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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 Nigeria.

Updated : January 23, 2023

Jump to:

005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

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

Summary

Scope Markets Review Overview

👉 Overall, Scope Markets is considered low risk, with an overall Trust Score of 80 out of 100. Scope Markets is licensed by zero Tier-1 Regulators (high trust), three Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). In addition, scope Markets offers a single retail account, the One Account.

👉 Investor Warning: Foreign currency trading on margin is associated with an elevated risk and may not be appropriate for all Nigerian investors. Before engaging in foreign currency or Contract for Difference (CFD) trading, you must evaluate your investing goals, expertise, appetite for risk, and willingness to be exposed to risk. In addition, you should not start investing capital that you cannot afford to lose because you could incur a loss of part or your entire original investment.

Overall

👉 Scope Markets accepts Nigerian clients and has an average spread of 0.9 pips and zero round-turn commissions. In addition, Scope Markets has a maximum leverage ratio of up to 1:500. A demo account is available, but no Islamic/Swap-Free account option.

👉 MetaTrader 4 and 5 platforms are supported. Scope Markets is headquartered in Belize and is regulated by the FSC, FSCA, CMA, and CySEC.

Analysis of Scope Markets’ Main Features

Order Execution3/5
Commissions and Fees3/5
Range of Markets3/5
Variety of Markets3/5
Withdrawal Speed2/5
Customer Support4/5
Trading Platform4/5
Education4/5
Research4/5
Regulation3/5
Mobile Trading4/5
Trust Score80%

Top 3 Scope Markets User Reviews

➡️ Scope Markets has an overall rating of 7/10 from Brokersview.com.

➡️ Scope Markets has an overall rating of 1.7/5 from Forex Peace Army.

👉 John Muiruri (June 30, 2021) – “Opened an account with them after verification, they force you to always communicate with the account manager if not the disable your account. Who does that. Worst experience with scopemarkets” (Quoted verbatim from Forex Peace Army)

👉 Mohammad Aziz Addin Chowdhury (December 1, 2020) – “I believe my trading broker , which is primarily considered to be a regulated trading broker with Belize license in this market. I have invested my money in this regulated trading broker, there is proper security in my trading balance. Therefore, my trading life is very comfortable and profitable.If a friend needs me to recommend a broker. I would definitely recommend Scope Markets to them.” (Quoted verbatim from com)

👉 Antoni5840 (June 10, 2020) – “I had a good experince with them, excellent customer support, a wide variety of instruments to trade like fx, indices and shares, and good spreads. However, they should try to register and be regulated in reputable jurisdictions like Singapore, EU, UK to earn newbies’ trust.” (Quoted verbatim from Forex Peace Army)

Latest Existing/Previous Customer Comments on Scope Markets for 2023

👉 Elena Pace (October 13, 2023) – “Florence Agnez was fantastic and kept me updated at every level of the process. The transaction was completed fast and smoothly, and I would not hesitate to suggest her for any forex-related concerns. I gained nearly $7000 USD with a $500 investment.” (Quoted verbatim from Facebook)

👉 Herbayomi14(July 20, 2020) – “My experience with Scope Markets has been a pleasant one so far. I use their signals and make profit.” (Quoted verbatim from Forex Peace Army)

Detailed Summary of Scope Markets

👉 A multi-regulated broker named Scope Markets recently rose to prominence thanks to its sponsorship of West Ham United FC. The broker, which Scope Markets Limited runs, was formerly known as SM-Invest until changing its name in 2021.

👉 Scope Markets offers traders the chance to participate in online Forex and CFD trading through extremely sophisticated and powerful MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.

👉 The company, established in Kenya in 2014 as a broker, has now grown to serve the worldwide and Kenyan markets. Kevin Ng’ang’a, one of the proprietors of EGM Securities, serves as the company’s CEO.

Advantages that Scope Markets has over competitors

➡️ Scope Markets is one of a few brokers regulated by CMA in Kenya. While the CBN does not regulate the broker in Nigeria, these regulations are extremely difficult to obtain as the CMA is strict.

➡️ Nigerians can choose from over 3,000 markets to trade.

➡️ Scope Markets has merged all accounts to provide traders with a single retail account.

