Turnkey Forex Review
Turnkey Forex is a forex broker that provides you with a good selection of over 500 financial instruments for trading online via the user-friendly MetaTrader platforms for your desktop, web and mobile devices. I found the broker to have very good forex trading conditions, including spreads from as low as 0.0 pips, commission starting at just $1, flexible leverage and quick trade execution speeds. I like how they have the option of managed accounts for money managers and investors who may not have the time to trade manually. There is a handy free virtual private server (VPS) to run your platforms around the clock if this is something you are looking for. The minimum deposit to open an account is only $10 whilst free demo accounts are also available for beginners who want to first get a feel for trading online before making a commitment. Despite the positives, I they are lacking regulation which may deter some traders. Although from my research, it is good to see that the customer support team have responded to concerns that have been put forward to them.
Pros & Cons
- Trade forex pairs, commodities, indices and cryptocurrencies
- Tight spreads from as low as 0.0 pips
- 20 tier 1 liquidity providers give competitive pricing
- Managed accounts for copy trading solutions
- Free VPS is provided to clients that have at least $5,000
- All trading strategies are welcomed, including scalping and automated trading
- Convenient funding options and same day withdrawals
- Minimum deposit of just $10 to start trading online
- Free demo account to practice trading online
- 24/5 live chat and telephone support
- Unregulated brokerage firm
- Lack of educational content for beginners
- No daily market analysis, research or insights
- Limited non-FX trading instruments
- No individual stocks
Launched back in 2016, Turnkey Forex has its headquarters in Mauritius. They provide all types of traders with CFD instruments for manual and automated trading on the popular MetaTrader platforms. I like how the broker has no sales culture and believe in the mantra; ‘Customer is king’. This is backed up by a responsive support team that is available 24/7. It is good to see they are active online and have even left feedback on numerous reviews, both positive and negative.
Turnkey Forex asserts that only raw spreads from 20 liquidity providers will be streamed to your platforms via its ECN network. The trading servers are located in Amsterdam and London, both popular destinations for brokers. Turnkey Forex insists that it is a pure ECN broker that uses modern technology to aggregate liquidity from the liquidity providers in order to give you the best prices available. There is No Dealing Desk (NDD) as they operate as an ECN/STP broker that routes all of your orders directly through to the liquidity providers. This means that there should be no conflict of interest between your trades and the broker. I would always prefer to use a broker with no dealing desk as I find they tend to have tighter spreads with better execution speeds and minimal slippage. Trade execution is from as low as 50ms of latency (0.05 of a second) and settled immediately. That means less delays, rejects and requotes.
You will find a generous selection of around 500 trading instruments in 4 main asset classes are available to trade. This includes CFDs on forex, commodities, indices and some cryptos. The broker has low spreads starting from just 0.0 pips and commission fees from $1. All trading styles and strategies are allowed. This is great for anyone who is planning on using automated scalping systems on the MetaTrader platforms such as myself. My only concern would be the lack of regulation which we will look at in the next section. Turnkey allows a minimum trade size of 0.01 lots & a maximum of 100 lots. There is no limit to the number of orders a client can place but they should not exceed the maximum allowed volume at any time.
Turnkey Forex is a registered trading name of ‘Turnkey Forex Limited’. Turnkey Forex is not regulated by any authority. No regulatory information is provided on its website. Many experts and professional traders would not trade with an unregulated broker. If this is a concern for you, please feel free to find an alternative option in our broker reviews. I would personally always prefer to use a regulated broker but I do understand that lack of regulation enables Turnkey Forex to provide certain products and services to clients that a regulated broker may not be able to.
Turnkey Forex affirms that it uses Secure Socket Layer (SSL) encryption technology to protect information submitted to it by the clients. I like this technology as it prevents interception by hackers during the transmission over the internet. Firewalls have also been deployed to further protect the systems.
Client funds are held in segregated accounts maintained in the top banks. These funds are separate from the brokerage firm’s accounts and thus should not be used by the broker under any circumstances. Even in the unlikely event that the broker suffers a financial crisis and goes bankrupt, it still can’t use the segregated client funds to offset its debts.
Turnkey Forex can accept clients from most countries excluding the USA and a few others. If you find that your country is not accepted for any reason, you could always use our broker comparison tool to find other options.
MetaTrader 4 (or MT4 for short) is a widely used trading platform among forex traders all over the world. I like this platform as it is user friendly yet still complex enough to meet the needs of almost all types of traders. The MT4 platform is fast, reliable and replete with trading and analytical tools. You can add more features by using plugin apps developed with the MQL4 programming language. Turnkey Forex provides MT4 free of charge as a downloadable desktop terminal and mobile trading app which is built for Android and iOS devices. I think the desktop platform is ideal for anyone looking to use complex trading strategy templates or to run automated systems. The MT4 app on the other hand, is great for checking your trades and following the markets when you are not at your computer.
