Turnkey Forex Review
Turnkey Forex is a forex broker that offers 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.
Turnkey Forex Review, 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
In this detailed Turnkey Forex 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.
Turnkey Forex Overview
Turnkey Forex is a forex and CFD broker that offers online trading aimed to satisfy the diverse needs of every customer. The broker states that they have no sales culture and believe in the mantra; ‘Customer is king’. Launched in 2016, Turnkey Forex has its headquarters in London, UK and boasts of 5,000 clients from over 190 countries. So far, the broker affirms that over $100 million has been traded by its clients. There is a customer support team that is available 24/7.
Turnkey Forex asserts that only raw spreads from 16 Tier 1 banks are streamed to the clients’ 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 its clients the best prices available to them. There is No Dealing Desk (NDD) as Turnkey Forex is an ECN/STP broker that routes all clients’ orders to the liquidity providers. The trading servers are located in Amsterdam.
Over 100 trading instruments in 5 asset classes are available. The broker offers competitive spreads starting from 0.0 pips. Trades are executed within splits of seconds. All trading styles and strategies are allowed.
Turnkey Forex Regulation
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, you may want to consider an alternative forex broker.
Turnkey Forex affirms that it uses Secure Socket Layer (SSL) encryption technology to protect information submitted to it by the clients. This technology prevents interception by hackers during the transmission over the internet. Firewalls have also been deployed to further protect the systems.
All clients’ funds are held in segregated accounts maintained in the top banks. These funds are seperate from the brokerage firm’s accounts and thus should not be used by the broker. Even in the unlikely event that Turnkey Forex suffers a financial crisis and goes bankrupt, it still should not be able to use the segregated client funds to offset its debts.
Turnkey Forex Countries
Turnkey Forex can accept clients from most countries excluding the USA and a few others. Some Turnkey Forex broker features and products mentioned within this Turnkey Forex review may not be available to traders from specific countries due to legal restrictions.
Turnkey Forex Platforms
This is a widely used trading platform among forex traders all over the world. It is user friendly yet 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. More features can be added 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.
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.
This is a trading platform offered by Turnkey to clients who registered before 2018. At the moment, it is no longer available to new clients while the old clients are still using the platform. It is available on Windows PC, MAC and on mobile devices via iOS and Android apps.
Here are some of the Trade Station platform features:
- Assets quotes can be viewed and monitored in real time.
- Live charting of all the assets.
- News stream is available on the platform.
- Customizable interface with multiple workspaces.
- Multiple accounts can be managed from a single platform installation.
- One click trading is supported.
- The inbuilt visual builder can help traders to create their own strategies.
Turnkey Forex Trading Tools
Turnkey clients can open a ZuluTrade account in order to participate in social trading. ZuluTrade is the leading network of traders where investors meet signal providers and copy their trades for a fee. There are thousands of traders who are registered as signal providers. Clients can view their profiles and performance statistics. When a signal provider choice is made, the investor can make deposits, set risk parameters, subscribe and then monitor the performance. Social trading gives a trader (investor) the opportunity to copy trades without needing the trading knowledge themselves whilst it can also generate funds for a successful signal provider. It should be strongly emphasised that there are no guarantees with results when copying signals of traders. You can see our ZuluTrade review for information on their social trading services.
Multi Account Manager (MAM) Account
Turnkey Forex offers MAM accounts and software for managers to trade on behalf of other traders who are investors. The manager prepares his proposal stating the terms and fees. The investor views the MAM list and chooses a manager based on his performance statistics and favourable conditions. He makes a deposit and allocates funds to the manager’s account. The manager trades on his behalf. Any potential profits are shared automatically based on the agreed conditions. It should be noted that 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.
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. This service 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 a client that maintains 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 for both the Trade Station and the MT4 trading platforms. It connects clients 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 clients who deposit a minimum of $25,000.
Clients who maintain a balance of $5,000 and execute at least 10 round mini lots every month are eligible to request for a free EA from Turnkey Forex. The EA is customized based on questions answered by the client. The client’s fund is invested and the EA automatically trades on his behalf. The client can monitor the performance of the EA but should be very careful and consider the significant risks of trading with an automated system.
Turnkey Forex Education
There are no trader training resources available from Turnkey Forex broker. The trading brokers review team would have liked to have seen some tutorial videos, trading guides, webinars, etc. These could benefit beginner traders looking to improve their trading skills and knowledge.
Turnkey Forex Instruments
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 Accounts & Fees
Turnkey Forex offers different accounts to its clients. The accounts depend on the trading capital and other conditions attached. All clients have access to trade on the MT4 or Trade Station platforms. 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%.
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. Clients can input the amount needed in the demo account when creating it.
As broker fees can vary and change, there may be additional fees that are not listed in this Turnkey Forex review. It is imperative to ensure that you check and understand all of the latest information before you open a Turnkey Forex broker account for online trading.
Turnkey Forex Support
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. 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 a website visitor or a client fills the form, the support team will reply by email within a few hours. The team can also be reached by email and telephone.
Turnkey Forex Deposit & Withdrawal
The broker rejects all cash deposits and third party deposits. 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 Account Opening
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 brokers official website and click on the ‘REGISTER’ button on the far right top of the page. The form below will display:
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. From the clients’ area, you can update your profile, download platforms, make deposits and commence trading.
Turnkey Forex Summary
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 MT4 and Trade Station platforms is commendable. All strategies, trading systems and styles are supported by Turnkey Forex Broker. The different account types give traders a choice of the services they require. The VPS, MAM and social trading platforms provided are useful tools for different client needs.
However, the unregulated status of the broker is a big red flag as most experts and professional clients avoid trading with unregulated brokers. There are many regulated brokers to choose from including those on our best forex brokers list. Also, the lack of a training academy is not helpful to beginners. There are no daily market analysis or insights to help inspire trade ideas.
CFDs and forex are leveraged products that carry a high degree of risk to your capital and it is possible to lose more than your initial investment and account balance. You should only speculate with money that you can afford to lose. These investments may not be suitable for all investors; therefore, please ensure that you fully understand the risks involved and seek independent advice if necessary prior to entering into such transactions.