➡️ Nigerians can expect fast trade execution, minimum slippage, and tight spreads with zero commissions.

➡️ Scope Markets is authorized to provide its services to traders in the European Economic Area.

➡️ Scope Markets offers several trading calculators to traders, allowing them to calculate their trading margin, overnight fees, and trading fees.

➡️ Scope Markets has a decent multimedia library that caters to all types of traders.

Who will Benefit from Trading with Scope Markets?

👉 Scope Markets is an ideal broker for both beginners and professional traders. However, because mark-up is added to the spreads to eliminate commission fees, Scope Markets might not be the best choice for scalpers, algorithmic traders, or other fast-paced traders.

Scope Markets’ Geographic Reach and Limitations

Scope Markets Review Distribution of Traders

👉 Scope Markets currently has the largest market share in these countries:

➡️ Cyprus – 60%

➡️ Turkey – 11%

➡️ Vietnam – 6%

➡️ Nigeria – 2%

➡️ Kenya – 2%

 

Scope Markets Current Expansion Focus

👉 Scope Markets has a global focus but has recently been working on expanding more across the African continent in Kenya, South Africa, Nigeria, and other countries.

 

Countries not accepted by Scope Markets

👉 Scope Markets does not accept traders from the following jurisdictions:

➡️ Afghanistan

➡️ Albania

➡️ Burundi

➡️ Barbados

➡️ Burkina Faso

➡️ Cambodia

➡️ Cameroon

➡️ Cayman Islands

➡️ Central African Republic

➡️ Democratic People’s Republic of Korea

➡️ Democratic Republic of the Congo

➡️ Djibouti

➡️ Eritrea

➡️ Ethiopia

➡️ Ghana

➡️ Gibraltar

➡️ Haiti

➡️ Iran (Islamic Republic of)

➡️ Iraq

➡️ Jamaica

➡️ Jordan

➡️ Libya

➡️ Mali

➡️ Mongolia

➡️ Morocco

➡️ Myanmar

➡️ Nicaragua

➡️ Pakistan

➡️ Panama

➡️ Philippines

➡️ Senegal

➡️ Somalia

➡️ South Sudan

➡️ Sudan

➡️ Syria

➡️ Turkey

➡️ United Arab Emirates

➡️ Yemen

➡️ Zimbabwe

 

Popularity among Nigerian traders who choose Scope Markets

👉 Scope Markets has a significant presence in both Europe and Africa. Because Scope Markets has local offices in Kenya and South Africa, Nigerian traders may use it regardless of their trading expertise or preferences. This makes Scope Markets one of the Top 15 brokers for Nigerians.

