Scandinavian Capital Markets Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $250
- cTrader
- MetaTrader4
- FSA Sweden
- 2007
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $250
- cTrader
- MetaTrader4
- FSA Sweden
- 2007
Our Evaluation of Scandinavian Capital Markets
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Scandinavian Capital Markets is a broker with higher-than-average risk and the TU Overall Score of 3.9 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Scandinavian Capital Markets clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
Scandinavian Capital Markets is a broker for active trading and passive investment, which is well-suited for professionals and novice traders.
Brief Look at Scandinavian Capital Markets
Scandinavian Capital Markets is a Forex broker that has been operating in the financial market since 2011. The company offers trading currency pairs, cryptocurrencies, and precious metals. The broker's head office is located in Sweden, and Scandinavian Capital Markets SCM AB is registered with Finansinspektionen (Swedish Financial Supervisory Authority) under registration number 80438.
- Opportunity to choose optimal trading conditions due to flexible settings when opening an account;
- Trading through MetaTrader 4 and cTrader with the opportunity to connect the FIX API (a protocol for the rapid exchange of large amounts of financial information);
- Automated trading and copy trading are available;
- Availability of a demo account;
- The broker offers partnership programs for passive income.
- The broker does not provide cent accounts;
- Limited choice of payment systems for depositing and withdrawing funds;
- Trading stocks, futures, indices, and options are not available.
TU Expert Advice
Financial expert and analyst at Traders Union
Scandinavian Capital Markets has been on the market for more than 10 years and throughout the entire period of its work it implements innovative ideas and services that expand the capabilities of the company's clients. Traders can choose an account currency, spreads, leverage, and trading fees. Also, clients can open trust accounts, earn money by copying trades, attract referrals, or create their own business using the ready-made infrastructure of the broker.
In addition to standard trading and PAMM accounts, the broker's clients have the opportunity to open a demo account for risk-free trading with virtual funds. Such accounts are used by novice traders to apply theoretical knowledge in practice, and by experienced traders to test the functionality and improve their trading strategies.
This broker provides all the necessary legal information on its official website. If you need to clarify something and get advice, you can contact technical support through the feedback form, by phone, or in a live chat. Support responds quickly and helps to resolve issues.
Scandinavian Capital Markets Summary
Your capital is at risk. All transactions on the currency spot market are speculative and all investments should be made using risk capital that is not crucially required. There may be a considerable risk of losses on the currency spot market and all transactions using Scandinavian Capital Markets SCM AB are at risk of capital loss. You should consider carefully whether such investments are appropriate to you, taking into account your financial assets. We advise everyone to seek independent advice regarding issues concerning investments on the currency spot market.
| 💻 Trading platform: | MetaTrader 4 and cTrader |
|---|---|
| 📊 Accounts: | Demo and Live |
| 💰 Account currency: | USD, EUR, and GBP |
| 💵 Replenishment / Withdrawal: | Bank cards, bank transfers, Skrill, BTC, ETH, and USDT |
| 🚀 Minimum deposit: | $250 |
| ⚖️ Leverage: | Up to 1:200 for currencies and up to 1:33 for cryptocurrencies |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 0 pips |
| 🔧 Instruments: | Currency pairs (70+), metals (4), and cryptocurrencies (30+) |
| 💹 Margin Call / Stop Out: | 100%/80% |
| 🏛 Liquidity provider: | Own providers |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | STP |
| ⭐ Trading features: | Opportunity to choose trading fees and spreads |
| 🎁 Contests and bonuses: | No |
Scandinavian Capital Markets offers clients more than 100 trading instruments, MetaTrader 4, cTrader, and FIX API. Trading leverage depends on the instrument and is up to 1:200 for currencies and up to 1:33 for cryptocurrencies. Novice traders and potential clients have the opportunity to trade on a demo account, which eliminates the risk of losing money because trading is carried out with virtual funds.
