Our Turnkey Forex Review
Turnkey Forex is a reputable ECN broker whose focus is on customer satisfaction. The broker was founded in 2012 and is based in Quatre Bornes, Mauritius. Today, it has over 5000 users from 190 nations. According to their data, their clients have traded over $100 million on the platform.
Turnkey Forex Account Types
Turnkey Forex offers traders several account types. They are the ECN Account, STP Account, Micro Account, Swap-Free Account, and the VIP Account.
- ECN Account
The minimum deposit amount for the ECN account is $200 with minimum trade sizes of 0.01 lots and a maximum of 100 lots. Traders using this account pay a $2 commission per $100K in trades. The margin call is set at 70% while the stop-out level is set at 50%. Traders will also get a 100% deposit bonus. Leverage is set at 1:400 with spreads starting at 0.
- STP Account
The STP Account comes with spreads that start at 0.2 pips. These spreads are variable and executed on the real market. The leverage for this account is set at a maximum of 1:200. With the account, the minimum deposit amount is set at $200. There is no commission charged.
- Micro Account
The Micro Account comes with a minimum deposit amount of $5. All other conditions are the same as that of the STP account except the commission, which is set at $8 per $100K.
- Swap-Free Account
The swap-free account is designed for Islamic traders. These traders do not wish to pay or receive daily swap fees. Spreads for this account start at 1 pip and leverage is set at 1:200. The minimum deposit amount is set at $100.
- VIP Account
The VIP account is designed for pro traders. It comes with a minimum deposit amount of $25,000. A commission is charged at $2 per $100K and the minimum trade size in 0.01 lots. The maximum trade size is variable, depending on the instrument being traded. Leverage is set at 1:100 and spreads start at 0 pips.
Tradable Assets
Traders using Turnkey Forex have access to five different asset classes. These are forex, shares, commodity, indices, and ETFs. FX traders have access to a wide selection of around 85 minors, majors, and exotics via the reliable MT4 platform. For commodities trading, the broker offers oil and precious metals. Traders can also trade in stocks directly from major firms such as 3M Company, Aetna Inc, and Adobe Systems.
Trading Platforms
Traders using Turnkey Forex can use the MT4 trading platform. It is one of the most popular platforms in the trading world. The platform gives traders access to various tools and features, which are designed for traders of all levels. Additionally, the MT4 platform can be accessed via iOS and Android mobile devices.
Withdrawals and Deposits
The minimum deposit amount allowed on the platform is $5 for the micro account. Several deposit methods are supported on the platform such as Bitcoin, BankWire, Ethereum, debit and credit cards, and Neteller. No fee is charged on deposits. Withdrawals can be made using the same methods as those used to deposit funds. There is no fee charged. After confirming a withdrawal request via email, it typically takes 48 hours to process.
Customer Support
Customer support can be reached via email, phone, and live chat. They also provide customers with a contact form with clients receiving a reply via email.
Summary
Turnkey Forex is a great platform with numerous account types, great spreads, and low commissions. It is a great platform for newbies to start their trading journey and for experienced traders looking to maximize their trading opportunities.