Welcome to our guide to the “Best Forex Brokers in Turkey for 2024”. Navigating the forex market can be complex, especially with an array of brokers at your fingertips. To help you make an informed decision, we have compiled a list of top Forex brokers in Turkey setting the pace for 2024. These brokers have been selected with consideration to critical elements such as reliability, cost-effectiveness, customer service, trading platforms, and allied services.
Best Forex Brokers in Turkey
more
Comparison of Best Forex Brokers in Turkey
Forex Broker
License
Minimum Spread
Maximum Leverage
Minimum Deposit
Open account
Details
Compare
Best Forex Brokers in Turkey Reviewed
① Saxo
Saxo is a leading Danish investment brokerage specializing in online trading and investment. Known for its transparent pricing, excellent trading platforms, and premium research.
⭐⭐⭐⭐⭐ | |
Account Minimum | HKD10,000 |
Tradable Instruments | Stcoks, ETFs, bonds, mutual funds, IP0, forex, futures, forex options, listed options |
Demo Account | Yes |
Spreads & Commissions | Around 0.4 pips (EUR/USD) & commission-free (forex) |
Trading Platforms | SaxoInvestor, SaxoTraderGO, SaxoTraderPRO |
Deposits & Withdrawals | Free - Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit, Maestro (for UK residents), Visa Dankort (for Denmark residents), Carte Bleue (for France residents) |
Customer Support | 24/5 phone, email |
Pros
√ Great range of markets
√ Advanced trading features
√ Premium research tools
√ High-level security
Cons
× Higher minimum deposit requirement
× Less ideal for beginners due to complexity
② Pocket Option
Pocket Option is a binary options broker offering binary trading services to clients around the world. Known for a user-friendly interface and a quickly customizable platform.
⭐⭐⭐⭐⭐ | |
Account Minimum | $5 |
Tradable Instruments | 100+, currency, commodities, stocks, cryptocurrencies, indices |
Demo Account | Yes ($50 000 virtual fund) |
Spreads & Commissions | N/A |
Trading Platforms | Web App |
Social Trading | Yes |
Deposits & Withdrawals | Free - Visa, Mastercard, Meastro, bank transfer, WebMoney, Perfect Money, Fasapay, etc. |
Customer Support | Phone, online messaging |
Pros
√ Flexible expiration times
√ Accepts traders from many countries
√ Low minimum deposit requirement
Cons
× Not regulated by a well-known regulatory body
× Binary options trading can be risky
③ IG
IG is one of the oldest and biggest names in the trading industry. It offers extensive range of markets, clean and user-friendly trading platforms, and top-tier education resources.
⭐⭐⭐⭐⭐ | |
Account Minimum | 0 |
Tradable Instruments | 17,000+, forex, indices, cryptocurrencies, shares, commodities, ETFs, options, interest rates, bonds |
Demo Account | Yes |
Spreads | Average 1 pip (EUR/USD) |
Trading Platforms | Online trading platform, Mobile trading app, Progressive web app, ProRealTime, MT4, L2Dealer |
Deposits & Withdrawals | Credit/debit cards (MasterCard/Visa), bank transfer |
Customer Support | 24h/day, except from 6 am to 4 pm on Saturday (UTC+8)-live chat, phone, email |
Pros
√ Broad range of available markets
√ Excellent proprietary web platform
√ Comprehensive educational material
Cons
× High stock CFD fees,
× Quite a complex platform for beginners
④ Forex.com
Forex.com is a leading online broker owned and operated by Gain Capital company. Known for its wide range of trading platforms, robust trading tools, and diverse market offerings.
⭐⭐⭐⭐⭐ | |
Account Minimum | $100 |
Tradable Instruments | currency pairs, precious metals, energies, indices, bonds, cryptocurrencies and equities |
Demo Account | Yes |
Spreads | From 0.018 pips (EUR/USD) |
Trading Platforms | Forex.com, MT5 |
Deposits & Withdrawals | Free - cards (Visa, Mastercard, Maestro), bank wire transfer, Skrill and Neteller |
Customer Support | 24h live chat, phone, email |
Bonus | Up to $5,000 (New Account Opening) |
Pros
√ Superior research tools
√ Wide range of market offerings
Cons
× Lack of price alerts and signals
× Limited payment options
⑤ BlackBull
BlackBull Markets is a New Zealand-based online ECN forex broker. It's known for its competitive pricing, high-speed execution and personal account manager service.