Scope Markets At a Glance

🏛️ HeadquarteredBelize
🏙 Global OfficesSouth Africa, Kenya, Cyprus
👍 Local Market Regulator in NigeriaCentral Bank of Nigeria (CBN)
💰 Foreign Direct Investment in Nigeria39.16 billion USD (as of June 30)
💵 Foreign Exchange Reserves in Nigeria41.96 million USD (March 31)
🏢 Local office in LagosNo
🗣 Governor of SEC in NigeriaOlufemi Lijadu (Chairperson)
✔️ Accepts Nigerian Traders?Yes
🗓 Year Founded2014
📞 Nigerian Office Contact NumberNone
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
⚖️ RegulationIFSC, FSCA, CMA, CySEC
1️⃣ Tier-1 Licenses• None
2️⃣ Tier-2 Licenses• Financial Sector Conduct Authority (FSCA)
• Cyprus Securities and Exchange Commission (CySEC)
• Capital Markets Authority (CMA)
3️⃣ Tier-3 LicensesFinancial Services Commission (ISC)
🪪 License Number• Belize – 000274/222 and 000274/221
• South Africa – Reg 2016/137466/07, FSP 47025
• Kenya – 123, NSE 143
• Cyprus – 339/17
⚖️ CBN RegulationNone
💵 Regional RestrictionsAfghanistan, Albania, Burundi, Barbados, Burkina Faso, Cambodia, Cameroon, Cayman Islands, Central African Republic, Democratic People’s Republic of Korea, Democratic Republic of the Congo, Djibouti, Eritrea, Ethiopia, Ghana, Gibraltar, Haiti, Iran (Islamic Republic of), Iraq, Jamaica, Jordan, Libya, Mali, Mongolia, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, Somalia, South Sudan, Sudan, Syria, Turkey, United Arab Emirates, Yemen, Zimbabwe
☪️ Islamic AccountNo
💻 Demo AccountYes
🛍 Retail Investor Accounts1
💻 PAMM AccountsNone
💧 Liquidity ProvidersTier 1 and Tier 2 banking and non-banking market makers
✔️ Affiliate ProgramYes
📈 Order ExecutionMarket
📊 Starting spread0.9 pips
💰 Minimum Commission per Trade7 USD per lot
💵 Decimal Pricing5th decimal pricing
📞 Margin Call50%
🛑 Stop-Out10%
📊 Minimum Trade Size0.01 lots
📈 Maximum Trade SizeNone indicated
Crypto trading offered?No
✔️ Offers an NGN Account?No
🤝 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:500
📊 Leverage Restrictions for Nigeria?No
💵 Minimum Deposit (NGN)130,000 NGN ($300)
✔️ Nigerian Naira Deposits Allowed?No
💰 Active Nigerian Trader Stats200,000+
👤 Active Nigerian-based Scope Markets customersUnknown
🔄 Nigeria Daily Forex Turnover2.13 billion USD (March 31)
💰 Deposit and Withdrawal Options• Credit Card
• Debit Card
• Mobile Money
• Skrill
• Neteller
• Bank Transfers
👤 Minimum Withdrawal Time1 business day
⏰ Maximum Estimated Withdrawal Time8 working days
💵 Instant Deposits and Instant Withdrawals?No
✔️ Segregated Accounts with Nigerian Banks?No
💻 Trading Platforms• MetaTrader 4
• MetaTrader 5
📊 Tradable Assets• Forex
• Indices
• Energies
• Metals
• Shares
💰 Offers USD/NGN currency pair?No
💵 USD/NGN Average SpreadNo
✔️ Offers Nigerian Stocks and CFDsNo
🗣 Languages supported on the WebsiteEnglish
✅ Customer Support LanguagesMultilingual
👥 Copy Trading SupportNo
🗣 Customer Service Hours24/5
📞 Nigerian-based customer support?No
💵 Bonuses and Promotions for NigeriansYes
📚 Education for Nigerian beginnersYes
💻 Proprietary trading softwareYes
👤 Most Successful Nigerian TraderUche Paragon ($16 million+ Net Worth)
💵 Is Scope Markets a safe broker for Nigerians?Yes
✅ Rating for Scope Markets Nigeria7/10
✔️ Trust score for Scope Markets Nigeria80%
👉 Open Account👉 Open Account

Scope Markets Regulation and Safety of Funds

Scope Markets Review Regulation And Safety of Funds

Scope Markets Regulation in Nigeria

👉 The local market regulators in Nigeria are as follows:

➡️ Central Bank of Nigeria (CBN)

 

👉 While Scope Markets is regulated globally, the broker does not yet have local regulations or licenses in Nigeria. However, Scope Markets is a popular and trustworthy broker that accommodates Nigerian traders.

 

Scope Markets Global Regulations

👉 Scope Markets is well-regulated as follows:

➡️ Under the reference codes 000274/222 and 000274/221, Scope Markets Ltd is governed and approved by Belize’s Financial Services Commission (FSC).

➡️ With registration number 2016/137466/07, Scope Markets SA (PTY) Ltd. is a Financial Service Provider (FSP) in South Africa and is governed by the Financial Sector Conduct Authority of South Africa (FSCA) under FSP number 47025.

➡️ SCFM Limited, a Limited Liability Company, registered in Kenya under the name Scope Markets, does business there. Under license number 123, Scope Markets is governed by the Capital Markets Authority (CMA) as a Non-Dealing Foreign Exchange Broker. In addition, scope Markets is listed as an NSE Derivatives Broker with license number 143.

➡️ SM Capital Markets Ltd is registered under the number 346068 and is governed by the Cyprus Securities and Exchange Commission (CySEC) under the number 339/17. The company trades under the name Scope Markets in Cyprus.

