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5 Best Forex Brokers in Turkey for 2024

Searching for the top forex broker in Turkey? Based on our hands-on analysis, we’ve identified the 5 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Jitan Solanki
Reviewed By:
Ola Alder
Updated: Feb 1, 2024

List of Top Forex Brokers in Turkey

  • FxPro – Best Overall
    True no dealing desk (NDD) broker. Feature-rich proprietary FxPro platform. MT4, MT5, cTrader. High-quality in-house market research. Multiple account types.
  • FP Markets – Best Trading Tools
    MT4, MT5, and cTrader platforms. Raw ECN pricing trading accounts. Trading Central and Autochartist. 850+ tradable instruments. Low spreads and competitive fees.
  • Tickmill – Best Trading Software
    MT4 and MT5 for desktop, web, and mobile. Autochartist, Advanced Trading Toolkit. Acuity MT4/MT5 plugin for real-time news and market sentiment. Tickmill Social Trading and Pelican Trading apps.
  • MultiBank – Best for Professional Traders
    20,000+ tradable instruments. ECN and Pro Islamic swap-free trading accounts. MAM and PAMM accounts. Enhanced $1,000,000 insurance per account.
  • ActivTrades – Best Low Spreads
    Low spreads and trading fees. MT4, MT5, TradingView, and ActivTrader platforms. 1,100+ tradable instruments. Enhanced protection of funds up to $1,000,000.

Forex Trading in Turkey

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.

How Did FX Empire Select the Best Brokers in Turkey?

  • We only selected brokers that achieved a high overall score from our proprietary rating system.
  • We checked the regulations and licenses for each broker to make sure they were authorized for forex trading activities in Turkey.
  • We ensured the broker offers access to Islamic swap-free accounts that comply with Sharia Law.
  • We tested each trading platform for its usability and ease of access, as well as customer support in Turkish.
  • We investigated whether the broker has localized resources such as a website and physical offices in Turkey.
  • We explored the different payment methods to identify if the broker allows deposits and withdrawals in Turkish lira (TRY).
  • We assessed the number of tradable instruments to check if a diverse range of markets is available, including Turkish markets.
  • We opened a live trading account to view the broker’s live spreads to check how competitive and transparent they are.

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.

Best Overall

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    2157
  • Fees
    Low

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:

  • Entity for Turkish Residents: FxPro Global Markets Ltd, regulated by the SCB
  • Maximum Leverage: 1:200
  • Islamic Account: Yes
  • Turkish Lira Pairs: EUR/TRY, USD/TRY
  • Deposit/Withdrawal in TRY: Yes
  • Customer Support in Turkish: No
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.
Pros
  • No dealing desk broker
  • Multiple trading platforms
  • Trading Central and in-house research
  • Feature-rich proprietary platform
Cons
  • $10 inactivity fee after 6 months of no activity

Best Trading Tools

This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.
  • Min Deposit
    $100
  • Tradable Instruments
    844
  • Fees
    Medium

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:

  • Entity for Turkish Residents: FP Markets LLC, unregulated, based in SVG
  • Maximum Leverage: 1:500
  • Islamic Account: Yes
  • Turkish Lira Pairs: EUR/TRY, GBP/TRY, USD/TRY
  • Customer Support in Turkish: Yes

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.
Pros
  • Multiple trading platforms
  • High-quality research tools and plugins
  • Islamic swap-free accounts with ECN pricing
  • Customer support in Turkish
Cons
  • Turkish residents can only open an account with the unregulated SVG entity

Best Trading Software

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    747
  • Fees
    Low

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 Autochartist and Acuity Trading plugins enhance the trading experience with real-time insights and news.

Regional Features:

  • Entity for Turkish Residents: Tickmill Ltd, regulated by the FSA of Seychelles
  • Maximum Leverage: 1:500
  • Islamic Account: Yes
  • Turkish Lira Pairs: EUR/TRY, USD/TRY, GBP/TRY
  • Customer Support in Turkish: Yes

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 Autochartist plugin which provides real-time technical analysis of trading ideas across a wide range of currency pairs.

