For many years Scandinavian countries, in particular Sweden, have maintained a reputation for reliability and are associated with financial stability and honesty in business rules. Probably, the owners of the brokerage project Scandinavian Capital Markets did not choose this name by chance so as to implicitly influence the subconsciousness of their users counting on their loyalty and trust. Probably the company considers this strategy to be a perfect way to present itself among a large number of offshore Forex brokers claiming to be registered in Cyprus, Australia or a number of similar doubtful jurisdictions.
This opinion is confirmed when looking at the official website of the company. It becomes obvious that the online brokerage project Scandinavian Capital Markets is trying to emphasize its Scandinavian heritage and reminds about it in every section and almost in every paragraph. The company also actively emphasizes its exclusivity and reliability.
Broker Scandinavian Capital Markets positions its online project as transparent and reliable. From the pages of the official website literally pour promises of safe and efficient trading. Scandinavian Capital Markets calls itself a world-renowned broker. However, their website is only available in English. As for such a large segment as the Russian-speaking countries, for the traders of these territories this company is little known and is not in demand at all. This means that the information is more like a lie than an advertisement.
Too sweet speeches and flashy slogans are more alarming than disposing of potential traders. Offering a beautiful cover, the company raises persistent doubts about the honesty of its activity in general and the attitude to its clients in particular, and carefully checks the information about the broker. That's exactly what we did in our objective review of Scandinavian Capital Markets. Going a little ahead, we emphasize that these fears have been confirmed by real client reviews, as well as a number of other important indicators, which can be found in detail in the text of the review. We hope that the information, which exposes the swindlers, will prevent traders from mistakes of cooperation with the dubious brokerage project Scandinavian Capital Markets in the future.
Types of trading accounts offered by Scandinavian Capital Markets
On the pages of its official website Scandinavian Capital Markets extols the benefits of trading on its platform.
To prove it, Scandinavian Capital Markets invites investors to take advantage of any of the presented account types - Standard, Premium, Custom.
When choosing a Standard trading account, the client will be required to make a deposit of the minimum deposit of $10,000. The broker promises that there is no transaction fee. According to the information, the variation of spreads starts from 1.7 pips. The maximum amount of leverage is 1:100.
For owners of a Premium trading account, the platform will require from the client almost twice as much, namely - $25,000. The difference from the first trading account is that investors are promised zero spreads. However, here already requires a commission of $10/lot on MT4 or $50 per million in cTrader.
For traders who prefer individual trading conditions, the Scandinavian Capital Markets platform offers to join a trading account number 3 called Custom. It will cost a trader $250,000 to join. This is a customizable account where most aspects can be negotiated. In spite of the broker's high demands, the leverage of this trading account remains at the same level as of the others - 1:100.
Naturally, the trading accounts presented by the so-called virtual broker Scandinavian Capital Markets raise a lot of questions. Experienced traders have no doubt that this project is operated by swindlers. The reason for this opinion is that the dealer demands too high fees as a key to access the market.
In fact, the accounts themselves are not notable for very favorable characteristics - the offers are quite standard. Only the sizes of the minimum deposits surprise, the more so as many licensed brokers have more attractive conditions for a much lower cost.
After studying the details of the trading accounts one gets the impression that there is nothing to do on the platform for a newcomer at all, because to risk such a sum with no experience is absolutely the wrong decision.
There is a separate section with information on the Islamic account, the terms of which are prepared in accordance with Sharia law.
Scandinavian Capital Markets emphasizes that the minimum deposit size for the Islamic account, which will be opened on the MT4 platform, is $1,000,000. For accounts to be opened on the cTrader platform, the minimum deposit will be $10,000.
It should be noted that some Forex products are not available on Islamic accounts.
Scandinavian Capital Markets Trading conditions
The broker website of Scandinavian Capital Markets offers users to open trades in currency pairs and some other instruments. The strange thing is that the dealer could not find what exactly is included in the list of available assets and, accordingly, there is no specification.
