Turnkey Forex Review
Pros and Cons
Turnkey Forex was established in the year 2016. They started from being an investment adviser, to becoming one of the most trustworthy brokers to their clients. Their interactive and transparent connections with their customers 24/7 have earned them the label of being one of the most reliable brokers.
Headquartered in London, Turnkey Forex has over 60,000 clients, from over 150 countries. The broker only streams raw spreads from 20 tier-I banks to the traders’ platforms via its ECN network. More than 100B USD has been traded by the clients of the broker so far. This non-dealing desk broker has its servers in Amsterdam. All kinds of trading strategies are allowed by Turnkey Forex, making them ideal for all types of traders.
Turnkey Forex accepts clients from all over the world. There is no restriction to anyone from making use of the various benefits offered by the broker.
One of the most user-friendly trading platforms, MT4 is available on Turnkey Forex to download and start trading. The MQL4 programming language is used for developing different kinds of plugins that can be used to customize the platform. This fast and reliable trading platform is provided free of cost by Turnkey Forex to be downloaded on both Android and IOS devices.
MT4 provides real-time access to the live price action. Additionally, live charts of all the assets are provided over 9-time frames from as short as a minute to as long as a month. EAs can be used to automate trades on the platform. Stop orders, as well as risk management tools, are a part of MT4. One-click trading and alerts are some other helpful features of the platform on Turnkey Forex.
Turnkey Forex offers MT5, which is a web-based platform that can be accessed from any device. Since MetaQuotes has built the platform, it has been designed to provide a similar experience to MT4. It has all the essential tools required by a trader to make a profitable trade.
The MetaTrader 5 platform gives access to over 40 indicators. The included code editor allows users to create custom indicators based on their needs. EAs can be used to automate trades, and multiple automated strategies can be run simultaneously. Different kinds of technical analysis tools are available. Traders can customize the platform in several ways. It also supports forex trading on mobile devices.
Turnkey Forex offers traders the option of trading on the ActTrader platform. Along with ordinary online transactions, traders can also place limits and market buy/sell orders.
ActTrader is a flexible and easy-to-use platform for trading. It offers advanced charting capabilities, graphical interfaces, alerts, news feeds, and social trading options. Traders can use different kinds of technical analysis tools for market analysis on the platform. It can be installed on both Android and IOS devices.
As a leading online forex broker Turnkey Forex offers three types of accounts mentioned below:
The Electronic Communication Network offers the best conditions for trading. For instance, it allows the traders to give specific preset conditions at which they would like to trade. The trade size ranges from 0.01 lots to 100 lots. The leverage offered can extend up to 500X. $10 is the minimum balance required in order to open this type of account with Turnkey Forex.
Turnkey Forex offers commission-free trading on its STP account. The spreads start from 0.2 pips. Expert Advisors and algo trading can be made use of, on these accounts. It allows hedging and scalping as well, and just like ECN account, offers a 100 % deposit bonus by just sending an email to their support team.
PAMM accounts of Turnkey Forex are an excellent option for traders with less time or experience to trade profitably. A single money manager takes upon the investment activities and retains a certain percentage of commission from the trades. Turnkey Forex lists a number of PAMM managers, one of whom can be chosen by the investor.
Turnkey Forex Trading Tools
Traders trading with Turnkey Forex can open a ZuluTrade account for participating in social trading. ZuluTrader is the leading network where investors meet signal providers and copy their trades by paying a nominal fee. Thousands of traders are registered on the platform as signal providers. Traders can view their profiles and check performance statistics. After making the choice of a signal provider, the trader can make deposits, set risk parameters, subscribe, and monitor the performance. Social trading provides traders an opportunity to copy trades without having to acquire the knowledge themselves along with generating funds for a successful signal provider. However, results are not guaranteed when copying signals of traders.
Virtual Private Server (VPS)
Turnkey Forex has joined hands with third-party VPS providers to offer reliable, low latency connections to trading servers 24×7. This service is advantageous to EA users and other traders who wish to have steady internet access without any hardware or internet interruptions. Turnkey Forex offers free VPS service for traders who maintain a minimum balance of $5,000. Traders can also avail the service by paying a monthly subscription of $25, $45, or $80. The subscription fee depends on the speed and power of the server.
Turnkey Forex provides this service to traders who run complex algorithms and those who want to build their own trading systems. The FIX API is available for MT4 and Trade Station platforms. It connects traders to liquidity providers at lightning-fast speeds. The connection is fully secured, courtesy of the SSL layer and it offers premium pricing and fast executions. FIX API is available to those traders who deposit a minimum of $25,000.
Traders who maintain a balance of $5,000 and execute a minimum of 10 round mini lots every month are eligible for free EA from Turnkey Forex. The EA provided by the broker is fully customized depending upon the answers that traders give to the questions asked for selecting the EA. Upon seeing the funds deposited by the trader, the EA will automatically trade on his/her behalf. It is possible to track the performance of the EA, but the trader needs to be very careful and factor in all the possible risks of trading with an automated system.
Turnkey Forex Instruments
There are several instruments that traders can trade on Turnkey Forex, which include:
- 66 Forex Currency Pairs (Major, Minor & Exotic Crosses)
- 8 ETFs
- 11 Indices
- 8 Commodities
- 8 Stock CFDs
Turnkey Forex Deposit & Withdrawals
Turnkey Forex is very versatile with its payment options. Deposits can be made through cryptocurrencies, InstaCoin, and VLoad. Payments made through Cryptocurrencies and InstaCoin are processed instantly, while deposits made through VLoad will depend upon the trader’s VLoad tier. As far as withdrawals are concerned, then those are processed within the same day or in a maximum of 2 working days, depending on the withdrawal mode.
