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Contract reading

What Scandinavian Capital Markets legally published, but does not want you to read

Every clause below is published by Scandinavian Capital Markets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Scandinavian Capital Markets SCM AB

sole discretionmarketing gaphidden feecomplaint windowdeemed acceptanceentity splitforum waivergeneral liengoverning lawmissing document

Scandinavian Capital Markets gives you one day to challenge anything on your statement. After that the contract treats your silence as agreement. Your money can be pledged, lent out and pooled. Profit from any trade you open and close inside 120 seconds can be cancelled. Two companies under two laws issue the two contracts, and neither explains how a withdrawal works.

Back to Scandinavian Capital Markets

Contract risk

Money at risk
7.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
17
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
8
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 17 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning10
Notice1

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical1 daysTime to complain. Jump to the clause this comes from.One day to challenge a statement, then silence counts as agreementCritical120Profit at risk. Jump to the clause this comes from.Profit from trades under 120 seconds can be cancelledCritical2In the contract. Jump to the clause this comes from.Two companies, two laws, and your account can be handed on$20Fee on an unused account. Jump to the clause this comes from.A $20 monthly charge on a quiet account, taken without notice

What the documents say

17 clauses worth knowing about, worst first, each quoted from Scandinavian Capital Markets's own files

01

You get one day to object in writing to a trade confirmation or a statement. Miss it and the numbers are final and binding on you. A discrepancy on a statement has an even shorter clock: 24 hours.

Why this matters

A wrong fill, a missing trade or a fee you never agreed to becomes permanent one day after it is posted online. Your objection has to be delivered or sent by registered mail, so an email after the weekend is already late.

Exhibit 1CriticalRarely seen1 days

Reports of the confirmation of orders and statements of accounts for Trader shall be deemed correct and shall be conclusive and binding upon Trader if not objected to immediately upon receipt and confirmed in writing within one (1) Day after transmittal to Trader by position on the internet, or otherwise.
Clause Statement and Confirmation in Contracts for Difference Terms and Conditions and Trader Agreement
Read from the broker's site on Archived copyOpen the reference
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026One day to challenge a statement, then silence counts as agreement (clause Statement and Confirmation)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must run a published complaints procedure for retail clients and point them to an independent scheme, with weeks rather than days to raise the matter. This contract makes the statement conclusive after one day and names no outside scheme.

Scandinavian Capital Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingObjection windows in retail trading contracts are normally counted in weeks, and most firms take a complaint about a trade months later. One day, with delivery by registered mail, leaves almost nothing for a client who checks an account weekly.

  • Worse together with Exhibit 6The company can adjust your balance for a quoting error and judge the dispute itself, and you have one day to object.
02

You grant the company the right to pledge, re-pledge, invest or loan your money and property, to itself or to others, alongside other clients' property. It can also move funds between your accounts at any time without telling you. Every client account is a sub-account of one company account.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

Money you deposited to trade with can become the firm's own collateral and be lent to someone else. Its own risk disclosure says that if the company fails, your claim ranks with the general creditors.

Exhibit 2CriticalRarely seen

Trader hereby also grants the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of the other Traders, to itself as a broker or to others, any securities or other property of Trader held by the Company as margin or security.
Clause Collateral and Lending Agreement in Spot Foreign Exchange Terms and Conditions and Trader Agreement
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026Your deposit can be pledged, lent out and pooled (clause Collateral and Lending Agreement)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ASIC (Australia)

Firms licensed by the FCA, CySEC or ASIC must hold retail client money in segregated accounts and cannot take a general lien over it or lend it out as their own. This contract takes the opposite position and states that all client accounts run through one company account.

Scandinavian Capital Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingA lending and re-pledging right over client assets belongs to prime brokerage, where the counterparty is an institution that negotiated it. Pointed at a retail balance it turns your deposit into the firm's working capital.

  • Worse together with Exhibit 15Your money can be pledged and pooled, and no published document says how you get it back out.
03

Any order you open and close within 120 seconds counts as scalping, and the company can cancel or reverse the profit from it at its sole discretion. You also promise not to trade for arbitrage, which the contract never defines.

Why this matters

A two minute winner can be taken back off your balance days later, and nothing requires the company to prove a pattern or give a reason. The execution page that sells sub-12ms speed never mentions the limit.

