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Turnkeyforex Review

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

More than 60,000 individuals have trusted Turnkeyforex since its inception in 2016. That is a high number for a company that is barely six years in the financial services business. The article reviews different services of Turnkeyforex, strengths, and weaknesses and makes recommendations where it seems necessary. 

The brokerage firm has grown from its inception to what it is today quickly, and I believe the company will keep growing and getting better with time.

Overview

Turnkeyforex started as an investments advisor for institutional investors, and it has been growing ever since then. The broker has a core belief that ‘customer is the king’ and aims at delivering an exceptional trading and customer service experience to its clients. The company has its headquarters in London, providing financial markets services to its clients. 

The broker commits to providing unparalleled levels of service and convenience. It also supports its clients through telephone calls, live chat support, 24 hours email response. 

Turnkeyforex provides forex, commodity, indices, and cryptocurrency CFD services utilizing its many platforms.  

Since its commencement of retail trading services, the clients have traded over $100 billion in volume. The broker is trusted by more than 60,000 traders who use its products and services to trade the global market. It has grown to have clients in more than 150 countries worldwide. 

The broker is not strongly regulated but has some measures for protecting clients’ funds. Such measures include keeping clients’ money in a segregated bank account to keep the clients covered in a case of liquidation.

ProsCons
Free VPS is available 
Copy trading is available 
Has MT4, MT5 and Web trader. 
Accepts expert advisor 
Not strongly regulated
Limited crypto and indices assets
Does not provide trading education

Who Turnkeyforex is for?

Turnkeyforex is for many types of traders and investors. From the novice to the knowledgeable.

Scalping and swing trading: traders with different trading styles can make use of the advanced trading tools on the platform. The tight spreads make scalping and day trading activities worthwhile, while the general trading conditions are suitable for other long-term trading styles.

PAMM, Robots, MAM: these programs benefit both the skilled and unskilled traders since they do not need to have advanced trading skills or get actively involved in trading activities before making money through them. The PAMM, for example, only requires the investors to trust their money with a money manager that has a record of consistent profit. The robot also requires an investor to automate the robot. The robot does the trading activities on his behalf.

Rating: 4.5/5

Is Turnkeyforex Safe?

Turnkeyforex ensures that clients’ funds are protected by separating clients’ money from the company’s money. The company holds clients’ money in a segregated bank account held by a reputable banking institution.

If the broker liquidates, all the funds in the segregated bank account won’t be affected, which is a benefit for clients of this company.

The brokerage firm is registered as Turnkey Forex Limited and has its headquarters in Mauritius.  It is regulated by the Financial Services Commission (FSC) in Mauritius. The FSC is the integrated regulator in Mauritius; it is responsible for the financial services sector apart from banking and global businesses.

Mauritius also registers some other reputable brokers, including BDSwiss, FXTM, FXDD, and Hantec Markets. The other brokers mentioned above also have other regulations that oversee their activities, but Turnkeyforex does not have such other regulations making it weak in terms of regulation. 

Rating: 4/5

Year founded:2016
Publicly traded: No
Licenses: 
Backlist: Yes( https://brokercomplaintregistry.com/forex-broker-scam-blacklist/ )

Offering of Investments 

Forex: the broker provides 70 forex pairs which consist of forex major, minor and exotic pairs. 

Commodities: the broker offers gold, silver, USOil, and UKOil. 

Indices: the indices stocks are very few. 

Cryptocurrencies: the broker also has the popular cryptocurrencies quoted against the USD. 

The broker has a wide range of instrument classes helping traders to create different trading portfolios. Even though the asset classes are wide, the tradable assets in them are not much.

 Cryptocurrency, for example, has only some major cryptocurrencies (LTC, XRP, BTC, ETH) quoted against the USD. 

You do not have such flexibility to trade numerous cryptocurrencies and indices. The cryptocurrencies available are only CFDs. You don’t have to own the underlying assets, and they can also increase their profit with leverage.

Forex pairs are many, and traders won’t have to trade the same pairs monotonously at all times.

Rating: 3.75/5

Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)70
Social Trading / Copy-TradingYes
CFDs instrumentsforex, indices, crypto, commodities

Commissions & Fees

Turnkeyforex offers different commissions and fees for its account types. The minimum trade size is 0.01, while the maximum is 100 lots. The stop-out level is 50%, while the margin call is 70%.

Micro account: the account is for beginners with a $5 minimum balance. The spread starts from 0.2 pips with a maximum leverage of 1:200. The broker also charges a commission of $8 per round on this account.

Swap-free account: The broker does not charge swap charges for overnight open positions on this account. The target clients for this account are those who desire a swap-free account. The minimum balance is $100, with a spread that starts from 1.0 pip. The maximum leverage is 1:200, and commissions are not charged on the trades.

STP account: this has a minimum account balance of $200 and a spread that starts from 0.2 pips. It also has no commissions. 

ECN account: It offers tight spreads, low commissions. The minimum opening balance is $200 with a maximum leverage of 1:400. The spread starts from 0.0 pip, and $2 per $100,000 is charged as commission. 

VIP Account: for professional clients. It has a minimum opening balance of $25,000, and the maximum leverage is 1:100. Spread starts from 0.0 pip, and $2 is charged per lot for commission.

