Forex

Market News

Turkey's regulator caps leverage to 1:10, sets minimum deposit of TRY 50 000

Turkey's financial markets regulator, the Capital Markets Board (SPK), has introduced a new set of restrictions on the forex market, lowering further the maximum leverage and setting a minimum security deposit requirement to open a forex trading account. 

According to a publication in the Turkish State Gazette, effective from February 10, 2017, the maximum leverage that can be offered by forex brokers operating in Turkey is 1:10 and the minimum required sum to open a forex trading account is TRY 50 000 (around $13 600), or their equivalent in another currency.
 
If the funds in the account fall below this sum because of withdrawal or transfer to another account, new positions cannot be opened. If the sum falls bellow TRY 50 000 due to losses from trading, new positions can be opened. 
 
The new leverage restrictions and security deposit requirements are in effect for new positions. The already opened positions are under the old conditions. 
 
Previously the max leverage was set at 1:100 and could be offered to clients with at least TRY 20 000 (around $5440). For those with less funds, the leverage cap was set at 1:50. 
 
As per the new SPK requirements, the brokers must inform in written their clients of the new conditions and obtain their signature within 45 days at the latest.
 
Experts on the Turkish forex market commented that the new restrictions will in practice kill the forex industry in the country. 
 
The Turkish forex market has over 40 licensed brokers operating on it. The majority of them are local players, but some international brokers like Saxo Bank and XTB and Phillip Capital are also present.
 
Turkey is the latest country to introduce some regulatory restrictions on the retail forex and CFD brokers, along with France, Cyprus and Belgium (which altogether banned trading in forex, CFDs and binary options). The Netherlands government and the country's financial markets regulator are mulling some limitations, while Germany's BaFin and UK's FCA have already opened consultations on a set of tighter measures with the industry.
 
 
TAGS: turkey  leverage  cap  deposit  capital markets board  spk 

Related forex news

Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
UK, Australia FCA, ASIC MT4, Web,
Mirror Trader,
Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Cyprus CySEC MT4, MT5,
cTrader
$300 Review Website
Belize IFSC MT4, MT5 $100 Review Website
UK, Cyprus, Bulgaria FCA, CySec, FSC Web $150 Review Website
Seychelles FinaCom MT4 $10 Review Website
Belize IFSC MT4, Web $500 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website

More Forex Market News

Australia's ASIC cancels the forex broker license of GallopFX

May 29 2017 11:26:05

The Australian Securities Investment Commission (ASIC) announced on Monday it has cancelled the Australian financial service (AFS) license of retail forex broker GallopFX, as of May 24th. Read more

CySEC considers banning binary options altogether

May 25 2017 14:30:53

The Cyprus Securities and Exchange Commission (CySEC) considers banning binary options trading altogether, reported Finance Magnets. The online media cited CySEC Head, Demetra Kalogerou, who delivers a speech at the iFX Expo International 2017 on Thursday. Read more

Online investment scams in Australia mark a 130% increase YoY

May 15 2017 13:26:28

The report of the Australian Competition and Consumer Commission (ACCC) for 2016 revealed that Investment scheme scams caused the greatest losses to Australians, after romance and dating frauds. Read more

Forex

AFCA: The new EDR for all Australian forex brokers

May 12 2017 13:53:17

The federal executive government of Australia announced it will introduce a comprehensive package of measures to strengthen the accountability and competition in the country’s financial system. Read more

FCA updates its warning list with ExxonFX

May 10 2017 09:48:44

 The UK Financial Conduct Authority (FCA) warned forex broker ExxonFX has been providing financial services in the country without being authorized. The broker is owned and operated by Revolution Markets LP and claims to be based in the UK. Read more

Germany requires forex brokers to introduce negative balance protection, IG Group & CMC Markets react

May 09 2017 12:14:49

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, a.k.a. BaFin) announced on Monday it introduces certain restrictions to CFD trading in order to safeguard the interests of retail clients. Read more

FBI: Losses from binary options fraud run into the millions

Mar 14 2017 13:02:11

 It seems that the regulators and law enforcement agencies across the world are finally becoming aware of the risks of trading in binary options. Read more

Singapore's regulator warns of dangers of unregulated binary options brokers

Mar 14 2017 11:56:36

Singapore's financial services regulator, the Monetary Authority of Singapore (MAS) has published an advisory warning the investors of the dangers of trading with unregulated binary options brokers and platforms. Read more

Ireland proposes restrictive measures for forex and CFD trading

Mar 06 2017 10:44:05

After the Financial Conduct Authority capped leverage to 1;50 and banned trading bonuses in the UK, it is hardly a surprise that the Irish financial watchdog follows suit. Read more

FCA survey: Over 55s have lost £32 000 on average to investment scam

Mar 02 2017 14:46:49

UK's senior citizens, or the people above 55 years of age, to be more precise, have lost an average of £32,000 in 2016 to various financial investment scams, shows a survey of UK's Financial Conduct Authority, published as part of its Scam Smart campaign. Read more

Forex