Exhibit 3CriticalHarder than usual120

Scalping is defined as any order opened and closed within 120 seconds (2 minutes). the Company reserves the right, at its sole discretion, to cancel or reverse any profits gained through Scalping.
Clause Trader Representations and Warranties in Contracts for Difference Terms and Conditions and Trader Agreement
Read from the broker's site on Archived copyOpen the reference
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026The claim, on Execution page, infrastructure section, above a badge reading NY4 CONNECTEDVisit this page on the broker's siteDownload the full size image file
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026What the contract says, clause Trader Representations and WarrantiesVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must execute a retail client's orders on consistent terms and cannot rewrite the outcome of a completed trade at will. This contract reverses the profit on any trade closed inside two minutes, at its own discretion.

Scandinavian Capital Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 9The same contract cancels profit from a fast trade and lets the company refuse an order sent by an automated system.
04

The CFD contract is with a Mauritius company and the Spot Forex contract with a Swedish one, under two different governing laws. Both let the company transfer and assign your account to an affiliate or any other legal entity, while you need its written consent to assign yours.

Why this matters

Which company owes you your balance depends on which product you traded, and it can change hands without your agreement. If you ever have to chase the money, the documents give two answers about who and where.

Exhibit 5CriticalHarder than usual2

This is a legal contract between Scandinavian Capital Markets the Company AB ("the Company"), incorporated under the laws of Sweden, its successors and assigns, and the party (or parties) executing this document.
Clause Trader Agreement in Spot Foreign Exchange Terms and Conditions and Trader Agreement
Downloaded from the broker's site on Archived copyOpen the reference
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026Two companies, two laws, and your account can be handed on (clause Trader Agreement)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 7You cannot tell which company you contracted with, and that company then picks the courtroom.
05

After 12 months without trading, your account is charged $20 every month, and the company reserves the right to take it without telling you. The pricing page lists the trading costs and never mentions this charge.

Why this matters

An account you left alone with a small balance drains at $20 a month, and you find out when you log in. The amount follows the account currency, so it is $20, EUR 20 or GBP 20.

Exhibit 4WarningHarder than usual$20

If the Trader's account is inactive for a period of 12 consecutive months, there will be a rolling monthly charge of USD/EUR/GBP 20. The Company reserves the right to deduct the fee without notifying Trader.
Clause Charges in Contracts for Difference Terms and Conditions and Trader Agreement
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Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026A $20 monthly charge on a quiet account, taken without notice (clause Charges)Visit this page on the broker's siteDownload the full size image file

What it costsA dormant account holding $1,000 pays $240 over a year of these charges. That is 24% of the balance for doing nothing.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Month 12Twelve consecutive months without trading make the account inactive.Charges
Every month afterA rolling $20 monthly charge applies, and the company can deduct it without notifying you.Charges

A trade closed in 120 seconds is a trade the company can reverse

120 seconds is the line: any order Scandinavian Capital Markets says you opened and closed inside it counts as scalping, and the profit can be cancelled at its sole discretion. The company can also make corrections or adjustments to your account for what it calls a quoting or execution error, and it resolves any dispute about that itself.

Profit at risk1 clause flagged

When the company calls a price or a fill an error, it can make corrections or adjustments to your account, and it says the list of things that count as an error is not exhaustive. Any dispute about that is resolved by the company in its sole and absolute discretion.

Why this matters

A trade you closed in profit can be repriced or removed, and the only judge of whether that was fair is the company that did it. You also agree to cover its losses and costs if you push back.

Exhibit 6CriticalHarder than usual

The foregoing list is not meant to be exhaustive and in the event of a quoting or execution error, the Company reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting or execution errors will be resolved by the Company in its sole and absolute discretion.
Clause Quoting and Execution Errors in Contracts for Difference Terms and Conditions and Trader Agreement
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Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026The company corrects your account and judges the dispute itself (clause Quoting and Execution Errors)Visit this page on the broker's siteDownload the full size image file

Two companies issue the contracts and one of them picks the court

Two agreements, two companies, two governing laws: the CFD contract is Mauritius, the Spot Forex contract is Sweden. Any case is heard wherever Scandinavian Capital Markets selects, in its sole discretion, and you waive every objection to that venue in advance. Both agreements also let the company assign your account to another legal entity.

