Turnkey Forex Review
9.5

Turnkey Forex Review

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Turnkey Forex Review - About

Turnkey Forex is a brokerage company that was founded in 2016 and is located in Mauritius. Turnkey Forex was started as investment advisors institutional investors and now has become online platform that allow traders to trade a wide range of trading assets including Forex, Commodities, Indices, Stocks and cryptocurrencies on the different trading terminals – MetaTrader4 and MetaTrader5.

turnkey forex platform

Turnkey Forex Review - Specifications

Broker’s NameTurnkey Forex
HeadquarteredMauritius
Year Founded2016
Official Website https://turnkeyforex.com/
Demo AccountYes
Minimum Deposit$10
Commissions$2/lot RT
Maximum Leverage1:500
Trading PlatformsComplete MetaTrader Suite (MT4 & MT5)
Customer Support24/5
Device accessibilityWeb (webtrader) , Desktop(windows) and Mobile (iOS and Android)

Turnkey Forex Review - Pros and Cons

Pros:

  1. Low initial deposit
  2. Low commissions
  3. PAMM accounts available
  4. ECN Broker
  5. Segregation of funds

Cons:

  1. Unregulated broker
  2. No educational source

Turnkey Forex Review - Safety And Security Of The Funds

Turnkey forex follows a segregation of funds model which means that the client funds or information and company’s funds or information are kept separately. The client’s money is held in a segregated client bank account. In any uncertain moments if the broker enters into liquidation, the segregated funds won’t be affected. Turnkey Forex also offers negative balance protection that protects the account balance of the traders to go below zero.

Turnkey Forex Review - Trading Platforms And Their Features

Turnkey forex offers a complete MetaTrader suite that includes- MetaTrader4 and MetaTrader5. They are the most popular trading platforms among all the kinds of traders. 

Turnkey Forex Review – MetaTrader4

MetaTrader4 trading platform is one of the most popular trading platforms among traders. MetaTrader4 is an advanced platform with an easy-to-use interface. MT4 is designed for trading various assets and the platform is available in a multilingual interface. It also offers fast execution of the trades and complete technical analysis tools like indicators, charting tools and custom indicators. MT4 platform allows automated trading to create and automatically test the strategies by using MetaEditor, Strategy tester and Compiler test.  

MT4 Trading PlatformTurnkey Forex Review – Features Of MetaTrader4

  1. 4 pending orders 
  2. 2 market orders
  3. Stop-loss and trailing stop loss 
  4. Chart analysis tool
  5. Built-in economic calendar
  6. 3 execution modes
  7. One-click trading
  8. 20+ graphical objects
  9. Real time market price
  10. 1000+ free and downloadable indicators and EAs offered by MQL4 
  11. 9 different time frames
  12. 3 chart types

Turnkey Forex Review – MetaTrader5

MetaTrader5 is a more advanced version of MT4 that provides traders with advanced trading tools and features which makes it easy for traders to execute their  trading strategy. MT5 is well known as an established multi-asset platform designed especially for experienced traders looking forward to trading different markets. MetaTrader5 allows traders to have real time charts, live prices, technical indicators, expert advisors & in-depth news & analysis access. The MT5 trading platform is highly flexible and provides traders with outstanding opportunities and trading tools that allow traders to have full and effective control of their trading positions.

Turnkey Forex Review – Features Of MetaTrader5

  1. 6 types of pending order
  2. 2 market orders
  3. 4 execution modes
  4. Stop-loss and trailing stop loss
  5. Added asset class- Cryptocurrencies
  6. Daily account statement
  7. Offers drawing tools for analysis
  8. Trade alert
  9. Report downloading in HTML or excel
  10. 21 different time frames
  11. 30+ in built technical indicators
  12. 40+ graphical objects available
  13. In-built economic calendar

Turnkey Forex Review - Accounts Offered By Turnkey Forex

Turnkey Forex offers two account types – ECN Account and STP Account

Turnkey Forex Review – ECN Account

ECN account uses ECN technology that allows traders to access a deep liquidity pool as the traders make trades without any third party interference or any re-quotes. Being an ECN account, Turnkey Forex offers ultra-thin spreads along with fairly low commissions. 

Turnkey Forex Review – STP Account

The STP account offered by Tunkey Forex is exactly the same as the ECN account with only difference in commissions. The commissions charged on STP accounts are at markup. There is no other difference in either trading charges or trading conditions offered.

