Turnkey Forex Review – Can You Trust This Broker?

Photo of author

By Theo Madsen

Last Updated

Turnkey Forex Review

Advertising Disclosure

Turnkey Forex Review

  • Pricing
  • Customer Support
  • Education & Research
  • Asset Variety
  • Features
3

Summary

Turnkey Forex is a forex broker designed to facilitate trading for retail and institutional traders. This broker includes support for a variety of asset classes including currency pairs, commodities, indices, and cryptocurrencies. Turnkey Forex includes VPS hosting, robo trading, and trading calculators as well as access to MT4, MT5, and Act Trader. Learn everything you need to know about this forex broker by reading our complete Turnkey Forex review.

Pros

  • Low costs of trading at 0.0 pips (ECN) and only few pips (0.2) for STP
  • Free VPS for traders with balances of at least $5,000
  • Access to multiple trading platforms to trade forex and other trading instruments
  • Low minimum initial deposit of only $10
  • Free demo account
  • The broker provides 24/5 customer support
  • More than 70 forex pairs
  • Trading crypto currencies available, and multiple other trading instruments
  • Same-day withdrawals and deposits available

Cons

  • This broker is unregulated
  • Lack of support for beginners
  • Few assets available apart from forex

The global forex market is the largest and most active market in the world. Many beginners, intermediate, and advanced traders tap into the financial markets to generate profit and take advantage of the many opportunities to earn extra cash.

However, with more and more brokers available on the foreign exchange markets nowadays, you need to find a fair broker that helps you be consistently profitable from your many trades. The best broker for you should have solid advantages over other brokers and provide a safe trading environment.

In the sections below, we’ll introduce you to Turnkey Forex – a low-cost, no-nonsense forex broker. Keep reading this Turnkey Forex review to find out if its features and tools are the right match for you. 

About Turnkey Forex

The company is headquartered in Mauritius and started its journey as an investment advisor for institutional clients. Now, Turnkey Forex facilitates trading for retail and institutional traders from more than 150 countries.

Unlike many brokers, Turnkey Forex is not regulated but maintains high standards of security and convenience by ensuring the safety of funds, providing a smooth trading experience, and access to numerous assets.

Turnkey Forex Features

This broker offers access to several asset classes, including currency pairs and commodities, indices, and cryptocurrencies. These are available via one of the three platforms detailed below.

Trading Platforms

If you want to trade mainly currency pairs, then MetaTrader 4 is perhaps the best option. It is a user-friendly platform used by forex traders all around the world. The platform has a wide range of tools and features, including:

  • Analytical tools
  • Dozens of technical indicators
  • Expert advisors for automated forex trading
  • Many types of orders
  • Multiple third-party plugins available
Turnkey Forex MT4 Charts and Indicators

If your trading strategy is not solely based on forex, but you have a more diversified approach, you can opt for MetaTrader 5 instead. Similar to MT4, it packs powerful analytical tools, technical indicators, and fundamentals, and can be customized to cater to your specific needs and trading objectives.

Turnkey Forex MT5 Platform
Turnkey Forex MT5 Bulk Operations

Perhaps one of the main benefits of joining one of the two platforms above is that most forex brokers offer them. So, even if you decide to try another broker, you do not need to learn how to use a new platform. As mentioned, MetaTrader is one of the most popular and most advanced platforms in the world.

Turnkey Forex MT4 Charts

Both platforms are available as downloadable software, via your browser (WebTrader), or as a mobile phone app. Regardless of your skill, preference, or availability, one of these solutions will surely match your needs and preference.

Finally, you can also join Act Trader. Similar to MetaTrader, it is fully customizable, so you can see live risk reports, prices, combine charts, and many more.

Turnkey Forex Act Trader

Perhaps one shining feature of this platform is the risk management tools. You can simulate “what if” analysis, implement a multi-leg strategy, and create automated strategies from charts without any coding knowledge.

Turnkey Forex Act Trader Charts
Turnkey Forex Act Trader FX

Overall, both MetaTrader and Act Trader are powerful platforms. For beginners who want to build their skills, MetaTrader (4 for forex and 5 for CFDs and multiple other assets) may be easier to learn and use. For advanced traders, Act Trader comes with unique benefits, such as backtesting.

Turnkey Forex Act Trader Mobile

Trading Account

Based on your strategy, you have a choice of two standard account types that allow you to maximize your benefits. You can choose between opening an ECN account or an STP account, both with excellent trade execution. Both account types allow you to trade cryptos or trade forex, and other assets, invest money in a real account, or start with a demo account first.

The main difference between these accounts is that the STP account charges you only the spread (with built-in commissions), while the ECN account comes with lower spreads and a small commission. All the costs and features of the two trading accounts are discussed in the next section below.

If you are unsure if this is the broker for you, you can also opt for a free demo account. You can test all of its features using real market prices while risking only virtual funds.

Tools and Other Features

The broker offers a few other noteworthy tools and features:

  • VPS hosting (Virtual Private Server)
  • Robo trading
  • Trading calculators

The VPS allows you to use powerful, automated strategies 24 hours per day without being worried about computer hardware or power supply. The third-party PS solutions boast low latency, and connection on a 24/7 basis, and the service is completely free if you have a balance of $5,000 or more.

This feature is highly beneficial for experienced traders who want to run the automated strategy without interruptions. For lower balances, the VPS is available for a monthly subscription, which depends on the speed and power of the third-party server you opt for.

Robo trading allows you to use an automated trading strategy that can be turned on and off as you wish. If you are busy at work, sleeping, or you do not have time for trading, robo trading performs market transactions based on rules and parameters you set. Similar to VPS, this feature is most recommended to experienced traders who can implement a sound risk management strategy.

