Turnkey Forex is an ECN broker with headquarters located in London. This broker puts a lot of emphasis on their belief that the customer is king, offering amazing customer support, and providing superior trading technology. They accept clients from all countries, so anyone that has had issues finding a broker in the past will be happy to know that there will be no issues here. Of course, that’s only if you consider this broker to be a worthy option. With several different account types and a lot of information to consider, stick with us to find out if this is a broker worth investing with.
Turnkey Forex offers five different account types, each of which has been specialized to fit certain trader’s needs. The account types are: ECN, STP, Micro, Swap Free, and VIP. Note that in order to open a Swap Free account, you must be of the Muslim faith, so there are only four choices if you are not. A few things that the account types all have in common are minimum trade size and margin call and stop out levels, but there are also many differences. Differences come in the form of deposit minimums, spreads, leverage options, commission charges, and more. Like with many other brokers, traders will also need to provide an ID and address document in order to have their accounts verified. Below, you’ll find the deposit minimums, spreads, leverages, and commission fees listed for each type of account.
- Minimum Deposit: $200
- Spreads: From 0.00 pips
- Maximum Leverage: Up to 400:1
- Commission Fees: $2 per $100k
- Minimum Deposit: $200
- Spreads: From 0.2 pips
- Maximum Leverage: Up to 200:1
- Commission Fees: 0
- Minimum Deposit: $5
- Spreads: From 0.2 pips
- Maximum Leverage: Up to 200:1
- Commission Fees: $8 per $100k Round Turn
Swap Free account:
- Minimum Deposit: $100
- Spreads: From 1 pips
- Maximum Leverage: Up to 200:1
- Commissions: 0
- Minimum Deposit: $25,000
- Spreads: From 0.00 pips
- Maximum Leverage: Up to 100:1
- Commissions: $2 per $100k
When it comes to deposit minimums, all of the accounts have very low options, aside from the VIP account. You’ll pay no commissions on the STP and Swap Free accounts. The ECN and VIP accounts both offer very low commission fees, and the largest commission fees are for the Micro account. All of the spreads are competitive, but the leverages for each account could be a bit higher. Keep reading to find out more about each account type.
Turnkey Forex allows traders to choose between the highly successful MetaTrader 4 platform and an interesting Trade Station option that offers a lot for managing multiple trading accounts. MetaTrader 4 is the world’s most popular trading platform, for good reason. It offers advanced charting and analysis tools, news and alerts, real time pricing, the ability to open up to 10 charts simultaneously, a user-friendly interface, and more. Those ranging from beginners to professionals should be completely satisfied with this platform, which offers everything a trader could possibly need. MT4 is also widely accessible, available for download on PC and Mac, as well as the Google Play store and the App store. MT4 can be downloaded from the website by clicking on Platforms and selecting MT4.
We don’t often see other platforms offered, but Turnkey Forex also offers the Trade Station platform, which is also available for download via PC, Mac, the Google Play Store, and the App store. Some of the key features for Trade Station are listed as the ability to open a new position with just one click, manage multiple accounts at one platform, create multiple work spaces, create strategies in visual builder, and more. Regardless of which account you’ve chosen, you’ll have the ability to choose between either of the platforms. In the end, we feel that both are excellent options, and we were happy to see a broker that is actually offering traders some different options.
The highest leverage option is for the ECN account and goes as high as 400:1. We’ve seen higher, but many traders prefer using leverages that are close to or lower than this option, since it can be so risky to use high leverages. For the STP, Micro, and Swap Free accounts, the leverage goes as high as 200:1. We’d also like to see a higher option here, but this is likely done to limit losses. The account offering the lowest leverage is the VIP account, which offers leverage as high as 100:1. Although this is lower than the other offers, many professional traders choose this exact leverage. Whether these options are a drawback or not really depends on your personal trading style. If you’re a beginner or novice and you don’t have a lot of funds to risk, you should be completely satisfied with the leverage options that have been offered. On the other hand, if you consider yourself experienced and you prefer higher stakes, you may feel that these options are not high enough, so you may need to consider other options.
Regardless of which account type you choose, the minimum trade size allowed is 0.01 lots. For the ECN, STP, Micro, and Swap Free accounts, the maximum trade size allowed is 100 lots. For the VIP account, the maximum allowed trade size is available upon request. It’s nice to see that micro lots are allowed and the maximums are very satisfying, so we had no complaints about the trade sizes, aside from wishing that the website would be clearer about the VIP account’s maximum trade size. Another thing that all accounts share is the same margin call/stop out levels, which are as follows:
Margin Call: 70%
Stop Out: 50%
To be clear, the margin call level is the point in which you would no longer be able to place more trades. To be honest, we would have liked to see a lower amount, but this is done as a protection measure to ensure that accounts don’t go into the negative. If you were to hit the stop out level, your least profitable trades would be liquidated one by one. These rules are put into place with all Forex brokers, so we felt that the levels were understandable.