The following are some of the main features of the MT4 platform:
- The customizable ‘Market Watch’ window streams live ‘bid’ and ‘ask’ prices of all the tradable assets in real time
- Live charts of all the assets are displayed over 9 timeframes from 1 minute to 1 month
- Analysis with 30 inbuilt technical indicators which can be extended to thousands by using plugin apps
- Supports the development, installation, back testing and use of Expert Advisors (EAs) which automates trading strategies
- Client orders can be placed using market orders and up to 4 pending orders. Stop orders and risk management tools are also available
- Supports one-click trading for quickly reacting to market movements
- Set price alert notifications via SMS, email & platform pop-ups
MetaTrader 5 is the latest MetaTrader platform. Being one of the most technologically advanced trading platforms, MT5 provides modern traders access to a first-rate trading experience in forex, indices, commodities, and cryptocurrencies. It is more intuitive, and offers significant improvements in areas of copy trading, mobile trading and other innovative features that make trading account management more efficient. Either way, I don’t think you can go wrong with these platforms. They can be customised to be as complex or simplistic as you need them. You shouldn’t have any trouble analysing charts, placing and managing trades. There are also plenty of video tutorials and guides available online and within the platform to help you if need be.
I actually still mainly use MT4 because it was the first platform that I became accustomed to and I have built lots of customised tools for it. That being said, the MT4/5 platforms are very similar. Thus, if you learn how to use one of them, you will probably be able to use both. A key advantage of MetaTrader over other platforms is that you will find it readily available and free to use with most brokers. This can be useful if you decide to switch providers down the line and don’t want to learn a new platform from scratch.
The potential benefits of choosing MT5 instead of MT4 include the following:
- More chart timeframes to get a better overview of the markets
- Additional technical indicators for more complex analysis
- Supports advanced order types with level 2 depth of market (DOM) pricing
- Multi-currency strategy tester to back test your automated strategies with tick data
- Built-in economic calendar for convenient fundamental analysis
MT4/5 WebTrader is a favourite choice for forex traders looking for a browser-based web trading solution. The web trader is a cutting-edge, user-friendly platform that allows efficient trading directly from web browser, without the need to download any additional software. This means that you can quickly and easily access your account from any device and always have the latest version of the platform running.
Most of you will probably be able to get by with the fantastic selection of tools that are included within the MetaTrader platforms by default. For those of you who need something more, you can develop your own trading tools in the MetaTrader programming interface or hire a freelancer to do it for you. There is also an abundance of free and paid tools that you can add to the platform from the MQL marketplace. If that wasn’t enough, Turnkey Forex have kindly provided some standalone tools to further enhance the trading experience.
Multi Account Manager accounts are for money managers and clients looking for managers to manage their funds. Turnkey Forex offers PAMM accounts and software for managers to trade on your behalf. The manager prepares his proposal stating the terms and fees. You can view the PAMM list and choose a manager based on his performance statistics and conditions. You can then make a deposit to allocate funds to the manager’s account should you wish. Any potential profits are shared automatically based on the agreed conditions. I should state the obvious, there are no guarantees of performance with using a managed account and you should have a clear understanding of the significant risks involved with investing online. I actually prefer to trade by myself as it gives me full control over my decisions and is a great way to learn, even from my mistakes.
Virtual Private Server (VPS)
Turnkey Forex has partnered with third party VPS providers in order to provide reliable, low latency connections to the trading servers on a 24/7 basis. I really appreciate this service as it is beneficial to users of automated strategies and other clients who desire steady access without power, hardware or internet interruptions. The Turnkey Forex VPS is free for those of you who maintain a balance of $5,000 and above. Otherwise, the reasonable monthly subscription of $25, $45 or $80 applies. The subscription fee depends on the speed and the power of the server that you opt for. I have a dedicated Forex VPS form a third-party provider and find it to be an invaluable tool for running my automated systems around the clock. This way I can compare performance and trading conditions on multiple brokers simultaneously.
There is a handful of helpful trading calculators on the brokers wbesite which can quickly perform calculations and save you time.
Calculate what you pay for your trades at Turnkey Forex with the commission calculator. Turnkey Forex charges a Commission of $1 per lot. The Commission Calculator will assist you in this conversion. All you need to do is enter the Instrument type, trade size, account currency and currency pair you are trading in.
The Margin Calculator aids you in decision making by determining the margin required to open and hold a position. Simply select the Security, the Account Base Currency, currency pair (Symbol) you’re willing to trade in, Entry Price, the leverage of your account and Trade size to ascertain the margin required.
