Turnkey Review: The broker is not regulated under any financial body and is not safe to trade. Moreover, the firm has a complex UI/UX design and is difficult to understand for beginners. There is no research & educational material for enhancing the trading knowledge, and the beginners might face difficulty without the required knowledge. The call support does not respond, while other connecting methods are slow. The deposit and withdrawal are time taking, and there are several hidden charges, which dishearten a trader.
There is no clear information about all the fees, penalties, and is not recommended to any trader. Note that there are no shares available for trading and the available range is limited. Here, we would highlight the Turnkey Forex broker review for all the clients. It would present points like safety, features, pros, cons, and customer service.
Turnkey Review: Turnkey Scam or Not?
Turnkey Forex broker is an unsafe trading site and is not licensed by any financial body. The broker operates under the Turnkey Forex Limited, and the site mentions the headquarters to be in Mauritius. The firm is an offshore organisation, and Mauritius is the easiest place as jurisdictions to open a brokerage account. The broker is not safe for trade, and the readers are suggested to invest their precious money with some regulated brokerage firm like HFTRading, Global TradeATF, and ROinvesting.
Mauritius Broker’s Jurisdiction Process
The jurisdiction process of Mauritius is one of the easiest in the world for trading sites and require the following:
- Register your firm online through the nation’s process, which is an easy process and open for everybody to apply.
- Verify your initial capital, which is a $2000 meagre amount,
- Pay the Processing Fee
- Get your Registered Company
So, any broker registered here is not worth an investor’s trust. So, if you have an encounter with Mauritius.
It is a nation for shady brokers. Apart from it, the trading site does not clear about the other safety prospects such as whether it is an ICF member, or follows EU & MiFID rules or not? So, sounds negative.
Overall, the broker is not regulated and licensed by any tier financial body, and thus, the safety of client funds can’t be assured. The bodies make sure that no broker does fraud activities with any customer. We would not recommend trading with a Turnkey forex broker and suggest going with some regulated trading site, like Global TradeATF and Oinvest.
Turnkey Review: Account Types
The broker facilitates trading via two major retail accounts, namely, ECN and STP. The accounts do not have much difference, and the only variation mentioned by the broker is in spreads, i.e. ECN charges spreads and commission both and STP charges only spreads, and the commission is included in the spreads. Here are all the account types offered by turnkey broker:
- Micro Account: The broker charges too much commission on trades. Each trade round costs $8 for an investor.
- STP Account: The minimum balance with this account type is $200, which is higher than the average industry. The firm claims to have low spreads but it gets changing continuously while executing orders.
- ECN: The firm claims to have low spreads but it gets changing continuously while executing orders. So, it is dangerous for trading
- VIP: The minimum deposit balance is too high, i.e. $25000 and the maximum leverage is 1:100.
All the account types fail to provide satisfactory services to the clients. The four different account types are complex to understand and are challenging for beginners.
Trading Platform: The firm offers trades through the MT4 trading platform, an integrated global brokerage platform for all the traders. However, the user manual guide and the UI/UX provided by the firm for these platforms are complex and challenging to understand for beginners and professionals.
Turnkey Review: Markets and Products:
The Turnkey broker provides trading on a limited range of financial instruments and only includes commodities, currencies, indices, and cryptocurrencies, which are less. The meagre range creates massive obstacles for both beginners and professionals. Further, the available market types have a handful of assets such as five indices, eight commodities, and some currency & crypto pairs.
A limited range of assets decreases the possibility for traders to profit and shrinks the variety of products. Here is the list of top trading assets offered by the Turnkey forex broker:
|Instruments||Spread||Bid Price||Ask Price|
Turnkey Review: Account Opening:
The account opening process is time taking and takes around 2-3 days for verifications as compared to many top brokers, like Global TradeATF, that offer instant account opening. Note that the minimum deposit to start trading with Turnkey broker is high. The broker doesn’t accept clients from the US.
Commissions and Fee:
The commission and fee for trading with Turnkey forex broker are more than the average charges and the site charges through several unnecessary means. There is no clear information on costs and the penalties associated. Further, the site mentions that it solely earns through the spreads but includes commission several times on trading with them. The spreads were above than the industry standards. The spreads are not fixed and floating, & suddenly increase at the time of placing the orders.
