Best Forex Brokers in Turkey 2021
How can you find a good forex broker in Turkey? Look no further than the FXEmpire list of the best Turkish forex brokers. Our list is based on our own research into the industry and from valuable feedback gleaned from our readers.
The brokers below represent the best Forex Brokers for trading in Turkey
FP Markets was founded in 2005 and is regulated by the Australian Securities and Investments Commission (ASIC), offering segregation of client funds and top tier liquidity. FP Markets is a group of companies that includes First Prudential Markets Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission.
The broker offers the ability to trade on more than 10,000+ financial instruments covering Forex, Equities, Metals, Commodities, Indices and Cryptocurrency CFDs. Users have access to a range of accounts including the Standard Account (commission-free) and Raw Account (commission-based) for MetaTrader users, both offering ECN pricing and maximum leverage of 500:1. Users can also access Iress Accounts which are commission-based.
How to Choose a Forex Broker as a Turkish Trader
Turkey plays a very important role as being the link between Europe and the Middle East. With a highly diversified and young population, many Turkish residents have been looking at new ways to making money. In today’s society, the technology available on the internet, among other things has led to online forex trading. This has sparked a new revolution among Turkish investors.
When choosing a forex broker as a Turkish trader, you must be very careful. New regulations imposed by the CMB have increased initial deposit amounts to TRY 50,000, which is quite high for many traders. As well Turkish forex brokers are now restricted to a maximum leverage of only 1:10. That is extremely low compared to most other international forex brokerages. That being said, it is best to do your research and look into international forex brokers who are competent and regulated in the country they reside. However, the CMB may pursue unlicensed brokers offering their services to Turkish investors.
General Regulation & Turkish Regulation
Generally, forex trading is well accepted among most countries, especially in Europe, however, Turkey is not part of the EU. Forex trading in Turkey has proved itself to be in a very difficult situation regarding regulation. The regulatory body governing the financial markets in Turkey is known as the Capital Markets Board of Turkey (CMB). They impose very strict regulations restrictions on brokers making it very difficult for brokers to conduct business in Turkey.
Trading Platform & Software
Turkey has numerous quality trading platforms, but with new restrictions imposed by the CMB, many traders are looking to international platforms to trade with. There are many international platforms available to Turkish investors, just some of the most popular ones have been blocked. All the best forex trading platforms have mobile and desktop applications or access. As well they feature intuitive and responsive designs with impressive charting and analysis tools. They are powered by top of the line software which provides lightning fast speeds during execution of trades. Most forex trading platforms available to Turkish traders are impressive and technically advanced.
Commissions & Spreads
Spreads and commissions are both very important aspects of a forex broker. They go hand in hand and play a big part in whether the forex broker is worth your while. In fact, the spread is one of the most important things to consider when choosing a forex broker. With that said, we choose forex brokers with low spreads and little to none commissions.
The best forex brokers offer a variety of account types to fit your trading needs. For a Turkish trader, you want a forex broker that offers a variety of account types. For example, some forex brokers in Turkey will offer residents micro, mini, standard and even Islamic forex trading accounts to trade currencies and CFD’s. Although, accounts offered by CMB regulated brokers in Turkey now require a minimum deposit of TRY 50,000 and have lower leverage compared to international account types.
Customer service and support is a very important aspect of a trading platform/broker. As a Turkish trader, you want quality support in your native language. Thankfully this shouldn’t be an issue for most high-end forex brokers. Turkey is a highly populated country with many forex traders. If Turkish traders decide to trade with an international company, they should have no problem receiving customer support in the Turkish language.
The best forex brokers in Turkey offer their clients additional services and resources such as educational material, training courses/classes communicative forums, and more. The best brokers go the extra mile with informing and educating their clients, as well as having excellent customer support.
Our best forex brokers for Turkish traders list is created with the utmost certainty in quality and reputation. We have only gathered competent and regulated brokers who are known to be reputable with the services they provide. All our brokers offer excellent trading platforms and customer service, competitive commissions and fees, and a wide range in account types.