Scandinavian Capital Markets
Pros and Cons
Pros
- Supports advanced trading platforms: MT4, MT5, cTrader
- Offers raw spreads starting from 0.0 pips
- Provides leverage up to 1:500
- Diverse trading instruments: Forex, commodities, indices, cryptocurrencies
- Minimum deposit as low as $25
Cons
- Unregulated broker with no valid oversight
- High minimum deposit requirement of $10,000
- Limited trading instruments (no shares or ETFs)
- Withdrawal fees apply after a few free transactions
- Poor user reviews regarding customer service responsiveness
Basic Information
User Reviews
Scandinavian Capital Markets Overview
Founded in 2012 and headquartered in Kista, Sweden, Scandinavian Capital Markets operates as a Straight Through Processing (STP) forex broker. Although it offers a variety of trading instruments, including forex, commodities, indices, and cryptocurrencies, it is important to note that the broker currently lacks regulation from any recognized financial authorities, which raises concerns about the safety and reliability of its services. As a result, traders should conduct thorough research and consider potential risks associated with unregulated brokers before engaging in trading activities.
Scandinavian Capital Markets provides access to popular trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader, allowing traders to utilize advanced tools and features. The broker offers competitive trading conditions, including raw spreads starting from 0.0 pips and leverage up to 1:500. Customer support is available through various channels, including 24/7 online chat and email. However, the absence of regulation may deter some traders, while others may appreciate the flexibility and low minimum deposit requirements. Overall, potential clients are encouraged to weigh the advantages against the risks when considering this broker for their forex trading needs.
Is Scandinavian Capital Markets Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| No valid regulatory information | Sweden | None |
Is Scandinavian Capital Markets Regulated and How Are Client Funds Protected?
Scandinavian Capital Markets is not regulated by any recognized financial authority. This lack of oversight raises significant concerns regarding investor protection and fund safety. Clients trading with unregulated brokers face heightened risks, including the absence of measures such as segregated accounts and compensation schemes. Consequently, the potential for fraud or mismanagement of funds is increased, making it crucial for traders to be aware of these risks when considering this broker.
Trading Products and Services
What trading instruments does Scandinavian Capital Markets offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, USD/CHF, AUD/NZD | Many |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Varies |
| Indices | S&P 500, NASDAQ 100, DAX, FTSE 100 | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | N/A |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Many |
Scandinavian Capital Markets offers a diverse range of trading instruments across multiple asset categories, including Forex, commodities, indices, and cryptocurrencies. This variety provides traders, from beginners to professionals, with the opportunity to create flexible trading strategies and diversify their portfolios effectively. With options ranging from major Forex pairs to popular indices and cryptocurrencies, the platform caters to different trading styles and preferences. The ability to trade across various markets enhances user adaptability, making it easier for traders to respond to market changes and seize opportunities.
Account Types and Trading Conditions
What Account Types and Fees Does Scandinavian Capital Markets Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Access to a wide range of instruments with competitive spreads | Minimum deposit of $25, suitable for low-capital trading |
| Professional Account | Experienced traders and professionals | Lower spreads and higher leverage options available | Requires trading volume qualifications, minimum deposit of $10,000 |
| Corporate Account | Corporate clients seeking trading solutions | Customized services and tailored solutions for corporate needs | Requires corporate documentation, minimum deposit varies |
| Islamic Account | Traders seeking Sharia-compliant options | Swap-free trading with no interest fees | Must comply with Islamic finance principles, minimum deposit of $25 |
| Demo Account | All traders wanting to practice | Risk-free environment to test strategies and platforms | No minimum deposit required, available for all users |
Account Opening Process
To open an account with Scandinavian Capital Markets, you need to follow a straightforward process:
1. Submit personal information, including your name, address, and contact details.
2. Provide employment details and information about your financial situation.
3. Complete identity verification by submitting a valid ID and proof of address.
4. After the initial setup, you may upgrade to a professional account later if you meet the qualifications.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major currency pairs |
| CFDs (Gold) | 2.0 | $4 | Standard commission applies, competitive for commodities |
| CFDs (Indices) | 1.5 | $4 | Includes major indices like NASDAQ and S&P 500 |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable rates depending on market volatility |
Other Fees
Scandinavian Capital Markets may charge additional fees, including:
– Deposit/withdrawal fees may apply based on the payment method used.