As for trading platforms, it is known that the company Scandinavian Capital Markets offers traders to use not only MT4 (MetaTrader 4) and Currenex, but also the platform cTrader.
As stated on the website, the company trades with traders from all over the world, except those in the United States, Afghanistan, Belarus, Burma, Burundi, Central African Republic, China, Congo, Cuba, Egypt, Guinea, Guinea-Bissau, Iraq, Iran, Indonesia, Lebanon, Libya, Maldives, Mali, Moldova, Nicaragua, Nigeria, North Korea, Pakistan, Russia, Somalia, Sudan, South Sudan, Syria, Tunisia, Turkey, Venezuela, Yemen, and Zimbabwe. The services and conditions of Scandinavian Capital Markets differ greatly from most other foreign exchange brokers in their focus on clients with very large financial resources. This is an obstacle for most investors, but there are many questions about the quality of the services offered.
The broker offers limited trading opportunities: only 45 trading pairs on most account types. Naturally, Scandinavian Capital Markets puts it as an advantage, justifying the desire to provide only the best conditions, suggesting not to pay attention to these pairs.
The platform has limits on deposit methods. Scandinavian Capital Markets only accepts bank transfers. Probably think that with such amounts of minimum deposits and high threshold for opening any of the accounts, it does not make sense to offer alternatives. By the way, there are questions about the withdrawal of funds as well.
Staking on its uniqueness and the selectivity of its customers, Scandinavian Capital Markets simply manipulates and plays on investors' ambitions, blunting their vigilance.
Scandinavian Capital Markets Licenses
The company presents itself as a Swedish forex broker headquartered in Stockholm.
The website of Scandinavian Capital Markets offers forex trading not only in Sweden, but also in many jurisdictions.
It also says that a company called Scandinavian Capital Markets was registered in 2011. The project specialized in money management until 2017. Then the team decided it was promising to launch Sweden's first STP-ECN forex broker and launched its own technical platform to serve wealthy traders on the ECN and STP model.
There is even information about the founders and investors. With a photo and a brief biography.
The site emphasizes that the service Scandinavian Capital Markets is under the control of the Swedish regulator FSA.
This is confirmed by the information on the site of the regulator.
However, one important nuance. The broker on its website lies, saying that it has been working since 2011. Although it may be true, the company was working illegally at that time, as it received its license only a year later, at the end of December 2012.
By the way, Scandinavian Capital Markets broker is considered illegal in the countries we listed above. There are no physical representations in other cities than Stockholm.
Let's see what the domain of the project Scandinavian Capital Markets, which is located at the address scandinavianmarkets.com.
The site was registered in 2012 and was rebooted in September, 2020.
As we can see from the review, the history on the site does not coincide with the real chronology. This is alarming and most likely better to refrain from investing tens and hundreds of thousands of dollars in the Scandinavian Capital Markets platform. All the more so, the former clients of Scandinavian Capital Markets themselves say it.
Scandinavian Capital Markets Reviews online
Despite positioning itself as a company of the premium segment, Scandinavian Capital Markets is not able to offer its clients comfortable working conditions. For example, there is no online support on the site. The feedback form, international phone number or e-mail address takes a lot of time and is less convenient than a live chat with a consultant.
Also, the broker refers to profiles in social networks, but there is no activity.
Less than 800 followers in the social network, which is used mostly by business and investors - this is a clear failure.
Despite all efforts to increase loyalty, Scandinavian Capital Markets rushes ahead and is the first to complain about the presence of scammers.
However, these bespoke articles pale before the relentless facts in the negative customer reviews that speak of fraud on the part of this strange broker.
Safety and security of funds with Scandinavian Capital Markets
There are enough promises of stability and safety on the website, but traders do not agree with it, because the reality is different from the tales of swindlers.
Scandinavian Capital Markets is a typical online scam broker who operates with a particularly large scope of action. The goal of this dubious brokerage project is less effort and maximum profit.
In contrast to the promising website Scandinavian Capital Markets, the revealed facts of deception make one to be wary and refuse to invest in the platform of this strange company.