Scandinavian Capital Markets Key Parameters Evaluation
Share your experience
- Best
- Last
- Oldest
To start trading in the financial markets through Scandinavian Capital Markets, register a user account and open a trading account. The steps are as follows:
Go to the official Scandinavian Capital Markets website and click the “Open an account” button.
Complete the application for opening an account with your first and last names, date of birth, phone number, country, and email address. On the next page, select the user account type (personal or corporate) and the account type (trading or managed). Next, complete the questionnaire with your address, jurisdiction, identification number, and profession. Further, provide information on your income, choose a currency for the account, make a deposit, select your preferred leverage trading volume per trade, and the trading platform. Also, provide information on your marital status, as well as social, legal, and political status. Agree to the rules and privacy policy by clicking the “Complete and verify account” button.
Your user account is available upon verification. It is required to send copies of documents confirming your identity and registration address to the email that will appear in the message on the website. The verification procedure lasts from several hours to one day. Upon successful verification, clients will receive a letter with a notification and data for entering their user accounts.
Regulation and Safety
Scandinavian Capital Markets has a representative office in Sweden and is registered with Swedish Financial Supervisory Authority (Finansinspektionen) under the number 80438. The registration number of the brokerage company is 556863-5972. The broker has no other regulators.
Advantages
- Client funds are separated from the company’s capital
- Client capital is held in segregated accounts with major international banks
- All agreements with clients are governed by the constitution, legal acts, rules, and regulations of Sweden
Disadvantages
- To register an account, the provision of detailed information is required
- All financial transactions are available only to verified users
- One electronic payment system for deposits and withdrawals
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| With a minimum fee of $0 | $20 | May be charged for withdrawals made by bank transfer |
| With an average fee of $2 | $10 | May be charged for withdrawals made by bank transfer |
| With a maximum fee of $3.5 | $0 | May be charged for withdrawals made by bank transfer |
Also, the broker has a fee for transferring positions overnight (swap).
The comparative table below compiled by TU experts shows the average trading fees of Scandinavian Capital Markets, RoboForex, and Pocket Option.
| Broker | Average commission | Level |
|---|---|---|
|
$10 | |
|
$1 | |
|
$8.5 |
Account Types
Scandinavian Capital Markets offers several account types, the conditions of which can be customized by a client. Also, at the registration stage, you can choose a standard account or a trust account. The maximum leverage is 1:200 for currency pairs and 1:33 for cryptocurrencies. The minimum for the first deposit is $250, for all subsequent deposits it is $50.
Account types:
A demo account is not limited in validity, provided that traders use it at least once every 30 days. Scandinavian Capital Markets is an STP broker that offers flexible trading account settings, so it is suitable for both novice and professional traders.
Deposit and Withdrawal
-
Scandinavian Capital Markets processes withdrawal requests within one day;
-
To withdraw money, bank cards, bank transfers, and Skrill are available;
-
The company does not charge fees for withdrawing money to a bank card and through Skrill. For withdrawals via wire transfers, the broker may charge a discretionary fee of $25;
-
To withdraw money, verification is required;
-
To submit a withdrawal request, log into your user account, and complete and submit the request in the “Withdraw funds” tab.
Investment Options
Scandinavian Capital Markets offers managed accounts for investors who plan to earn passive income. This is trust management of funds that clients transfer to a manager for conducting operations in financial markets. Terms can be found after registration and account verification. The broker also offers a proprietary copy trading service for receiving passive income on the experience and knowledge of successful traders.
Trust accounts for passive investment
Scandinavian Capital Markets offers passive income tools, such as MAM and PAMM accounts. Traders can open such account types at the registration stage. They can learn the conditions by discussing them with authorized representatives of the broker upon account verification.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership program from Scandinavian Capital Markets:
Introducing Broker (IB). This program provides for receiving rewards for the trading volume of referrals invited by partners. The software necessary to track the number of referrals and to accrue rewards is provided by the broker;
White Labels. These present an opportunity to earn money using the broker's infrastructure. The offer is available for small and large companies. If necessary, Scandinavian Capital Markets specialists will help its partners set up a brokerage company and advise them on the specifics of working with cTrader;
Institutional and financial managers. With the cooperation of the broker’s team, they offer flexible terms, as well as an individual pricing structure.
