Skopalino Finance Review
When it comes to choosing a broker to handle your trading deals, there are so many to choose from, each offering their own individual services, it can be quite a nightmare. Market makers, no dealing desk brokers, ECN brokers, as well as STP brokers. The one we’ll be discussing here is going to be a straight through processing broker. And if this is the kind you are looking for then keep reading our Skopalino Finance review.
Skopalino Finance is a Cyprus Investment firm that is licensed and regulated by CySEC. It provides services for clients who wish to participate in the Forex, CFDs, and other over the counter markets and exchanges. Skopalino also operates in accordance with MiFID, and is a recognised financial services provider in a number of other countries, including the UK, Germany, Hungary, Poland, Sweden, and Romania.
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What instruments does Skopalino Finance offer for trading?
Skopalino Finance offers traders a number of different assets to choose for trading, including foreign currencies, spot metals, CFD indices and commodities, as well as CFD bonds. Both major and minor currency pairs can be traded, using the MT4 platform. Leverage for foreign currency trading is up to 100:1, with spreads starting as low as 1.0 pips. However, we should mention they can climb as high as 21 for minor currency pairs. Spot gold and spot silver are also trading commodities offered by Skopalino Finance, at the tightest possible spreads. Trading stock indices is also another option, and include indices from some of the major US, European, Asian, and Australian markets. CFDs are also available for commodities such as cocoa, copper, oil, sugar, coffee, and cotton.
Skopalino Finance provides access to the MetaTrader 4 trading platform
MetaTrader 4 still remains one of the most popular trading platforms available for trading the markets so many of you will be pleased to learn that Skopalino Finance offer it too. MT4 offers traders of all levels the following benefits:
- Complete management of your trading account
- More than 50 in-built trading indicators that assist in following the markets and trading patterns, as well as signals for entry and exit points
- Very user-friendly
- Effective security system
- Traders can benefit from multiple time frames
- Accessible from around the world and from any device
- Multilingual language support
This is the only trading platform available, which of course isn’t going to suit everyone’s taste.
Skopalino Finance only offers a real and a demo account
There is a standard ECN account that provides traders with the ability to trade directly with the Forex market, and no dealing desk to get in the way. The best possible prices can be given, and there is no problem with a conflict of interest, between trader and broker. All buying and selling orders are clearly displayed in an ‘open book’, as well as accessible volumes for all financial instruments. The minimum deposit is $500, with leverage of up to 100:1. Spreads are floating and there is a commission payable of $12 per lot. Expert advisors with requests are allowed, but only up to 10 per minute.
All newcomers will be pleased to learn there is a demo account, so you can experience the service and MT4 platform before risking real money.
Skopalino also offers a number of other ancillary services:
Safekeeping and administration of financial instruments – This includes custodianship and cash/collateral management
Credits or loans to investors – To enable clients to trade more than one financial instruments
Financial analysis and investment research – Includes general recommendations in relation to transactions in financial instruments
You are probably wondering whether it’s easy to fund an account. While there may not be as many methods supported as some of the other brokers we review, there is still an average selection. If you want to avoid any charges, the best way is with a bank wire. Skopalino Finance maintain bank accounts with a number of banks so you can choose the most suitable one for you. The same applies for withdrawals via bank wire. Skrill is the only e-wallet method supported, but there is a charge of 2.9%. Credit and debit cards are also permitted, but there is also a charge of 2.5%. Clients also have the option of transferring funds between trading accounts, which is bound to be useful if you have more than one active trading account.
Getting in touch is also pretty easy, with a number of different email addresses, depending on your query. There is also a telephone number, a fax number, a contact form, as well as the option to request a call back. We were a little disappointed there was no live chat option, buy maybe this is something they’re planning for the future.
Skopalino Finance haven’t been operating in the industry for as many years as some of the brokers we review, and so far there has been nothing to say they aren’t worthy of your attention. Currently there isn’t as much on offer as some of the competition, but they’ve still got plenty of time to grow.