Question 1

Is Scope Markets a regulated and safe broker for investors?

Accepted Answer

Scope Markets is regulated by multiple authorities, including the Cyprus Securities and Exchange Commission (CySEC) under license 339/17 and the Financial Services Commission of Belize (FSC) under registration number 000274/2. It is a part of RS Global Ltd, operating with both STP and market maker models. However, investors should be aware that there have been significant user complaints reporting issues such as account suspensions without clear explanations and unauthorized deductions. Therefore, while regulated, the broker has a history of controversy and potential risks that investors must consider.

Question 2

What are the trading costs including spreads and commissions at Scope Markets?

Accepted Answer

Scope Markets offers competitive spreads starting from 0.7 pips on the One Account and 0.6 pips on the Plus Account with no commissions charged for most instruments except CFD shares. The minimum deposit varies by account type, with $200 for the One Account and $10,000 for the Plus Account. Professional clients may have leverage up to 200:1 depending on the instrument. There are no fees on deposits or withdrawals, making it cost-effective for traders in terms of transaction-related expenses.

Question 3

What deposit and withdrawal options does Scope Markets offer to investors?

Accepted Answer

Scope Markets provides several deposit and withdrawal methods including bank transfers, VISA, Mastercard, Skrill, Neteller, and Alipay. Deposits typically process within 10 minutes for e-wallets and card payments, and 3-5 working days for bank transfers, all without fees. Withdrawals can take 3-5 working days, with a minimum withdrawal amount of $100 and no maximum limit on withdrawals per transaction, but daily maximum withdrawal limits apply (e.g., $50,000 per day). This range of options offers flexibility and accessibility for investors.

Question 4

Is Scope Markets beginner-friendly for new forex traders?

Accepted Answer

Scope Markets provides demo accounts and educational tools such as economic calendars, dividends calendars, and video tutorials, which can support beginner traders. Account types like the One Account require relatively low minimum deposits ($200) and offer micro lot trading with manageable leverage. However, due to the broker’s reported operational risks including complaints of account suspensions and fund access issues, beginners should exercise caution and conduct thorough due diligence before engaging.

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