For partners who bring in new clients, the broker guarantees support and liquidity so that companies and individuals can focus only on marketing and providing services to their clients.
Customer Support
Support service is available 24/5.
Advantages
- Non-clients of the broker can contact technical support
- Availability of live chat for quick communication
Disadvantages
- Support is not available on weekends
- Call back is not available
To contact the broker, use the following methods:
-
phone;
-
live chat;
-
email;
-
feedback form.
The fastest ways to contact support are via live chat and by phone.
Contacts
| Foundation date | 2007 |
|---|---|
| Registration address | Scandinavian Capital Markets SCM AB, Torshamnsgatan 27 Kista 164 40 Sweden |
| Regulation |
FSA Sweden
Licence number: 556863-5972. |
| Official site | https://scandinavianmarkets.com/ |
| Contacts |
+46 8 446 85920
|
Education
The Scandinavian Capital Markets website has an educational section with useful information for novice traders and traders with little experience.
The broker does not provide cent accounts, so it is recommended to test your knowledge on a demo account before trading with real money.
Comparison of Scandinavian Capital Markets with other Brokers
| Scandinavian Capital Markets | RoboForex | Pocket Option | Exness | Octa | Tickmill | |
| Trading platform |
cTrader, MT4 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MetaTrader4, MetaTrader5 | MT4, MT5, Tickmill Mobile App |
| Min deposit | $250 | $10 | $5 | $10 | $25 | $100 |
| Leverage |
From 1:1 to 1:200 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | Yes |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0 points | From 0 points | From 1.2 point | From 1 point | From 0.6 points | From 0 points |
| Level of margin call / stop out |
100% / 80% | 60% / 40% | 30% / 50% | No / 60% | 25% / 15% | 100% / 30% |
| Execution of orders | ECN | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | $30 |
| Cent accounts | No | Yes | No | No | No | No |
Detailed review of Scandinavian Capital Markets
Scandinavian Capital Markets is client-oriented, so it provides for choosing your own trading conditions when opening an account. The company allows the use of most trading strategies, automated trading, and copy trading. Clients can open standard and trust accounts, as well as hedging (simultaneous opening of several trades for one currency pair) or netting (opening one trade for the same symbol) accounts. Demo accounts for trading virtual currency are also available to traders.
Scandinavian Capital Markets by the numbers:
-
100+ financial instruments;
-
10+ years providing brokerage services;
-
3 partnership programs.
Scandinavian Capital Markets is an STP broker for active and passive trading
Scandinavian Capital Markets offers STP (Straight Through Processing) technology, which provides for sending trading orders directly to liquidity providers in the foreign exchange markets. STP ensures profitable trading with minimal spreads. The broker's clients can trade currency pairs, cryptocurrencies, and metals. For passive income, the company provides the FXCopy social trading platform, managed accounts, and partnership programs.
The broker’s clients can trade from desktop and mobile devices on MetaTrader 4 and cTrader. Traders can use expert advisors and FIX API to quickly exchange large amounts of information (order execution time is 10ms).
Useful services offered by Scandinavian Capital Markets:
-
FAQs. This is a section with the most popular user questions regarding the activities and trading conditions of the broker;
-
Technical support. The feedback form and live chat are the fastest ways to contact support to get the necessary information quickly;
-
Education section. It provides Trading WTF (where-to-focus) videos with Forex experts, market update publications, and other useful information.
Advantages:
100+ currencies and cryptocurrencies are available for trading;
The company keeps client funds in segregated accounts for security purposes;
MAM and PAMM accounts for passive investment;
No currency conversion fees;
Fast processing of withdrawal requests.
The brokerage company allows scalping and trading with advisors on all account types. If you want to use hedging, you must select a special option when registering a user account.
User Satisfaction