The different methods that can be used for making deposits are as follows:
- Bank transfers – A bank wire transfer can take up to 2 days to be processed. It can be used for depositing as well as withdrawing funds from trading accounts.
- Card payments – Instant processing of deposits takes place. Both MasterCard, as well as Visa debit and credit cards, can be used for making payments.
- Cryptocurrencies – One of the best things about Turney Forex is that they accept cryptocurrencies as funding options. Bitcoin, Ethereum, Litecoin, TUSD, and USDC cryptos can be used.
- Online payments – Skrill and Neteller are the two payment portals used by Turnkey Forex for the instant processing of deposits.
Turnkey Forex Minimum Deposit
It takes just 0.0003 BTC or any other equivalent cryptocurrency to start trading on Turnkey Forex. The value of cryptocurrency is $10 (approx). Traders can also deposit funds via Bank Wire, instructions of which will be sent to the trader’s registered email address.
Turnkey Forex Demo Account
Demo accounts are available on Turnkey Forex, where traders can use virtual funds for practice purposes.
Contact and Customer Support
All through the time when the market’s open, day or night, Turnkey Forex is available for helping out their customers and clearing their doubts. Their instant web chat can instantly connect anyone on their website to their customer support desk. The email queries are replied to in a matter of a few hours. They can even be reached through telephone.
An account with Turnkey Forex can be opened in merely five minutes. There is absolutely no compulsion to trade or fund the account instantly. The signing up form can be found by clicking the ‘Register’ button on the broker’s website.
Turnkey Forex FAQs
What is Turnkey Forex trading platform?
Turnkey Forex provides three trading platforms, MetaTrader 4, MetaTrader 5, and ActTrader. Traders can download MT4 and MT5 apps on Android and iOS devices from the broker’s website.
Where is Turnkey Forex located?
Turnkey Forex has its headquarters in London, UK
What countries does Turnkey Forex not accept?
Turnkey Forex accepts clients from all over the world, including the US.
Where can I download Turnkey Forex platform?
Turnkey Forex allows traders to download MT4 and MT5 mobile apps free of cost. The apps are available for both Android and iOS devices.
How do I open a Turnkey Forex live account?
You can easily open a live trading account by clicking on the ‘Start Trading’ button given on the website’s homepage.
What are the Turnkey Forex account types?
Turnkey Forex has two types of accounts, ECN and STP.
Is there a Turnkey Forex demo account?
Yes, you can access the demo account on Turnkey Forex, which looks and works the same way as the live account, except that you can’t use real money in a demo account.
What are the Turnkey Forex spreads?
Turnkey Forex offers true ECN spreads on Forex instruments. The broker provides raw spreads with no markup. The spreads on EUR/USD can go as low as 0 pips but the average spread remains at 0.2 pips.
How do I verify my Turnkey Forex account?
Although it is not mandatory to verify your account, if your documents are on file, then they can be used in case there is verification needed while processing withdrawals. To verify your account, upload a photo ID proof (Government-issued ID like passport or driving license) and proof of residential address (utility bill, telephone bill, or credit card statement). Upload the documents on your client portal under ‘Profile’ > ‘Upload Documents’. Alternatively, you can email your documents at email@example.com or share them over chat. The account will be verified within 24 working hours.
How do I deposit money into Turnkey Forex?
You can deposit funds using 15+ cryptocurrencies, bank wire transfer, VLoad, credit & debit cards.
What is the minimum deposit in Turnkey Forex?
The minimum deposit needed to trade is 0.0003BTC or equivalent cryptocurrency that turns out to be $10 (approx).
Is there any fee levied on depositing funds into Turnkey Forex trading account?
No, there isn’t any deposit fee, but you may be charged with a banking or blockchain fee (if paying via crypto).
How do I withdraw money from Turnkey Forex?
You can easily withdraw your funds from Turnkey Forex account via cryptocurrencies, Instacoin, and VLoad. The minimum amount for withdrawing funds in cryptocurrencies and Instacoin is $10 while that in VLoad is $100.
What are the Turnkey Forex withdrawal fees?
No, there isn’t any withdrawal fee on Turnkey Forex.
What is the Turnkey Forex commission fee?
Turnkey Forex charges a nominal commission fee of $1 per lot for ECN accounts and $0 for STP accounts.
Are there any Turnkey Forex inactivity fees?
No, there is no inactivity fee on Turnkey Forex.
Does Turnkey Forex offer a swap-free (Islamic) account?
Yes, Turnkey Forex offers swap-free Islamic accounts for Muslim traders.
What is the Turnkey Forex leverage?
It’s 500X for major currency pairs, commodities, and indices. For minor currency pairs, the leverage is 300X. For exotic pairs, it ranges between 200X to 50X, and for cryptocurrencies, the leverage is 5X.
Does Turnkey Forex allow scalping, hedging, news trading & expert advisors?
Turnkey Forex doesn’t have any restrictions on trading styles. Traders can use trading techniques such as scalping, hedging, automated trading with EAs, and news trading.
What are Turnkey Forex trading instruments?
You can trade CFDs on FX currency pairs, commodities, cryptos, and indices.
Is Turnkey Forex a scam?
No, Turnkey Forex is not a scam. The broker provides a conducive trading environment to its clients for trading forex, cryptocurrencies, commodities, and indices.
How can I contact Turnkey Forex support?
You can contact Turnkey Forex customer support via live chat, email, telephone, and social media.
Turnkey Forex is a reliable broker with a very impressive record of a large volume of trades that have been undertaken on their platform. The VPS and API trading facility that they offer makes them one of the most new-age brokers of today, offering excellent trading conditions.