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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

Updated : August 31, 2022

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

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

on Scope Markets Website

Scope Markets Overview

 

Scope Markets Review 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

Scope Markets Review 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 Review Popularity

🥇 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

🏛 HeadquarteredLondon, United Kingdom
🏙 Kenyan Based OfficeNo
✅ Accepts Kenyan Traders?Yes
🗓 Year Founded2015
📞 Kenyan Office Contact NumberNone
🤳 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
⚖️ RegulationSeychelles 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 RegulationNo
🚫 Regional RestrictionsThe United States
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts3
📊 PAMM AccountsMAM Accounts
🤝 Liquidity ProvidersBarclays and other top-tier banks as well as hedge funds
💸 Affiliate ProgramYes
📲 Order ExecutionMarket
📊 Average spreadFrom 0.0 pips
📞 Margin Call100%
🛑 Stop-Out30%
Crypto trading offered?No
💰 Offers a Kenyan shilling Account?No
👨‍💻 Dedicated Kenyan Account Manager?Yes
📊 Maximum Leverage1:500
🚫 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 Stats70,000+
👥 Active Kenyan-based Scope Markets CustomersUnknown
💳 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 SpreadN/A
📉 Offers Kenyan Stocks and CFDsNone
🗣 Languages supported on WebsiteEnglish, Indonesian, Russian, Arabic, Italian, Thai, Vietnamese, German, Chinese (Simplified), Spanish, Polish, Korean, Malay, Portuguese
📞 Customer Support LanguagesMultilingual
⏰ Customer Service Hours24/5
👥 Customer Support LanguagesNo
✅ Bonuses and Promotions for KenyansYes
📚 Education for Kenyan beginnersYes
📱 Proprietary trading softwareNo
💰 Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✅ Is Scope Markets a safe broker for Kenyans?Yes
📊 Rating for Scope Markets Kenya9/10
🤝 Trust score for Scope Markets Kenya81%
👉 Open an account👉 Open Account

Regulation and Safety of Funds

Scope Markets Review 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

Scope Markets Review 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

Scope Markets Review 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

Scope Markets Review 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

Scope Markets Review 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”.

Scope Markets Review How To Register An Account Step 1

 

👉 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

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

on Scope Markets Website

Scope Markets Vs AvaTrade Vs Exness – Broker Comparison

Scope MarketsAvaTradeExness
⚖️ RegulationIFSC, FSCA, CMA, CySECCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISAFSA, 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 FeeNoNoneNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit11,400 KES

11,400 KES1,100 KES





📈 Leverage1:500

1:400Unlimited
📊 SpreadVariable, from 0.9 pipsFixed, from 0.9 pipsVariable, from 0.0 pips
💰 CommissionsNone

NoneFrom $0.1 per side, per lot

✴️ Margin Call/Stop-Out50%/10%25%/10%

60%/0%
✴️ Order ExecutionMarketInstantMarket
💳 No-Deposit BonusNoNoNo
📊 Cent AccountsNoNoYes
📈 Account Types• One Account• Standard Live Account
• Professional Account Option
• Standard Account
• Standard Cent Account
• Raw Spread Account
• Zero Account
• Pro Account
⚖️ CMA RegulationYesNoNo
💳 KES DepositsYesNoYes
📊 Kenyan shilling AccountNoNoYes
👥 Customer Service Hours24/524/524/7
📊 Retail Investor Accounts115
☪️ Islamic AccountNoYesYes

Trading Platforms

Desktop Platforms

Scope Markets Review 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

Scope Markets Review 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

Scope Markets Review 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 Review Trading App

👉 Scope Markets offers Kenyan traders the following range of markets:

➡️ Forex

➡️ Indices

➡️ Energies

➡️ Metals

➡️ Shares

Broker Comparison for Range of Markets

Scope MarketsAvaTradeExness
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoYesNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksNoYesYes
➡️️​ CryptocurrencyYesYesNo
➡️️​ OptionsNoYesNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoYesNo

Trading and Non-Trading Fees

Spreads

Scope Markets Review 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 Review 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

Scope Markets Review 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 Review 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

Scope Markets Review How To Deposit Funds Into Your Account

👉 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

Scope Markets Review How To Withdraw Funds Into Your Account

👉 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

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

on Scope Markets Website

Scope Markets Education and Research

Scope Markets Review 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 Review Bonises 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 Review 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 Review Google Trends

Scope Markets Pros and Cons

✔️ Pros❌ Cons
Well-regulated and the broker has a local office in KenyaThe spread is marked-up
There is a choice between MetaTrader 4 and 5 across devicesThere are limited additional trading tools and resources
There is dedicated support offeredThere are limited tradable instruments
The trading fees are transparent and competitiveThere 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.

8.5/10 - (2 votes)