Searching for the top forex broker in Turkey? Based on our hands-on analysis, we’ve identified the 6 best options tailored to various trading needs. Practical tips from our experts are included.
Trading forex and CFDs in Turkey involves navigating a market that is highly regulated and governed by specific rules. As the Turkish financial market continues to evolve, understanding the legal framework and market conditions becomes crucial for achieving success in your trading endeavors.
Forex and CFD trading are legal activities in Turkey. The market, however, is tightly regulated to protect retail traders from the inherent volatility of these financial instruments. The Capital Markets Board of Turkey (CMB) oversees all forex operations, and brokers must possess a valid CMB license to legally operate in the country. It’s worth noting that internationally regulated brokers are also accessible to Turkish residents.
Although Turkey is not obligated to adhere to the Markets in Financial Instruments Directive (MiFID) II, as is the case with European brokers, the CMB has made strides to align its regulations with similar international financial standards. These include limits on leverage, negative balance protection, the segregation of client funds, and participation in the CMB’s dispute resolution mechanism.
Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.
Now let’s go through the selected brokers.
Established in 2006, FxPro is an award-winning broker sponsoring the McLaren F1 Team. Licensed by the UK FCA, CySEC, SCB, and FSC Mauritius, it offers over 2,100+ tradable instruments available from the MT4, MT5, cTrader, and FxPro proprietary platform. With excellent in-house market research and education, it’s a top broker to consider.
Regional Features:
I found that FxPro offers an excellent range of markets, covering forex, stocks, indices, commodities, and cryptocurrencies. Its no-dealing desk (NDD) model eliminates broker intervention on trades, providing trade execution in under 13 milliseconds.
FxPro’s range of platforms caters to different traders. Short-term traders will find the cTrader platform most valuable. Beginner traders may prefer FxPro’s proprietary platform, offering the most user-friendly interface and the easiest trading experience.
Both beginners and advanced traders can benefit from the FxPro team’s market research. Updated multiple times daily, it covers Market Overview, Crypto, and Technical Analysis, offering a balanced mix of fundamental and technical insights for trading.
Regarding fees, our examination revealed that the spread for EUR/USD averaged 1.2 pips, which is higher than the industry average of 1.0 pip for a commission-free trading account.
Founded in 2011 and based in Limassol, Cyprus, FXTM is a global broker specializing in forex and CFD trading across commodities and indices. Available on both MetaTrader platforms and the FXTM Trader App, FXTM operates under multiple regulatory frameworks and has offices in Europe, Africa, Asia, and Latin America. The broker provides an excellent range of products and services for beginner traders, such as a micro-trading account and extensive educational materials.
Regional Features:
Among FXTM’s three account types, the Micro trading account stands out as particularly well-suited for beginners. With a minimum deposit of just $50 (or equivalent in EUR/GBP), this low barrier to entry lets new traders gain practical experience without significant financial risk while also acclimating to the emotional aspects of trading with real capital.
I was also impressed with the educational resources available on FXTM’s website, including in-depth videos, articles, and eBooks. Among the topics covered are “50 Successful Traders’ Habits”, “Elliott Wave Theory”, “Japanese Candlestick Strategies”, and more.
Also, FXTM publishes research articles throughout the week that cover fundamentals on major currency pairs, indices, and well-known US stocks. It also provides technical analysis for some markets which can be useful for beginner traders.
Founded in 2009, Vantage has four globally regulated entities. It offers an excellent suite of products for professional traders, including Raw ECN accounts with tight spreads and low commissions, along with multiple trading platforms, including MetaTrader 4, MetaTrader 5, ProTrader, and the Vantage App.
Regional Features:
Vantage’s Raw ECN trading account is a standout feature for professional traders. We found the spread on EUR/USD averaged 0.1 pips in the London session and 0.2 pips in the New York session. The commission is 3 USD per lot per side, better than the 3.50 USD industry average. This helps to execute trades at precise levels and keep trading costs low.
There is a wide selection of trading platforms to suit most professionals. The MT4 and MT5 platforms offer the largest number of features and tools, such as 1-click trading, multiple order types, and algorithmic trading capabilities. The MetaTrader accounts can also be synced to the Vantage copy trading app in which professionals can become a signal provider to earn extra income.
