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Turnkey Forex is a publicly-traded site utilizing the MetaTrader platform and the Trade Station suite to offer Forex, Commodity, Shares, Indices, and ETFs. Turnkey Forex is best known for its patented customer service and competitive trading conditions.
What else do you need to know and love about Turnkey Forex and its brokerage service? Read more and explore.
Turnkey Forex Background and Safety
Turnkey started as an Investment Advisor service site catering to institutional investors in the financial markets back in 2009. It is based in London, United Kingdom and has reached almost every country from any part of the globe. As of date, Turnkey Forex has amassed more than five thousand traders across 190 countries worldwide.
Turnkey takes pride in offering tight spreads, low commissions, and great customer support to its client-centered brokerage service. When it comes to asset classes, Turnkey has also an array of options for its traders coupled with several account type options. Customer support is also a great asset of the broker as its live chat, email, and phone lines are available 24/7.
Turnkey Forex started its online trading service in 2016 after shifting from being a consulting firm to a brokerage service. The broker is registered under the name Turnkey Forex Limited. In its official site, there is no information about its affiliation with any regulatory body. Hence, Turnkey is an unregulated broker and is not complying with any regulatory standards. The risk is high when we talk about the safety of clients’ funds.
Turnkey Forex Features and Fees
Let’s now look into the goods Turnkey Forex is delivering to its clients.
Turnkey’s brokerage service offers the following instruments for its traders:
- Forex – (85 currency pairs available)
- Stock CFDs (8 options)
- Indices (11 available)
- ETFs (8 choices)
- Commodities (8 classes)
To cater to every trader’s unique trading needs, Turnkey Forex has five account types to choose from – ECN Account, STP Account, Micro Account, Swap-Free Account, and VIP Account. Let us know the features and trading conditions under each account type.
Electronic Communication Network (ECN)
The minimum deposit starts at $200 with a 0.0 pips spread. The maximum leverage can be up to 400:1 and commission fees are set at $2 for every $100,000 trade volume. This account is best for large-volume traders.
Straight Through Processing (STP)
Automated trading along with other advanced trading tools is the core of this account type. You have to deposit at least $200 to open this account which will give you from 0.2 pips and up, 200:1 maximum leverage, and zero commission fees.
Newbies can try this account type with a $5 minimum deposit. The spreads start from 0.2 pips and 200:1 maximum leverage. Commission fees apply, however, which is set at $8 for $100,000 Round Turn.
This account is designed for traders who use trading systems but are not subscribed to receiving or adjusting to swaps because of a religious belief, more commonly known as the Islamic Account. Opening this account requires $100 as an initial deposit with 1 pips for spreads, up to 200:1 leverage, and zero commission fees.
High net worth traders are into this account type that is equipped with the most favorable trading conditions, features, and market access. A hefty $25,000 is needed to sign in to this account with 0 pips for spreads, 100:1 maximum leverage, and $2 commission fee for $100,000 trade lot.
Deposit & Withdrawal
Cash deposits and third party transactions are barred by the broker. Meanwhile, withdrawal requests take two days of processing.
Here are the options for depositing and withdrawing from the client’s trading account:
- Debit & Credit Cards – Visa and MasterCard are both accepted for payments. The amount deposited through card will be the amount allowed for withdrawal.
- Bank Transfer – both accepted for deposit and withdrawal options. This method can take up to 7 days of processing time.
- Online Payment – Neteller and Skrill are accepted as a payment mode.
- Crypto coins – Major digital coins including Bitcoin, Litecoin, Ethereum are accepted as a means of payment.
Turnkey Forex Trading Platforms and Tools
Let’s get to know Turnkey’s Platform options and special features that might fit your trading preferences. Turnkey Forex offers the MetaTrader and the Trade Station platforms. Here’s the profile of each trading platform.
Key Features: Trade from different markets using all trade instruments offered by the broker, variable spreads available, customizable advanced trading tools, MQL5 IDE & EA integration, Market news, and important alerts.
Mobile Trading: real-time pricing with price charts, can open and use up to 10 charts simultaneously, well-equipped trading system, and user—friendly interface. Mobile App is available in iOS and Android devices
Key Features: Easy-to-organize trading window using multiple workspaces, can use multiple accounts in one platform, one-click trading, reports access, and Visual Builder integration for trading strategies.
Mobile Trading: Live Stream of dealing rates, real-time interactive charts, easy order management, up-to-date news stream, instrument subscription and trading history, open position feed. This platform is available on both iOS and Android phones.
Turnkey Forex has a wide asset, account, and platform offerings, enticing both novice and veteran traders. On top of that, the broker is committed to providing patented customer care for optimal trading experience. It is also good to note that a minimum deposit of $100 will qualify clients for a 100% deposit bonus.
If there is one thing to consider, however, it is the regulatory standing of the broker that stands in your way to choosing Turnkey as your trading partner.