 

How Scope Markets Protects Traders and Client Funds

👉 Your money’s security is a top priority for Scope Markets EU. Because of this, all monies belonging to retail clients are completely separated from the business’s own cash and held in separate bank accounts.

 

👉 To attempt to safeguard investors, strong laws and regulations have been set in place, and Scope Markets must abide by them as a regulated organization. Trading online with an unlicensed brokerage business may make it difficult for traders to feel at ease. This may help.

 

Security while Trading

👉 Scope Markets does not indicate data encryption or other security or safety features to protect clients’ information.

Scope Markets Awards and Recognition

👉 Scope Markets has obtained the following awards and recognition:

➡️ The Best Forex Broker in 2020, a World Forex Award.

➡️ Best Customer Support in 2020, a World Forex Award.

➡️ The Best Mobile Application in 2020, a World Forex Award.

Scope Markets Account Types and Features

Scope Markets Review Account Types And Features

👉 Before customer requests, Scope Markets offered a variety of various account types. However, the broker merged these account types to create the One Account, a premium product for all sorts of traders and investors.

 

👉 The One Account offers all the advantages of earlier trading accounts with the added benefit of straightforward, clear, and affordable pricing. This enables traders to concentrate on their primary goals—investing and trading.

 

👉 After traders have finished the account verification process, they may use a demo account option in addition to the One Account option that Scope Markets provides.

💻 Live Account📉 Minimum Dep.📊 Average Spread💸 Commissions💰 Average Trading Cost
One Account130,000 NGN / 300 USD0.9 pipsNone9 USD

 

Scope Markets Live Trading Account Details

One Account

Scope Markets Review One Account

👉 The One Account combines all account features once offered by Scope Markets across several account types. This premium offering is designed to cater to all types of traders, regardless of their trading experience, skill, or objectives.

 

👉 Nigerian traders who choose to trade with Scope Markets can expect the following unique features:

Account FeatureInformation
💰 Minimum Deposit130,000 NGN or an equivalent of 300 USD
📊 Starting or Average SpreadsFrom 0.9 pips EUR/USD
💵 CommissionsNone, only the spread is charged
📈 Trading Platform Option• MetaTrader 4 (only certain regions)
• MetaTrader 5
📉 Maximum Leverage RatioUp to 1:500
💸 Customer SupportPersonalized support
📊 WithdrawalsUnlimited Withdrawals
📈 Trading SignalsYes, premium
📉 WebinarsYes, weekly
💵 SeminarsYes, weekly
📈 EducationAccess to premium materials, such as a multimedia library that contains videos
💰 Additional trading toolsEconomic Calendar

 

Scope Markets Demo Account

Scope Markets Review Demo Account

👉 Traders must complete the entire account application, which includes the KYC procedure, where traders must provide verification of their identity and residence address, to access the demo account. Once finished, users of MetaTrader 4 or MetaTrader 5 may utilize the demo account.

 

👉 The demo account also has the following extra features:

➡️ Access to virtual money up to $100,000

➡️ The ability to engage in real markets and see live prices without the risk of losing money.

➡️ Access to instructional resources, trading tools, and resources on MetaTrader 4 and 5.

➡️ The ability to use the demo account for 30 days.

 

Scope Markets Islamic Account

👉 Islamic forex accounts are halal trading accounts that prohibit accrual, collection, and interest payments. They are also known as swap-free accounts. Unlike standard trading accounts, these accounts do not accrue swap interest or fees on currency swaps.

 

👉 Since Scope Markets does not provide traders with Swap-Free or Islamic Accounts, Muslim traders are compelled to liquidate their positions daily to avoid overnight costs.

 

Scope Markets Professional Account

👉 Scope Markets offer no professional account.

 

Scope Markets Spread Betting Account

👉 Scope Markets does not offer a spread betting account to UK clients.

 

Scope Markets Base Account Currencies

👉 Scope Markets offers the One Account in USD or ZAR, depending on the trader’s region and the market regulatory entity through which they register a trading account. However, Nigerian traders cannot register an NGN-denominated account despite the region.

