Turnkey Forex broker is suspected to be a scam company from an offshore country. Unfortunately, most such companies have no financial regulations and do not care about their clients.
Since this is the situation, we decided to check if Turnkey Forex is regulated and where it is based.
- Before we move forward, we encourage you to read our recently updated InstaForex and PrimeXBT broker reviews.
|Broker Status:||Unregulated Offshore Broker (Scam Broker)|
|Regulated by:||Unlicensed Brokerage|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||TurnKey Forex Limited|
|Online Trading Platforms:||MT4, MT5, WebTrader, Act Trader|
|Crypto Assets:||BTC, LTC, ETH|
|Available Trading Assets:||Forex (FX), Commodities, Indices, Cryptocurrencies|
|Islamic Account:||Not Available|
|Free Demo Account:||Yes|
|Accepts US Clients:||US traders are accepted|
|Global Fraud Protection Brokers Analyst Team Verdict:||Avoid This Scam Broker!|
Turnkey Forex Regulation and Licensing – Is the Broker Legit?
Turnkey Forex is an offshore company from Mauritius owned by TurnKey Forex Limited. As mentioned, most offshore companies have no financial regulations, which is the exact reason for this Turnkey Forex review.
What’s Wrong With a Turnkey Forex License? – No Regulatory Approval
There’s a turnkey in our story about broker regulation. Apparently, TurnKey Forex Limited doesn’t exist in Mauritius or any other financial register, and the brokerage is unregulated. This is yet another on our long list of red flags showing how fraudulent brokers we’re dealing with.
If you plan to invest any funds, find a Tier1 regulated broker such as the FCA, ASIC, or BaFin.
Turnkey Forex Platform Review – Available Trading Software
Broker trading platform’s choice is actually stunning. The broker provides MT4, MT5, and a web trader, as well as Act Trader. Since MetaTrader is the best platform industry offers and is highly secure, we would love to recommend Turnkey Forex as a good broker. But, there’s always a regulation issue you should bear in mind.
Turnkey Forex MT4 – MetaTrader 4 Platform
Turnkey Forex MT4 is a standard MT4 platform providing trading on all assets, variable spreads, customizable trading charts and analysis, a copy trading system, and alerts on market updates. Clients can open up to 10 charts simultaneously, and there’s an app to be used on Android or iOS mobile devices.
About Act Trader Trading Platform
Act Trader is another trading platform competing with MetaTrader for the best platform. However, not many people have heard about it yet. The trader can be used on desktops (both Windows and Mac) and any mobile device. It’s a bit simpler than MT4 and easier to navigate, yet it has fewer charts and indicators. If you have no previous trading experience, this might not be a bad starting point.
Turnkey Forex MT4/MT5 Mobile App – iOS and Android Trading
Mobile trading app is actually a MetaTrader app that clients can download directly from its website and use their credentials to log in. There’s also the Act Trader app, and all of them are available for both iOS and Android. Most of the features are the same as desktop platforms, just more convenient to use.
Based on everything we’ve had a chance to see in Turnkey Forex reviews, this broker does not have any prohibited areas. Nothing is listed on their website, not in the Terms and Conditions, not in the disclaimer. Basically, it looks like the company chooses no country. Everyone is good to be scammed.
Turnkey Forex Trading Instruments – What Can I Trade?
According to the broker’s website, company clients can trade with:
- 66 currency pairs – minors, majors, and exotics
- 4 commodities – metals and oil
- 5 global indices – EU, US, and Asia
- 4 cryptocurrencies
Notably, shares are missing, while the offer of any other asset besides the FX market is rather poor. If you are thinking of choosing Turnkey Forex trading brokerage, think twice.
Spreads, Leverages & Fees
The spread is variable and starts from 0.0 pips with a $1 commission. The leverage is unregulated and goes up to 1:500, while fees depend on the spread and the account type. For the STP account, there’s no commission, and the spread starts from 0.2 pips, while on the ECN account spread starts from 0.0 pips, and the commission starts from $1 per lot. For cryptocurrencies, the commission is $1 per $100k and for indices $0.1 per lot.
Turnkey Forex Trading Accounts – Account Types
As aforementioned, there are two trading account types:
The main difference is in the spread and commission since all of the other terms are pretty much the same. Turnkey Forex’s minimum deposit is $10 for both account types, and it looks like the broker is forcing crypto payments. There are credit card and wire transfer options, but cryptocurrencies are the broadest.
Turnkey Forex Demo Account
Broker offers clients a free Demo account with $10,000 for practicing trading. However, there’s a big difference between having $10,000 and $10, a minimum deposit. You cannot get the real market sense, especially with too high leverage.
Scammed by Turnkey Forex broker? – Talk to Our Experts Today!
If you were scammed by Turnkey Forex, let us know immediately. Our support team will book a free consultation with the company’s experts. The first thing when dealing with an unregulated offshore broker is to request a chargeback. Therefore, help from a professional might come in handy just to ensure successful dispute resolution.
Tell us what happened and we will create a tailor-made solution for you. Contact us via online chat now.
Don’t Let the Scammers Go Away for Free!
What Is Turnkey Forex, And Should I Invest Money In It?
Basically, this is an offshore trading brokerage without financial regulation.
Is Turnkey Forex a Scam Forex Broker Or a Regulated One?
Since it’s not regulated, this trading firm can be classified as a scam company.
Which Trading Platforms Are Supported By Turnkey Forex Broker?
Broker offers MT4, MT5, WebTrader, and Act Trader for desktop and mobile devices.
Is It Safe to Invest With a Turnkey Forex Broker?
Since it’s an unregulated brokerage, investing with Turnkey Forex is not the smartest option.