Comparison Between ECN And STP Accounts Offered By Turnkey Forex

Turnkey Forex ReviewECNSTP
Commissions$2/lot RTNo commissions
SpreadsStarting from 0.1 pipsStarting from 0.2 pips
Trading PlatformsMT4 and MT5MT4 and MT5
ExecutionMarket executionMarket execution
Trading InstrumentsForex, Commodities, Indices, CryptocurrenciesForex, Commodities, Indices, Cryptocurrencies
Min. Trade size0.01 lots0.01 lots
Max. Trade size100 lots100 lots
Leverage Available1:500 1:500
Account base currency availableUSD, EUR, BTC, XRP, LTC, BCC and ETHUSD, EUR, BTC, XRP, LTC, BCC and ETH
Scalping and hedgingYesYes
Margin Call 70%70%
Stop out level50%50%
Min. Account opening balance$10$10
Deposit Bonus100%100%

Turnkey Forex Review – Trading With Turnkey Forex 

Turnkey Forex offers a complete MetaTrader suite – MT4 and MT5 trading platform that allow new traders as well as experienced traders to trade efficiently. New traders can open their trading account and start their trading career with a minimum deposit as low as $10. Turnkey Forex offers advanced and user friendly trading conditions suitable for new traders as well as for experienced traders who use complex trading strategies like- Scalping and hedging.

Turnkey Forex Review – Advanced Trading For Experienced Traders

Turnkey Forex offers certain features on their trading platforms and accounts that make traders execute complicated trading strategies with ease. The trading platforms- MT4 and MT5 offer vigorous and advanced attributes that allow traders to execute their trading strategies easily.

1. VPS Hosting: VPS refers to virtual Private Server that allow traders to trade without having to worry about back-up internet, maintaining computer hardware or power back-up. VPS hosting is most efficient for algorithmic trading. 

Benefits Of Using VPS:

  • Increasing the execution speed of the trade
  • Keep traders online and ideal for EAs
  • Allow trading without having to be worried about back-up internet, maintaining computer hardware or power back-up.

2. Expert Advisors: Expert Advisors are referred to as automated trading strategies that use algorithms that trades on the behalf of traders.  

Benefits Of Trading With EAs:

  • Identify the potential trade, analyse it, place the order and execute it based on the set parameters
  • It analyses the market tick-by-tick
  • Can create a new indicator or even modifies the existing ones

3. Trading Calculators: Turnkey Forex offers a wide range of calculators to calculate commissions, margins, profit & loss, Pip value, swap charges, and currency convertors. 

4. PAMM Account/ Fund Managers: These are multi manager accounts that allow the traders to trade without themselves trading. 

Working Of A PAMM Account:

  • A fund manager opens a PAMM account. He’ll need three investors with accumulative deposit of $5,000
  • The profit sharing percentage is decided between the PAMM manager and investors but the account is set up by broker
  • Trades executed by traders are allocated to all the sub accounts on the right proportion of their account equity
  • PAMM manager doesn’t have access to withdraw from the sub accounts, he can only trade them. 
  • The sub account holders have full control of their funds
  • The profit split is done by the broker as per mutual agreement

Turnkey Forex Review – Trading Conditions Offered By Turnkey Forex

Turnkey Forex offers suitable trading conditions for both new and advanced traders. 

1. Trading Timings: The server timing and chart of Turnkey forex are GMT+3. All the currency pairs are traded 24 hrs a day, 5days a week with a break of five minutes everyday between 23:55 GMT +3 and 00:00 GMT +3. The market opens at 00:00 GMT +3 Time Zone and closes at 23:55 GMT +3 Time Zone. 

2. Price Aggregation Technology: Price aggregation technology fills best bid and ask price from the liquidity partner and results in tight spreads. 

3. Funding Method: Turnkey Forex allows traders to make deposits or withdrawals by Cryptocurrencies, VLoad, Instacoins and Bank Wires. The traders can Start trading from as little as $10 account size. Traders can open an account with seven different base currencies: USD, EUR, BTC, XRP, LTC, BCC and ETH.

4. Low Latency Network: The high liquidity provided offers low latency while trading. In other words, the deep liquidity access increases the speed of execution of trades. 

5. Execution Policy: Turnkey Forex offers execution with the pricing from 20 liquidity providers and 100% automated execution. There are no delays, minimal slippage and no third party involvement.  