⭐⭐⭐⭐⭐ | |
Account Minimum | $0 |
Tradable Instruments | 26,000+, forex, shares, commodities, futures, indices, crypto |
Demo Account | Yes |
Islamic Account | Yes |
Spreads & Commissions | From 0.8 pips & commission-free (ECN STD) |
Trading Platforms | TradingView, MT4, MT5, cTrader, BlackBull CopyTrader, BlackBull Shares |
Deposits & Withdrawals | Visa, MAsterCard, Fasapay, UnionPay, Neteller, Skrill, Bank Transfer |
Customer Support | 24/7 live chat, phone, email |
Pros
√ True ECN connectivity
√ Competitive pricing
√ Popular trading platforms including MT4, MT5, and cTrader are all available
Cons
× Absence of in-depth educational resources
⑥ XM
XM Group is known for its more than 1,000 trading instruments, tight spreads, and quick order execution. It's also acclaimed for its 24/7 customer service and extensive educational offerings.
⭐⭐⭐⭐ | |
Account Minimum | $5 |
Tradable Instruments | 1000+, forex, CFDs on indices, commodities, stocks, metals and energies |
Demo Account | Yes |
Spreads & Commissions | From 1 pip & commission-free (Std) |
Trading Platforms | MT4, MT5, XM WebTrader |
Deposits & Withdrawals | Credit/debit cards, Paypal, Skrill Moneybookers, Neteller, WebMoney, CashU, GiroPay |
Customer Support | 24/7 live chat, phone, email |
Bonus | Up to $2,000 |
Pros
√ Low deposit requirements
√ Good educational resources
√ Range of account types
Cons
× Bank transfer payment is not supported
⑦ Pepperstone
Pepperstone is an Australian broker offering a huge selection of tradable assets and platforms with excellent customer service. Known for low spreads and a high-speed execution model.
⭐⭐⭐⭐ | |
Account Minimum | $200 |
Execution Speed | 30ms |
Tradable Instruments | 1000+, Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities |
Demo Account | Yes |
Spreads & Commissions | Average 1.1 pips & commission-free (Std) |
Trading Platforms | Trading View, MT4, MT5, cTrader |
Deposits & Withdrawals | Visa/Mastercard, POLi, Bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay |
Inactivity Fee | No |
Customer Support | 24/5 live chat, phone, email |
Pros
√ High execution speed
√ No commissions on forex trading
√ Wide choice of trading platforms
Cons
× Limited news and analysis
× No 24/7 customer support
⑧ Tickmill
Tickmill is a forex and CFD broker renowned for its highly competitive trading conditions, speedy execution of trade orders, and a rich array of trading tools.
⭐⭐⭐⭐ | |
Account Minimum | 100 USD/EUR/GBP/ZAR |
Tradable Instruments | Forex, stock indices, stocks & ETFs, bonds, commodities, cryptos, futures & options |
Demo Account | Yes |
Spreads & Commissions | From 1.6 pips & commission-free (Classic account) |
Trading Platforms | MT4, MT5, Tickmill Mobile App |
Deposits & Withdrawals | Bank transfer, crypto payments, Visa, MasterCard, Skrill, Neteller, Sticpay, Fasapay, UnionPay, Webmoney |
Customer Support | Mon-Fri 7:00 - 16:00 GMT during Daylight Saving Time-live chat, phone, email |
Pros
√ Low trading costs
√ High-speed execution
√ Supportive educational material
Cons
× No 24/7 customer support
⑨ IC Markets
IC Markets is an Australian forex broker, known for its low spreads, a wide range of tradable products, and options to leverage trades by up to 500:1.