Counterparty and forum1 clause flagged

Any case between you and the company is heard in a geographical location the company selects, in its sole discretion. You agree to that venue in advance and give up any right to object to it or move the case.

Why this matters

A claim worth a few thousand dollars can be sent to a court on another continent, and you signed away the argument that the venue is unreasonable. Turning up usually costs more than the balance in dispute.

Exhibit 7CriticalRarely seen

Any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby, whether brought by Trader or the Company, shall be held, within geographical location the Company selects, in its sole discretion.
Clause Consent to Jurisdiction and Venue (a) in Contracts for Difference Terms and Conditions and Trader Agreement
Read from the broker's site on Archived copyOpen the reference
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026The company picks the courtroom and you waive objections (clause Consent to Jurisdiction and Venue (a))Visit this page on the broker's siteDownload the full size image file

Our readingMost contracts name a fixed court and country, which at least lets you price the risk before depositing. Leaving the venue to be chosen later, by the other side, means you cannot know where a dispute will be heard until it is.

Zero rejection delays sits next to a right to refuse any order

Zero rejection delays and instantaneous fills are what the Scandinavian Capital Markets execution page promises. Both trading agreements reserve the right to refuse to accept any order, and to refuse execution requests sent by an automated trading system. Neither sets a test the company must meet before refusing.

Promise against clause1 clause flagged

The execution page promises orders filled instantaneously at market price with zero rejection delays. Both agreements reserve the right to refuse to accept any order, and to refuse execution requests sent through an automated trading system.

Why this matters

If you trade with an expert advisor, the contract lets the company turn your orders away while the marketing page says nothing is ever rejected. Neither document sets a test the company must meet before refusing.

Exhibit 9WarningHarder than usual

The Company reserves the right to refuse to accept any order or guarantee a market in which to offset.
Clause Margins and Deposit Requirements in Contracts for Difference Terms and Conditions and Trader Agreement
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Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026The claim, on Execution page, section headed Execution without interferenceVisit this page on the broker's siteDownload the full size image file
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026What the contract says, clause Margins and Deposit RequirementsVisit this page on the broker's siteDownload the full size image file

The price list is not the price you are held to

Scandinavian Capital Markets can change any commission, charge or fee without notice and take it straight from your account. Its pricing page marks funding as free, with 1% on every withdrawal after the second in a month. The contract adds that quoted prices exclude markups, and that an introducing broker's pay can sit on top of your spread.

Cost disclosure2 clauses flagged

The company can change its commission, charges and fees without notice, and you authorise it to take any charge straight out of your account. A fee to move your money or positions to another institution is set by the company, with no amount named.

In plain words

Remuneration means payments it receives.

Why this matters

The price you agreed to is not the price you keep, and the deduction arrives with no statement explaining it. If an introducing broker brought you in, the contract says you may pay a markup above the ordinary spread.

Exhibit 11WarningHarder than usual

The Company may change its commission, charges, and/or fees without notice.
Clause Charges in Contracts for Difference Terms and Conditions and Trader Agreement
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before that client trades, including anything paid to a third party for the introduction. This contract reserves the right to change any fee without notice.

Scandinavian Capital Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The pricing page marks funding fees as free, and the asterisk under it charges 1% on every withdrawal after the second in a month. Neither trading agreement mentions withdrawals or this fee at all.

Why this matters

Take your money out in three parts and the third costs 1%, which is $50 on a $5,000 withdrawal. The only place that number appears is a footnote on a page the company can rewrite whenever it likes.

Exhibit 12WarningHarder than usual1%

*Up to two withdrawals per month. Above two withdrawals a fee of 1% applies.
Clause Funding & Services in Pricing
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Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026The claim, on Pricing page, Funding & Services table, footnote under a row reading Funding Fees FreeVisit this page on the broker's siteDownload the full size image file
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026What the contract says, clause ChargesVisit this page on the broker's siteDownload the full size image file

What it costsA third withdrawal of $5,000 in the same month costs $50. A fourth of the same size costs another $50.

Nothing published says how you take your money out

Three documents make up the Scandinavian Capital Markets legal shelf, and none sets a withdrawal timeline, method or minimum. There are no payment terms at all. What the agreements do set out is a general lien over your funds and the right to hold them against anything you owe.

Getting paid1 clause flagged

The legal shelf holds three documents: the Spot Forex agreement, the CFD agreement and the platform migration terms. None sets a withdrawal timeline, method, minimum or right to be paid, and there are no payment terms to read.

