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Turnkey Forex Review – is it scam or safe?

Turnkey Forex Review  – Is turnkeyforex.com scam or safe forex broker?

RATING: 2 / 1 REVIEWS Turnkey Forex
Turnkey Forex is an offshore broker. Your money is not safe.

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 Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Micro $5 0.01 lots 1:200 From 0.2 pips + $2 per lot
STP $100 0.01 lots 1:200 From 0.7 pips
ECN $200 0.01 lots 1:200 From 0.0 pips + $2 per lot
Swap-free $200 0.01 lots 1:200 From 1 pips
VIP $25 000 0.1 lots 1:100 From 0.0 pips + $2 per lot

 

Turnkey Forex has five types of real trading accounts, including the swap-free Islamic account and the VIP account. There is also a free demo account and a money management MAM/PAMM account.

 

The broker offers trading in 85 currency pairs and CFDs on commodities, shares, indices and ETFs.

 

Turnkey Forex provides VPS hosting for automated trading strategies, including expert advisors (EAs) 24 hours a day 7 days a week without having to maintain any computer hardware, back up internet or power supply. There are three subscription plans starting from $25 per month. The $25 subscription plan is free for clients with more than $5000 in their accounts.

 

 

The Company. Security of Funds

 

 

Company Country Regulation
Turnkey Forex UK No

 

 

The information about Turnkey Forex is rather scarce. It seems it is based in the UK, naturally in Canary Wharf, but is not regulated by the FCA. There are many such brokers and they usually target clients outside of the UK, but as a general rule unregulated brokers are riskier than the regulated ones and should be avoided.

 

The different regulators have different reputation and some are stricter than others. Overall, among the more serious ones are UK's FCA and the Australian Securities and Investment Commission (ASIC).

 

 

Trading Platforms

 

Turnkey Forex offers three trading platforms: MetaTrader 4 (MT4), ZuluTrade and something the broker calls Trade Station.

 

MT4 is the most popular trading platform and is used by hundreds of forex brokers, both big and small.

 

Trade Station is not to be confused with Monex's TradeStation platform, despite the name Turnkey Forex has given to it. In this case it is ActTrader. It is a modular white label platform developed by the software provider ActForex.

 

It lets users trade in currencies, forex options, contracts for differences (CFDs), futures, equities, and exchange traded funds. The platform is flexible and easy to customize and organize, and unlike MT4 and MT5 comes with built-in one-click trading capabilities. It supports market, stop and limit orders; price alerts; comprehensive charting package  with 30 technical indicators and trading-from-charts capabilities, etc. Another feature of the application is ActFX, which allows traders to analyze charts, automatically open or close positions, and backtest trading strategies. 

 

ZuluTrade is one of the oldest social and copy trading platforms with thousands of signal providers and traders.

 

 

Promotions

 

Turnkey Forex offers several types of bonuses: a 100% deposit bonus, free trades bonus for 30-day commission free trades and a 30% rescue bonus. All three types are subject to conditions set by the broker.

 

 

Methods of payment

 

Turnkey Forex provides several options for account funding: bank transfer, payment through credit or debit card and the Neteller online payment system.

 

 

Conclusion

 

First and foremost Turnkey Forex is not regulated and this should be kept in mind when considering whether or not to use its services. We are not implying all unregulated forex brokers are crooks. For all it's worth, there are big crooks among the regulated ones as well, but at least they are required to stick to some rules.

 

In fact, however, Turnkey Forex offers rather good trading conditions, plus some other extras like VPS hosting and money management accounts and scalping.

 

Pros Cons
3 trading platforms Unregulated
Scalping  
ECN  
VPS hosting  

 

 

Latest news about Turnkey Forex
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Traders` reviews for Turnkey Forex

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Good Broker in my opinion

I have been trading with TurnkeyForex for about a year now.
They have good spreads and low commissions, i have withdrawn a couple of times from them and the process was convenient.
Although they only have 2 deposit moethods Bitcoin and Bank wire.
Overall a good broker.

LeeChris 12/26/2017
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