Turnkey Forex Review

Alyaziah Hayat | May 14, 2022

Turnkey Forex is a forex broker that offers you over 100 assets for trading online via the MetaTrader 4 (MT4) and Trade Station platforms. The broker has the options of managed (MAM) accounts, social trading platforms and a free virtual private server (VPS) to assist clients in their trading activities. They are however lacking regulation which may deter some traders.

Broker Pros / Cons
  • MAM accounts are available
  • Social trading is provided through ZuluTrade
  • Free VPS is provided to clients that have at least $5,000
  • Minimum $5 is needed to start trading online
  • Unregulated broker
  • No trader’s training academy
  • No daily market analysis
  • Limited non-FX trading instruments
  • Best tradign conditions requrie large deposits


Turnkey Forex is a forex and CFD broker that offers online trading aimed to satisfy all of your diverse needs. I like how the broker has no sales culture and believe in the mantra; ‘Customer is king’. Launched in 2016, Turnkey Forex has its headquarters in London, UK. So far, the broker affirms that several millions of dollars have been traded by its clients. I also like how there is a customer support team that is available 24/7.

Turnkey Forex Broker Features

Turnkey Forex Broker Features

Turnkey Forex asserts that only raw spreads from 16 Tier 1 banks will be streamed to your platforms via its ECN network. The broker 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 Turnkey Forex is an ECN/STP broker that routes all of your orders to the liquidity providers. The trading servers are located in Amsterdam.

Over 100 trading instruments in 5 asset classes are available. I find this to be quite less as compared to what other top brokers like Roboforex are offering. The broker also offers competitive spreads starting from 0.0 pips. I like how trades are executed within splits of seconds. All trading styles and strategies are allowed.


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. Most experts and professional traders would not trade with an unregulated broker. For this reason, I would highly recommend that you find an alternative top broker with great regulations like Saxobank.

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.

Your funds are held in segregated accounts maintained in the top banks. These funds are seperate from the brokerage firm’s accounts and thus will not be used by the broker. Even in the unlikely event that Turnkey Forex 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 your country is not accepted by Turnkey Forex, I recommend checking out our broker comparison tool for alternatives.



This 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 application for Windows PC and also the mobile trading application which is built for Android and iOS devices. However, if you prefer to use the more complex version of the MT4, you can find the MT5 with top brokers such as HYCM.

The following are some of the 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.
  • Set price alert notifications via SMS, email & platform pop-ups.
Turnkey Forex MT4 Platform

Turnkey Forex MT4 Platform


Social Trading

Turnkey clients can open a ZuluTrade account in order to participate in social trading. ZuluTrade is the leading network of traders where you can meet signal providers and copy their trades for a fee. There are thousands of traders who are registered as signal providers. You can view their profiles and performance statistics. When a signal provider choice is made, you can make deposits, set risk parameters, subscribe and then monitor the performance. Social trading gives you the opportunity to copy trades without needing any trading knowledge whilst it can also generate funds for a successful signal provider. Though I should warn you that there are no guarantees with results when copying signals of traders.

Turnkey Forex ZuluTrade Social Trading

Turnkey Forex ZuluTrade Social Trading

Multi Account Manager (MAM) Account

Turnkey Forex offers MAM accounts and software for managers to trade on your behalf. The manager prepares his proposal stating the terms and fees. You can view the MAM list and choose a manager based on his performance statistics and favourable conditions. You can then make a deposit to allocate funds to the manager’s account. 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 MAM account and you should have a clear understanding of the significant risks involved with investing online.

Turnkey Forex Multi Account Manager (MAM)

Turnkey Forex Multi Account Manager (MAM)

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 EA users 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 monthly subscription of $25, $45 or $80 applies. The subscription fee depends on the speed and the power of the server.


Turnkey Forex offers this service to traders who run complex algorithms and those who choose to build their own trading systems. The FIX API is available on the MT4 trading platform. I like how it connects you directly to the liquidity providers at very high speeds. The connection is secured by SSL and it offers premium pricing and executions. The Turnkey Forex FIX API is only available to those of you who deposit a minimum of $25,000.

Robo Trading

You can request for a free EA from Turnkey Forex if you maintain a balance of $5,000 and execute at least 10 round mini lots every month. The EA is customized based on questions that you will answer. Your fund are invested and the EA automatically trades on your behalf. You can also monitor the performance of the EA but you should be very careful and consider the significant risks of trading with an automated system.


There are no trader training resources available from the Turnkey Forex broker. I would have liked to have seen some tutorial videos, trading guides and webinars as these could benefit beginner traders looking to improve their trading skills and knowledge. I recommend checking out CM Trading for a much better selection of educational resources.


Turnkey Forex Group offers multiple instruments for trading online. They are as follows:

  • 85 Forex Currency Pairs (major, minor & exotic FX crosses)
  • 8 Stock CFDs
  • 11 Indices
  • 8 ETFs
  • 8 Commodities


Turnkey Forex offers different accounts to its clients. The accounts depend on the trading capital and other conditions attached. 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 market competitive.