– Inactivity fees are charged for dormant accounts after a certain period.
– Platform usage fees are not applicable for standard accounts.
– Overnight interest or swap rates apply to positions held overnight.
– Currency conversion fees may apply for trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Scandinavian Capital Markets Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | Two-factor authentication, multiple order types, price alerts, technical indicators | Demo accounts, VPS |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Two-factor authentication, advanced charting tools, economic calendar, market depth | Demo accounts, API interface |
| Web Version | Any device with a browser | Encryption, symbol lookup, basic order types, price alerts | Demo accounts |
| Mobile App | iOS, Android | Biometric login, push notifications, one-click trading | Demo accounts |
The platforms offered by Scandinavian Capital Markets provide distinct advantages tailored to different trading needs. MT4 is well-suited for users who prefer a robust trading environment with fundamental features, while MT5 caters to traders seeking advanced tools and multi-asset trading capabilities. The mobile app ensures traders can manage their accounts and receive alerts on the go, enhancing trading flexibility. All platforms prioritize secure logins and quick order executions, enabling efficient trading operations.
Scandinavian Capital Markets supports mobile trading through dedicated apps, ensuring users can access their accounts anytime. With features like real-time alerts and efficient market search tools, traders can stay informed and react swiftly to market changes.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer (SEPA) | 1-3 business days | No platform fee | Min 100 EUR, Max 50,000 EUR/day | EUR, SEK, DKK |
| Credit/Debit Card | Instant | No platform fee, 2.5% charge | Min 50 EUR, Max 20,000 EUR/day | EUR, SEK |
| e-Wallet (Skrill, Neteller) | Instant | No platform fee, 1.5% charge | Min 50 EUR, Max 10,000 EUR/day | EUR, SEK, DKK |
| Mobile Payment (Swish) | Instant | No platform fee | Min 100 SEK, Max 15,000 SEK/day | SEK |
Minimum Deposit
The minimum deposit requirement for Scandinavian Capital Markets is €100. This amount is consistent across all payment methods and account types, ensuring a straightforward entry point for traders.
How to Withdraw
To withdraw funds from your Scandinavian Capital Markets account, follow these steps:
- Log in to your trading account.
- Navigate to the “Withdrawal” section in the account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw and confirm your details.
- Submit your withdrawal request.
- Monitor the status of your withdrawal in the account dashboard until processed.
Customer Support
Scandinavian Capital Markets Customer Support Overview
Support Channels
Scandinavian Capital Markets offers multiple contact methods to ensure customers receive the support they need. Clients can reach out via:
- Email: Customers can contact the support team at support@scandinavianmarkets.com.
- Live Chat: A 24/7 live chat option is available on the website for immediate assistance.
- Telephone: Clients can call the support team at +46 8 525 160 29 for direct help.
- Social Media: The broker maintains an active presence on various social media platforms for updates and support inquiries.
Service Availability
Customer support is available 24/7, ensuring that traders can obtain help at any time. The support team is multilingual, providing assistance in several languages to cater to a diverse clientele.
Additional Resources
In addition to customer support, Scandinavian Capital Markets provides valuable educational resources including:
- Video tutorials to help users navigate trading platforms.
- Webinars focused on market analysis and trading strategies.
- Regular market analysis updates to keep traders informed.
- Trading signals to assist clients in making informed decisions.
These resources aim to enhance the overall trading experience and ensure that clients feel supported throughout their trading journey.
Frequently Asked Questions
Scandinavian Capital Markets is currently unregulated, which means it does not hold a valid regulatory license. Clients are advised to carefully consider the potential risks associated with trading through an unregulated broker.
Scandinavian Capital Markets offers competitive trading conditions, including leverage up to 1:500 and raw spreads starting from 0.0 pips. The minimum deposit required to open an account ranges from $25 to $10,000, depending on the account type.
While Scandinavian Capital Markets does not provide regulatory oversight, it utilizes reputable banking institutions for transaction processing. However, clients should be aware of the inherent risks of trading with an unregulated broker regarding fund security.
Scandinavian Capital Markets supports advanced trading platforms including MetaTrader 4, MetaTrader 5, and cTrader. These platforms offer a range of tools for effective trading, including automated trading options and comprehensive market analysis features.
Related Forex Brokers
Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.