 

Scope Markets Basic Order Types

👉 Although it is accepted and understood that Scope Markets would make reasonable attempts to execute an Order, transmission or execution might not always be possible for reasons beyond the broker’s control.

 

👉 In addition, Nigerian traders can use the following order types with Scope Markets

➡️ Market

➡️ Pending

➡️ Stop-Loss

➡️ Take Profit

➡️ Buy-Limit

➡️ Buy-Stop

➡️ Sell-Limit

➡️ Sell-Stop

How to open an Account with Scope Markets

Scope Markets Review Account Registration

👉 Nigerian traders can follow these instructions to create an account with Scope Markets:

➡️ Fill out the required fields on the Scope Market registration page. In addition, traders must fill up their name, email address, and password on this page.

➡️ The trading platform and base currency for the trading account must be chosen next.

➡️ After selecting a platform, traders must provide certain personal data, such as their birth date, place of residence, etc.

➡️ Traders must then provide a copy of their government-issued ID and home address to prove their identification. This verification process might take a few hours or days, depending on the document traders supplied.

➡️ Traders may now fund the trading account with any of the accepted payment methods to start trading.

Scope Markets MAM / PAMM Features

Scope Markets does not offer MAM or PAMM Accounts.

Social Trading with Scope Markets

Scope Markets does not support Social or Copy Trading.

Scope Markets Vs Exness Vs GO Markets – Broker Comparison

🥇 Scope Markets🥈 Exness🥉 GO Markets
⚖️ RegulationIFSC, FSCA, CMA, CySECFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCAASIC, FSA Seychelles, FSC Mauritius, CySEC
💻 Trading Platform• MetaTrader 4
• MetaTrader 5
• MetaTrader 4
• MetaTrader 5
• Exness App
• Exness Terminal
• MetaTrader 4
• MetaTrader 5
💰 Withdrawal FeeNoNoNo
📱 Demo AccountYesYesYes
💵 Min Deposit130,000 NGN ($100)4,300 NGN ($10)56,700 NGN (AU$200)
📊 Leverage1:500UnlimitedUp to 1:500
📈 Spread0.9 pipsVariable, from 0.0 pipsFrom 0.0 pips
💸 CommissionsNoneFrom $0.1 per sideFrom US$2.50
📞 Margin Call/Stop-Out50%/10%60%/0%80%/50%
➡️ Order ExecutionMarketMarketInstant
✔️ No-Deposit BonusNoNoNo
Cent AccountsNoYesNo
💻 Account Types• One Account• Standard Account
• Standard Cent Account
• Raw Spread Account
• Zero Account
• Pro Account
• Standard Account
• GO+ Account
⚖️ CBN RegulationNoNoNo
✔️ NGN DepositsYesYesNo
✅ NGN AccountNoNoNo
👥 Customer Service Hours24/524/724/5
🛍 Retail Investor Accounts152
☪️ Islamic AccountNoYesYes

Scope Markets Trading Platforms

👉 Scope Markets offers Nigerian traders a choice between these trading platforms:

➡️ MetaTrader 4

➡️ MetaTrader 5

 

👉 With MetaTrader 4, traders can access a large range of financial products and marketplaces globally (MT4). MT4 is the industry standard because of its sophisticated technical analysis tools, trading charts, real-time pricing, indicators, and other technological advantages.

 

👉 All Scope Markets clients have access to MetaTrader 5. This robust and powerful trading platform enables them to transact on the global financial markets. On the MT5 platform, there are also extra learning materials and instant trade execution accessible.

 

WebTrader Platforms

Scope Markets Review Desktop Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

 

👉 Nigerian traders can easily use the sophisticated charting and automated trading tools of the MT4 platform via their web browser, thanks to Scope Markets’ cheap spreads.

 

👉 In addition, trades are easily completed using the MT4 platform, and there are no order proximity limits or dealing desk contact.

 

👉 MetaTrader 5 from Scope Markets is a multi-asset institutional trading platform that provides innovative technical analysis tools, automated trading systems, and other features to elevate trade.

 

👉 MT5 is an all-in-one trading solution compatible with many Internet browsers for forex, stocks, and futures traders.