Established in 2005, FP Markets boasts a strong global presence with its headquarters in Australia and additional offices across the world. The broker is regulated by multiple high-tier authorities, including top-tier ASIC, CySEC, and the FSCA.
Traders have access to a diverse array of over 10,000 tradable instruments across forex, commodities, and equities. To facilitate this, FP Markets offers three world-class trading platforms each bringing its own unique features to cater to various trading styles.
Regional Features:
FP Markets offers the ability to trade on MT4, MT5, and cTrader. I enjoy the MT5 trading platform as it comes with more than 100 different drawing tools and technical analysis indicators, over 20 different viewable timeframes, and algorithmic trading capabilities. I also found you can access research tools from Trading Central and Autochartist which provides real-time trading ideas.
In our live testing, we discovered that FP Markets offers an expansive selection of over 72 forex pairs, encompassing major, minor, and exotic currencies. Significantly, the broker provides a robust range of trading options for the Turkish Lira, including popular pairs like EUR/TRY, GBP/TRY, and USD/TRY. In our live fee test, I found the spread for EUR/USD averaged 1.1 pips which is around the industry average of 1.0 pips for a commission-free trading account.
Founded in 2014, Tickmill is a forex and CFD broker, regulated globally by top-tier agencies, including UK FCA, FSCA, and CySEC. Catering to diverse trader needs, Tickmill provides multiple account types and supports MetaTrader 4&5. Additional features like the Acuity Trading plugins enhance the trading experience with real-time insights and news.
Regional Features:
In our live testing, we discovered that Tickmill provides access to both MT4 and MT5, industry-leading trading platforms available on PC, Mac, web, and mobile. MetaTrader excels in offering a dependable trading experience, complete with real-time charts, integrated indicators, advanced order management, and algorithmic trading functionalities.
I was impressed by the number of other trading tools Tickmill provides to its Turkish traders. This includes the Acuity Trading Tool plugin, a research terminal seamlessly integrated into the MT4/MT5 platforms. This feature delivers real-time market news and sentiment analytics.
Founded in 2001, ActivTrades is a globally recognized Forex & CFD broker with offices in multiple countries, including the UK and Luxembourg. Regulated by top-tier authorities like the FCA and CSSF, the company ensures client safety with private indemnity insurance and a ‘best execution policy.’ Offering low spreads on over 1,100 financial CFD instruments, ActivTrades supports a range of platforms such as TradingView and ActivTrader.
Regional Features:
During our live fee test, I found the spread for EUR/USD during the most active trading times in the London and New York sessions averaged 0.95 pips which is better than the industry average of 1.0 pips for a commission-free trading account. It was also good to see a decent range of TRY currency pairs to trade on.
I was also impressed by ActivTrades’ zero requote policy and its ability to execute forex trades in under 0.004 seconds which is useful for short-term traders. While there are a range of trading platforms to trade on (MT4, MT5, and TradingView), it is the broker’s own ActivTrader web platform which impresses with its own proprietary trading tools such as a progressive trailing stop feature, market sentiment indicators, and the ability to use hedging strategies.
Here is a quick guide on how to choose the best forex broker in Turkey.
Trading with a broker regulated by a financial authority means they must follow stringent laws concerning the management of your funds and the execution of your trades. This regulatory oversight is crucial for ensuring a safe and reliable trading environment.
In Turkey, the Capital Markets Board (CMB) governs forex brokers. In 2017, in response to the collapse of the Turkish Lira, the CMB unilaterally implemented significant changes such as lowering the leverage ratio from 1:400 to 1:10 and setting a $13,500 minimum deposit for retail investors.
These changes led to a shift in the broker landscape. Some brokers exited the Turkish regulatory framework, others stopped accepting Turkish clients, while some began directing Turkish traders to their entities regulated in other jurisdictions like the UK, Cyprus, and Australia. Worryingly, a few brokers now only engage Turkish residents through their unregulated entities located in offshore jurisdictions like St. Vincent and the Grenadines.
Drawing on my years of hands-on experience, I strongly advise against trading with unregulated brokers. Opting for a broker overseen by a top-tier regulatory body offers the best protection for your investment. These agencies mandate that regulated brokers segregate client funds from operational finances, offer negative balance protection, and participate in a compensation scheme to safeguard your investment up to a certain limit in case of insolvency.
