Updated on March 6, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Turnkey Forex due to the issues we've identified.
Is Turnkey Forex Scam or Legit Broker? ▲
Turnkey Forex has raised concerns due to its offshore registration and the minimal regulatory oversight it operates under. Turnkey Forex, operating under Turnkey Forex Limited, has chosen Mauritius for its headquarters—a choice that signals potential risk due to the ease of setting up brokerage firms in this jurisdiction. The process in Mauritius is notably straightforward, necessitating only an online application, proof of initial capital, fee payments, and a brief waiting period of 2-3 months for registration completion. This lax regulatory environment has unfortunately made Mauritius a haven for less scrupulous Forex brokers. Offering trading opportunities on an STP/ECN execution model across numerous financial instruments, Turnkey Forex's operational model is not enough to mitigate the inherent risks associated with its offshore status.
Turnkey Forex positions itself as a technology-forward brokerage, offering trading in 85 currency pairs, as well as CFDs on commodities, ETFs, indices, and shares through an STP/ECN model. The broker touts its commitment to providing advanced trading tools, including API trading, robot trading, and VPS hosting, all aimed at enhancing trading outcomes. Despite these offerings, and its claims of customer-centric service and competitive trading costs, Turnkey Forex's offshore status and self-regulatory nature prompt significant concerns. Typically targeting clients outside of the UK, such brokers often masquerade as reliable entities, yet the reality suggests investors may face considerable risk to their funds.
Overall Turnkey Forex Ranking ▲
Given the concerns surrounding safety and regulation unearthed in our investigation, Turnkey Forex does not receive a favorable assessment. Our exhaustive comparison, involving over 1000 other brokers, positions Turnkey Forex with a ranking of 2.0 out of 5. This evaluation is grounded in our expert opinion, derived from more than two decades of Forex trading experience.
Turnkey Forex Deposits and Withdrawals ▲
Fees and Commissions
Turnkey Forex operates with relatively transparent fee structures for its account types, yet the offshore nature of the broker may introduce hidden fees or charges not immediately apparent to traders.
Turnkey Forex presents traders with two principal account types: ECN and STP. While sharing many similarities, a distinguishing factor is the incorporation of commission charges in the STP account's spreads, as opposed to the ECN account which offers raw spreads with a nominal commission of $2.0 per lot. The minimum deposit requirement for opening either account stands at $10, with both offering leverage up to 1:500. This structure suggests an attempt to cater to a wide range of trading strategies and preferences, though the benefits may be overshadowed by regulatory concerns.
Our comprehensive review leads us to advise traders and investors to steer clear of Turnkey Forex. The broker's lack of rigorous regulation, combined with its offshore status, significantly elevates the risk to capital and undermines the integrity of the trading experience. Investors are better served by opting for brokers under the stringent oversight of reputable regulatory bodies, ensuring not only the safety of their funds but also a more reliable trading environment. In light of these considerations, our recommendation is to prioritize safety and regulation by choosing more established and compliant brokerage firms over Turnkey Forex.
Pros
Offers trading on an STP/ECN model
Claims to provide advanced trading tools and services
Cons
Offshore registration and minimal regulatory oversight
Lack of transparency regarding fees and potential hidden charges
Elevated risk due to the selfregulatory nature of the broker
Claims of customercentric services are overshadowed by regulatory concerns
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Turnkey Forex Review 2024
