Forex Brokers in Turkey

Richard Montana | November 24, 2022

Forex trading in Turkey is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Turkey as clients, forex brokers in Turkey are required to become authorised by the Capital Markets Board of Turkey (CMB). The Capital Markets Board is the financial regulatory body in Turkey. You do not need to use a CMB regulated broker if you are based in Turkey but they may be able to provide you with certain protection that offshore brokers cannot.

Best forex brokers Turkey

To find the best forex brokers in Turkey, we created a list of all the forex brokers that accept clients in Turkey and then ranked them based on our overall rating. You can see our list of our top forex brokers for Turkey below.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

$100

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

2010

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

ASIC, CySEC, DFSA, IFSC

$5

2009

1:888

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

ASIC, CySEC, FSA, SCB

$200

2007

1:500

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

CMB forex brokers in Turkey

The CMB was formed in 1982 and is responsible for watching over the financial market, consumer protections, and supervising participants in the forex market. Forex trading is legal and permitted in Turkey. Both local and foreign forex brokers run their business in Turkey, giving the citizens convenient access to the global financial markets.

The main objectives of the Turkish regulator are ensuring the stability of the local financial market, protecting customers, and overseeing the operations of all stock market participants. Structure-wise the CMB consists of a chairman who heads a board of seven commissioners, appointed by the Ministry of Finance and the Ministry of Industry and Commerce, among several other governmental entities.

The CMB was created with the passing of the Capital Markets Law (CML) in 1981. This was followed by a number of further laws and decrees that expanded its functions and responsibilities. The most significant of these changes was Law No. 4487 which was passed in December 1999, which brought in a set of amendments to the Capital Market Law expanding the duties and the scope of authority. This included increased consumer protection and changes to allow decartelisation of stocks and other changes to make the markets more flexible and able to use information technology.

The CMB is responsible for the issuing of licenses to authorized Forex brokers who meet the regulatory requirements of the country. The agency closely scrutinizes all licensees to make sure they remain compliant with its guidelines. Companies found to be violating the rules face heavy sanctions.

How to verify CMB regulated brokers in Turkey

Forex brokers need to go through a prolonged licensing process to receive authorization from the Turkish authorities. Operating on this market without having a license from the local regulator, the Capital Markets Board of Turkey (CMB), is strictly prohibited. The country is not a member of the EU, which renders servicing Turkish traders with a license issued in another European jurisdiction impossible.

You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the CMB website to confirm if the forex broker is regulated in Turkey to provide online forex trading products and services.

Some Turkey forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.

About the Author

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Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.


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