Additionally, Tickmill offers 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. In our live testing, these supplemental software tools proved invaluable, enriching the trading experience and certainly warranting a closer look for any trader.

Pros
  • Wide selection of trading tools
  • Autochartist plugin
  • Acuity Trading Tool plugin
  • Multiple trading accounts
Cons
  • Limited range of tradable instruments

Best for Professional Traders

By using this website and or its services, you agree that neither MultiBank Group nor any of its affiliates and service providers will be held responsible for the accuracy of any information available on this site. Although information on this site is provided in good faith and is believed by MultiBank Group or its affiliates to be accurate, there are no explicit or implicit warranties of accuracy or timeliness made by MultiBank Group or its affiliates and service providers regarding this information. Furthermore, in visiting this site and in opening an MultiBank Group or its affiliates Forex trading account you agree not to hold MultiBank Group or any of its affiliates and service providers liable for any decisions you may make based on the information you obtain on this website or websites we link to. It is recommended that you make your decisions only after you have reviewed information and collected opinions from several credible sources and have verified ALL facts you need to know about Forex trading from other independent sources. MultiBank Group and its web hosting providers and its affiliates shall in no event be liable for any damages and or loss resulting from interruption of website service or the inability to use our website. Unless stated otherwise, material on this site is copyright of MultiBank Group. MultibankFX is the trading name of Multibank FX International Corporation (BVI) Company No. 1377324.
  • Min Deposit
    $50
  • Tradable Instruments
    774
  • Fees
    Medium

Established in 2005, MultiBank Group is a global broker offering forex and CFD trading across a variety of assets via the MetaTrader platform. The firm has over 20 international offices and is regulated on five continents by ASIC, CySEC, BaFIN, and others. Targeted at seasoned traders, MultiBank Group features low fees, a wide asset range, and quick transaction processing. In addition, its MAM and Fix API features cater to professionals seeking efficient, high-speed trading.

Regional Features:

  • Entity for Turkish Residents: MEX Atlantic Corporation, regulated by CIMA
  • Maximum Leverage: 1:500
  • Islamic Account: Yes
  • Turkish Lira Pairs: EUR/TRY, USD/TRY
  • Customer Support in Turkish: No

In our live evaluation, we found that MultiBank offers an extensive product suite tailored for professional traders, featuring over 20,000 tradable assets across forex, crypto, stocks, indices, and commodities. With ECN accounts fed by pricing from 20 liquidity providers, traders benefit from a highly competitive commission rate of $3 per lot, round turn – well below the industry average of $7.

For pros looking for advanced options, MultiBank also offers MAM and PAMM accounts for money management. Additionally, their MEX Social Trading service allows you to either copy trades or become a signal provider to generate an extra income stream.

Pros
  • ECN trading accounts
  • MAM/PAMM accounts
  • 20,000+ tradable instruments
  • Social and copy-trading features
Cons
  • Limited research tools

Best Low Spreads

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66%-83% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $0
  • Tradable Instruments
    1246
  • Fees
    Low

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:

  • Entity for Turkish Residents: ActivTrades Corp, regulated by the SCB Bahamas
  • Maximum Leverage: 1:400
  • Islamic Account: Yes
  • Turkish Lira Pairs: EUR/TRY, USD/TRY, TRY/JPY
  • Customer Support in Turkish: No

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.

Pros
  • Low-spread and commission-free trading accounts
  • Multiple trading platforms
  • Fast order execution
  • Helpful ActivTrader proprietary trading tools
Cons
  • Inactivity fee of $10 after 12 months of no activity

How to Choose a Forex Broker in Turkey?

Here is a quick guide on how to choose the best forex broker in Turkey.

Why is it important to trade with a regulated broker?