 

Trading App

Scope Markets Review Trading App

➡️ MetaTrader 4

➡️ MetaTrader 5

 

👉 Nigerian traders can use the most widely used trading platform on the move with the help of MT4 Mobile for iOS and Android.

 

👉 Trade entry and exit, monitoring, and technical analysis can all be done from an Apple or Android mobile device, thanks to more than 30 pre-packaged technical indicators.

 

👉 Thanks to robust technology, a full Android software, Nigerian traders can now access their MT4 accounts from any web-enabled Android smartphone.

 

👉 With an improved user interface, complex market data, and new order types readily accessible from any mobile device, MT5 mobile is accessible on iOS and Android devices. MT5 mobile is a simple way to monitor international markets while traveling.

Scope Markets Investment Programs

👉 Scope Markets does not currently offer any comprehensive investor programs to Nigerian traders.

 

Which Markets can You Trade with Scope Markets?

👉 Nigerian traders can expect the following range of markets from Scope Markets:

➡️ Forex

➡️ Indices

➡️ Energies

➡️ Metals

➡️ Shares

 

Financial Instruments and Leverage offered by Scope Markets

🔧 Instrument1️⃣ Number of Assets Offered📈 Max Leverage Offered
Forex291:500
Stock CFDs91:500
Commodity CFDs3Not indicated
Precious Metals2Not indicated
Index CFDs50+Not indicated

Broker Comparison for Range of Markets

Scope MarketsExnessGO Markets
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoNoNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyNoNoNo
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoNoNo

Scope Markets Trading and Non-Trading Fees

Spreads

Scope Markets Review Spreads

👉 Competitive spreads starting at an average of 0.9 pips on EUR/USD are charged by Scope Markets.

 

Commissions

Scope Markets Review Commissions

👉 Since the broker’s cost for facilitating the deal is already computed and contributed to the spread, Scope Markets does not charge commissions on trades.

 

Overnight Fees, Rollovers, or Swaps

Scope Markets Review Swaps

👉 Scope Markets calculates its overnight costs based on the trading instrument, the account currency, the position size, and the overall conversion rate.

 

👉 Typical overnight charges for traders from Nigeria include:

➡️ EUR/USD with a long swap of -3.7 pips and a short swap of 1.2 pips.

➡️ USD/JPY with a long swap of -0.4 pips and a short swap of -2.1 pips.

➡️ USD/CHF with a long swap of 1.2 pips and a short swap of -3.8 pips.

➡️ NZD/CHF with a long swap of 0.0 pips and a short swap of -2.6 pips.

➡️ EUR/HKD with a long swap of -123.9 pips and a short swap of -15.2 pips.

 

Deposit and Withdrawal Fees

👉 Scope Markets does not charge any deposit fees. While withdrawal fees are not typically charged, traders must note that they are given a limited number of free withdrawals.

 

👉 Traders receive one free withdrawal per day and five free weekly withdrawals. However, once this number is exceeded, traders must pay a 35 USD withdrawal fee or an equivalent in EUR or GBP.

 

Inactivity Fees

👉 If a trading account becomes dormant for six consecutive months with no trading activity, deposits, withdrawals, or internal transfers, an inactivity fee of 10 USD will be charged.

 

Currency Conversion Fees

👉 Because Scope Markets does not offer NGN-denominated accounts, Nigerian traders must pay currency conversion fees when they deposit or withdraw in NGN.

Scope Markets Deposits and Withdrawals

👉 Scope Markets offers Nigerian traders the following deposit and withdrawal methods:

➡️ Credit Card

➡️ Debit Card

➡️ Mobile Money

➡️ Skrill

➡️ Neteller

➡️ Bank Transfers

 

Broker Comparison: Deposit and Withdrawals

🥇 Scope Markets🥈 Exness🥉 GO Markets
Minimum Withdrawal Time1 business dayInstantInstant
Maximum Estimated Withdrawal Time8 working daysUp to 72 hours1 to 3 business days
Instant Deposits and Instant Withdrawals?NoYesYes

 

