Exclusive: Scope Markets Officially Launches in Kenya
- The FX and CFD broker is the second to secure a licence in Kenya.
Scope Markets, a global online trading provider, announced this Tuesday that it has officially launched its trading operations in Kenya, and already has 1,000 client accounts open.
The company’s entity in Kenya is SCFM Limited, with the trading name of Scope Markets. The company is a non-dealing online foreign exchange ( Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term) broker and is licensed by the Capital Markets Authority (CMA), Kenya’s government regulator for the FX space.
Speaking to Finance Magnates, Jacob Plattner, the CEO of Scope Markets, said: "At Scope, our strategy has been to take our institutional heritage to the retail market. In order to do that we had to identify some key markets to penetrate in a meaningful way. We have been looking at Africa for a number of years and we identified Kenya as a place where we could build our hub for Africa..."
"We believe that Scope Markets will be the number one online broker in Kenya and soon thereafter Africa. This will help us achieve our ultimate goal of becoming one of the best retail and institutional broker worldwide."
Plattner said that Kenya has a number of attributes that are important for both retail traders and institutions. Namely, the country has an educated and young workforce, and the country heavily regulates online trading through the CMA.
"A local regulator that understands the product and how to regulate it locally is key in building trust for our clients. This really aligns us to what we feel is needed in order to grow a successful online trading business. Finally, the Kenyan economy is growing rapidly and much of the population is online," he added
Scope Markets wants to lead the online FX space
SCFM is a fully owned subsidiary of SM Capital Markets Limited, which is a company registered in Cyprus. SM Capital Markets is part of the larger Scope Markets group.
“We want to lead the way in the online forex trading space as an income generating scheme and a means of job creation for the youth in the digital economy,” added Kevin Ng’ang’a, the CEO of Scope Markets Kenya.
“We need to give Kenyans and Africans in general, a safe, secure and regulated platform that they can relate to and easily walk up to and carry out online forex trading. The biggest gap in the trading space is the lack of information, and we as Scope Markets are dedicated to closing this gap through training and capacity building through mentorship.”
Scope Markets expands further into emerging markets
Scope Markets is the second brokerage to secure a non-dealing online forex broker license from the CMA under the new regulations. The forex and contracts for difference (CFD) broker has been actively trying to expand its presence in emerging markets in recent months. The firm’s launch in Kenya appears to be another step along that journey.
As Finance Magnates reported, EGM Securities, Equiti Group's local subsidiary was the first forex broker to receive a license from the CMA back in April of last year and commenced offering its services in the country in the following month.
Scope Markets, a global online trading provider, announced this Tuesday that it has officially launched its trading operations in Kenya, and already has 1,000 client accounts open.
The company’s entity in Kenya is SCFM Limited, with the trading name of Scope Markets. The company is a non-dealing online foreign exchange ( Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term) broker and is licensed by the Capital Markets Authority (CMA), Kenya’s government regulator for the FX space.
Speaking to Finance Magnates, Jacob Plattner, the CEO of Scope Markets, said: "At Scope, our strategy has been to take our institutional heritage to the retail market. In order to do that we had to identify some key markets to penetrate in a meaningful way. We have been looking at Africa for a number of years and we identified Kenya as a place where we could build our hub for Africa..."
"We believe that Scope Markets will be the number one online broker in Kenya and soon thereafter Africa. This will help us achieve our ultimate goal of becoming one of the best retail and institutional broker worldwide."
Plattner said that Kenya has a number of attributes that are important for both retail traders and institutions. Namely, the country has an educated and young workforce, and the country heavily regulates online trading through the CMA.
"A local regulator that understands the product and how to regulate it locally is key in building trust for our clients. This really aligns us to what we feel is needed in order to grow a successful online trading business. Finally, the Kenyan economy is growing rapidly and much of the population is online," he added
Scope Markets wants to lead the online FX space
SCFM is a fully owned subsidiary of SM Capital Markets Limited, which is a company registered in Cyprus. SM Capital Markets is part of the larger Scope Markets group.
“We want to lead the way in the online forex trading space as an income generating scheme and a means of job creation for the youth in the digital economy,” added Kevin Ng’ang’a, the CEO of Scope Markets Kenya.
“We need to give Kenyans and Africans in general, a safe, secure and regulated platform that they can relate to and easily walk up to and carry out online forex trading. The biggest gap in the trading space is the lack of information, and we as Scope Markets are dedicated to closing this gap through training and capacity building through mentorship.”
Scope Markets expands further into emerging markets
Scope Markets is the second brokerage to secure a non-dealing online forex broker license from the CMA under the new regulations. The forex and contracts for difference (CFD) broker has been actively trying to expand its presence in emerging markets in recent months. The firm’s launch in Kenya appears to be another step along that journey.
As Finance Magnates reported, EGM Securities, Equiti Group's local subsidiary was the first forex broker to receive a license from the CMA back in April of last year and commenced offering its services in the country in the following month.