Turnkey Broker ReviewMinimum Spread : From 0.0
Foundation Year : 2016
Min Deposit $ 200
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Turnkey Broker Review – Uncovering Benefits & Limitations: There is as such no fixed criteria for measuring how much good a broker is. However, we can compare and review every broker based on some standard parameters. These parameters can be its features like customer service, assets, platforms, etc.
The post shall review the turnkey broker. It would list all the benefits as well as limitations of trading with the online trading platform. At last, there would be a summary of the article for users.
About The Turnkey Broker – Benefits & Limitations
‘Turnkey Broker’ is a UK based online trading company which started its operations in 2011 but has been working online since 2016. The broker provides its clients with 100+ assets for trading with the benefit of different platforms. Further, there are several benefits like five types of accounts, free demo, trading tools, and excellent customer support.
The broker is serving more than 5000 clients and 190+ countries. However, the website is unregulated. For detailed insights of the Turnkey, one needs to read the full review.
Turnkey Broker Trading Pros
1. Types of Accounts
Turnkey brokers offer several accounts for its users, as per their needs. There are in total five kinds of broker accounts on the broker’s site, namely, micro, ECN, STP, VIP, and swap-free account.
Each type is meant for a different level of user and serves varied features.
The micro account is the beginners’ type and offers services like high leverage and low minimum deposit. The VIP is for professionals and offers raw, low spreads, starting from 0.0 pips. But, the minimum deposit is 25000 dollars for it.
Here are the details of the other three accounts:
- ECN: The minimum deposit amount is $200, and the leverage is as high as 1:400. Also, the commission on this account is $2 per 100,000 dollar trade.
- STP: There are no commissions on it, but the highest leverage reduces to 1:200 here. The minimum deposit is 200 dollars, and spread charges start from 0.2 pips.
- Swap-free: Another account type for beginners. This type charges no commission, but the spread starts from 1.0 pips. Also, the leverage is up to 200:1, and the minimum amount is $100.
2. Deposit & Withdrawals
The turnkey broker deposit and withdrawal system are easy and smooth. There are several methods to add or take out your money from the account. Bank transfers, credit and debit cards, Bitcoins, Neteller, and Skrill, are some of them.
Further, there are no charges or commission on depositing or withdrawing your money. The deposit time is a maximum of five minutes and the withdrawal time is maximum 48 hours. But, remember the withdrawal is processed only after email verification.
The minimum deposits vary as per the account type, but the primary account can be started from $5.
There are around 100+ financial instruments available for trading on turnkey brokers. The assets include many market products, including foreign currency, stocks, indices, metals, oils, and ETFs. Further, there are trading platforms to trade them, and there are 85 currency pairs, 8+ – stock derivatives, ETFs, & commodities, each; and 10+ Indices, available.
4. Offers & Promotions
There are many bonus offers and promotional offers to the clients from the turnkey brokers. First, there is a trade free offer which facilitates the users with 30 days of commission-free trading. However, to use it, a client needs to deposit at least $2500.
Second, there is a 100% bonus offer too but only applicable after the initial deposit of $100. The amount can be withdrawn after meeting specific trade volume requirements.
5. Customer Service
The customer support team is impressive. They work hard 24 hours and seven days a week to serve their clients. Further, the trader can contact the team through email, live chat, or telephone. Moreover, a contact us form page is also available for customers.
The response time was quick but varied as per the medium. For example, the telephone and live chat options were rapid while the email bot takes around 5-6 hours to reply. However, the team is very knowledgeable and polite.
6. Research & Analysis
There are several tools and instruments available for users to do research and analysis, both fundamental and technical, on Turnkey. The following tools are available with Turnkey.
7. MAM Accounts
These are accounts handled by professional money managers. A trader with Turnkey can apply to be a money manager as well as can handover their investment to other managers. The managers then trade on behalf of client traders and in exchange, take a small fee.
8. Robo Trading
A user with Turnkey can opt for automated trading too. The computer asks you some questions, and based on them would trade on your behalf. However, you need to have at least a balance of 5000 dollars to be eligible.
Apart from these, there are many other devices for price predictions too. Tools like API and VPS trading are also available.
So, these were the advantages of trading with turnkey brokers. However, it is not all good with them too. Below are some disadvantages of trading with Turnkey.
Turnkey Broker Trading Cons
Turnkey broker offers only one trading platform, i.e. MT 4, to its users. Although the Meta Trader 4 is the most widely used and secure platform, the availability of MT 5 and c-Trader would have added the stars. The platform is available on mobile, desktop, as well as web versions.
Further, it offers services like market watch window, live charts for analysis, 30+ technical price indicators, one-click trading, price alerts, automated trading, etc. Also, there is another tool available but only for the old customers and not to the new ones, i.e. Trade Station.
Turnkey does not authorize or license with any financial body of the world. Thus, the risk gets higher here. No professional or potential full-time trader would want to trade with an unregulated online trading platform.
However, the broker has been working since 2016 and has been continuously receiving positive feedback. Further, the clients’ money is safe in segregated accounts of the top banks, and the broker shall not be able to use funds in case of any catastrophe. Also, the users’ data secure under a robust IT protection system and SSL, which offers encryption at every level.
There is no dedicated page or portal to education on Turnkey. The broker believes in delivering their core services efficiently, i.e. trading. However, essential guides and video material would have been an advantage for beginners who want to learn. One needs to go to third party websites like Youtube or Course to learn the fundamental and technical aspects of investing. However, there are several tools to help a trader make fundamental as well as technical decisions.
4. Trading Cost
The trading cost of Turnkey is higher than the average industry rates. While most of the broker’s competitors are offering free trade and no charge on buying or selling, the broker has a fee for the same. For instance, in micro account type, there is a commission of $8 per $100,000 plus spread charges.
However, remember that the spread charges of the broker are one of the lowest in the industry. Their lowest spread charge starts from 0.0 pips.
Every client has varied requirements and expectations from his broker. One may want low and tight spreads and charges, while the other would like to have many tools in the basket. No matter what, a trader should choose the right broker by himself only and not be affected by other people’s opinion.
Turnkey is a good broker offering high-quality services and products to its clients. However, the absence of regulations is a significant barrier for them, and they should try to overcome it as soon as possible. Big and experienced brokers would be hesitant about their excellent services because of it.
In total, the broker offers excellent services but still needs to work on some things.
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