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Best Forex Brokers in Turkey 2020

FX Empire Editorial Board
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At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. Here’s how we make money.

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

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
First Prudential Markets Pty Ltd
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Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, webtrader

2005

No dealing desk

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Your capital is at risk

FBS
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Your capital is at risk

CySEC, IFSC

$1

1:3000

MT4, MT5

2009

ECN, No dealing desk, STP

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Your capital is at risk

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of the Best Forex Brokers for trading in Turkey.

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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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.

Pros: Cons:
  • ASIC regulated.
  • ECN pricing and DMA trading available.
  • 10,000+ tradable financial instruments.
  • Wide range of trading platforms and trading tools available.
  • Excellent customer support and education tools.
  • The volume of choice of markets and accounts may be overwhelming for beginner traders.

FBS

Regulated By:CySEC, IFSC

Foundation Year:2009

Headquarters:N/A

Min Deposit:$1

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Your capital is at risk

FBS Markets Inc. is a Forex and CFD broker that offers its services across the globe. The company was established in 2009 and since then, the brand has grown in size, capacity and technology. It offers currency pairs, CFDs, stocks, metals and cryptocurrencies on MT4 and MT5 platforms.

FBS Markets offers 37 currency pairs, 4 metals, 3 CFDs, 4 cryptocurrencies and 32 stocks.

FBS provides the MT4 and MT5 trading platforms as WebTrader, desktop applications and mobile applications. For leverage accounts, this brokerage offers leverage of up to 3000:1.

Pros Cons
  • The broker is regulated by CySEC and the IFSC
  • Access to investor compensation in case of broker fraud
  • Comprehensive trader education
  • Good variety of research tools
  • Low capital requirements for account opening
  • Spreads are higher than many retail brokers
  • Regulation of global brand is not as robust as the EU brand
  • Leverage offered on global brand is too high (careful risk management is a must)

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.

Account Types

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

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.

Additional Services

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.

Conclusion

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.

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