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.

How to find a safe broker?

When selecting a safe broker, there are several key factors to consider.

  • Check Regulatory Status: Ensure the broker is regulated by a well-known financial authority like the FCA, CySEC, or ASIC.
  • Transparency: Ensure the broker has transparent fee structures and straightforward withdrawal processes.
  • Client Fund Safety Features: Look for brokers that offer segregated accounts, negative balance protection, and a reliable dispute resolution mechanism.
  • Financial Stability: Consider the broker’s financial health by reviewing balance sheets or any available financial data.
  • Examine Track Record and Customer Reviews: Look for a broker with a solid history and positive customer feedback.

Check out our guides on Best FCA-regulated forex brokers and Best ASIC-regulated forex brokers.

What fees to consider when choosing a broker?

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.

  • Spread. The difference between the buy price and the sell price.
  • Commission. A fee to execute a trade.
  • Overnight/swaps. The fee to hold a leveraged or margined position overnight.
  • Payments. Fees to deposit or withdraw funds.
  • Inactivity. A fee wish is due because of no activity on an account.
  • Conversion. A fee to convert Turkish Lira (TRY) into the base currency of your account if not in TRY.

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.

How to choose the best account type?

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.

How much leverage should I use?

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.

How to choose a trading platform?

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:

  • MetaTrader 4: The ‘go-to’ forex trading platform which has excellent charting capabilities, technical analysis tools, and automated trading features. Read more about best MT4 brokers.
  • MetaTrader 5: An updated version of MT4 with more indicators, timeframes, and markets. Read more about best MT5 brokers.
  • cTrader: A platform specifically designed for high-frequency traders and scalpers. Read more about best cTrader brokers.
  • TradingView: A browser-based social trading platform with advanced research tools and access to global markets. Read more about best TradingView brokers.
  • In-House Proprietary Software: Some brokers may invest in having their own proprietary trading software.

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.

What to avoid when choosing a forex broker in Turkey?

Here are some things to avoid when choosing a forex broker in Turkey:

  • Unregulated Brokers. If a broker is not subjected to any oversight, rules or laws governing the handling of your trading capital then there is no protection to claim your money back if they decide to steal it or go bankrupt.
  • Lack of Transparency. If you cannot find a broker’s regulatory status or trading fees easily it’s a major red flag. Well-regulated brokers offering good trading fees will want you to know this information.
  • No Physical Presence. If your broker does not have offices in well-established regions or live customer support it’s probably not a good choice to trust them with your capital.
  • Unrealistic Profit Promises. If a broker promises you big profits, they are not being honest and are likely unregulated.

How to avoid forex and CFD scams?

Unfortunately, there are a lot of forex and CFD scams aimed at Turkish residents. Here are a few tips to avoid such situations:

  • Trade only with brokers regulated by reputable financial authorities, and cross-verify their licenses on the regulator’s official website.
  • Ascertain that the broker maintains a physical office in a region with a solid regulatory framework.
  • Make sure there’s a readily accessible live customer support team to assist you.
  • Conduct a thorough background check by exploring news articles and reviews about the broker online.
  • Stick to familiar and well-known payment methods for deposits and withdrawals.
  • Carefully scrutinize the broker’s terms and conditions before committing.

Our Methodology

We evaluate brokers using a proprietary rating system that involves analyzing 250 data points across nine core categories, which include:

  • Trustworthiness: We verify the licenses of each broker with the regulator in the jurisdiction they operate in.
  • Fees: We open a live trading account to test the broker’s trading fees and speed of execution.
  • Trading platform and tools: We test the usability, speed, and features of each trading platform.
  • Tradable instruments: We assess the number of tradable instruments to ensure there is a diverse range available.
  • Customer support: We interact with the customer support team to test the ease of access, knowledge, and helpfulness.
  • Payment methods: We examine the different deposit and withdrawal methods to identify their fees and processing times.
  • Account types: We explore the features and benefits of each account type.
  • Research and education: We assess the quality of the broker’s research and educational materials.

