TurboForex Review 2020

TurboForex is an unregulated broker with a simple forex trading offering, including the MetaTrader platform, various payment options and educational videos for new traders. The lack of regulation is a big red flag for our broker review team and for this reason we would consider an alternative trading broker.

TurboForex Review 2020, Pros & Cons
  • Variety of different account payment options
  • Fixed & variable spread accounts
  • MetaTrader platform for desktop, web & mobile
  • Trading tutorial videos
  • Unregulated brokerage firm
  • No clients allowed from the United States & European Union
  • Minimum $250 deposit required
  • No additional trading tools
  • No social trading platforms
  • No daily market analysis
  • No telephone number or online chat support
  • Limited non-FX instruments
  • No crypto trading

In this detailed TurboForex review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

TurboForex is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including TurboForex.

TurboForex Review: Summary

TurboForex is a forex broker that offers Forex, Indices, Commodities, Metals, Energies and CFD trading via desktop, web and mobile trading platforms. The broker has competitive execution speeds with interbank market spreads starting from 0 pips on selected accounts, minimal requotes and flexible leverage up to 1:500.

Established in 2008, the TurboForex business model is to offer cutting edge trading technology, coupled with some of the best trading conditions available on the market. The broker employs a hybrid model for executing orders, acting as market maker for some of the trades, when a client’s trade amount does not pass the minimum amount threshold of their liquidity providers, and passing other trades through to the interbank market via Straight Through Processing (STP).

TurboForex claims to implement aggregating technology, allowing them to pass multiple small trades to a liquidity provider as single large chunk, thus eliminating possible conflict of interests with clients.

TurboForex do not set any restricting conditions for clients trading. That means they don’t have minimal open trade duration, minimal difference for opening and closing trade prices, hedging is allowed, and they do not increase stop out level before week end.

TurboForex Review: Regulation

TurboForex is registered in St. Vincent & the Grenadines. We could not find any regulation for this broker and there is none displayed on the website. As an unregulated brokerage, we would consider an alternative broker that is regulated by either the FCA, ASIC or CySEC. You can see a list of regulated brokers on our best online brokers page.

TurboForex Review: Countries

TurboForex does not provide services to clients located in the United States and European Union. Some TurboForex broker features and products mentioned within this TurboForex review may not be available to traders from specific countries due to legal restrictions.

TurboForex Review: Trading Platforms

TurboForex Review: Trading Platforms

TurboForex Review: Trading Platforms

MetaTrader 4

TurboForex offers the popular MetaTrader 4 platform, with four different versions of the platform that you can access with a single user ID and password. You can open a trade from the desktop platform, see its performance from the mobile client and close the positions from the WebTrader, or vice versa.

MetaTrader 4 (MT4) is used by millions of traders across the globe. It gained popularity primarily due to its intuitive user interface and abundance of available trading tools. MT4’s charts are packed with the leading indicators and tools that traders rely on to take advantage of market opportunities. The combination of speed and analysis allows you to research the markets for developing opportunities and react to them as they occur.

Offering multiple methods of opening and closing positions, including directly from charts and quotes windows, MT4 is known for its ease-of-use and efficiency. All the data you’ll ever need –from tracking open positions to researching account history – is available from a flexible user-interface.

TurboForex Review: Trading Tools

Unfortunately, TurboForex do not offer traders any additional standalone trading tools at this time.

TurboForex Review: Education

Webinars

Although TurboForex claims to offer regular webinar sessions in order to help beginner traders to get educated about financial markets and start trading, we did not find any scheduled on the website.

Video Lessons

TurboForex Review: Video Lessons

TurboForex Review: Video Lessons

TurboForex have a good selection of online forex trading video lessons. The video courses are intended for novice and experienced traders alike. Traders can learn more about forex basics, capital management, fundamental and technical analysis. They also cover many popular trading strategies in depth, helping to provide you with some fresh ideas for your daily trading.

Economic Calendar

TurboForex Review: Economic Calendar

TurboForex Review: Economic Calendar

TurboForex have an economic calendar on their website which is provided by investing.com. This is a useful tool for fundamental analysis. It displays the latest news releases along with the impact they are expected to have on various markets. The calendar can be customised to display the news releases that are relevant to you.

TurboForex Review: Trading Instruments

TurboForex Review: Trading Instruments

TurboForex Review: Trading Instruments

The broker has a choice of the following instruments for trading online:

  • Forex
  • Indices
  • Commodities
  • Metals
  • Energies
  • CFDs

It should be noted that the non-FX offering of tradeable assets is very limited when compared to other brokers who offer thousands of trading instruments across multiple asset classes.

TurboForex Review: Trading Accounts & Fees

TurboForex Review: Trading Account Types

TurboForex Review: Trading Account Types

TurboForex have a choice of different trading accounts that are flexible to suit different individual traders needs. Leverage of up to 1:500 is available and the minimum deposit starts from $250. There is a choice of fixed/variable spread accounts and commission/no-commission accounts. You can have up to 50 trading accounts, however website accounts are limited to one per person. To open an additional account, you can login to the Traders room, click on “add new account”, then choose the account type, base currency and leverage. The following accounts are offered:

Mini

Designed for traders new to the Forex market and those trading smaller volumes. Offers all the main trading benefits of TurboForex.

