With TurboForex fees spreads their spreads start from 1.0 pips. It appears that on TurboForex’s Standard and Premium account, variable spreads start from 1.0 pips whereas the spreads on the Mini Account starts from 2.0 pips.
Fees and Spreads
What the true fees, spreads, and commissions of TurboForex are is not clear as it is not indicated on a fee list on the broker’s website.
According to sources, TurboForex does not charge any commission for trade executions but collects a brokerage fee from the spreads.
A minimum deposit of only $ 10 is required to open a Mini Account and on all the account types the minimum trading lot is 0.01 lot on a leverage of 1: 500.
Price spreads usually vary throughout the day depending on factors such as available liquidity (supply and demand), market forces, volatility, and the trading session.
Additional Trading Fees
When trading financial instruments such as forex, traders can often expect that overnight, or swap fees will be charged when positions are held for longer than a trading day.
It is not clear on TurboForex’ website if short positions or long positions that are held overnight will be charged with swaps.
For more information on the swaps that traders can expect, traders can contact customer services.
TurboForex also does not make provision for an Islamic Account for Muslim traders who follow the Sharia Law. These traders are usually prohibited from earning or paying interest where the holding of open positions is concerned.
Whether TurboForex offer spread betting and thus require the payment of spread betting fees is not indicated either.
Broker Fees
TurboForex does not charge deposit fees or withdrawal fees and will cover all bank processing charges.
Traders also need to ensure that they verify additional charges which may be waived by their financial institution. In addition, traders may be subjected to currency conversion fees should they transfer fees in a currency that is different from their account base currency.
Pros and Cons
| PROS | CONS |
| Demo account offered | No Islamic Swap-free Account offered |
| No deposit fees or withdrawal fees charged | No transparent fee schedule |
| Several account types offered | No transparent fee schedule |
| Zero commissions charged | Not much information on the website |
| Off-shore regulation | |
| Spreads are not the tightest |
FAQ
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.
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 caters for both beginners and expert traders.
What is the overall rating out of 10 for TurboForex?
4/10.
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