Traders do not have it easy with the choice of a variety of different brokers who seem to offer the same but are yet very different. It is a paradox that only traders can understand who have had different experiences with different brokers. At first, they all seem to offer the same, but yet traders only get to know a broker once they traded with one for a significant amount of time. The platforms, accounts, options, etc. all sound the same to inexperienced traders, but some brokers only hide behind the curtain of bug words and do not offer remotely what they advertise. Demo accounts are a good start to test the broker, but still, the true face of the broker will show after you have made your first profits and request for withdrawal. This review will give you an insight into the dealings of Skopalino, a Forex broker who has not been around for long but seems to be on the right track. Let us check out the broker in our Skopalino review below.
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General Info
Skopalino Finance, like many fresh brokers, is an STP Forex brokers and relies on the strict belief of not interfering in the trades between the traders and liquidity providers. They take a neutral stand and assume the role of the intermediary to avoid any conflict of interest with traders, just like the definition of STP brokers states. This broker is licensed with CySEC and plays by the rules of the strict regulator. CySEC’s role grew stronger in the last 12 years since Cyprus joined the EU and had to adjust its policies and regulation to the MiFD directive. Now, CySEC is one of the biggest advocates of this EU Directive which dictates the rules of behavior in capital markets. Skopalino did not only limit itself to Cyprus but expanded its business to Germany, Poland, Hungary, UK, Sweden, and Romania. We see that the broker operates in some of the best-regulated EU countries and complies with their specific national laws.
Platforms
As with the majority of the brokers, you get to enjoy Meta Trader with Skopalino as well. Traders get easily used to the convenient features of the MT4 which offers basic and specific options. The inexperienced traders are assisted by automated tools and the pre-set parameters, while experienced traders and professionals customize the settings according to their preferences. This indicates that the MT4 is suitable for all categories of traders. If you cannot resist trading on the go, download the Skopalino mobile app to your iPhones and Android devices or tablets, and gain unlimited access to your account anytime you want. Mobile trading has changed the Forex industry to some extent by increasing trading activity due to instant access. Just make sure that your Internet connection works properly, and you are all set.
Account Types
The Skopalino company offers only one universal account to its traders. It as an ECN account offering direct access to the best prices and quotes with no dealing desk. Skopalino is not a market maker and does not directly dictate the trading conditions for traders. ECN brokers get their share form the spreads and commissions so that they do not depend on traders’ outcomes. Traders can win or lose; the broker will get its share anyways. This sounds like the perfect Forex solution, but not all people can afford ECN since it can be very costly with requirements of large deposits and big trade sizes. The Skopalino Account requires a $500 minimum deposit ad offers floating spreads. Leverage is 1:100 which is pretty standard for an ECN account. The commission of this broker can be considered high if we compare it to $3 to $5 commissions of other brokers. With Skopalino you have to pay a $12 commission per trade site. The account supports Expert Advisors option, but only for a limited time, e.g. traders can use robot help after they specifically ask for it, and the time limit is 10 minutes.
Skopalino Bonus
This broker does not offer a bonus policy as we know it. Forget about getting prize money for just registering or in the form of a deposit return, but focus on gathering clients for the broker, and it will pay off. The broker cordially invites everyone to become their associate, and as their associate, you will be accredited a significant commission which is based on the number of people you convince to sign up with Skopalino. The idea sounds interesting, and if you have good persuading skills than use them to earn some extra cash.
Funding Options
The broker accepts only a limited number of payment methods, probably because of security reasons and because the broker does not trust every source, but still, e-wallets have proved to be a safe way of transactions, so we would like to see the broker expand its payment methods. The accepted methods are:
- Bank wire
- Internal transfers
- Skrill
The broker tries to handle the withdrawal requests as fast as possible, and there is no withdrawal fee on the part of the broker.
Customer Support
The support team is bilingual (English and Russian) and is available 24/5 for traders who have questions regarding general and specific information. Contact the support team via phone, e-mail, and live chat. The broker’s website looks a little bit confusing so you can call the support if you do not find what you need on the website.