The fees are relatively low and affordable and compete with what notable brokers provide.

Rating: 4/5

Minimum Initial Deposit$5
Average Spread EUR/USD – Standard0.2
All-in Cost EUR/USD – Active0.2
Minimum withdrawal $10

Platforms

MetaTrader 4 and 5: They have advanced customizable charting and analytical tools. You can also copy experienced traders with MQL5. The MT4 also accepts Expert Advisor (EA) integration. You can also have up to 10 charts opened simultaneously with the MT4.

The MetaTrader 5 has a strategy tester; it also allows using a cryptocurrency-denominated account. It offers significant improvement in copy trading, mobile trading, and many other innovative features that make trading more efficient.  

Web Terminal: it is a browser-based trading solution with user-friendly platforms that allows trading directly from the web browser without downloading any software. It offers one-click trading and many other amazing features. It is as good as the MT4 and MT5, even though many traders prefer to use the MT4 and 5. Other features include multiple order types, live streaming of prices, fully customizable desktop, no requotes and hidden charges, tight spreads, comprehensive market watch, among others.

Act Trader: it’s available on the desktop, ios and android devices. It is easy to navigate around as it provides essential access and navigation keys. You need to have more money of at least $10,000 to open the account. Other features include improvised chart features, web-based access from PC and mobile devices, advanced analytical tools, one-click trading, menu and chart resizing options, and more.

Turnkeyforex ranks high in this section because of the multiple choices it grants traders and investors in choosing their most comfortable trading platform and conditions.

Rating: 4.5/5

Tools

VPS Hosting: this is to increase the speed of trades, provide optical fiber connectivity. It keeps you online every time and is useful for your EAs. With the VPS, your trades won’t be disrupted by technological issues. 

Since every millisecond is vital in trading, a good VPS comes in handy. VPS makes you enjoy optical fiber connectivity and makes you run automated strategies without having to maintain computer hardware, backup internet, or power supply. 

There are different monthly packages for the VPS, and they are:

  • Silver package

The silver package has 1300 MB RAM | 1VCPU, 25 GB Disk space, and it goes for $25 monthly.

  • Gold package

This package has 2700 MB RAM | 2VCPU, 50 GB Disk space. It goes for $45 monthly 

  • Platinum package

It has 5120 MB RAM | 4VCPU, 75 GB disk space at $80 per month.

All three types are compatible with the MT 4, MT 5, and Act Trader. They work with Windows 2012/2008, Linux Servers. 

Clients with an account balance equivalent to or more than $5000 have access to free VPS.

Robo Expert Advisor: Turnkey forex provides expert advisors that automatically trigger trades and orders for you based on your predetermined parameters. With it, you can analyze the market for trading opportunities, create custom indicators or modify existing indicators, set money management limits to suit your trading style. 

Trading Calculators: a trading calculator is also a tool useful to advanced and beginner traders. Not everyone is good with calculations. You need to put in the necessary information and click on ‘calculate now.’ With the trade calculator, you can calculate the commission, margin profit and loss, pip value, swap charges, and value of one currency against another currency.

There are some other useful tools that Turnkeyforex provides. These tools aim at making your trades better, thereby making sure you are as comfortable as possible. The availability of VPS, expert advisor, and some other tools makes the broker rank high in this section. 

Rating: 4/5

Virtual Trading (Demo)Yes
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Charting – Indicators / Studies (Total)30
Charting – Drawing Tools (Total)
Charting – Trade From ChartYes
Order Type – Trailing StopYes

Research and Education

Turnkey forex does not provide resources for research and education. Traders who are new to trading can only use the demo account to practice what they learn from third-party sources. There are no research tools, too; no weekly webinars, economic calendar, trading analytics, expert views, etc.

I recommend that the broker works on this and provide free courses in written and video forms to serve its clients. The broker can start with basic classes that will introduce newbies to what trading is about and graduate to a more advanced course in the process.

Having content that deals with expert trade decisions and analytics are also helpful for traders. An economic calendar is of great importance, and the broker should provide these things to curb the stress of having to get such information from other sources and, in turn, lose clients

Mobile Trading 

The MT4 and MT5 are available on the mobile app. Through them, you can trade from anywhere you go. The mobile apps have a user-friendly interface, could be used to execute orders instantly or place a pending order. It gives access to full trading history, has one-click execution, provides live quotes and prices, and also could be used to trade on the go. The mobile app is available on android and IOS devices. 

Rating: 4/5

Mobile devices apple, android, etc
Featuresallow making trade, watchlist, charting, alert, etc.

Final Thoughts

The broker has many amazing features but ranks very low in its regulation. The regulatory body that oversees a financial institution is vital because its principles and activities determine how safe your money is in the long run. Turnkeyforex is not strongly regulated, and it is not a strongly recommended company for this reason. 

From my research, I have discovered that tens of thousands still trust the broker and have their portfolio with the broker. The number shows that some people still trade here.

It also does not offer trading education and research even though it has excellent services in providing the platform, tools, and even offering of investment. If you wish to check out the activities of this broker, you can click here.

Overall rating : 3/5

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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