Are you interested in using Scope Markets Kenya as your trading platform but feel uncertain about its credibility? Looking for an honest assessment of this broker’s reliability?
In this in-depth Scope Markets Kenya review, we provide an unbiased evaluation of one of Kenya’s most popular trading platforms. We’ll explore everything from regulatory compliance and security to account options, fees, and user feedback.
What is Scope Markets Kenya?
Scope Markets is an electronic brokerage firm operating in Kenya since 2014. The company operates as SCFM Limited and provides a platform for investors to buy and sell stocks, bonds, and other securities without needing to access markets directly.
As an STP (Straight Through Processing) broker, Scope Markets Kenya ensures clients have zero conflict of interest with intermediaries, creating a more transparent trading environment.
Regulation and Security
One of the strongest points in favour of Scope Markets Kenya is its robust regulatory compliance:
- Licensed and regulated by the Capital Markets Authority (CMA) of Kenya in 2019 (License Number 123)
- Internationally regulated by CySEC (Cyprus Securities and Exchange Commission) since 2017 (License Number 339/17)
- Regulated by FSCA (Financial Sector Conduct Authority) since 2016 (FSP Number 47025)
This triple-tier regulation makes Scope Markets a low-risk trading platform. The company was the second non-dealing desk forex broker to receive authorisation in Kenya.
For added security, Scope Markets segregates client funds from its operational funds, ensuring clients can access their money anytime without concerns about the broker’s financial position.
Scope Markets Kenya Account Types
Scope Markets offers two primary account types, each designed to meet different trading needs:
Silver Account
- Account Type: STP (Straight Through Processing)
- Minimum Deposit: $20 (approx. KES 2,000)
- Spread: Variable starting from 1.1 pips for major pairs like EUR/USD
- Commission: None
- Ideal for: Beginners and intermediate traders who prefer no commission structure
Gold Account
- Account Type: ECN (Electronic Communication Network)
- Minimum Deposit: $20 (approx. KES 2,000)
- Spread: Significantly lower, starting from 0.2 pips for EUR/USD
- Commission: $7 per standard lot ($3.5 per side)
- Ideal for: Advanced and high-volume traders who benefit from tighter spreads
Both account types offer:
- Margin call at 100%
- Stop out level at 50%
- Negative balance protection (upon request)
- Same leverage options
- Same minimum trade size
- Support for all available trade strategies
Trading Instruments Available on Scope Markets
Scope Markets offers a focused selection of 63 trading instruments:
- 44 currency pairs (including all major pairs)
- CFDs on 14 indices
- 2 metals
- 3 energies
This selection makes Scope Markets an excellent choice for traders focusing on major currency pairs. However, those interested in a wider range of exotic pairs may need to consider alternative brokers.
Fees and Spreads: What to Expect with Scope Markets Kenya
Understanding the fee structure is crucial when selecting a broker. Here’s how Scope Markets compares:
Trading Fees
- Silver Account: No commission, but wider variable spreads (EUR/USD from 1.1-2 pips)
- Gold Account: $7 commission per standard lot with significantly tighter spreads (EUR/USD from 0.2 pips)
The Gold account’s fee structure makes it particularly attractive for high-volume traders who can offset the commission cost through the tighter spreads.
Non-Trading Fees
- Deposit fees: None (including M-Pesa deposits)
- Withdrawal fees: None for the first daily withdrawal (limit of 5 free withdrawals per week)
- Inactivity fees: None for dormant accounts
How to Start Trading with Scope Markets Kenya
Getting started with Scope Markets is straightforward:
1. Opening an Account
- Complete the registration form on the official Scope Markets website
- Submit verification documents (copy of National ID and KRA PIN certificate)
- Wait for verification (typically completed within 24 hours)
- Access your new trading account
2. Making Deposits
- Log into your Scope Markets account
- Click on the wallet button on your dashboard
- Navigate to the deposits section
- Choose your preferred payment method
- Follow the prompts to complete your transaction
Supported payment methods include:
- M-Pesa
- Airtel Money
- Equitel
- PesaLink
- Local bank transfers
- Visa/MasterCard
- Skrill
- Neteller
3. Withdrawing Funds
- Log into your account and select the wallet option
- Choose ‘withdraw’ and select your preferred payment method
- Complete the withdrawal request form
Withdrawal limitations:
- Minimum withdrawal: 50 units of your account currency (USD, EUR, GBP)
- One free withdrawal per day
- Maximum of 5 free withdrawals per week
Processing times vary based on payment method, with some options offering instant withdrawals while others may take up to 24 hours.
