The Standard Account is suitable for beginners as it has a low minimum deposit requirement and offers competitive spreads. The Pro Account is designed for more experienced traders who require higher leverage and lower spreads. The VIP Account is for high-net-worth individuals and offers personalized services and additional benefits. I have two accounts, one with USD and another with ETH account base currency. Some crypto account base currencies are also accepted by the broker.
Account Types
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. The VPS allows you to use powerful, automated strategies 24 hours per day without being worried about computer hardware or power supply. The third-party PS solutions boast low latency, and connection on a 24/7 basis, and the service is completely free if you have a balance of $5,000 or more. If it happens that I have a negative balance, I will open another account elsewhere. Turnkey Forex warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors. Cost depends on different factors, like spread and margins, and Turnkey Forex clients may also experience different fee structures according to their country or place of residence.
- All the costs and features of the two trading accounts are discussed in the next section below.
- It was indeed surprise for me as I am not used that customer support is so responsive by one broker.
- Mauritius is an easy jurisdiction to open a brokerage, as opening requires an initial establish the capital of only $2,000, making it a popular offshore zone for shady brokers.
- At first glance, the Turnkey Forex Platform offers a clean and user-friendly interface.
- The platform is designed to provide a seamless trading experience, with all the necessary tools and features easily accessible.
Good platform and customer support
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. If your trading strategy is not solely based on forex, but you have a more diversified approach, you can opt for MetaTrader 5 instead. Similar to MT4, it packs powerful analytical tools, technical indicators, and fundamentals, and can be customized to cater to your specific needs and trading objectives. Turnkey Forex warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.
The Pros and Cons of Trading with Turnkey Forex: A Comprehensive Review
Customer service is available 24/5 and the broker takes pride in its ability to provide help without delay. The quickest way to reach them is the instant live chat on the website, but you can also reach the team via mail or phone (the US or UK phone number). Perhaps one aspect that could be improved is to extend customer service to 24/7, considering that some markets (like cryptocurrency) are open 24/7. Perhaps one of the main benefits of joining one of the two platforms above is that most forex brokers offer them. So, even if you decide to try another broker, you do not need to learn how to use a new platform.
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.
Leverage allows traders to control larger positions with a smaller amount of capital. However, it is important to note that high leverage also increases the risk of losses, so it should be https://traderoom.info/ used with caution and proper risk management. Traders who maintain a balance of $5,000 and execute a minimum of 10 round mini lots every month are eligible for free EA from Turnkey Forex.
Turnkey Forex offers a range of trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are known for their user-friendly interface, advanced charting tools, and customizable features. Whether you are a beginner or an experienced trader, you will find these platforms easy to navigate and suitable for your trading needs. 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.
EAs are automated trading systems that can execute trades on behalf of the trader based on predefined parameters. The platform supports the popular MetaTrader 4 (MT4) platform, which is widely used by traders around the world for its extensive library of EAs and technical indicators. While Turnkey Forex does offer customer support, they only provide it through email and live chat. They do not have a dedicated phone support line, which can be a disadvantage for traders who prefer speaking with a representative over the phone for immediate assistance. This website contains detailed information on crypto currencies, forex, contracts for difference (CFDs), stocks, commodities and indices.
Turnkey Forex is regulated by the Vanuatu Financial Services Commission (VFSC), which ensures the broker adheres to strict regulatory guidelines. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. People who write reviews have turnkey forex review ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. I started trading with another broker, I was doing well there until I met with a string of losses then I decided to move onto the next broker and so it goes on.
Have just made one withdrawal till date, which was quite swiftly done. I won’t say much as I have just started with them recently but my till date experience has been satisfactory. Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
This can be a disadvantage for beginner traders who rely on educational materials to improve their trading skills and knowledge. One of the major advantages of trading with Turnkey Forex is the wide range of tradable instruments available. They offer over 150 forex currency pairs, as well as CFDs on indices, commodities, and cryptocurrencies.