Since brokers have to make money somewhere, they often charge commissions, swap fees, and make profits through spreads. We’ll start with the commission fees. STP and Swap Free account holders will have the advantage here, since both accounts are commission free. On the ECN and VIP accounts, commissions are$2 per $100k, which is very reasonable. For the Micro account, commissions are higher, listed as $8 per $100k round turn. Commissions will be deducted whenever a position is opened.
Swap fees are also charged on rollover positions. Some are debited, and some are credited at the time of rollover, as per symbol specifications. Note that rollover occurs at 21:00 GMT. In order to view the swaps for each currency, the website suggests opening a demo account and clicking ‘Properties’ on the currency pair you’d like to see the swaps for. Finally, traders will need to take spreads into consideration. On the bright side, spreads are very low for all accounts, but you will find more information on spreads later. To finish up this section, we should also mention that this broker does not charge any inactivity fees. If you’ve dealt with inactivity fees before, you probably know how frustrating they can be, so we were happy to report this isn’t something to worry about here.
Turnkey Forex offers a wide variety of assets, including 54 currency pairs, 5 commodities, shares in companies like Adobe, more than 10 indices, and 7 ETFs. There certainly are a variety of assets to choose from, especially with currency pairs, but it would be nice if a few more assets were offered for all of the other categories. However, traders will be happy to know that many of the most popular options are available. If you’d like to review all of the tradable assets, you can do so by visiting the ‘Range of Markets’ page on the website.
Turnkey Forex offers variable spreads, which can go as low as 0 pips, but are more averagely around 0.2 pips. On the accounts pages, you’ll find spreads for the ECN and VIP accounts listed as starting at 0 pips, starting at 1 pip for the Swap Free account, and starting at 0.2 pips for the STP and Micro accounts. Even though there are different spreads for different account types, all of the spread offers are excellent. Fortunately, the website makes it very easy to view more specific information on spreads. In order to view the spread for a certain asset, you can navigate to the ‘Range of Markets’ section of the website and choose between categories such as Forex, Commodities, Shares, Indices, and EFTs. Once you’ve selected an instrument, you’ll be able to view both the bid and ask prices, as well as the spread.
Most of the minimum deposit requirements are very low and reasonable. The lowest deposit requirement is just $5, but this option is only available for the Micro account. The next smallest deposit requirement is $100 for the Swap Free Islamic account. Both the ECN and STP accounts require a deposit of $200. Finally, the VIP account requires a much larger deposit of $25,000 or more. With the exception of the VIP account, we found the deposit minimums to be very low and competitive. Having the option to deposit a mere $5 makes it possible for anyone to open a trading account. Such low deposit minimums aren’t unheard of, but usually a broker will only offer one or two reasonable options and require ridiculous amounts for the rest of the accounts. Keep in mind that you may want to deposit more than the lowest minimum, since you won’t be able to do much with only $5 in your trading account. It’s still nice to see that this broker offers such a low option, which could benefit beginners.
Deposit Methods & Costs
The available deposit methods are bank wire transfer, credit/debit card, Skrill, and Neteller. There are no restrictions on the maximum amount that can be deposited and the minimum begins at $5. Generally, it takes 20 to 30 minutes for funds to become available if you’ve deposited via Skrill, Neteller, or credit/debit card. As expected, bank wire transfer can take up to 3-5 working days to be credited. With the exception of wire transfer, these deposit times are very fast when compared to the competition. This is especially important for traders that are in a hurry to have funds deposited in their account, which could be necessary for many reasons.
Withdrawal Methods & Costs
All of the methods for deposit are also available for withdrawal. Just to recap, the options are bank wire transfer, credit/debit card, Skrill, and Neteller. Turnkey Forex does not charge any fees from their end for withdrawals, but you still need to check on the fees for each method. For example, bank wire often comes with fees between $0 and $30 on the bank’s side, so it’s important to check with your bank in order to avoid any unpleasant surprises. Like with many other brokers, the amount you’ve deposited must be withdrawn through the same method. Any extra profits can then be withdrawn through a separate method. So, for example, if you funded your account with $100 through bank wire, but wound up with $150 total after profits, the first $100 would have to be withdrawn via bank wire, your initial deposit method. You would then be free to withdraw the remaining $50 through another method.
Withdrawal Processing & Wait Time
With the exception of bank wire, withdrawals are processed within 48 hours. In the case of bank wire transfer, it can take up to 3-5 working days. The wait time for wire transfer does seem a bit long, but this method always comes with longer wait times. The 48 hour processing time could be considered average, since we’ve seen faster and slower processing times for various brokers. As long as you request your withdrawal around the beginning of the work week, you won’t have to wait long to receive your funds. Could Turnkey Forex do better here? Perhaps they could offer faster processing time, aiming around 24 hours, instead of 48.
