Basic Information
Pros and Cons
Pros
- Low minimum deposit of $10
- Leverage up to 1:1000
- User-friendly MetaTrader 5 platform
- Diverse funding methods including cryptocurrencies
- Negative balance protection included
Cons
- Regulated only by offshore authorities
- Slow withdrawal processes reported
- Lack of investor compensation schemes
- Limited transparency and customer support issues
- No swap-free account options available
Is ScoreCM Safe and Legit?
ScoreCM, also known as Score Capital Markets, is an offshore broker founded in 2024, registered in the Commonwealth of Dominica and the Comoros, operating under the licenses of FSU and MISA. The broker offers a minimum deposit of $10, with leverage up to 1:1000, and provides access to over 60 trading instruments across forex, indices, metals, and cryptocurrencies using the MetaTrader 5 platform.
Despite being regulated by offshore authorities, ScoreCM lacks the robust investor protection commonly found in more reputable jurisdictions. Clients should exercise caution as the regulatory oversight is minimal, which raises concerns about the safety and legality of trading with this broker.
Market reputation for ScoreCM is mixed, with a general consensus highlighting issues such as slow withdrawal processes and lack of transparency. Users have reported difficulties in accessing customer support and have voiced concerns about aggressive sales tactics. While some reviews praise its user-friendly platform and low entry threshold, the frequency of complaints regarding fund withdrawals suggests potential risks for investors considering this broker.
Is ScoreCM a Regulated Broker?
What Are the Regulatory Licenses Held by ScoreCM?
ScoreCM operates under offshore regulations, specifically holding licenses from the Financial Services Unit (FSU) in Dominica and the Mohéli International Services Authority (MISA). While these licenses allow ScoreCM to provide trading services, it is important to note that they are not mainstream regulatory bodies. Consequently, the broker lacks the robust investor protections typically associated with more reputable jurisdictions, which may raise concerns about the safety and legality of trading with this broker.
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
ScoreCM does not participate in any investor compensation funds or insurance schemes under its regulatory system. Although it holds segregated accounts for client funds, the lack of robust regulatory oversight from offshore authorities means these measures are not guarantees of safety, leaving client funds exposed to potential risks.
ScoreCM Leverage
ScoreCM offers leverage up to 1:1000 depending on the account type and asset category. This leverage complies with the local regulatory requirements of the offshore jurisdictions where it operates, catering primarily to retail clients. However, this high leverage increases the risk of significant losses, making it suitable mainly for experienced traders.
ScoreCM Withdrawal Review
How to Contact ScoreCM?
ScoreCM has received a mixed range of complaints, predominantly centered around slow withdrawal processes and lack of transparency. Users frequently report difficulties in accessing customer support, and there are notable concerns regarding aggressive sales tactics. While some clients appreciate the user-friendly platform, the volume of complaints about fund withdrawals raises significant concerns about the broker’s reliability and investor safety. As of now, there are no indications of regulatory penalties or warnings against ScoreCM, but the overall sentiment suggests potential risks for investors considering this broker.
Frequently Asked Questions
A1: ScoreCM operates under offshore regulations, specifically with licenses from the Financial Services Unit (FSU) in Dominica and the Mohéli International Services Authority (MISA). While it implements some safety measures like segregated accounts and negative balance protection, the lack of robust investor protection and regulatory oversight raises concerns about safety for traders.
A2: The minimum deposit to open an account with ScoreCM is $10. This low entry threshold makes it accessible for beginners or traders testing the waters in forex and CFD trading.
A3: ScoreCM has received mixed feedback regarding its withdrawal processes, with many users reporting slow withdrawals and difficulties in accessing customer support. These concerns highlight potential reliability issues for traders considering this broker.
A4: ScoreCM does not participate in any investor compensation funds or insurance schemes, and while it holds segregated accounts for client funds, the minimal regulatory oversight means these measures do not guarantee complete fund safety.
A5: Traders can reach ScoreCM’s customer support via email at info@scorecm.com or by phone. However, users have reported challenges in accessing timely and effective customer support, which may be a concern for potential clients.
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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.