  • Minimum opening deposit: $250.00
  • Leverage up to 1:500
  • Trading instruments: Forex, Indices, Commodities and Share CFDs
  • Desktop/Web/Mobile/Tablet platforms
  • Variable spreads from 2.0 pips
  • Minimum trade Size: 0.01 lot
  • Market execution
  • No commission for Forex and Commodities

Standard

This account is intended for traders with market experience, offers better spreads and the cheapest overall transaction costs.

  • Minimum opening deposit: $1,000
  • Leverage up to 1:500
  • Trading instruments: Forex, Indices, Commodities and Share CFDs
  • Desktop/Web/Mobile/Tablet platforms
  • Variable spreads from 1.0 pip
  • Minimum trade Size: 0.01 lot
  • Market execution
  • No commission for Forex and Commodities

Premium

Premium accounts offer the best trading conditions on the TurboForex platform. This account is designed for professional traders.

  • Minimum opening deposit: $10,000
  • Leverage up to 1:500
  • Trading instruments: Forex, Indices, Commodities and Share CFDs
  • Desktop/Web/Mobile/Tablet platforms
  • Variable spreads from 0.5 pips
  • Minimum trade Size: 0.1
  • Market execution
  • No commission for Forex and Commodities

Fixed

This account offers fixed spreads on the market for traders with trading strategies that require a certain spread, usually scalpers.

  • Minimum opening deposit: $1,000.00
  • Leverage up to 1:500
  • Trading instruments: Forex, Indices, Commodities and Share CFDs
  • Desktop/Web/Mobile/Tablet platforms available
  • Fixed spreads from 3.0 pips
  • Minimum trade Size: 0.01 lot
  • Instant execution
  • No commission for Forex and Commodities

Interbank

The InterBank accounts give you direct access to interbank markets for the lowest possible spreads and fastest execution speeds TurboForex can offer.

  • Minimum opening deposit: $5,000.00
  • Leverage up to 1:200
  • Trading instruments: Forex, Indices, Commodities and Share CFDs
  • Desktop/Web/Mobile/Tablet platforms available
  • Variable spreads from 0 pips
  • Minimum trade Size: 0.01 lot
  • Market execution
  • Commission: $5 per $100.000

Demo Accounts

TurboForex demo accounts are also available if you would like to try out this forex brokers different trading platforms and practice your trading strategies before opening a real trading account.

TurboForex Review: Customer Service

TurboForex customer service is available 24/5 via email only. We are very disappointed to see there is no telephone number and no live chat to contact customer support. Email is usually the longest to get a response from and thus in the case of an emergency it is worth considering what the response time of this broker would be like.

TurboForex Review: Deposit & Withdrawal

The broker has a choice of payment methods to fund your account that are: Bank Transfer, Credit / Debit Card, Webmoney, Neteller, Skrill and Sofort. You can make your deposits in any currency and they will be automatically converted to the currency of your account which can incur a currency conversion fee that you should be aware of. For all payment methods other than bank transfer deposits are usually credited within several minutes. Bank transfers may take 3-5 business days. Depending on the payment method, withdrawals may take from 24 hours to several days. This is very long compared to some other online brokerages. You can transfer funds between your TurboForex accounts by visiting the TurboForex Vault menu and using the internal transfer form.

TurboForex Review: Account Payment Methods

TurboForex Review: Account Payment Methods

Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Some fees may be charged when using certain payment methods. Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites.

As broker fees can vary and change, there may be additional fees that are not listed in this TurboForex review. It is imperative to ensure that you check and understand all of the latest information before you open a TurboForex broker account for online trading.

TurboForex Review: Account Opening

If you click the open live account link on the official TurboForex website you will see a short account application form that you need to complete. You are required to provide the broker with some basic personal information and proof of identification which is a normal part of KYC procedures. You can submit a passport, national identity card or other document issued by an independent and reliable source that carries your photo. Your photograph, signature, issue & expiry dates, personal details including serial number must be clearly visible. You need to submit a recent utility bill dated within the last three months, or a recent local authority tax bill, or a recent bank or credit card statement. Once your account has been verified and you qualify for their trading services, you will be able to download the TurboForex platforms and start trading online.

TurboForex Review: Open Trading Account

TurboForex Review: Open Trading Account

TurboForex Review: Conclusion

TurboForex has a basic offering for forex trading via the easy to use MetaTrader platform that can be used on desktop, web and mobile devices. There is a modest selection of educational materials along with some convenient account funding options.

Despite this, they are lacking in daily market analysis and non-FX trading instruments. There is no integration with social trading platforms and clients from many countries are not accepted. However, the main concern for us is the lack of regulation. For that reason alone we would look elsewhere for an alternative forex broker.

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure you fully understand the risks involved before trading, and if necessary, seek independent advice.

Min $250 Deposit

TurboForex is a broker with a simple forex trading offering, including the MetaTrader platform, various payment options & educational videos for new traders. The lack of regulation is a big red flag for our broker review team.