Turnkey Forex Review- Customer’s Support

Turnkey Forex offers 24/5 customers support and is not available during weekends as the market remains closed. Traders can contact the customer support on the live chat, email or skype. 

Turnkey Forex Review – Deposit And Withdrawals

Turnkey Forex allows traders to make deposits or withdrawals by Cryptocurrencies, VLoad, Instacoins and Bank Wires. Traders can open an account with seven different base currencies: USD, EUR, BTC, XRP, LTC, BCC and ETH. The transactions made are processed on the same day. 

Turnkey Forex Review- Bonus

Turnkey Forex offers a 100% bonus on deposits made. These bonuses can not be withdrawn but the profit made by the bonus can be withdrawn. To avail 100% bonus, traders need to deposit a minimum $100 in the account. The maximum bonus allowed per client is $20,000.

Turnkey Forex Review- Conclusion

Turnkey Forex is a great choice for all the types of traders with various trading strategies who are looking to start with a low minimum deposit, and want access to a wide range of useful trading tools at the same time. Turnkey Forex  is a perfect broker platform for both beginners and advanced traders, especially scalpers and day traders due to ultra-thin spreads starting from 0.01 pips, commissions as low as $2 per lot, high execution speed and low deposit of $10.  In spite of these features offered by the broker, it is recommended to understand your financial aims, wants and degree of understanding before signing up with a broker.

Turnkey Forex Review - FAQs

1. How Many Trading Instruments Does Turnkey Forex Offer?

Turnkey Forex offers: Forex pairs, Cryptocurrencies, Stock Indices, and Commodities

2. What Are the Trading Platforms Offered Turnkey Forex ?

Turnkey Forex offers two trading platforms: MT4 and MT5

3. How Many Live Accounts Are Offered by Turnkey Forex?

Turnkey Forex offers two types of live accounts:- STP and ECN.

4. What Are Commissions Charged by Turnkey Forex?

Turnkey Forex charges a commission of $2 per lot RT in ECN Account and in STP account no commissions are charged. 

5. What is the Minimum Initial Deposit Required to Open an Account With Turnkey Forex?

Traders require $10 to open an account with Turnkey Forex. 

6. What is the Maximum Leverage Offered by Turnkey Forex?

Turnkey Forex offers maximum leverage of 1:500. 

7. How Can I Make My Deposits and Withdrawals?

Turnkey Forex allows traders to make deposits or withdrawals by Cryptocurrencies, VLoad, Instacoins and Bank Wires. Traders can open an account with seven different base currencies: USD, EUR, BTC, XRP, LTC, BCC and ETH. The transactions made are made on the same day.

8. Are Scalping and Hedging Allowed With Turnkey Forex?

Yes, Turnkey Forex allows traders to scalp and hedge. 

9. What is the Difference Between the Demo Account and the Live Account Offered by Turnkey Forex?

Demo accounts are funded by virtual money that allow traders to understand the trading platform and to experiment with different trading strategies. On the other hand, the live account allows traders to trade on the live market with actual money. There are two types of live accounts offered by Turnkey Forex- STP and ECN.

10. Does Turnkey Forex Offer Negative Balance Protection?

Yes, Turnkey Forex offers negative balance protection which means a trader can not lose more than what is in the account. To rephrase it, it prevents the trading capital from going negative and is most efficient for CFD traders. 

11. What Are the Minimum and Maximum Trading Lots Allowed With Turnkey Forex for Trading?

The maximum trading lots allowed to trade with Turnkey Forex is 100 lots and the minimum trading lot allowed to trade with Turnkey Forex is 0.01 lot. 

12. In What Base Currencies Can I Open My Trading Account With Turnkey Forex?

You can open your trading accounts using these base currencies: USD, EUR, BTC, XRP, LTC, BCC and ETH.   

13. What Are PAMM Accounts? Does Turnkey Forex Offer PAMM Accounts?

These are multi manager accounts that allow the traders to trade without themselves trading. Yes, Turnkey Forex offers a PAMM account service. 

14. What Are Margin Call and Stop Out Levels With Turnkey Forex?

The margin call occurs at 70% and the stop-out is initiated at 50% level. 

15. Does Turnkey Forex Offer Any Bonus? 

Yes, Turnkey Forex  offers 100% bonus on deposits which can be availed by depositing a minimum amount of $100. 

9.0
Platform Security
9.0
Deposit Methods & Fees
10.0
Services & Features
10.0
Customer Service
9.5 Overall Rating
Turnkey Forex Review
9.5/10