Scope Markets Deposit and Withdrawal Processing Times, and Minimum Withdrawal

💰 Payment Method💳 Deposit Processing💲 Withdrawal Processing💸 Min Withdrawal
Credit Card1 to 2 days1 to 2 days50 USD, EUR, GBP
Debit Card1 to 2 days1 to 2 days50 USD, EUR, GBP
Mobile Money1 to 2 days1 to 2 days50 USD, EUR, GBP
Skrill1 to 2 days1 to 2 days50 USD, EUR, GBP
Neteller1 to 2 days1 to 2 days50 USD, EUR, GBP
Bank Transfers1 to 2 days3 to 5 days50 USD, EUR, GBP

How to Deposit Funds with Scope Markets

Scope Markets Review How To Deposit Funds Into Your Account

👉 To deposit funds to an account with Scope Markets, Nigerian traders can follow these steps:

➡️ Traders can log into their client portal and select the option to deposit funds.

➡️ Next, traders can select their preferred payment method and provide the minimum amount they wish to deposit.

➡️ Traders can select their deposit currency and complete additional steps to verify the deposit.

Scope Markets Fund Withdrawal Process

Scope Markets Review How To Withdraw Funds Into Your Account

👉 To withdraw funds from an account with Scope Markets, Nigerian traders can follow these steps:

➡️ Traders must ensure that they have enough free margin before they withdraw.

➡️ Traders can log into their client portal and select the option to withdraw.

➡️ Traders can enter the amount they wish to withdraw (minimum 50 USD, GBP, or EUR) and select the payment method they used during their last deposit.

➡️ Traders can follow any additional steps required to confirm their withdrawal.

Scope Markets Education and Research

Scope Markets Review Education And Research

Education

👉 Scope Markets offers the following Educational Materials to Nigerian traders:

➡️ Video Tutorials

➡️ eBooks

➡️ Economic Calendar

 

Research and Trading Tool Comparison

🥇 Scope Marketes🥈 Exness🥉 GO Markets
Economic CalendarYesYesYes
VPSNoYesYes
AutoChartist NoNoYes
Trading ViewNoYesYes
Trading CentralNoYesYes
Market AnalysisYesYesYes
News FeedYesYesYes
BlogYesYesYes

 

👉 Scope Markets also offers Nigerian traders the following additional Research and Trading Tools:

➡️ Pip Calculator

➡️ Margin Calculator

➡️ Swap Calculator

➡️ Profit Calculator

➡️ Trader’s Blog

Scope Markets Bonuses and Promotions

Scope Markets Review Bonises And Promotions

👉 The following incentives and promotions are available to traders based in Nigeria from Scope Markets:

➡️ A minimum investment of $100 or its equivalent in NGN is required to qualify for this incentive, which may be worth up to a maximum of $50,000.

How to open an Affiliate Account with Scope Markets

Scope Markets Review Affiliate Program

👉 To register an Affiliate Account, Nigerian traders can follow these steps:

➡️ Traders can navigate to the Scope Markets website and select “Partnerships.”

➡️ Traders can sign up by completing the short registration form, and a Scop Markets representative will contact them to discuss the next step.

 

Scope Markets Affiliate Program Features

👉 Scope Markets provides its partners CPA or Revenue Share under an affiliate-satisfying pay scheme. With Scope Markets, affiliates may earn up to $500 per referred customer or 50% of the spread income.

 

👉 The process is as follows:

➡️ Create a Scope Markets account to access premium features, promotional materials, and tracking assets.

➡️ Affiliates may use distinctive partner links and marketing materials to spread the word about Scope Markets to their audience on websites, blogs, social media platforms, newsletters, and messaging chat LTDs (such as WhatsApp, Telegram, Viber, Zalo, WeChat, and others), among other channels.

➡️ Affiliates will get commissions from Scope Markets’ CPA commission model on each qualified client. In contrast, affiliates from the broker’s spread revenue-sharing model will receive commissions from each completed deal.

Scope Markets Customer Support

👉 The customer support of Scope Markets may be reached through telephone, fax, email, and the website’s live chat feature. The team is accessible 24 hours per day, five days per week.

 

👉 The average response time for live chat is three minutes. In addition, the broker maintains an active presence on Twitter, Instagram, LinkedIn, and Facebook.