Finally, it has an easy-to-use trading calculator. Some of the key features include:

  • Calculate your commissions
  • Calculate your potential profit or loss from a trade (before placing the trade)
  • The value per pip of each position, so you can better monitor your risk
  • Find out the swap charges (for positions overnight)
  • Currency convertor
Turnkey Forex Commission Calculator
Turnkey Forex Swap Charges

Education & Research

While Turnkey Forex comes with excellent trading conditions, education and research to help beginners and advanced traders alike are completely missing. Perhaps, the broker may benefit from introducing guides on how to trade the market and how to use a trading platform. There is only a FAQ section that addresses a few key matters, such as how to open a corporate or individual account, leverage, and margin requirements.

Regulation and Safety

This broker is a registered entity under the name Turnkey Forex Limited. It is not regulated by any authority, but it has voluntarily implemented several safety measures to protect its clients. Some of these include:

  • Secure Socket Layer (SSL) encryption technology to protect client information
  • Firewalls to protect the systems
  • Client money is kept in segregated bank accounts (so they remain safe in case of liquidation)

Turnkey Forex Pricing

The ECN and STP accounts come with the following pricing structure:

  • Tight spreads from 0.0 pips for ECN and 0.2 pips for STP
  • Leverage up to 500:1
  • Margin call at 70%
  • Stop out level 50%
  • Commission of $1 per $100k in cryptocurrency and $0.1 per traded lot on stock indices for ECN account; $0 commissions for STP account
  • The minimum account opening balance is $10
Turnkey Forex Commissions

Overall, both accounts are very affordable. The main difference consists of whether your strategy would benefit from tight spreads and a low commission, or a higher spread with no commission. This eventually boils down to the volume traded and your specific objectives, but the costs are similar. Perhaps the best way to find out which one suits you is to open a demo account and compare your costs of trading using both types.

Turnkey Forex Forex Spreads

Finally, it’s worth noting that this forex broker is very flexible when it comes to deposits and withdrawing money. You can deposit cryptocurrency, InstaCoin, and VLoad. InstaCoin and crypto payments are processed immediately, while VLoad depends on your tier. Deposits via debit and credit cards and bank transfers are also possible.

Withdrawals are also processed quickly – within the same day or a maximum of two working days, depending on which payment method you choose.

Most if not all the features of Turnkey so far indicate a specialized broker ideal for traders with experience. You can open a PAMM account – which is a “Multi Account Manager account.” These are for both advanced traders who want to become PAMM managers (and manage multiple accounts) and for clients looking for experienced individuals to manage the funds on their behalf.

Turnkey Forex Customer Service

Customer service is available 24/5 and the broker takes pride in its ability to provide help without delay. The quickest way to reach them is the instant live chat on the website, but you can also reach the team via mail or phone (the US or UK phone number). Perhaps one aspect that could be improved is to extend customer service to 24/7, considering that some markets (like cryptocurrency) are open 24/7.

Who Is Turnkey Forex Best For?

Turnkey Forex is a well-rounded forex broker best for intermediate and advanced traders. Beginners may find it challenging because of the lack of resources and education. However, those who are willing to use third-party learning resources may still have a satisfying trading experience with this broker.

For advanced and intermediate traders, it is possible to join either Act Trader or MetaTrader, depending on skills and preference. The broker also supports multiple trading styles and strategies, including automated trading, scalping, day trading, and more.

How Does Turnkey Forex Compare?

Turnkey Forex is one of the few forex brokers that provide access to Act Trader, apart from Coinexx, a broker with a relatively poor reputation and mostly known for crypto trading. Mainstream brokers like AvaTrade or Oanda have not introduced Act Trader just yet, and they also come with higher costs for traders as they are market makers.

In terms of tools and features, it has an average offering. Just like Hankotrade, it offers ECN and STP accounts, and the minimum deposit is only $10, and low spreads start at 0.0 pips. Like the aforementioned broker, Turnkey Forex is not regulated by any authority, but it does have extra safety measures in place (such as segregated accounts, for instance).

When compared with multi-asset, regulated brokers like Plus500 or FP Markets, you can easily notice the lower cost of Turnkey Forex, a limitation in terms of financial instruments, its lack of education and research, and the lack of a proprietary trading platform.  

FAQ: Turnkey Forex Review

Is Turnkey Forex good for forex trading?

With more than 70 currency pairs, Turnkey Forex is a great choice for forex trading. Also, MetaTrader 4 and Act Trader are some of the most popular platforms in the world for forex trading.

Is Turnkey Forex a safe forex broker?

Turnkey Forex is a relatively safe forex broker. However, it is not regulated by any government entity, so you must keep in mind that you expose yourself to more risks than when choosing a regulated broker like FP Markets.

Does Turnkey allow manual trading?

Yes, apart from robo trading, Turnkey also allows manual trading.

Can you trade precious metals on Turnkey?

Yes, the broker allows you to trade on the foreign exchange markets, commodities (including precious metals), indices, and cryptocurrencies.

Final Verdict: Turnkey Forex

All in all, Turnkey is a good broker for intermediate and advanced traders who understand the additional risks of using the services of an unregulated broker. The trading environment is otherwise safe and intuitive, there are more than 70 forex pairs available, and you can even open a demo account before trading forex to check the trading conditions without risking your hard-earned cash.

If you don’t mind the lack of education and educational resources, you will find this no-nonsense broker highly useful, functional, and compatible with a wide range of strategies. Overall, if you need access to one of the world’s most popular trading platforms and low costs, this may be the broker you need.

Photo of author

Theo Madsen

Theo has been actively trading the forex markets since 2013. Over the past five years, he has gained experience trading currencies, stocks, options, and futures. Theo's trading experience led him to test out over one hundred different trading services and he shares his insights in reviews to help other traders.

Leave a Comment