Why this matters

Nothing you can point to says how long the company has to pay you, or on what grounds it may hold your money. What the contract does say is that it has a general lien over your funds.

Exhibit 15WarningHarder than usual

Please review our trading terms, conditions, and platform agreements below.
Clause Legal Documents in Legal Documents
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Your deposit is collateral the company can lend

Scandinavian Capital Markets can pledge, re-pledge, invest or loan your money and property, pooled with other clients', and move funds between your accounts without notice. Every client account is a sub-account of one company account. The terms can also change at any time, with or without notice, by a posting on the website.

Control of your money3 clauses flagged

The restricted jurisdictions page bars 31 countries and regions, including Brazil and Pakistan. The footer on every legal page bars a different set: it names Malaysia, which the restricted page leaves out, and never mentions Brazil or Pakistan.

Why this matters

If you live in Malaysia, Brazil or Pakistan, the broker's own pages disagree about whether you may open an account. The company also rejects any applicant with no explanation, so an account opened on the wrong list can be closed later.

Exhibit 13WarningHarder than usual

Due to legal and regulatory requirements, Scandinavian Capital Markets is unable to open accounts or provide services to residents or citizens of the following jurisdictions.
Clause Excluded countries & regions in Restricted Jurisdictions
Read from the broker's site on Open the reference
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026The claim, on Restricted Jurisdictions page, above a list of 31 entries that names Brazil and Pakistan and does not name MalaysiaVisit this page on the broker's siteDownload the full size image file
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026What the contract says, clause Company disclaimer, page footerVisit this page on the broker's siteDownload the full size image file

One clause lets the company change the terms at any time, with or without notice, by posting the change on its website. Another clause in the same agreement says nothing can be amended unless it is in writing and signed by both you and an officer of the company.

Why this matters

You are bound by a version you were never sent, and the company keeps the paperwork that says which version applies. Watching the website for silent edits is presented as your job.

Exhibit 14WarningHarder than usual

The Company reserves the right to change the terms and conditions of this Agreement from time to time, and at any time, with or without notice to Trader, by posting such changes on the Company website.
Clause Modifications to the Agreement in Contracts for Difference Terms and Conditions and Trader Agreement
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The migration tool moves your balance and open positions to MetaTrader 5 and cannot be reversed once started. Limit and stop orders do not come across, so you have to recreate them, and the company disclaims any loss while you do.

Why this matters

A stop or limit order you used as a hedge disappears while the leveraged position it protected carries on. The company is also not obliged to give you your old trading history once the server is switched off.

Exhibit 16WarningHarder than usual

Pending Orders: Limit and Stop orders will not be transferred. The Client must manually recreate these in the MT5 terminal.
Clause 3. Scope of Migration in MT4 to MT5 Automated Migration Tool, Terms & Conditions
Read from the broker's site on Open the reference
  • Worse together with Exhibit 1Your old records need not be kept, and a statement becomes binding one day after it is posted.

One day to object, then arbitration the company can pick

One day is all you get to object in writing to a Scandinavian Capital Markets statement or confirmation, and 24 hours for a discrepancy. After that the numbers are conclusive and binding on you. Every dispute then goes to arbitration, and if you do not choose a forum within ten business days the company chooses it.

Exit from a dispute1 clause flagged

Every dispute goes to arbitration, and the agreement says you may be giving up your right to sue in a court of law. You have ten business days to choose a forum from a list the company sends. Miss it and the company chooses for you.

Why this matters

Your complaint can end in front of a body the other side selected, after 45 business days of internal handling. No independent ombudsman or compensation scheme is named anywhere in the documents.

Exhibit 8WarningHarder than usual45 working days

Within ten (10) business days of notice by either party of intent to file a claim, the Company will provide Trader with a list of organizations whose procedures qualify them to conduct arbitration. Failure to select an organization gives the Company the right to select an organization.
Clause Arbitration in Contracts for Difference Terms and Conditions and Trader Agreement
Read from the broker's site on Archived copyOpen the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
10 business daysThe company acknowledges your written complaint and responds.Dispute Resolution
45 business daysThe company aims to have resolved the complaint.Dispute Resolution
10 business days after an arbitration noticeIf you have not selected an arbitration organisation, the company selects it.Arbitration

The broker may be the one taking your trade

Every page calls Scandinavian Capital Markets an STP-ECN broker, and the contract allows it to act as the direct counterparty to your trades. You consent in advance to its own staff or associates being the opposing principal. No conflicts of interest policy is published on the site.

