Turnkey Forex Review
Turnkey Forex is a pure ECN/STP broker with access to a high liquidity pool, allowing them to offer the most competitive trading conditions and pricing. They have established themselves as a highly functioning partner for over 6000+ traders worldwide who use their services and products on a regular basis to operate in the financial markets. With Turnkey Forex, you can trade a variety of instruments, including forex, crypto, commodities, and indices.
Turnkey Forex Review – Pros and Cons
Pros / Cons
- They are a low cost broker, with low spreads, commissions, and minimum deposit requirements.
- They offer 24/5 live chat and telephone support.
- Multiple instruments can be traded on turnkey forex – forex, commodities, indices, and cryptocurrencies.
- Multiple payment options and same day withdrawal.
- Turnkey Forex offers Negative balance protection as well
- No education content available
Turnkey Forex Review – Trading Assets
With Turnkey Forex, you can trade in the following markets –
1. Forex: You can trade over 66 currency pairs, including major, minor and exotic pairs. Spreads are as low as 0.0 pips for major pairs.
2. Indices: Turnkey Forex provides a variety of stock indices to traders, allowing them to gain exposure to the entire market for diversity and flexibility. Spreads are variable, while commission rate is charged as low as $0.1/100k
3. Cryptocurrencies: They offer trading in all the major cryptocurrencies, with tight spreads and low commission.
4. Commodities: You can also trade metal and oil with turnkey forex. It’s great for portfolio diversification. Spreads are as low as 0.3 pips, while the commission is on the lower side too.
Turnkey Forex Review – Account Types
Here are the types of accounts you can open with Turnkey Forex
ECN (Electronic Communication Network) accounts are preferred by professional traders seeking the best trading conditions. Buyers and sellers can trade directly without the use of a middleman with an ECN account. Because an ECN broker aggregates price quotes from numerous market players, such as investment funds, banks, individual traders, etc. a trader can take advantage of tight spreads on an ECN account.
This type of trading account offered by turnkey forex allows a trader to easily execute large-volume orders. And it is a great option for traders that go for trading strategies like scalping or those strategies that require the tightest possible spreads.
Features of Turnkey Forex ECN Account
- Spreads: 0.0 pips onwards
- Hedging and scalping allowed
- Commission: $1 per lot
- Min account balance: $10
- 100% deposit bonus
- Leverage: upto 1:500
STP (Straight Through Processing) accounts use no dealing desk technology and route all trading orders directly to liquidity providers via DMA (Direct Market Access). When using a Turnkey Forex STP account, all trades are diverted to the liquidity pool first, and then all orders are filled at the best possible price.
Also, you can say that the STP account is identical to the ECN account, but there is only one exception: charges are included in the spread in the STP account with Turnkey Forex. There is no other commission or charge, and no other trading conditions differ.
Features of Turnkey Forex STP Account
- Spreads: 0.2 pips onwards
- Hedging and scalping allowed
- Commission: $0 per lot
- Min account balance: $10
- 100% deposit bonus
- Leverage: Upto 1:500
Turnkey Forex Review – Comparison between Turnkey Forex ECN and Turnkey Forex STP accounts.
|Commission||$1 per lot||$0 per lot|
|Trading instruments||Forex, Commodities, Indices, Cryptocurrencies||Forex, Commodities, Indices, Cryptocurrency|
|Minimum account balance||$10||$10|
|Trading platforms||MT4, MT5||MT4, MT5|
|Leverage||Up to 500:1||Up to 500:1|
|Scaling & hedging allowed||Yes||Yes|
|100% deposit bonus||Yes||Yes|
Turnkey Forex Review – Demo Account
Turnkeyforex provides a Demo account if you want to try out the broker before making a final call. Demo account is a risk-free account with virtual funds preinstalled for training purposes. When you create a demo account, you can enter the necessary amount and test your trading strategies until you gain enough confidence to consider switching to a real account.
