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Scala Markets (SCLM) Review - is it scam or safe?

Scala Markets (SCLM) - is scalamarkets.com scam or safe?

RATING: 1 / 0 REVIEWS Scala Markets (SCLM)
Scala Markets (SCLM) is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
White plan N/A 1:400  from 0.7 pips
Black plan N/A 1:400  from 1.4 pips
Silver plan N/A 1:400  STP spreads + $7 / lot

  

Forex and CFD brokerage Scala Markets (SCLM) offers its clients several account types and access to the industry’s standard MetaTrader4 (MT4) platform. As you can probably guess by the low rating, we have serious concerns about this broker, and we have highlighted in the text below.

 

 

Scala Markets Advantages

 

MetaTrader4 platform available

Scala Markets offers trading via the most popular forex trading platform. It is easy to use and very light on the hardware. Besides, it is equipped with many advanced features, such as top-notch charting, numerous Expert Advisers for automated trading, technical analysis indicators, and more.

 

 

>> Find a better MT4 broker here <<

 

 

Good variety of assets, high leverage ratios

This broker offers leverage levels as high as 1:400, which will suit traders of all skill levels and preferences. Besides, there is a good selection of trading options at Scala Markets, which is also an advantage for traders. The broker’s product portfolio includes many currency pairs, CFDs on precious metals, energies, stocks and some of the most popular cryptocurrencies – Bitcoin, Ethereum, Ripple, and Litecoin.  Yet, if you are keen on trading Bitcoin and other digital assets, it is best to choose among reliable and licensed brokers.

 

 

>> Our recommended brokers offering Bitcoin trading <<

 

 

Scala Markets Disadvantages

 

Not licensed, despite the claims

The website of Scala Markets features an address in Ukraine, but does not mention any company name. More interestingly, the broker claims to be licensed by the Australian Securities and Investments Commission (ASIC).

 

 

However, our check revealed that Scala Markets is not present in the ASIC register and therefore we can safely conclude that the broker is not regulated. This is our main concern with this broker, as most unregulated brokers, especially those making false regulation claims, are usually engaged in some sort of fraudulent practices.

 

No clarity on initial deposit required, payment methods

This broker has also not made clear what is the initial investment amount required for opening of a real account, nor has mentioned what payment methods it uses. Most brokers accept bank wire transfers and credit/debit card payments, as well as e-wallets Skrill and Neteller.

 

Unrealistic demo spreads

When we tested the broker’s MT4 in demo mode, we found the benchmark EUR/USD spread floating around 0.4 pips, and no commission whatsoever applied.

 

 

 

Click on the image to zoom in.

 

Trading costs that low are just too good to be true. We suppose that the spreads on live accounts are higher, or commission applies. Yet another possible explanation is that this broker is simply a scam.




>> Compare the spreads of the best brokers in real time <<

 

 

 

Conclusion

 

Scala Markets (SCLM)  is a Ukrainian forex broker that falsely claims to be licensed in Australia, which inclines us to suspect that it might be one of the many scams on financial markets. Although we listed a couple of possible benefits of this provider, they are definitely of lesser importance when compared to the disadvantages. First of all, the website of Scala Markets lacks essential information like the name of the company behind the brand, and second, the broker makes false claims of regulation, which is typical of con-artists.

 

Considering how many scammers are operating on the forex and cryptocurrency market, you’d better not risk it with shady brokers like Scala Markets. As always in such cases, our best advice for investors is to trade only with brokers holding legit licenses granted by reputable financial authorities such as UK’s Financial Conduct Authority (FCA) in Europe or the Australian Securities and Investments Commission (ASIC) in Australia.

 

 

>> Check out the top-rated Australian brokers <<

 

 

Here are, in a nutshell, the pros and cons regarding Scala Markets:

 

Pros Cons
MT4 available False claims of regulation
Good variety of assets, high leverage ratios No clarity on initial deposit required, payment methods
  Unrealistic demo spreads

 

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Traders` reviews for Scala Markets (SCLM)

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