Whose side1 clause flagged

The company may act as the direct counterparty to your trades, and you consent in advance to its own staff, an associate or the company itself being the opposing principal. Every page of the site calls it an STP-ECN broker.

Why this matters

When the firm is on the other side, your loss is its gain, and it says it neither offers nor guarantees a market to close out of. No conflicts of interest policy is published anywhere on the site.

Exhibit 10WarningStandard wording

The Company may function as a direct counterparty to Traders in some currency transactions. The Company neither offers the right to offset, nor guarantees a market in which to offset, transactions it effects as counterparty.
Clause Off-exchange transactions in Contracts for Difference Terms and Conditions and Trader Agreement
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Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026The claim, on Footer line repeated on every page of the site, including the legal pagesVisit this page on the broker's siteDownload the full size image file
Our own capture of scandinavianmarkets.com, taken on Sep 21, 2026What the contract says, clause Off-exchange transactionsVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must identify conflicts of interest, publish a policy on them and disclose dealing on their own account against a client. This company discloses the conflict inside a 70,000 character agreement and publishes no policy.

Scandinavian Capital Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

A Stockholm address, a Mauritius licence, and four missing policies

Scandinavian Capital Markets SCM AB is registered with Finansinspektionen in Sweden under number 80438, limited to the services that registration covers, and the products you buy are issued by a Mauritius company holding Investment Dealer licence GB24203561. The legal shelf carries no conflicts policy, no best execution policy, no complaints policy and no statement that client money is segregated.

Who is answerable1 clause flagged

The website says the Swedish company has been registered with Finansinspektionen since 2012 under number 80438, limited to the services that registration covers, and that the Mauritius company holds Investment Dealer licence GB24203561. The products on the site are issued by the Mauritius company.

Why this matters

A Mauritius licence decides what you can do if something goes wrong, whatever the Stockholm address on the page suggests. No document says your money is segregated, and no compensation scheme is named.

Exhibit 17NoticeStandard wording

Scandinavian Capital Markets SCM AB has been registered in Sweden with the Financial Supervisory Authority (Finansinspektionen) since 2012, under registration number 80438. It conducts a financial services business in Sweden, limited to providing the financial services covered by its registration with the Swedish Finansinspektionen.
Clause Company in Legal Documents
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must publish a conflicts of interest policy, a best execution policy, a complaints procedure pointing to an independent scheme, and a statement of how client money is held. This legal shelf carries none of those four.

Scandinavian Capital Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page sells millisecond execution while the contract takes back the profit on any trade closed inside two minutes.

Said in public, in English

Engineered for high-frequency precision. We stripped away every millisecond of latency between you and the market.

Execution page, infrastructure section, above a badge reading NY4 CONNECTED

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

In the contract · clause Trader Representations and Warranties

Scalping is defined as any order opened and closed within 120 seconds (2 minutes). the Company reserves the right, at its sole discretion, to cancel or reverse any profits gained through Scalping.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

02

Zero rejection is promised on the execution page and the agreement reserves the right to refuse any order at all.

Said in public, in English

A pure Non-Dealing Desk (NDD) model. Our "No Last Look" liquidity venues mean your orders are filled instantaneously at market price, with zero rejection delays.

Execution page, section headed Execution without interference

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

In the contract · clause Margins and Deposit Requirements

The Company reserves the right to refuse to accept any order or guarantee a market in which to offset.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

03

Every page calls the firm an STP-ECN broker while the contract lets it be the direct counterparty to your trade.

Said in public, in English

Scandinavian Capital Markets is a STP-ECN forex broker.

Footer line repeated on every page of the site, including the legal pages

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

In the contract · clause Off-exchange transactions

The Company may function as a direct counterparty to Traders in some currency transactions. The Company neither offers the right to offset, nor guarantees a market in which to offset, transactions it effects as counterparty.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

04

Funding is marked free with a 1% withdrawal fee in the footnote, and the contract lets the company change any fee without notice.

Said in public, in English

*Up to two withdrawals per month. Above two withdrawals a fee of 1% applies.

