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Considering EGM vs Scope Markets it’s the kind of duality that will leave everyone on edge. Would you like to use EGM Securities or Scope Markets, but you are uncertain about some factors?
Want to know the credibility of EGM vs Scope Market as a trading market platform? In this post, we are going to take you through each and everything you wish to learn. Let us explore these trading platforms considering the fees, pros and cons, and other vital aspects.
This article contains a short Scope Markets Kenya review and all the data you need to know if EGM Securities is a good broker.
What Is EGM Securities?
EGM Securities is a popular forex broker among traders in Kenya. It runs a Non-Dealing Desk which means it provides direct access to interbank market exchange rates. EGM Securities give traders the opportunity to trade various financial markets, such as over 60 currency pairs, precious metals, commodities, and more.
This broker provides sufficient educational tools as well as research tools to assist with day-to-day trading.
Each of the accounts allows users to trade several assets on the MT4 trading platform with tight spreads from 0 pips and leverage of up to 1:400.
They also offer a Demo account to enable traders to practice risk-free trading with virtual funds before opening a real trading account.
EGM Securities provides three different account types e.g., Executive, Premiere, and Islamic Account.
Is EMG Securities a good broker?
Yes, it is and it is recommended for traders looking to trade locally. It is considered the best forex broker in Kenya.
- Educational and research tools offered
- Low minimum deposit requirement
- MetaTrader 4 trading platform
- Demo account offered
- Regulated by CMA
- Few choices of account
- No MetaTrader 5 platform
- US clients not accepted
- Limited payment methods offered
- A currency conversion fee may apply
Ready to Open your Account?
Start Trading with EGM- A trusted Forex Broker
What Is Scope Markets?
Scope Markets is a globally recognized Non-dealing online forex broker licensed and regulated by the Capital Market Authority. Scope Market gives you the safer, smarter, and faster way to trade global shares, forex, Indies, and commodities.
Scope Market provides a platform for people who want to trade in the stock market but do not have access or time to do it themselves.
They can invest their money with scope market expert traders at any given time instead of spending hours researching individual companies.
Scope Markets Ltd is regulated by the International Financial Services Commission of Belize (IFSC) under license number 000274/222 and 000274/221.
Scope Market is considered a secure broker because it is not only locally regulated but it is also regulated by two international licensing bodies; CySEC and FSCA.
Opening an account is simple the only documents required for account verification at Scope Market are your ID and KRA pin certificate.
- They offer higher leverage
- Variety of account types
- Range of trading instruments
- Regulated brokerage firm
- No MetaTrader 4 platform
- Limited additional trading too
- Bank transfer/ withdrawal only
- EU clients only
Ready to Open your Account?
Start Trading with a CMA Regulated Forex Broker
How Does EGM Securities Compare With Scope Markets
|EGM SECURITIES||SCOPE MARKETS|
|Trading Fees||Different types of fees||Different types of fees|
|Access to Markets||Need a fully verified account||Need a fully verified account|
|CFDs||37 CFDs indices.||CFDs on 14 indices|
|Customer Service||Responsive Customer Service||Responsive Customer Service|
|Mentorship Programs||Free Trainings||Free Trainings|
|Regulations||Open Demo Account||Open Demo Account|
1. Trading fees
In EGM vs Scope Markets, both brokers there have different types of fees that they charge their clients based on different cases.
The deposit and withdrawal fee in EGM securities and Scope Markets is free traders are not charged anything while depositing or withdrawing money.
You pay for commissions with a gold account in scope markets and in EGM Securities your pay is charged on the premiere account. You also pay for overnight trading for the positions which are opened overnight.
2. Access to markets
EGM vs Scope Markets in both the brokers to Access the markets you have to open an account first, complete the sign-up form found on their websites provide your personal information and any other required details.
You should also fund your account After doing all of that you can access the markets and start trading.
The costs of trading CFDs include a commission, a financing cost, and the spread- the difference between the purchase price and offer price at the time you trade. CFD is a contract between a buyer and seller.
Scope Markets has CFDs on 14 indices and EGM Securities has 37 CFDs indices.
4. Customer Service
Both brokers have an excellent customer service. They can be contacted through contact numbers and support service emails provide on their websites.
From Scope markets and EGM Securities review both brokers are quick to respond and are very accurate in answering questions.
5. Mentorship programs
The brokers offer free and effective training through regular online webinars. But with a demo account, you can train yourself and become experienced.
EGM vs Scope Market both are regulated brokers, and they are regulated by Kenya’s Capital Markets Authority (CMA). CMA is considered to be relatively safe considering they are locally regulated. Scope Markets is also regulated by international licensing bodies; CySEC and FSCA.
Which Is The Better Broker?
Selecting the best broker is important for successful trading in the forex market. It is challenging for traders to choose the best brokerage firms with the best trading conditions. Both brokers have their advantages and disadvantages so you will have to choose what works for you.
Learning the details regarding commissions and the availability and types of trading instruments; and analyzing various types of trading accounts are tasks that must be mastered before choosing the best forex broker for traders.
If you are looking to specifically trade with a locally regulated broker with a local support, and good trade execution we recommend EGM Securities. People prefer different brokers but if you do your research well you can choose.
The good thing is that they offer a Demo account with it you know which broker suits you the best.
Not Interested with Local Forex Brokers? Here is a list of international Brokers we Recommend
|Broker Name||Minimum Deposit||Spreads||Regulation||Website|
|Exness||10$||From 0.0||CySEC and FCA||Open Account|
|Hot Forex||5$||From 0.0||FCA, DFSA, FSCA and FSA||Open Account|
|Pepper Stone||None||ECN spreads from 0 pips for EUR/USD||FCA, ASIC and DFSA||Open Account|
|FXTM||50$||0.1 on ECN accounts and 0.5 on Standard accounts||CySEC and FSC||Open Account|
EGM Vs Scope Markets is a tight war that might just be too hard to comprehend. EGM Securities and Scope Markets are both recommended for trading because they are both regulated by CMA and it trusted.
Still wondering if EGM Securities is a good broker? It indeed is and has always been.
You should also know that Investing in trading brokers is risky so you should not trade with money you are not ready to lose.