⭐⭐⭐⭐ | |
Account Minimum | $200 |
Tradable Instruments | 1780+, forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, futures |
Demo Account | Yes |
Spreads & Commissions | From 0.6 pips & no commission (Std) |
Trading Platforms | MT4, MT5, cTrader |
Deposits & Withdrawals | Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Wire Transfer, Bpay, Broker to Broker, POLI, Thai/Vietnamese Internet Banking, Rapidpay, Klarna |
Customer Support | 24/7 live chat, phone, email |
Pros
√ Raw pricing and high leverage offering
√ Low fees
Cons
× High minimum deposit
× Comparatively lesser educational resources
⑩ Admiral Markets
Admiral Markets is a reliable forex broker offering CFDs on Forex, Metals, Indices, and Energies. It's known for providing superior online trading services, a range of platforms, including MetaTrader 4 and 5.
⭐⭐⭐⭐ | |
Account Minimum | 25 USD/EUR/JOD, 100 AED (Trade.MT4/5 Account) |
Tradable Instruments | 8,000+, forex, indices, stocks, commodities, bonds, ETFs |
Demo Account | Yes |
Spreads & Commissions (forex) | Typical from 0.6 pips (EUR/USD) & commission-free |
Trading Platforms | MT4, MT5, Admirals Mobile App, Admirals Platform |
Deposits & Withdrawals | Free - Bank transfer, Visa, MasterCard, Perfect Money |
Customer Support | Live chat, phone, email |
Pros
√ Wide range of trading instruments
√ Strong regulatory oversight
√ Great educational material
Cons
× Limited payment options
× No 24/7 customer support
Forex Brokers in Turkey FAQs
Is Forex Trading Legal and Safe in Turkey?
Yes, Forex trading is legal and safe in Turkey as long as the broker is licensed and regulated by the Capital Markets Board of Turkey (CMB or SPK in Turkish, for Sermaye Piyasası Kurulu).
The CMB is responsible for supervising and regulating securities markets, protecting investors, and ensuring that these markets function effectively, efficiently and transparently in Turkey. This can be verified by checking the broker's license number and status directly on the CMB's website.
Can I Make Money with Forex Trading in Turkey?
Yes, it's possible to make money with Forex trading in Turkey. However, it's important to keep in mind a few things:
Knowledge and Research: The successful forex trading requires substantial knowledge about how the market works, understanding of technical analysis, and awareness of global events that can impact currency values.
Good Risk Management: In Forex trading, maintaining proper risk management strategies, such as setting stop losses and not investing more than you can potentially lose, is crucial.
Practice: Forex trading platforms often provide demo accounts, allowing you to learn and practice before trading with real money.
Choosing a Reliable Forex Broker: Partnering with a reliable, well-regulated forex broker can play a vital role in your trading success.
How to Trade Forex in Turkey?
Educate Yourself: The first thing you need to do is to learn about Forex trading. Discover the terminology, learn trading strategies, and get an understanding of the market and its mechanisms.
Find a Broker: Look for brokers that are regulated by the Capital Markets Board of Turkey (CMB or SPK in Turkish) for a safe and secure trading experience. Be sure to consider elements like trading platforms, customer service, and the financial instruments available.
Create an Account: Once you've chosen a broker, create a trading account with them. The registration process usually involves providing personal information and completing a verification process.
Deposit Funds: After your account is set up, deposit funds into your account. Remember to only invest what you can afford to lose.
Practice with a Demo Account: Before you start trading, practice your strategies with a demo account. This account uses virtual money which allows you to experience real market conditions without actual financial risk.
Start Trading: Once you feel ready, you can start trading on your live account. Analyze the market trends, implement your strategies, place your trades, and closely monitor your progress.
How do I Choose the Best Turkish Forex Broker?
Regulation: Ensure the broker is regulated by the the Capital Markets Board of Turkey (CMB or SPK in Turkish, for Sermaye Piyasası Kurulu). Regulated brokers are required to comply with strict standards that protect traders' funds.
Currency Pairs: Make sure the broker offers the currency pairs you wish to trade. Major pairs are usually offered by most brokers, but if you want to trade more exotic pairs, you'll need to check their availability.
Spreads and Commissions: These are costs you'll need to pay to the broker every time you trade. Look for a broker that offers competitive spreads and low commissions.
Trading Platforms: Check if the broker provides user-friendly and reliable trading platforms that offer a suite of analytical tools. Common platforms include MetaTrader 4 and MetaTrader 5.