Bonuses & Promotions
Currently, Turnkey Forex is offering two separate bonuses and a free trade opportunity. What caught our eye first was the 100% deposit bonus, which is significantly higher than what we’re used to seeing when looking at bonuses elsewhere. This bonus is applicable only on new accounts, requires a minimum deposit of $100, and can be withdrawn once requirements have been met. Next, we noticed that there is also a 30% Rescue bonus. This bonus applies to deposits over $100 USD and protects from a period of drawdown, but the bonus cannot be withdrawn. Finally, the Free Trades opportunity offers 30 days of commission free trading with a minimum deposit of $2,500 or more. Although the Free Trade offer requires a large deposit, both of the bonus requirements were very easy to meet. Of course, if you’re interested in going for any of these offers, be sure to check out all of the specific requirements on the website.
Educational & Trading Tools
Unfortunately, we didn’t find much offered for this broker in ways of education. Beginners can always find helpful resources on the internet, but it’s nice to see brokers show they care about inexperienced traders by offering educational resources directly. However, demo accounts are offered, and those could be considered one of the best educational tools for a novice trader. On the other hand, this broker makes up for the lack of educational resources by offering several trading tools. Some of these tools are built into both platforms that are offered, which we mentioned earlier. Just to recap, the platforms included things like built in charting tools, economic calendars, the ability to manage multiple accounts, and several more options. On the website, you’ll also find MAM account, VPS hosting, API connectivity, and Robo trading. When it comes down to it, we would like for this broker to focus more on education, but felt that amount of tools offered was excellent and somewhat made up for it.
Customer support is available 24/7, 365 days a year via live chat, email, or phone. Live chat has become a popular contact method among various brokers lately, since it allows clients to get in touch with support staff instantly. This is an excellent option for urgent issues. If you’d prefer to email support, you can do so directly from the ‘Contact Us’ page on the website. Since no email address has been provided, this is the only way to send an email, however it is easy and quick to do so. Clients would simply need to enter their name and email address, give the email a subject, and explain their reason for contacting support.
If you want to speak to an agent over the phone, Turnkey Forex has also provided a direct contact number, which is great, considering that many brokers force clients to fill out call back request forms and wait for support to call. This can cause frustrating missed calls and wait times, so it’s nice to have the option to phone support when the time is better for you. Overall, we found customer support to be readily available and convenient to reach, so this broker scored highly in this area.
A demo account allows traders to test the market as if they were trading on a real account with a mock balance. Since there is no risk to the trader, this is an excellent way to gain experience. If you’re interested in opening a demo account, you can do so easily from the website. When signing up, you’ll simply need to enter your name, email, country, password, and phone number. After verifying your email address, you’ll then be able to open the demo account. Options include the choice of any account type, leverages from 25X to 200X, currency in USD or EUR, and the ability to enter any amount into the funds section. A positive about the demo account options with this broker are the flexibility, which would really allow one to get creative. With many other brokers, account types and the fund amount for demo accounts are preset, so this broker is definitely worth choosing if one is only interested in a demo for the time being. We suggest typing a balance that is realistic to the minimum deposit amount for the account you’re considering.
Our live chat agent happily assured us that there are no restricted countries. With many brokers closing their doors to U.S. traders, we were happy to know that we were accepted, and we had no issues creating an account from the US. The broker’s FAQ further confirmed that U.S. traders are welcome. Those located in other countries that are often restricted, including Africa, Iran, and many others will also be happy to know that they will be accepted, should they decide to choose Turnkey Forex as their broker.
One of the most important things to consider with this broker are the advantages and disadvantages for each different account type. As long as you choose an account that’s suited for your trading style, there can be lot of advantages. For starters, traders have access to two separate platforms – both of which are outstanding options with many built in tools. Those that need experience can take advantage of the flexible options when opening a demo account. Getting in touch with support is convenient and all of the most popular contact methods are available, including a direct phone number. When it comes to funding, all of the minimum deposit amounts are low, with the exception of VIP accounts.
Turnkey Forex does not charge for deposits or withdrawals from their side, unlike many other brokers, but there still may be some unavoidable fees from the provider’s side. Deposit times are fast, but withdrawals could be processed faster. When it comes to the highest leverage offerings, this broker could have done better. The offers are fairly high, but we have seen higher options before. Most traders use lower leverages, so this would really only affect those that are experienced at trading with higher, riskier leverages. The margin call/stop out levels are reasonable and the minimum and maximum trade sizes are also good. Looking at charges, there are some commission and swap-free options, although this is not available for every account. There are also several bonus opportunities, but some of their requirements are a bit of a stretch. Since this broker accepts everyone, you should have issues opening an account from any location if you decide to join. We think that Turnkey Forex does deserve a spot on our list of considerable brokers, but finding the best broker is all about comparison.