TurboForex Account Types

TurboForex Overview

TurboForex is an offshore forex broker company that headquarters in St Vincent and the Grenadines.

According to reviews on the internet, TurboForex was originally established in New Zealand in 2010. It was a brand of Turbo Trading Limited in Napier, New Zealand which was regulated by the Financial Disputes Resolution Scheme in New Zealand.

Trying to get access to the broker’s website was not successful and it appears to be either under construction or does not function anymore. A website that does open under TurboForex, has contradictory information and it is not sure whether it is the true website of this broker or not.

It states that TurboForex is an industry-leading provider of forex, commodities, and stocks/indices CFD brokerage services. It offers trading on MetaTrader4 which traders can use on either the MetaTrader4 Desktop trader, web trader, or on Android and iOS devices.

MT4 is the obvious choice of traders globally due to its competitive spreads and fees, research and training tools, advanced customisable charting, automated trading, trading signals, Expert Advisor plugins and live newsfeeds.

The broker also states that it has a compliance certificate from the Financial Market Relations Regulation Centre (FMRRC). The FMRRC is a Russian self-regulatory agency that was created to provide a level of regulation for derivative dealers and brokers.

TurboForex has no connection with the Central Bank of Russia, which is the official regulatory body in Russia and has no legal powers concerning the regulation of the FMRRC.

Although TurboForex claims to be an industry-leading online trading brokerage with the goal to offer excellent trading conditions and the most advanced trading technologies, it seems to be a bogus claim.

TurboForex Account Types

TurboForex offers three live account types, namely a Mini Account, Standard Account, and a Premium Account. It also has an option to open a demo account that can be utilized by beginner traders but does not offer an Islamic Account for clients that follow the Muslim faith.

It is not sure if these account offers competitive trading conditions along with comprehensive solutions and services as not much information is forthcoming from the broker’s website.

TurboForex Account Features

Mini Account

This account type focus on the beginner trader that wants to trade in a smaller volume and the following features can be expected:

• Minimum deposit – $ 10
• Spreads – Variable spreads starting from 2.0 pips
• Leverage – 1: 500
• Minimum trading lot – 0.01 lot
• Commission – zero commission charges
• Trading assets – Forex, Indices, Commodities and Shares

Standard Account

This account is ideal for traders with experience and offers better spreads and the cheapest transaction costs. The following features can be expected:

• Minimum deposit – $ 100
• Spreads – Variable spreads starting from 1.0 pips
• Leverage – 1: 500
• Minimum trading lot – 0.01 lot
• Commission – zero commission charges
• Trading assets – Forex, Indices, Commodities and Shares

Premium Account

This account type seems to offer the best trading conditions on the MT4 platform and is designed for serious traders. Features on this account that can be expected are:

• Minimum deposit – $ 1 000
• Spreads – Variable spreads starting from 1.0 pips
• Leverage – 1: 500
• Minimum trading lot – 0.01 lot
• Commission – zero commission charges
• Trading assets – Forex, Indices, Commodities and Shares

Some sources also mention the availability of a Fixed Account and an Interbank Account type. The first has a minimum deposit requirement of $ 1 000 whereas the second requires a minimum deposit of $ 5 000.

These two accounts would be more suited for higher deposit clients, with direct access to interbank markets.

Islamic Account

TurboForex does not offer Muslim traders who follow the Sharia law the option of opening an Islamic Account.

TurboForex Demo Account

TurboForex offers traders the option of opening a Demo Account which can be utilized in many ways. This includes the following:

• The demo account can be seen as a practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
• The more experienced traders can also use the demo account to evaluate and compare brokers who would like to explore TurboForex’s trading conditions in a risk-free environment.
• Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital can also make use of the demo account.

TurboForex’ demo account sign-up is fully digitalized and hassle-free. It is a free account to open and demo accounts can usually be used for a period of 30 days. It is not clear for how long the demo account with TurboForex will be valid.

The demo account has the same features as the live account type and allows traders to practice trading without any risk involved.

TurboForex Islamic Account

The main aim of an Islamic Account is that it caters specifically for Muslim traders who follow the Sharia law. This law prevents its followers from paying any type of interest, such as overnight fees. This is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Most of the features indicated on the Islamic account, such as minimum deposit, spreads, leverage etc. is usually the same as the normal live account types.

TurboForex does not offer an Islamic Account to Muslim traders who follow the Sharia law.

TurboForex Pros and Cons

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with TurboForex?

You can trade the following financial instruments:

• Forex currencies
• Commodities
• Stocks
• Indices
• CFDs

Which platforms are supported by TurboForex?

MetaTrader4 and WebTrader.

Does TurboForex offer leverage?

Yes. Leverage of up to 1: 500.

What spreads can I expect with TurboForex?

According to sources, you can expect spreads that start from 1.0 pips.

Does TurboForex charge commission?

No. TurboForex does not charge any commission fees.

Are there additional charges on the Islamic account?

This is not applicable since the broker does not offer the option of opening an Islamic Swap-Free Account for clients that follow the Muslim faith.

Is TurboForex regulated?

No. TurboForex is an offshore company and self-regulated. Its headquarters are in St Vincent and the Grenadines which is a known offshore jurisdiction.

Is TurboForex a recommended forex trading broker for experts and beginners?

Yes. TurboForex offers a trading environment for both beginners and expert traders.

What is the overall rating out of 10 for TurboForex?

4/10.

ACCOUNTS

What is the difference between a demo and a live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

Does TurboForex offer a demo account?

Yes. The broker does offer a demo account that has the same features as the live account.

For how long is the demo account valid?

This information is not clear on the website. Usually, a demo account is valid for 30-days.

Does TurboForex offer the option of an Islamic Account?

No. TurboForex does not offer the option of an Islamic Account for traders of the Muslim faith.

Which live trading accounts does TurboForex offer?

TurboForex offers the following live accounts:

• Mini Account
• Standard Account
• Premium Account
• Fixed Account
• Interbank Account

What are the available deposit currencies for a live trading account?

It appears that any currency is acceptable, but it will automatically be converted to USD.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for TurboForex?

$ 10.

How do I make a deposit and withdrawal with TurboForex?

• Visa
• MasterCard
• Skrill
• Neteller
• Sofort
• WebMoney
• Bank Wire Transfer

Does TurboForex charge withdrawal fees?

No. However, traders should take note that fees from financial institutions may apply.

How long does it take to make a withdrawal?

Depending on the payment method it may take from 24 hours to several days.