Turnkey Forex is a forex broker operating in an unknown location, not regulated by any government agency.
The broker allegedly has a representative office at Quatre Bornes, Mauritius.
Turnkey Forex accepts clients from all over the world, excluding some countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
|85+ Currency Pairs||Based on major and minor world currencies.|
|13 Indice CFDs||Based on baskets of different blue-chip stocks.|
|6 Metal CFDs||Based on Gold, Silver, Platinum, Palladium and Copper.|
|3 Energy CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|200+ Stock CFDs||Based on shares of US, EU and Asian companies.|
|21 ETF CFDs||Based on exchange-traded funds containing various tradable assets.|
Turnkey Forex is a relatively new online forex & CFD broker that was only set up in 2016. They are headquartered in London, but are not regulated by any government agency. The fact that the broker says it is operating out of London, yet is unregulated, means that it may be operating in a legal grey area.
The broker provides trading in a long range of forex pairs, as well as CFDs based on commodities, individual shares, major stock indices, and even exchange traded funds (ETFs). In terms of their forex offering, the broker offers up to 85 currency pairs with spreads starting as low as zero, which is also one of their main selling points.
Commodities markets offered by the broker includes all four precious metals, as well as oil, copper, and natural gas. Spreads for commodities go as low as 0.3 on minimum, with the lowest average spread being 0.5.
CFDs on shares are offered with leverage of up to 50:1, but this ultimately depends on the specific stock chosen for trading. The minimum contract size is 10 shares. The broker offers exposure to most global markets, allowing clients to trade across markets in the US, Europe, and APAC regions.
For indices, there are opportunities across major and niche indices. 1 lot equals 1 contract, and swaps may be adjusted based on different market conditions, and are applicable to all open positions.
Turnkey offers 5 types of live trading accounts in addition to a standard demo account for paper trading:
– ECN Account
– STP Account
– Micro Account
– Swap-Free Account (Islamic Account)
– VIP Account
The ECN (electronic communications network) account comes with a leverage of up to 400:1, and spreads as low as 0 pips. The account can be used with the well-known trading platforms TradeStation or MetaTrader 4 (MT4), and allows traders to specify the conditions at which they want to close a deal. Through this, traders can also easily execute large volume orders with ease. There is also a 100% deposit bonus, but all positions will be stopped when the client loses 90% of the initial deposit amount.
For the STP (straight-through processing) account, the trading commission is already included into the spread. Spreads are variable, but wider than with the ECN option. Available trading leverage can go as high as 200:1 with this account.
The micro account is the ideal option for novice traders who want to try out trading with just a small amount of capital. This account comes with spreads as low as 0.2 pips, commission-based trading, and a minimum account opening balance as low as USD 5.
Swap-free accounts does not come with overnight swaps, but instead charges a maintenance fee that varies for each currency pair. The fee is only incurred if a position is held for more than 2 days, which makes this an ideal option not only for Muslim traders, but also for traders who are holding positions over longer time periods.
For VIP accounts, spreads are as low as zero, but requires a USD 25,000 deposit, and is therefore an option for high volume traders only.
Withdrawal and deposits can easily be made through the usual options, including bank transfers, credit and debit cards like Visa and MasterCard, and e-wallet services Skrill and Neteller. Fortunately, bitcoin deposits are also available with this broker. Minimum account balance needed for an account is only USD 5, which makes Turnkey a good entry-level broker for new forex traders.
Customer service is taken care of through a phone hotline, email, as well as a live chat service for clients to send inquiries. Support working hours are not explicitly stated on the broker’s website.