The following trading account types are available with this broker:

  • Micro account: This account is designed for newbies with a minimum balance of $5. The spreads start from 0.2 pips while the maximum leverage is 1:200. A commission of $8 per round lot is charged.
  • Swap free account: This account does not incur rollover charges when positions remain open overnight. It is targeted at Muslims and other clients who desire a swap free account. The minimum balance is $100 and the spread starts from 1.0 pip while the maximum leverage is 1:200. No commissions are charged on all trades.
  • STP account: The minimum account balance is $200. Spreads start from 0.2 pips and no commissions are charged. The maximum leverage is 1:200.
  • ECN account: This account offers very tight spreads, low commissions and the best executions. The minimum account opening balance is $200. The spread starts from 0.0 pips while the maximum leverage is 1:400. A commission of $2 per $100,000 is charged for each trade.
  • VIP account: This is the flagship account designed for professional clients who have huge trading capital and trade frequently. The minimum opening balance is $25,000 and the maximum leverage is 1:100. The spreads start from 0.0 pips while the commission charged is $2 per lot traded.

Demo accounts are available. 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.


Turnkey Forex states that it is married to the customer and so, its client support desk is always available to assist clients on a 24/7/365 basis. I find this extra step to be a rare commodity in this industry. A quick way to reach the support desk is through the instant web chat on the website. A ‘contact us’ form is available on the support page of the 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.


The broker rejects all cash deposits and third party deposits. I like this rule as it prevents any fraudulent activity. All withdrawal requests are processed within two days.

Here are the payment options available:

  • Bank transfers: This is used to deposit and withdraw funds from trading accounts. It takes 3-7 days to complete a bank wire transfer. The minimum withdrawal amount is $50.
  • Debit/Credit Cards: MasterCard and Visa cards are accepted for payments. The deposits are processed instantly while withdrawals take 2-5 days to reach the client’s bank accounts. Only the amount deposited from a card can be withdrawn to the same card.
  • Online payments: The online payment portals available are Neteller and Skrill. The deposits are processed instantly while withdrawals take up to 2 days.
  • Cryptocurrencies: Clients can fund their accounts with Bitcoin, Litecoin, Ethereum, USDC and TUSD cryptos.
Turnkey Forex Payment Methods

Turnkey Forex Payment Methods


Turnkey Forex states that it takes less than five minutes to open a trading account and there is no obligation to fund or trade. The first step to create an account is to visit the broker’s official website and click on the ‘REGISTER’ button on the far right top of the page. The form below will display:

Turnkey Forex Sign-up Form

Turnkey Forex Sign-up Form

Input your name, email, choose a password, select your country of residence and click on ‘Sign Up’. Immediately, an activation code is sent to the email address inputted. This code is required for verification. Upon successful email verification, you are logged into the clients’ area of the Turnkey Forex website. I like how you can update your profile, download platforms, make deposits and commence trading, all from the clients’ area.


Compare Broker (vs Our Top 3 Brokers)
Broker FeaturesAvaTradeIGIC Markets
CountryAustralia, Ireland, South Africa, Japan, British Virgin IslandsAustralia, UK, USA, Switzerland, UAE, Singapore, JapanAustralia, Seychelles, Bahamas, Cyprus
Min. DepositMin $250 DepositMin $100 DepositMin $200 Deposit
CommissionFrom $0From $0From $0
InstrumentsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFsForex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs
PlatformsMetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, MobileMetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, MobileMetaTrader 4, MetaTrader 5, cTrader, Web, Mobile
TypeMarket Maker, STPSTP, ECN, DMAECN
FundingWire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, SkrillWire Transfer, Credit/Debit Cards, PayPalWire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli
Visit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit Broker


Turnkey forex is an unregulated broker that has made adequate efforts to secure clients’ funds and provide a conducive and secured trading environment. The choice of the MT4 platform is commendable though I would’ve liked to see them offer cTrader as well like other top brokers such as Purple Trading. All strategies, trading systems and styles are supported by Turnkey Forex Broker. The different account types give you a choice of the services you require. The VPS, MAM and social trading platforms provided are useful tools for different client needs. Though I would’ve liked to see more tools being offered like how it is at Blackbull Markets.

However, I find the unregulated status of the broker to be a big red flag as most experts and professional clients avoid trading with unregulated brokers. 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. You can check out our best trading platforms for better alternatives.

Turnkey Forex Logo

Min $5 Deposit

Turnkey Forex is an unregulated forex broker with over 100 instruments for trading online via the MT4 & Trade Station platforms. The broker has MAM accounts, social trading platforms & a free VPS.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Alyaziah Hayat
I had previously been forex trading for about 2 years and I now mainly focus on writing forex-related content. I also deal with cryptocurrencies and other financial assets in this industry. I've dealt with several brokers, assets, EA robots, and everything that this industry has to offer.

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