Turnkey Forex Review – Trading Platforms
Turnkey Forex offers the following trading platforms.
MetaTrader 4 is a trading platform for Forex and futures trading. Traders can use MT4 on Turnkey Forex to analyse financial markets, perform advanced trading operations, run trading robots (Expert Advisors), and copy other traders’ trades. The MT4 platform is quick, dependable, and loaded with trading and analytical tools. More features can be included through using plugin apps written in the MQL4 programming language.
Turnkey Forex offers MT4 for free as a downloadable desktop terminal and a mobile trading app, which works for both Android and iOS devices. You can write your own technical indicators independently in addition to the ones already written into the system. This is a collection of custom functions designed to store and distribute frequently used parts of the programme.
More features of the Turnkey Forex MT4 platform are
- Allows one-click trading in order to react quickly to market movements.
- Set up price alert notifications through SMS, email, and platform pop-ups.
- Market orders and up to four pending orders can be used to place client orders. There are also stop orders and risk management tools available.
- All assets’ live charts are displayed over 9 time frames ranging from 1 minute to 1 month.
The most recent MetaTrader platform is MetaTrader 5. MT5, as one of the most technologically advanced trading platforms, offers modern traders top-notch trading experience in forex, indices, commodities, and cryptocurrencies. Both MT4 and MT5 are trading platforms with back-testing capabilities and visually similar graphical interfaces.
However, by design, MT5 was designed to address the requirements of non-forex and US markets in aspects that MT4 could not. Primarily, MT5 is not intrinsically superior to MT4, but rather unique. This platform includes two new order types that were not available on its predecessor. These are known as ‘buy stop limits’ and sell stop limits. Furthermore, MT5 facilitates partial order filling policies.
More features of the Turnkey Forex MT5 platform are
- MT5 includes 21 time frame charts. (12 more than MT4)
- Its email system allows you to send emails with attachments.
- Alongside forex as CFDs, traders on the MT5 platform can also trade futures, cryptocurrencies, bonds, and options.
- More technical indicators for more in-depth analysis are available on MT4.
- Built-in economic calendar for easy fundamental analysis.
Turnkey Forex Review – Trading Tools
Turnkey Forex Live account holders have complete access to a world-class suite of Forex trading tools as well as unrivalled levels of service and convenience.
Turnkey Forex Review – VPN Hosting
Turnkey Forex has formed a partnership with third-party VPS providers to provide consistent, uninterrupted connections to trading servers around the clock. This service is beneficial to users of automated strategies as well as for other clients who want adequate access without interruptions from power, hardware, or the internet. For those with a balance of $5,000 or more, Turnkey Forex offers VPS for free. Otherwise, a monthly subscription of $25, $45 or $80 is required. The subscription fee is also determined by the speed and power of the server you select.
You can connect VPS by following these 3 steps
- In the dialogue box, type “Remote Desktop Connection” after clicking the Start button. When you see the result, select the remote desktop connection option.
- Simply enter the VPS IP address you were given into the Remote Desktop Connection window and click the “Connect” button.
- When connecting for the first time, you may be prompted with a security prompt, in which you must confirm that you want to connect despite any standard warnings.
Turnkey Forex Review – PAMM Account
Turnkey Forex provides PAMM accounts as well as software that allows managers to trade on your behalf. You can browse the PAMM list on Turnkey Forex and choose a manager based on his performance statistics and other parameters.
Traders can then make a deposit to the manager’s account. All trading activities in Turnkey Forex PAMM accounts are focused on a single money manager’s account, where all investors’ funds are integrated. Traders who do not trade themselves can profit by delegating the entire trading process to their chosen fund manager. And the manager gets an agreed sum from them as a commission for handling their funds.
To open a PAMM account with Turnkey Forex, you need to take care of the following things
- A manager establishes a PAMM Account. You need to select it. The only requirement is that you have three investor sub accounts with a total deposit of $5,000.