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).

Meet Our Writers

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.

Get to Know Our Authors

Dan BlystoneBroker Analyst

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 SolankiBroker Analyst

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.

Plamen StoyanovBroker Analyst

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.

Vladimir ZernovBroker Analyst

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.

Yes, forex trading is legal in Turkey, but it is subject to stringent regulations enforced by the Capital Markets Board of Turkey (CMB). However, trading with brokers regulated internationally is also possible.
The Capital Markets Board of Turkey (CMB) is the primary regulatory body overseeing forex trading in Turkey. It has implemented stringent measures, including capping leverage at 1:10 and setting a high minimum deposit requirement of $13,500 for retail accounts. These actions aim to protect traders and maintain market integrity. Regular audits and mandatory segregation of client funds are also part of the CMB's oversight to ensure broker compliance and safeguard investor capital.
In 2018, the European Union rolled out the Markets in Financial Instruments Directive II (MiFID II), establishing a comprehensive framework for forex brokers operating within the EU. Despite Turkey is not a member of the European Union, the CMB of Turkey has since introduced regulations that echo key elements of MiFID II. Now, Turkish forex brokers must segregate client funds, offer negative balance protection, furnish risk disclosures, and only advertise to the public if they hold a valid license.
Yes, Muslims can engage in forex trading, but there are specific considerations to keep in mind to ensure the activity is compliant with Islamic finance principles. For instance, many brokers offer Islamic or "swap-free" accounts that avoid accruing interest, aligning with the prohibition of Riba (interest) in Islamic law. Always consult with a financial advisor familiar with Sharia-compliant finance to ensure your trading activities meet these criteria.
Generally, forex trading can be considered halal (permissible) if it avoids interest (Riba) and is conducted in a manner consistent with Islamic ethics. To ensure compliance, many brokers offer "Islamic" or "swap-free" accounts that don't incur interest charges, but it's advisable to consult with a qualified Islamic scholar for personalized guidance.
An Islamic or swap-free account is a special type of trading account that complies with Islamic Sharia law, which prohibits the accrual of interest on overnight positions. Typically in forex trading, traders pay or earn swaps (interest) if positions are held overnight, but swap-free accounts bypass this by closing and reopening trades at the same price, effectively eliminating the interest fee. These accounts are particularly useful for Muslim traders who want to engage in forex trading without violating their religious beliefs.
From our research, FXTM is the most suitable broker for beginner traders in Turkey as it provides access to micro-trading accounts which is useful when trading small funds. There is also a good range of educational materials and eBooks.
We rated MultiBank as the best choice for professional traders in Turkey as it provides more than 20,000 tradable instruments, an excellent range of trading platforms, and ECN trading accounts.
Our testing showed that Tickmill provides excellent forex trading software for traders in Turkey. This includes access to MT4 and MT5 as well as plugins from Autochartist and Acuity Trading and compatibility for copy trading apps such as Pelican Trading.
Generally, gains from forex trading in Turkey are considered capital gains and are taxed accordingly. As tax laws are subject to change and can be complex, consulting a tax professional familiar with forex trading is often recommended to ensure you meet all legal obligations.
Yes, cryptocurrency trading is available in Turkey, and it has gained significant popularity over the years. It's advisable to trade cryptocurrencies through reputable platforms and take extra precautionary measures to secure your investments. Always stay updated on the latest regulatory news, as the Turkish government has been considering regulations related to cryptocurrency.
Technically, you can engage in forex trading without a broker, but it's not advisable. Brokers serve as an essential intermediary that provides access to the trading platforms, liquidity pools, and financial instruments that you wouldn't easily access otherwise. Trading without a broker would require a substantial understanding of the forex market structure, access to interbank forex trading, and a high level of capital.

About the Author

Jitan SolankiBroker Analyst

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.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.