Website Reviews
Mobile Apps
Trading Robots
Top Rated Forex Sites
#1 - Pocket Option: Best Overall
Editors Summary
Pocket Option offers many excellent features to new and existing traders. When you check-out the various account types, you will see that they work with traders of any level – newbie, beginner, experienced, master etc. This site is so easy to use, and while CySEC does not license them, they have good feedback online and tick all of the boxes of a trusted broker. We love the ease of use and no-frills approach which is replicated with a great user experience.
#2 - Binarium: Best Free Demo
Editors Summary
Binarium seems to offer everything that both the new and experienced trader needs. From the types of accounts and options available to the mobile offering and bonuses, they tick all of the usual boxes. While they don't have a CySEC or ASIC license, the fact that they have been operating for so long with a good name should be an indicator that they are trustworthy and reliable. If you want a broker that offers a good, all-around experience, then Binarium must make your shortlist.
#3 - IQcent: Best Mobile App
Editors Summary
It is clear to see that IQcent mean business and that their all-around offering to traders is making them a serious competitor in the digital options market place. From their easy to use trading platform to the fact that they offer such good withdrawal terms, you can't help but feel that this broker is going to capture the market, quickly. With a base in London, reputable licensing, an acceptance of US customers they tick all the boxes when it comes what traders want.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Forex Sites in Turkey
There is something to be said for trading financial markets with home-grown Forex brokers. Having a company that is based in the same country with a recognisable address can be a comfort to those who are wary of investing their money. The language will be the same, customer support will be comprehensive, and you will have lots of benefits open to you. That aside if you find a foreign broker that is licensed by the CMB then they will be able to offer you the same benefits which will include:
Demo Account
The demo account is very popular with new investors who may have some reservations about trading Forex currency pairs. If you are nervous about investing your money in an unfamiliar environment for fear of "messing it up" then the demo account is the perfect solution. A virtual trading environment with virtual funds allows you to get to grips with the website and the various functions before you start trading for real.
Minimum Deposit And Trades
This is something that usually differs between Forex brokers in Turkey. Usually, the minimum deposit requirement is around the $25 mark with a minimum trade ranging from a dollar to $50. We would stress here though that the Turkish government have minimum deposit stipulations that need to be observed so please make sure you check this out before depositing any funds.
Mobile Trading
You don't want to open an account only to discover that there is no mobile platform. Please make sure that you check if the broker offers an app or indeed a mobile-friendly website. If you are expecting to be able to trade on the go then you are going to need the ability to trade easily from a phone or tablet.
Bonuses And Incentives
The welcome bonus is offered to encourage you to open an account with a broker. It is usually either a no deposit fixed amount or a bonus which is a percentage of your own spend. The deposit bonus is often the larger of the two but requires you to commit your funds. The no deposit bonus is perfect if you want to test the platform without risking your private funds.
Broker Fees And Tax
If you are a resident in Turkey, then you will be expected to pay income tax on your Forex profits. The rate of income tax starts at 15% for earnings of 13,000 TRY, 20% up to 30,000 TRY, 27% up to 110,000 TRY and 35% for everything over. It is advisable to keep a record of your trading history including profits and losses for the tax period.
If you have any doubts, consult a tax professional, especially if you need help submitting your tax return. They will be able to advise you on the amounts you need to pay, especially if this is a second income.
When it comes to Forex trading fees, there are a few to consider. There is the commission that you pay for each successful trade. This is deducted before you are paid out. Then there are some smaller fees that you need to be aware of.
These include transaction fees for withdrawals, making a credit card payment, receiving foreign currency back into your account and currency conversion. It is a good idea to check these fees before you start trading Forex so that you can select the most cost-effective payment provider etc.
Turkish Licencing
In 2017, the Turkish government introduced strict new regulations that had a significant impact on the turkish Forex market. This is mostly because they didn't want anyone trading against the lira or depositing their money offshore. The economy needed to be stabilised, and this is one of the methods they used to help that along.
The new regulations are strict, especially on foreign Forex brokers. Many were forced to pull out of Turkey as the requirements were too much. Only legal brokers that meet the criteria of the CMB can be licensed to offer their services to Turkish residents, and no foreign broker is allowed to market their services.
In addition to this another blow came for the smaller traders as a new regulation saw a minimum deposit requirement of 50,000 TRY. For those who wanted to dabble, this meant that, unless they wanted to invest heavily, trading would be cost-prohibitive. This has cleaned up the turkish Foreign Exchange (FX) market significantly for those serious about trading, with a much cleaner and selective trading arena.
Forex trading in Turkey has recently been subjected to radical new regulations.
How we Recommend Brokers
We go to great lengths to ensure that you are armed with the right knowledge when it comes to choosing the best Forex broker in Turkey. Our team of dedicated experts are experienced investors that have been very successful themselves. They know exactly what to look for in regulated Forex brokers and what you need so that you have an excellent trading experience. They analyse each broker on several criteria including:
- How easy it is to use the website
- If they have a mobile solution like an app or a mobile responsive website
- What welcome bonuses and incentives they offer to encourage you to open an account
- The minimum deposit requirement and minimum trade amount
- The efficiency and visibility of their customer support
- If they provide demo accounts
- The payouts and trade types available
- If the broker is licensed and regulated
Some of these points will be more important than others to some of you. What works for one may not be the same for the next person looking to trade. Our job is to arm you with enough information to make an informed decision.
We want to make sure that you choose the broker that ticks all of your boxes without having to spend hours trawling the internet yourself looking for the facts and figures. All you need to do is select those that look the most suitable and then make your final decision.
Our Review Rating System (More Info)
Frequently Asked Questions
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Is Forex trading in Turkey legal and safe?
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While Forex trading in Turkey is legal and safe, there are strict regulations that surround it. These are relatively new regulations having only been introduced in 2017.
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Do I need to pay fees and taxes on my profits?
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In most countries across the world, Forex profits will be subject to either income tax or capital gains tax and Turkey is no exception. If you are unsure, you should consult a tax advisor.
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Can I test brokers before trading with real money?
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The best Forex brokers in Turkey offer demo accounts with just an email address. Enter the information and then start trading. The environment is virtual, but it gets you used to the platform.
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Is it easy to make deposits and withdrawals?
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If you have a credit or debit card or indeed an electronic wallet like Paypal or Skrill, then you can deposit funds. Request a withdrawal and the money is returned to the source.
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Can I trade using my mobile or tablet device?
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If you have an internet connection and a mobile phone or tablet, then you should be able to trade wherever you are in the world. You can also check that the broker offers a mobile app.
Top Rated Forex Site
#1 - Pocket Option: Best Overall
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Contributing to the website since 2012 we are one of many consultancy projects Samuel works on. With 38 years of experience in finance, insurance and foreign exchange his combined knowledge makes him an effective operator.