Trading Platforms Offered by Scope Markets Kenya
Scope Markets exclusively offers the MetaTrader 5 (MT5) trading platform. While MT5 provides advanced features and analytical tools, this could be a limitation for traders familiar with or preferring MT4 or cTrader platforms.
Customer Support and Service Quality
A standout feature of Scope Markets Kenya is its exceptional customer support:
- Multi-lingual support team available 24/7
- Support available via phone and email
- Physical office located in Westside Tower, 4th Floor, Office 402 & 403, Lower Kabete Road, Westlands, Nairobi
Based on client feedback, Scope Markets has earned a reputation for prompt, helpful responses to customer enquiries.
What Traders Say About Scope Markets Kenya
Google Reviews
Most Google reviews highlight:
- Fast deposit and withdrawal processing
- Competitive spreads
- Reliable platform performance
Facebook Reviews
Facebook feedback emphasises:
- Trustworthiness due to CMA regulation
- Professional service
- Cautions about unrealistic expectations of “free forex money”
- Reminders that success requires learning and practice
Is Scope Markets Kenya Right for You? Our Final Verdict
Overall Rating: 4.6/5
Scope Markets Kenya excels in several critical areas:
- Safety and Security: 4.7/5 – Triple-tier regulation provides exceptional security
- Trading Instruments: 3/5 – Limited selection compared to some competitors
- Fees: 4.2/5 – Competitive fee structure, especially for the Gold account
- Account Opening: 4/5 – Straightforward with reasonable documentation requirements
Strengths:
- Strong regulatory compliance (CMA, CySEC, FSCA)
- Competitive spreads, especially on the Gold account
- No deposit or withdrawal fees
- Accepts local payment methods (M-Pesa, bank transfers)
- Excellent customer support
- Client fund segregation
Limitations:
- Limited selection of trading instruments
- Only offers MT5 platform (no MT4 or cTrader)
- Limited options for exotic currency pairs
Frequently Asked Questions About Scope Markets Kenya
Is Scope Markets a legitimate forex broker in Kenya?
Yes, Scope Markets Kenya is fully legitimate, licensed by the Capital Markets Authority (CMA) of Kenya and two top-tier international regulators: CySEC and FSCA.
Does Scope Markets accept M-Pesa payments?
Yes, Scope Markets Kenya accepts M-Pesa for both deposits and withdrawals. Transactions are typically processed within a few hours. The platform also supports Airtel Money, Equitel, PesaLink, and local bank transfers.
What is the minimum deposit required for Scope Markets Kenya accounts?
The minimum deposit for both Gold and Silver accounts is $20 (approximately KES 2,000).
Is Scope Markets an ECN broker?
Scope Markets Kenya is a hybrid broker. The Gold account operates as an ECN account, providing direct market access, while the Silver account functions as an STP account using a liquidity provider.
What trading platform does Scope Markets Kenya offer?
Scope Markets Kenya exclusively offers the MetaTrader 5 (MT5) trading platform.
How long has Scope Markets been operating in Kenya?
Scope Markets has been operating globally since 2014 and received its CMA licence for Kenya operations in 2019.
Scope Markets Kenya represents a solid choice for Kenyan traders looking for a regulated, reliable broker with competitive conditions. While there’s room for improvement in the range of trading instruments offered, the platform’s strong regulatory compliance, reasonable fees, and excellent customer support make it one of the best options for trading major currency pairs in the Kenyan market.