- The PAMM manager and the Investors agree on the performance fees or profit sharing percentage. Turkey Forex will complete the account setup once the investors agree to delegate trading rights on their account to the PAMM Manager.
- The PAMM Manager has the power to only trade in the sub accounts and cannot withdraw funds from them.
- The sub-account holders (traders) have complete control over the deposits and withdrawals in their accounts. However, they cannot trade themselves. They, however, have the authority to remove their sub-account from the PAMM Manager at any time.
- After successful traders, based on the performance fee, the profit is split and transferred from every sub-account to the Manager by Turnkey Forex, as per their mutual agreement.
Turnkey Forex Review – Robo Trading
Robo Expert Advisor (EA) is a versatile automated trading strategy that trades on your behalf if certain market conditions are met. When you are busy working, taking a break, or sleeping, the EA will trade for you. Turnkey Forex supports all types of EAs without any limitations. However, after carefully evaluating the EAs, you should make a decision with which one to go.
Benefits of EAs
- Trigger trades and orders automatically based on your parameters
- Create your own indicators or modify existing one
- Analyse the market checkbox for trading opportunities
- Establish money management limits that work for your trading style.
Turnkey Forex Review – Forex Calculator
You can use the commission calculator to determine how much you should pay for your trades to Turnkey Forex. Turnkey Forex charges a $1 per lot commission. This conversion will be aided by their commission calculator. To calculate, enter the instrument type, trade size, account currency, and currency pair in which you are trading.
Turnkey Forex Review – Mobile Trading
You can access Turnkey Forex’s MT4/MT5 platform from your mobile application. It has a user-friendly interface and you will get customised trading layouts. You can learn the history of your trades and execute trades instantly, by analysing the market with technical indicators.
Turnkey Forex Review – Funds
Depositing funds into your Turnkey Forex trading account is quick and straight-forward. There are multiple payment options to deposit funds. They include Master and Visa Cards, Cryptocurrencies payments, and Bank Wire Transfer. Withdrawing money from your trading account is also easy and fast. Simply submit a withdrawal request through your client portal, and it will be processed within 24 hours.
Turnkey Forex Review – Customer Support
The client support desk is always available to assist clients on a 24/5 basis. The fastest way to reach out to them is via web chat. You can also fill a contact form available on their website. After you fill out the form, the support team OF Turnkey Forex will reply by email within a few hours.
Turnkey Forex Review – Final Thoughts
Turnkey Forex is an excellent broker that offers competitive trading conditions, including low deposits & commissions and tight spreads. It covers a range of markets, including Forex, commodities, indices, and cryptocurrencies. Turnkey Forex supports two types of trading platforms, which are MT4 and MT5. Robo Trading and PAMM accounts are also available. Overall, Turnkey Forex is a great broker to get started with.
Turnkey Forex Review – FAQs
Turnkey Forex is both an ECN as well as STP broker.
Leverage on Turnkey Forex Varies From Instrument to Instrument.
- Commodities: Upto 1:500
- Indices: Upto 1:500
- Major Currency Pairs: Upto 1:500
- Minor Currency Pairs: Upto 1:300
- Exotic Currency Pairs: 200X to 50X, though it differs from pair to pair
- Cryptocurrencies: 5X
Both ECN and STP accounts on Turnkey Forex require a minimum deposit of $10.
Yes. It allows both scalping and hedging.
Yes, turnkey forex offers a demo account where you can practise your trading strategies.
For ECN accounts you have to pay $1 per lot in commission, while for STP accounts, commission is zero.
The spreads are variable. The average spread offered by Turnkey Forex is 0.2 pips.
Yes, turnkey forex offers a 100% deposit bonus.
It takes a maximum of 12 hours to process all withdrawals.
Yes, it is safe to trade with Turnkey Forex. It keeps your money in a separate bank account, which is monitored by a reputable banking institution.