
➡️ Metals
➡️ Shares
Broker Comparison for Range of Markets
| Scope Markets | AvaTrade | Exness | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | No | Yes | No |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | No | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | No |
| ➡️️ Options | No | Yes | No |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | No | Yes | No |
Trading and Non-Trading Fees
Spreads
👉 The spreads that Scope Markets charges are competitive, and they start from an average of 0.9 pips on EUR/USD.
Commissions
👉 Scope Markets does not charge any commissions on trades because the broker’s fee for facilitating the trade is already calculated and added to the spread.
Overnight Fees, Rollovers, or Swaps
👉 The overnight fees that are charged/credited by Scope Markets are calculated according to the trading instrument, the account currency, the position size, and the overall conversion price.
👉 Some typical overnight fees that Kenyan traders can expect include:
➡️ EUR/USD with a long swap of -3.7 and a short swap of 1.2
➡️ USD/JPY with a long swap of -0.4 and a short swap of -2.1
➡️ USD/CHF with a long swap of 1.2 and a short swap of -3.8
➡️ NZD/CHF with a long swap of 0.0 and a short swap of -2.6
➡️ EUR/HKD with a long swap of -123.9 and a short swap of -15.2
Deposits and Withdrawals
👉 Scope Markets offers the following deposit and withdrawal methods:
➡️ Credit Card
➡️ Debit Card
➡️ Mobile Money
➡️ Skrill
➡️ Neteller
➡️ Bank Transfers
How to Deposit Funds with Scope Markets
👉 To deposit funds with Scope Markets Kenyan traders need a verified account. Once traders have access to their client portal, they can select the option to deposit funds, select their deposit method, enter the amount, and deposit currency, and verify the deposit.
How to Withdraw Funds with Scope Markets
👉 To withdraw funds from a Scope Markets account, Kenyan traders must first log into their client portal. Next, traders can select the “My Wallet tab,” followed by “Withdrawals.”
👉 If the Scope Markets account has not been validated, traders cannot withdraw anything other than their free margin. Kenyan traders must keep in mind the amount they want to withdraw while holding any open positions.
Overall Rating
- 4.6/5
Min Deposit
50% of your initial deposit
Regulators
–
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Scope Markets Education and Research
Scope Markets offers the following Educational Materials:
➡️ Video Tutorials
➡️ eBooks
➡️ Economic Calendar
Scope Markets offers Kenyan traders the following Research and Trading Tools:
➡️ Pip Calculator
➡️ Margin Calculator
➡️ Swap Calculator
➡️ Profit Calculator
➡️ Trader’s Blog
Bonuses and Promotions
Scope Markets offers Kenyan traders the following bonuses and promotions:
➡️ A 50% deposit bonus up to a maximum of $50,000 on a minimum deposit of $100 or equivalent in KES.
Scope Markets Affiliate Program
Scope Markets offers its partners CPA or Revenue Share within a compensation model that satisfies all affiliates. With Scope Markets, affiliates can earn 50% from the spread revenue, or up to $500 per introduced client.
Here is how it works:
➡️ Create a Scope Markets Account to gain access to premium features, advertising materials, and tracking assets.
➡️ Affiliates can promote Scope Markets to their audience by using unique partner links and marketing materials on websites, blogs, social media platforms, newsletters, and messenger chat LTDs (including WhatsApp, Telegram, Viber, Zalo, WeChat, and others), as well as a variety of other channels.
➡️ With the Scope Markets CPA commission model, affiliates will receive commissions on each qualifying customer, while with the broker’s spread revenue-sharing model, affiliates will get commissions on each closed transaction.
Verdict on Scope Markets
Scope Markets is an excellent choice for traders in Kenya who wish to deal with a locally registered broker.
On the plus side, they are controlled by the Kenyan Competition and Markets Authority, which means they can be trusted. The costs are competitive, and the account type is straightforward and uncomplicated, with appropriate deposit requirements.
Additionally, Scope Markets supports deposits and withdrawals using local payment options such as MPesa and bank transfers.
On the downside, their selection of trading instruments is quite restricted. Additionally, they only provide one trading account and a choice between two platforms and three base account currencies. Scope Markets’ commissions on some small forex pairs and CFD products are hefty.
Scope Markets Current Popularity Trends
👉 According to Google Trends, Scope Markets has seen an increase in Google Searches in the past month.
Scope Markets Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated and the broker has a local office in Kenya | The spread is marked-up |
| There is a choice between MetaTrader 4 and 5 across devices | There are limited additional trading tools and resources |
| There is dedicated support offered | There are limited tradable instruments |
| The trading fees are transparent and competitive | There is no KES-denominated trading account |
| There are local deposit and withdrawal options for Kenyan traders | |
| Client fund safety is guaranteed and there is investor protection provided by Scope Markets | |
| All trades are commission-free |
Frequently Asked Questions
Is Scope Markets regulated and by whom?
Yes, Scope Markets is regulated by IFSC, FSCA, CMA, CySEC.
Which financial instruments can I trade with Scope Markets?
You can trade a range of markets from the following asset classes:
- Forex
- Indices
- Energies
- Metals
- Shares
Which trading platforms are supported by Scope Markets?
Scope Markets supports the use of these trading platforms:
- MetaTrader 4
- MetaTrader 5
What is the minimum deposit required to register an account with Scope Markets?
11,400 KES or equivalent to $100.
What is the overall rating for Scope Markets out of 10?
Overall rating for Scope Markets is 7/10.