Read more about Best regulated forex brokers.
When selecting a safe broker, there are several key factors to consider.
Check out our guides on Best FCA-regulated forex brokers and Best ASIC-regulated forex brokers.
When embarking on your trading journey, the fees associated with a broker can have a direct impact on your profitability. Below I delve into the various costs you might encounter when trading with a forex broker.
To check the broker’s fees, view the fees section on their website, check the legal terms and conditions, and speak to customer support. If they are not clear and transparent, it’s probably a red flag to avoid the broker.
Read more about Best lowest spread forex brokers.
Brokers typically provide two main types of trading accounts: commission-free and commission-based.
In a commission-free account, you won’t pay any direct fees for buying or selling positions; instead, the broker compensates by setting a wider spread between the bid and ask prices. On the other hand, a commission-based account offers tighter spreads but levies a specific fee for each trade you execute. This fee structure can have implications for your trading strategy and overall costs, so choose wisely.
A commission-free trading account may suit beginner traders more as the majority of the costs are incorporated into the spreads. Short-term traders may prefer a commission-based account as they provide lower spreads so more precise trading execution.
Explore Best ECN forex brokers and Best STP forex brokers.
Many brokers will also now offer these options as Islamic swap-free accounts to comply with Sharia Law which prohibits interest payments. Those swap-free accounts do not debit or credit any overnight interest fees for holding a borrowed leveraged position.
Instead, the broker may charge an upfront fee to offset the cost of holding overnight positions. Every broker is different in how they handle their Islamic swap-free accounts so you should also check with customer support and read the legal terms and conditions carefully.
Read more about Best forex brokers with Islamic accounts.
The question of how much leverage to use is critical in forex trading, as leverage serves as a double-edged sword: it can amplify both your profits and losses. Simply put, leverage allows you to control a large position in the market with a smaller amount of your own capital.
For instance, regulatory bodies like the FCA, CySEC, IIROC, and ASIC cap the maximum leverage at 1:30 for retail traders to mitigate financial risks. This means you can open a trade worth $30 using just $1 from your trading account. However, some offshore and unregulated brokers may offer enticingly high leverage, sometimes up to 1:3000.
Tread cautiously in these waters. High leverage can exponentially increase your profit potential, but it also magnifies your losses. Your P&L isn’t calculated on your margin alone but on the entire trade size. If the market moves against you, you might not have enough capital in your account to maintain your position, leading to a margin call. This triggers your broker to automatically close out your trades, often resulting in significant losses.
So, when choosing leverage, consider your risk tolerance, trading strategy, and level of experience in the market. High leverage may seem appealing, but it demands a higher level of risk management.
Check out our guide on the Best high leverage forex brokers.
Selecting the right trading platform is crucial for your trading success and comfort. First, ensure the platform offers the technical and charting tools you need for your particular trading strategy. Next, consider the user interface; it should be intuitive and easy to navigate, even under the pressures of live trading. Also, check the platform’s compatibility with your devices and its ability to integrate third-party tools or plugins. Finally, don’t underestimate the value of a reliable customer support system that can assist you in times of technical glitches or uncertainties.
Here are some of the most common trading platforms provided by brokers:
Most brokers will allow you to test each platform with a demo account which is an excellent way to identify the best one for you.
Check out our dedicated guide on Best forex trading platforms.
Here are some things to avoid when choosing a forex broker in Turkey:
Unfortunately, there are a lot of forex and CFD scams aimed at Turkish residents. Here are a few tips to avoid such situations:
We evaluate brokers using a proprietary rating system that involves analyzing 250 data points across nine core categories, which include:
For this guide, we verified the regulatory credentials of each broker to ensure their authorization for forex trading in Turkey. Moreover, we confirmed the availability of Islamic swap-free accounts that comply with Sharia Law. In addition to testing the trading platforms for usability and ease of access, we confirmed the availability of platforms and customer support in Turkish. We also assessed whether the brokers had localized resources, such as websites and physical offices in Turkey. Finally, we checked if deposits and withdrawals are possible in Turkish Lira (TRY).
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.