Pricing page, Funding & Services table, footnote under a row reading Funding Fees Free

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

In the contract · clause Charges

The Company may change its commission, charges, and/or fees without notice.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

05

The compliance page and the legal footer publish different country lists, disagreeing over Malaysia, Brazil and Pakistan.

Said in public, in English

Due to legal and regulatory requirements, Scandinavian Capital Markets is unable to open accounts or provide services to residents or citizens of the following jurisdictions.

Restricted Jurisdictions page, above a list of 31 entries that names Brazil and Pakistan and does not name Malaysia

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

In the contract · clause Company disclaimer, page footer

Scandinavian Capital Markets does not accept clients from the USA, European Union (EU), Afghanistan, Belarus, Burma, Burundi, Central African Republic, Congo, Cuba, Guinea, Guinea-Bissau, Iraq, Iran, Indonesia, Lebanon, Libya, Malaysia, Mali, Moldova, Nicaragua, North Korea, Russia, Somalia, Sudan, South Sudan, Syria, Vanuatu, Venezuela, Yemen, and Zimbabwe.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of scandinavianmarkets.com

What changed quietly

This is our first reading of Scandinavian Capital Markets, so there is nothing of ours to compare it against. The broker's own execution page has changed since March: the question "Do you charge inactivity, deposit, or withdrawal fees?" is gone from it, while the $20 monthly inactivity charge is still in both trading agreements.

  • REMOVEDClause Execution FAQs · 2026-03-10 to 2026-09-21

    The execution page no longer asks about inactivity, deposit and withdrawal fees, while the $20 monthly inactivity charge stays in both agreements.

  • REMOVEDClause Execution FAQs · 2026-03-10 to 2026-09-21

    The question about restricted strategies has gone from the execution page, and the 120 second scalping clause is still in force.

  • REWRITTENClause Pricing · 2026-03-10 to 2026-09-21

    Three plans, one of them at $0 per lot with a 10 lot monthly threshold, became a single account type with a $250 minimum.

    One unique account type for professional and retail traders.

  • REMOVEDClause Contact Us · 2025-12-31 to 2026-09-21

    The published address for privacy questions and deletion requests is gone, replaced by a link, so the route to ask for your data back is less direct.

The documents this reading is based on

8 files, all published by Scandinavian Capital Markets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Scandinavian Capital Markets publishes.

How this reading was done

Every clause above was read out of a document Scandinavian Capital Markets publishes itself

This reading was published on .

Documents
7 of 8downloaded from the broker's site, and 7 read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded
Marketing pages
6public pages set against what the contract says

Who the contract is with

Scandinavian Capital Markets SCM AB

Two companies publish two contracts here. The CFD agreement names Scandinavian Capital Markets, incorporated under the laws of Mauritius. The Spot Forex agreement names Scandinavian Capital Markets the Company AB, incorporated under the laws of Sweden. The website says the products are issued by the Mauritius company, a fully owned subsidiary of Scandinavian Capital Markets SCM AB, and that the Swedish parent's registration covers only the services that registration names. Which company holds your money depends on which product you trade, and both agreements let the company assign your account to another legal entity without asking you.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

The complaint process carries real deadlines: a reply within 10 business days and resolution aimed at 45. The risk disclosures are long and blunt, and they say plainly that your claim ranks with the general creditors if the firm fails. Both trading agreements sit on the public site with no login and no download. We found no bonus or deposit promotion, so none of the turnover locks that come with one appear in the contract.

One address linked as terms, scandinavianmarkets.com/terms, does not open a page. There is no separate client agreement, no payment terms, no conflicts of interest policy and no complaints policy to read, so nothing on withdrawals or order handling could be checked anywhere else. We read the CFD agreement end to end on the broker's own page. For the Spot Forex agreement we read everything except its closing sections word for word, and every quotation credited to it comes from the part we read that way. The CFD agreement is not identical to the May copy, and the difference sits in the part of the older copy we could not set side by side, so we do not report what moved. The second domain on record, scandinavianmarkets.asia, serves nothing, so there was no other language site to hold against the English contract.

How to check any of this yourself

Every quote above links to the Scandinavian Capital Markets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Scandinavian Capital Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Scandinavian Capital Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 21, 2026.

If you represent Scandinavian Capital Markets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Scandinavian Capital Markets. Whether its licence is real and current is a separate check on the broker profile.

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