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Skopalino Finance Review - Is it scam or safe?

Skopalino Finance Review - Is skopalino-finance.com a good forex broker or a scam?

RATING: 3 / 0 REVIEWS Skopalino Finance
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Average Spreads Trading platforms 
Standard  $500 0.1 1:100 0.5 - 0.7 pips + $12* MT4

 

 *Commission is calculated per standard lot of 100 000 base currency round turn.

 

Skopalino Finance offers its clients a single STP account type with tight variable spreads and leverage up to 1:100 on the MetaTrader 4 trading platform.

 

Unlike most brokers, this one does not provide swap-free (Islamic) accounts, nor micro tradeable lots.

 

The Company. Security of Funds

 

Founded in 2012, Skopalino Finance is a forex broker, offering trading in forex, spot metals and CFDs on stock indices, commodities and bonds through the internationally acclaimed MT4 platform. The broker claims to utilize a pure STP model and says that its liquidity provider is Sucden Financial.

 

This is the brand name of Skopalino Finance Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).

 

CySEC applies certain rules and requirements to Cyprus Investment Firms and sees to their compliance. For instance, they are required to hold at least €730,000 in order to prove their good financial standing, and to keep customer funds in segregated accounts, separated from the company’s operating funds, among others.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.

 

Additionally, every CySEC- regulated investment company is also entitled to offer cross-border services within the EU under the MiFID Passporting Regime.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with Skopalino Finance, traders have to invest a minimum of $500. Such minimum initial amount is a bit high, taking into account that some leading Cyprus-based brokers, like FXTM & XM, require less (just $5).

 

Spreads & Commissions

Skopalino Finance offers tight floating spreads, which are really tight, the typical ones amounting to around 0.6 pips.  Traders, however, are required to pay a commission of $12 (roundtrip), so average trading costs per lot amount to around 1.8 pips, which is not very attractive offer.

 

In comparison, FXTM’s average variable spreads on ECN accounts amount to 0.7 pips on EUR/USD, and charges a commission of $4 per lot round turn. For further information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by Skopalino Finance is just 1:100, while most Cyprus-based brokers offer considerably higher leverage rates - for example, XM provides leverage up to 1:888, and FXTM – up to 1:1000.

 

Nonetheless, we advise traders to be careful when operating with higher leverage, for it involves greater risk of losses, which may even exceed the initial investments. 

 

Trading Platform

 

This broker supports the standard forex market trading platform MetaTrader4 (MT4). It comes in as PC downloadable version and mobile applications for iPhone and Android.

 

MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work.

 

Keep in mind that EAs are allowed with this broker, but on the condition not to exceed 10 per 1 minute. Like most brokers, Skopalino Finance provides VPS – a virtual server that you can use for hosting your MT4 EAs, which ensures continual operation of the platform. 

 

Methods of Payment

 

In line with its strategy to offer standardized and narrow range trading conditions and to its clients, Skopalino Finance supports a small range of payment methods: credit/debit cards, bank wire transfer and e-wallet payment system Skrill.

 

 

Withdrawals requests are processed within 24 hours of the client’s request but you need to respond to any requested verification for your information.

 

Conclusion

 

Skopalino Finance is a well-regulated broker that offers online trading in forex, CFDs, as well as precious metals through the MT4. Unfortunately, according to us, this brokerage applies high commission fees. To sum up the above, here are the advantages and drawbacks with regards to Skopalino Finance:

 

Pros

Cons

Well-regulated

No choice of trading platforms & account types

STP Model

Mediocre leverage levels offered

MT4 available

Salty commission fees

Tight spreads

No micro tradeable lots

                                                                               

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Traders` reviews for Skopalino Finance

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