Why Scope Markets is a good fit for Kenyan Traders
The Capital Markets Authority (CMA) of Kenya licenses and regulates SCFM Limited, doing business as Scope Markets, to offer trading services and solutions to Kenyan traders. In the sections below, we will indicate why Scope Markets is a good fit for Kenyan Traders in 2022.
The Capital Markets Authority (CMA), Kenya’s financial regulator, has devised a licensing system to go along with the country’s new regulatory framework for foreign exchange brokers headquartered in the country.
While the system is still in its infancy and there are only a few brokers with CMA licenses currently, the emergence of a regulated Forex market is promising. Scope Markets is currently one of only a few forex brokers that are regulated to operate in Kenya.
In addition to CMA regulation, Scope Markets is also regulated by:
- The International Financial Services Commission (IFSC)
- Financial Sector Conduct Authority (FSCA)
- Cyprus Securities and Exchange Commission (CySEC)
Being well-regulated is one of the reasons that Scope Markets is an ideal broker for Kenyan traders.
Scope Markets has consolidated the many diverse types of accounts available to individual investors into a single, all-encompassing account type. The One Account caters to investors and traders of all stripes with its suite of advanced tools.
Scope Markets’ One accounts offer Kenyans some of the best features and trading conditions, including:
- A standard minimum deposit of 11,400 KES
- Tight spreads from 0.9 pips EUR/USD
- Commission-free trading
- Competitive overnight fees
- Leverage up to 1:500
- Personalized customer support
- Free premium signals
- Free Weekly Webinars, and more
Scope Markets is also a popular choice for Kenyan traders based on its trading software. With Scope Markets, Kenyans can choose between MetaTrader 4 or MetaTrader 5.
Using MetaTrader 4, traders have access to a plethora of global marketplaces and financial instruments (MT4). Trading charts, real-time pricing, indicators, and other technological benefits have helped make MT4 the standard in the market.
MetaTrader5, an innovative trading platform, is available to all users of Scope Markets, allowing them to trade on the world’s main financial markets. Using innovative and robust technology, the MT5 platform also features instant trade execution and extensive educational materials.
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Education and Research
The team at Scope Markets has prepared some helpful resources for you to use at no cost.
Trading videos on various themes including market research and trading platforms may be found in the broker’s extensive video trading collection. These tutorials are designed to help traders of all skill levels.
Trading and Non-Trading Fees
Scope Markets offers competitive spreads, with the EUR/USD pair starting at an average of 0.9 pips. In addition, Scope Markets does not charge commissions since the broker’s fee is included in the spread.
Scope Markets’ overnight costs are determined by the underlying trading instrument, the underlying account currency, the underlying position size, and the underlying conversion price.
Another benefit for Kenyans is that Scope Markets does not charge any deposit/withdrawal fees, inactivity fees, or currency conversion fees.
Scope Markets’ customer support can be contacted in several ways including live chat, telephone, or email. Customer support is responsive, helpful, and informative. In addition to this, Scope Markets also offers a comprehensive FAQ section on the website.
Read: Best Forex Trading Platforms in Kenya
Overall Rating and Trust Score
Overall, Scope Markets is a low-risk broker with a trust score of 80%, attributable to its zero Tier-1 Regulators, Two Tier-2 Regulators, and zero Tier-3 Regulators. The overall rating for Scope Markets based on its offering is 7/10.
Pros and Cons
|Scope Markets is a reputable broker that maintains a physical presence in Kenya||The spreads are marked-up|
|On all devices, traders have the option of using either MetaTrader 4 or 5||There is a limited selection of additional tools offered|
|There is help available 24 hours a day, 5 days a week||There is a small range of markets that can be traded|
|The trading costs are openly disclosed and comparable to those of other markets||Scope Markets does not offer a KES-denominated account|
|Options to make deposits and withdrawals locally are available to traders in Kenya|
|The security of customer funds is ensured, and Scope Markets offers protection to investors|
|Every deal is completely commission-free as the spread includes the broker fee|
Scope Markets offers customers based in Kenya a fundamental online trading service that is subject to regulation.
The spreads are among the most competitive in the industry, and the broker offers the robust MetaTrader 4/5 platforms, which are compatible with a variety of devices, along with a portfolio of trading instruments spanning several asset classes.
Kenyan traders can rest assured that their funds are kept safe, and that Scope Markets adheres to all requirements of the CMA to retain its local licenses, making this a good fit for Kenyan traders.
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