Profit & Loss
Turnkey Forex’s profit and loss calculator is a basic tool that will assist users to calculate the possible profit or loss from a trade. You just need to select the base currency, currency pair you’re willing to trade in, desired opening and closing prices, Position Type and Trade size (Lots).
An effective tool for managing your risk strategy, the pip value calculator lets you calculate the value per pip of each position. With this tool you can monitor your risk for each trade with more precision.
Swap Charges are when you keep a position open overnight or a rollover interest which is either earned or paid in forex. Swap is the interest rate differential between the two currency pairs you trade and is calculated depending on your position- Short or Long.
Turnkey Forex’s currency convertor allows users to check the value of one currency against others based on current exchange rates. Whether you wish to convert a major to another major, minor or exotic, you can convert all currencies in the conversion calculator for better trading decisions.
Disappointingly, I couldn’t find any training resources available from Turnkey Forex. I would have liked to at least have seen some tutorial videos and trading guides as these could benefit beginner traders looking to improve their trading skills and knowledge. If you are a beginner and looking for some guidance along the way, you might want to check out CM Trading for a much better selection of educational resources.
I think Turnkey Forex have a solid choice of currency pairs for forex traders. However, I did find them to be lacking in other asset classes. I think they could improve by adding some individual stock instruments. RoboForex can be another broker to consider who not only have a good forex offering, but plenty of other instruments also. That being said, if you are just looking to trade forex, then Turnkey Forex should have more than enough instruments for your needs.
- Currency Pairs (major, minor & exotic FX crosses)
You can choose between a couple of accounts, depending on what your trading strategy requires. The broker keeps things nice and simple with a choice of an ECN or STP account. Both accounts are exactly same, the only difference being that in STP account, the commission charges are included in the spread, while in the ECN account, there are raw spreads and a very low commission. The minimum trade size is 0.01 lots while the maximum is 100 lots. The stop out level is at 50% while the margin call is at 70%. I find these trading conditions to be very competitive. I especially like how the spreads start from as tight as 0.0 pips and the commission fees are also very low. Almost to the point it makes me wonder how the broker is making a profit.
Due to advanced price aggregating technology, the pure ECN account provides the tightest spreads and low commission along with the best execution speeds that the broker has to offer. An ECN network is a link of different participants in the forex market, such as investment funds, banks, individual traders, etc. The ECN technology allows traders to specify the conditions at which they are ready to conclude the deal and the volume of the order is only limited by the market liquidity. This gives a trader the opportunity to easily execute large-volume orders. I would say this would probably be a better option for anyone who is scalping or using strategies that need the tightest possible spreads.
With the Commission Free STP account, you can experience reliable trade execution speeds and low spreads. The STP account is exactly the same as the ECN account, with the only difference being that in STP account, the commission charges are included within the spread. There is no other commission/charge and no difference in any other trading condition. I think this account could be considered for anyone trading mid to long term who is not too concerned about the spread and would rather not pay a commission.
Demo accounts are available if you wish to give the broker a try before making a financial commitment. It is a risk-free account that is preloaded with virtual funds for practice purposes. You can input the amount needed in the demo account when creating it and test your trading strategies until you build enough confidence to consider making the switch to a real account.
The client support desk is always available to assist clients on a 24/5 basis. A quick way to reach them is through the instant web chat on the website. There is also a contact form available on the support page of the brokers website. When you fill out the form, the support team will reply by email within a few hours. The team can also be reached by email and telephone. I have always found them to be good with their responses although feel they could improve by extending support hours to 24/7, especially considering they provide cryptos, a market that is open 24/7.
It is quick and easy to deposit funds into your Turnkey Forex trading account. Funds can be deposited using a wide range of payment methods including Credit Cards, Debit Cards, Cryptocurrencies (including Stable Coins) and Bank Wire Transfer. Withdrawing funds from your trading account should be straightforward. Simply raise a withdrawal request from your client portal and your request will be processed in maximum 24 hours. I think they could improve by adding some more funding options such as digital wallets. If you want a greater variety, FXChoice are another forex broker that have a nice selection, including online payment processors.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, I do see some potential with Turnkey Forex, especially when it comes to trading forex when you require tight spreads and low commission fees. I did find non-fx instruments to be limited compared to many other CFD brokers but appreciate how they provide users with intuitive trading platforms, managed accounts, a free VPS and a dedicated support team. The main downside from my perspective is the lack of regulation but the broker has made adequate efforts to secure clients’ funds and provide a conducive and secured trading environment. Also, the lack of a training academy is not helpful to beginners either. I also couldn’t find any daily market analysis or insights to help inspire trade ideas. That being said, all strategies, trading systems and styles are supported. If you are just looking for easy market access to scalp the forex market or run automated strategies and don’t mind the lack of regulation, then they may be worth a look. You can even try them out with a free demo account or start trading from as little as $10.