Deposit and Withdrawal: The broker should offer easy and convenient methods for depositing and withdrawing funds. Also, check how quickly withdrawals are processed.
Customer Service: Good customer service can significantly improve your trading experience. Check if the broker offers support in your preferred language and through convenient contact methods like live chat, phone, or email.
Education and Training Resources: These are valuable for enhancing your trading knowledge and skills, especially if you're a beginner.
Demo Account: A demo account allows you to practise trading in a risk-free environment. It's beneficial for both beginners and experienced traders.
Which Forex Broker is Best for Beginners in Turkey?
For beginners in Turkey, I would recommend IG.
User-friendly platform: IG offers platforms that are intuitive and user-friendly - a critical feature for beginners unfamiliar with forex trading.
Educational Resources: IG boasts an impressive range of educational resources, which include well-structured online courses, webinars, and a demo account. These materials can be invaluable in assisting new traders to understand the nuances of the forex market.
Customer Support: Stellar customer service is a strength of IG, and they offer 24/7 support to its users. As a beginner, having readily available support can be tremendously reassuring.
Market Research: IG provides comprehensive market research tools. This is immensely helpful for beginners as they can glean essential insights and trading opportunities.
What is the Best Currency Pair for Turkish Clients?
The best currency pair for Turkish clients largely depends on the individual's trading strategy, risk tolerance, and knowledge of the market. However, commonly traded pairs include the major pairs such as EUR/USD, USD/JPY, and GBP/USD due to their liquidity and trading volume.
That said, some Turkish traders prefer trading pairs involving the Turkish Lira (TRY), like USD/TRY and EUR/TRY, due to their familiarity with the local economy and currency.
However, while major currency pairs offer greater liquidity and lower spreads, pairs involving the TRY can experience higher volatility, especially in times of economic instability, and offer opportunities for profit as well as higher risk.
What are the Best Forex Trading Hours in Turkey?
Forex trading operates 24 hours a day, five days a week because banks/businesses are open at different times around the world. The best time to trade is when the market is the most active, which typically occurs when two trading sessions overlap.
For traders in Turkey, especially those who want to trade popular currency pairs such as the EUR/USD, GBP/USD, or USD/JPY, the best trading hours may be during the London session and the overlap between the London and New York sessions, which are as follows:
London Session: Starts at 10:00AM and ends at 07:00PM (Turkey time).
London and New York Overlap Session: Starts at 02:00PM and ends at 07:00PM (Turkey time).
During these hours, there can be a higher volume of trades and therefore more fluctuations, which can result in more trading opportunities.
However, if you are interested in currency pairs that involve the Turkish Lira, then you may want to trade during the Istanbul stock exchange trading hours, which are typically from 9:30AM to 5:30PM (Turkey time).
Do I Need to Pay Taxes on Forex Trading in Turkey?
In Turkey, forex trading profits are generally taxable. The amount you need to pay can depend on several factors, including the amount of profit you've made and the tax legislation at the time. The rates and laws can differ, so it is recommended you consult with a local tax adviser or the Turkish Revenue Administration to get the most accurate information.
Final Thoughts
In conclusion, the “Best Forex Brokers in Turkey for 2024” are a mix of both global giants and local heroes, providing an array of options to both new and seasoned traders. It's crucial to remember that choosing a broker largely depends on your individual trading requirements and your level of trading experience. While we've provided a comprehensive overview, do ensure to carry out your own research before making any final decision.
Disclaimer
Trading Forex (foreign exchange) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, risk appetite, and the possibility of incurring losses. There is a possibility that you may sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
You Also Like
Best Forex Brokers for Beginners in Nigeria for 2024
Select the top forex brokers for beginners in Nigeria from many companies to ensure a safe trading environment.
Best Forex Trading Time in India 2024
Optimize your Forex trading in India by understanding prime trading times and exploring broker options.
What Time the Forex Market Opens in South Africa
Boost your Forex trading in South Africa with our guide on peak market hours for optimal trade activity!
6 Best No Deposit Bonus Forex Brokers in Malaysia in 2024
Start Forex trading risk-free in Malaysia! Discover the six top brokers, featuring attractive no-deposit bonuses.