 

👉 The broker has a FAQ section on its website that includes answers to some of the most frequently asked topics. This might be an effective and simple method for answering your general queries.

Customer SupportScope Markets Customer Support
⏰ Operating Hours24/5
🗣 Support LanguagesMultilingual
💬 Live ChatYes
📧 Email AddressYes
📞 Telephonic SupportYes
✔️ Local Support in Nigeria?Yes
🥇 The overall quality of Scope Markets Support3/5

Scope Markets Corporate Social Responsibility

👉 Scope Markets does not currently have any CSR initiatives or projects

Additional Features of Scope Markets

👉 There are currently no additional features of Scope Markets that have not been covered in this comprehensive review.

 

Financial Reports

👉 There are no financial reports offered on Scope Markets’ official website.

 

Scope Markets Future Vision

👉 There are currently no announcements or information on Scope Markets’ future vision from its CEO.

 

Scope Markets Risk Warning and Disclaimer for traders

👉 Please note that trading forex and other leveraged products carries a high degree of risk and is not suitable for all investors.

 

👉 In addition, trading in financial products may result in gains and losses, and your losses might exceed your original capital investment.

 

👉 Before engaging in such transactions, you should verify that you fully understand the associated risks and, if required, obtain independent counsel.

 

👉 In addition, Nigerians must read Scope Markets’ Risk Disclosure before investing and ensure they completely understand it.

Our Final Verdict on Scope Markets

👉 Scope Markets is a globally functioning, multiregulated forex and CFD broker. Originating in Kenya, the company currently has licenses from the CMA, FSCA, FSC, and CySEC. Scope Markets offers leveraged derivatives and spot equities investing products to retail and professional customers.

 

👉 The One Account includes free access to MT4, and MT5, competitive trading conditions, and multilingual, round-the-clock customer service.

 

👉 In addition, scope Markets might enhance its services by adding a social trading platform and daily market analysis and providing instructional resources.

Scope Markets Alternatives

➡️ com – FOREX.com is a well-known STP and ECN broker with an execution scorecard. Nigerians can trade indices, individual stocks, share CFDs, and ETFs. Spreads start from 0.2 pips, and traders can expect competitive commissions of 10 USD per standard lot.

➡️ Global GT – Global GT is a South African hybrid broker that has only been operating since 2020 but has become a popular choice in Africa overall. Global GT charges zero-pip spreads and provides a choice between six retail accounts and user-friendly trading software.

➡️ ACY Securities – ACY Securities is a well-regulated broker that has been in operation for 11 years. ACY Securities offers three retail accounts and spreads from 0.0 pips EUR/USD. In addition, Nigerians can use MT4 or MT5 to trade various financial instruments.

FAQ

Is Scope Markets an ECN broker?

Scope Markets is an NDD broker with STP and ECN trade execution, with orders filled by Market Makers and pricing aggregated from liquidity providers.

 

Does Scope Markets have MT4?

Customers can use the robust charting and automated trading features that the MT4 platform provides with Scope Markets’ industry-leading spreads.

However, Scope Markets does not offer MT4 to all regions. For instance, Nigerians registering through FSCA in South Africa can only use MetaTrader 5.

 

When was Scope Markets established?

Scope Markets was founded in 2014 and is based in Belize, with offices in Kenya, South Africa, and Cyprus.

 

Does Scope Markets have Nasdaq 100?

Scope Markets offers Nigerians access to Nasdaq 100 as NAS100 that can be traded across MT4 and MT5.

 

Is Scope Markets Safe or a Scam?

Scope Markets is a safe broker with regulations and authorization in several global regions.

 

Is Scope Markets regulated?

In South Africa, Cyprus, Belize, and Kenya, Scope Markets is governed by the FSCA, CySEC, IFSC, and CMA, respectively.

In addition, Scope Markets is subject to MiFID II and the Investment Services and Activities and Regulated Markets Law of Cyprus for 2017.

 

How long does it take to withdraw from Scope Markets?

It can take 1 to 8 days for withdrawn funds to reach your bank account, depending on your chosen method and when you submit your withdrawal request.

 

Does Scope Markets have VIX 75?

Scope Markets does not currently offer Volatility 75.

10/10 - (1 vote)

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