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Best Forex Brokers in Turkey 2020

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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
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

Alpari
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Your capital is at risk

FSC

$5

1:1000

MT4, MT5

1998

ECN, STP

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Your capital is at risk

AvaTrade
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Your capital is at risk

ASIC, BVI, CBI, FSCA

$100

1:30

ActTrader, MT4, MT5, Proprietary, Zulutrade

2006

Dealing Desk, Market Maker

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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.

FBS

Regulated By:CySEC, IFSC

Foundation Year:2009

Headquarters:N/A

Min Deposit:$1

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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)

Alpari

Regulated By:FSC

Foundation Year:1998

Headquarters:Mauritius

Min Deposit:$5

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Alpari is an industry veteran founded in 1998. It is headquartered in Port Louis, Mauritius and has an operations headquarters in London. The company offers services to international traders from 150+ countries, though the United States is a noteworthy gap – its membership to the US National Futures Association was revoked in 2015, forcing it out of the United States market.

This brokerage is originally from Russia. It is licensed in Belize as well as Saint Vincent and the Grenadines. It supports the MetaTrader 4 and MetaTrader 5 platforms. Forex traders can access 44 currency pairs and leverage is available up to 1,000:1. It is an exciting and innovative brokerage.

Pros: Cons:
  • Innovative brokerage
  • 20+ years of history in business
  • Varying cost options to match your trading style
  • History of reguatory challenges
  • Past insolvency in the UK in 2015
  • Limited multilingual support

AvaTrade

Regulated By:ASIC, BVI, CBI, FSCA

Foundation Year:2006

Headquarters:Five Lamps Place, 77-80 Amiens Street, Dublin 1, DO1A742, Dublin, Ireland

Min Deposit:$100

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This pioneering broker dates back to 2006. It has a presence in 5 continents across the globe and is regulated in 6 jurisdictions include by the FCA in the UK. The broker offers the trading of CFD’s across stocks, ETF’s, leading cryptocurrencies, FX pairs and indices across a wide selection of trading platforms for web, desktop and mobile. These include MT4, MT5, AVA Trade Go and AVAOptions.

Pros Cons
  • Over 1250 assets across stocks, forex, FX options, indices, commodities, bonds, ETFs, and cryptocurrencies via CFDs
  • A wide selectin of trading technology which includes MetaTrader 4 and 5 and proprietary software
  • Regulated in 6 different jurisdictions
  • You have to pay an inactivity fee if you don’t trade
  • Education limited to beginner level

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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