For instance, it mentions the ECN account type that the lowest spreads start as low as 0.0 pips, but there was no asset on the list that offered the same rate. Moreover, there are several hidden charges like overnight swap fee, withdrawal penalty, inactivity charge, and additional fees not mentioned.
Deposit and Withdrawal:
The deposit and withdrawal methods provided by the Turnkey forex broker limited in numbers and the service facilitated with them is poor. The available payment methods are cards, bank transfer, and some crypto wallets. Further, there are no cash and third party deposit methods available.
Note that the deposit is processed within a day, but the withdrawal takes more than seven days, despite mentioning same-day withdrawals. It indirectly forwards the message that they are fast while taking funds and making excuses while giving funds. The maximum limit for withdrawals is only 10% of your account balance, and there is only one withdrawal allowed per user per month.
There are several hidden charges on deposits and withdrawals, and no clear information is given on the same. Overall, the turnkey forex broker’s payment structure is unclear and biased towards clients, and the clients have to deposit large capital amount to start an investment with best trading conditions.
The firm offers too much high leverage, and there is no regulation or obedience of EU rules. The European Union has fixed the margin limit for all the brokers to not offer more than 1:30 leverage to retail traders for their safety. However, by not following the regulations and out rightly providing the 1:500 margin, turnkey gives the untrustworthiness message to all the professionals.
There are no research tools available for analysing the market or trading assets while investing in the market. The tools are required to enhance clients’ skill base, and there would be no use of demo service left in the absence of research material.
A good broker provides a dedicated portal for research tools. Global TradeATF is an excellent and affordable trading site that offers varied research tools like economic, earnings calendar, reports session, market analysis, and news alerts. The tools help investors make better decisions and correct entry & exit points at the trading sessions.
The worst feature of the Turnkey forex broker is their customer support. The site claims to offer 24/5 service but did not respond on calls. Further, the response time on the chat feature is supported by a bot and gives irrelevant responses that can make clients frustrated. The email response also came after three days, and the executives provide irrational answers to queries. Note that the available methods are only limited to telephone, email, and live chat and no proper resolving team is placed for customer satisfaction.
There are no learning resources available with the turnkey forex broker, which can become a big obstacle for beginner brokers. The education content is required for all the novice traders to enhance their trading knowledge at one place. All top brokers, like ROInvesting and TradeATF, provide a variety of educational content that includes webinars, seminars, guides, articles, videos, and e-books.
Bonus & Promotions:
The broker claims to offer 100% bonus on first deposit but the minimum amount to avail the offer is $100. However, the promotional offers are banned by the EU for all the brokers to ensure client safety. Further, the bonus amount is not withdrawable and many times is not credited by the broker to client accounts. Overall, the bonus offer is a scam and no clear information about its processing is given on the site.
UI/UX: The UI/UX is difficult for all the beginners and the process to navigate is complex.
Turnkey Review: Conclusion
This was the detailed Turnkey Review based on different features and services. Overall, the Turnkey Forex broker is not licensed by any tier financial body, and thus, the safety of client funds can’t be assured. Moreover, the firm has a complex UI/UX design, and thus, it is difficult to understand for beginners. There is no research & educational material for enhancing the trading knowledge, and the beginners might face difficulty without the required knowledge.
The call option is non-supportive respond, while other connecting methods were slow. The deposit and withdrawal is time taking, and there are several hidden charges. We would not recommend trading with a Turnkey forex broker and suggest going with some regulated trading site, like Global TradeATF, ROinvesting, T1markets and several others.
There is no clear information about all the fees, penalties, and thus, is not recommended to any trader.
Is Turnkey Forex Broker Regulated?
No, Turnkey Forex broker is not licensed by any regulatory bodies, like CySEC, ASIC, or FCA, and thus, is not safe to trade.
What are Deposit & Withdrawal Methods with Turnkey Forex?
Turnkey Forex broker has a limited range of payment methods and includes only 4 major types of the portal, i.e. bank transfer, cards, and some cryptocurrencies.
Is there a Turnkey Forex education page?
No, there is no educational portal with Turnkey Forex Broker, creating a big obstacle for most novice traders.
Is there a Turnkey Forex broker research portal?
No, there is no research section with Turnkey Forex broker and thus, the clients would face issue while making trading decisions.
What are the Turnkey Forex contact options?
Turnkey Forex broker has three contact options, i.e. telephone, contact us page, and email. However, the response team is slow and unprofessional while resolving the queries.
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