TurboForex Review

A quick overview of our TurboForex review:

• Who is TurboForex?
• Safe or scam
• Pro and cons
• Leverage
• Accounts
• Market instruments
• Fees
• Deposit and withdrawal
• Trading platforms
• How to open an account
• Customer support
• Education

Who is TurboForex?

According to research in South Africa TURBOFOREX is an online forex broker that was established in New Zealand in 2010.

It claims to be a brand of Turbo Trading Limited in Napier and regulated by the Financial Disputes Resolution Scheme in New Zealand, but its headquarters are given as in St Vincent and the Grenadines.

TURBOFOREX also claims to have a compliance certificate from the Financial Market Relations Regulation Center (FMRRC), a Russian independent self-regulatory agency with no connection with the Central Bank of Russia, the official regulatory body in Russia.

TURBOFOREX provides online brokerage services on Forex currency trading, derivatives on commodities, stocks, and global indices. TURBOFOREX clients may also use an automated system of copying trades called TURBOFOREX Social.

The broker says it covers commissions for deposits and withdrawals of funds and offers 100% withdrawable bonuses on certain deposits.

Safe or scam

One of the best benchmarks to measure the safety of a broker like TURBOFOREX, is to establish which regulating authorities are watchdogs over its actions.

TURBOFOREX claims to be regulated by the Financial Disputes Resolution Scheme in New Zealand but no evidence of other proper regulation could be found for the broker.

TURBOFOREX claims to have a compliance certificate from the Financial Market Relations Regulation Center (FMRRC), which is an independent Russian self-regulatory agency with very few legal powers.

Pro and cons

Leverage

Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.

Leverage amount is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.

Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.

TURBOFOREX offers a maximum leverage ratio of 1:500.

Accounts

A forex account at TURBOFOREX is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.

TURBOFOREX offers the following types of accounts:

Mini Account

This account is designed for new traders and those preferring to trade small volumes. The minimum deposit is only $10 and leverage up to 1:500 can be used.

Forex, Indices, Commodities and Shares can be traded from a desktop, web, mobile or tablet. Spread is variable, from 2.0 pips and the minimum trade size is 0.01 lot. No commission is charged for Forex and Commodities.

Standard Account

The standard account is suitable for experienced traders and offers better spreads and cheap transaction costs. The minimum opening deposit is $100 and leverage of up to 1:500 is allowed. Forex, Indices, Commodities and Shares and can be traded.

Spread varies from 1.0 pip and the minimum trade size is 0.01 lot. No commission is charged for Forex and Commodities.

Premium Account

Premium accounts offer the best trading conditions for serious traders. The required minimum deposit is $1 000. A leverage ratio of up to 1:500 is allowed to trade Forex, Indices, Commodities and Shares via desktop, web, mobile or tablet.

Spreads vary from 1.0 pip and the minimum trade size is 0.1. No commission is charged for Forex and Commodities.

Market instruments

The most popular market instruments available from most brokers for trading include:

Forex

Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management.

Indices

Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market.

Precious metals

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

Cryptocurrencies

Bitcoin (BTC) is the digital currency with the largest market capitalisation.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability

Ripple (RPL) is popular among big banks with the Ripple network a next generation real-time gross settlement system.

Ethereum (ETH) is the second largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Bitcoin Cash (BCH) was created by the Bitcoin hard fork in 2017 as a new version of the blockchain with different rules.

TURBOFOREX offers the following of the above: Forex, Commodities, Stocks, Indices and Shares.

Fees

Cost depends on different factors, like spread and margins, and TURBOFOREX clients may also experience different fee structures according to their country or place of residence.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

TURBOFOREX doesn’t provide much information about costs. Of its five trading account types, four have variable spreads and one has fixed spreads. The Mini Account has variable spread from 2.0 pips; the Standard Account’s spread varies from 1.0 pip; and the Premium Account also has variable spreads from 1.0 pip.

There are no deposit or withdrawal fees charged but traders must be cautious about the possibility of inactivity fees on accounts without activity.

Deposit and withdrawal

Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.

In the case of TURBOFOREX the following are required: a minimum deposit amount of only $10 to open its Mini Account, a minimum deposit of $100 is required to open a Standard Account and for a Premium Account $1 000 is required.

Payment methods that can be used to fund accounts or withdraw profits are bank transfers, Visa and MasterCard, Skrill, Neteller, Sofort or WebMoney.

Trading platforms

The forex trading platform provided by TURBOFOREX to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

TURBOFOREX provides MetaTrader 4 (MT4), probably the most trusted trading platform. TURBOFOREX clients can use the MetaTrader 4 as desktop trader, web trader, and on mobile devices or tablets.

MT4 offers competitive research and training tools, advanced customisable charting, automated trading, trading signals, Expert Advisor plugins and live newsfeeds.

How to open an account

Similarly to a bank, to register a forex trading account with TURBOFOREX for the first time, you will be required to go through a basic “know your customer” process, which will allow TURBOFOREX to ascertain that your submitted details and ensure the safety of your funds and account details.

Customer support

Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.

In the case of TURBOFOREX customers can reach the support team by means of live chat, email, telephone and a call back function.

TURBOFOREX claims to offer support in English, Spanish, Portuguese, Czech, Chinese, German, French, Italian, Romanian, Slovenian, Hindi, Polish, Hebrew, Arabic, and Russian.

Education

Before starting to trade, potential clients of TURBOFOREX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

TURBOFOREX offers several educational resources on its website, claiming support for an analytical approach and a good comprehension of exchanges and business sectors.

Research

To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible. With TURBOFOREX they have no real access to proper research options on the website.

Awards

Being an awarded company instils extra confidence by traders.  Although TURBOFOREX is acclaimed by customers, there is no indication of awards won on its homepage.

Conclusion

TURBOFOREX is not properly regulated. It provides the trusted MT4 as trading platform as well as a choice of account types but is also not clear about the trading and administrative costs and conditions of their operations.

It caters for all types of traders with different levels of experience.

Disclaimer

TURBOFOREX warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.

Before deciding to trade with TURBOFOREX, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

TURBOFOREX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence TURBOFOREX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

FAQs

Trading environment

How many instruments can I trade with TURBOFOREX?

You can trade several different instruments with TURBOFOREX, which include:

Currencies

Commodities

Stocks

Indices

Which platforms are supported by TURBOFOREX?

TURBOFOREX provides the following popular trading platforms:

MetaTrader 4

WebTrader

Mobile apps

Does TURBOFOREX offer leverage?

Yes, TURBOFOREX offers a maximum leverage of up to 1: 500.

What spreads can I expect with TURBOFOREX?

TURBOFOREX offers different spreads on its various accounts, starting from 1,0 pip.

Does TURBOFOREX charge commission?

More information on commissions can be obtained from the customer support service.

Is TURBOFOREX regulated and by whom?

TURBOFOREX is not regulated.

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

TURBOFOREX offers a fair trading environment for most types of traders.

What is the overall rating out of 10 for TURBOFOREX?

4/10

Accounts

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

A demo account as is offered by broker companies like TURBOFOREX is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.

Does TURBOFOREX offer a demo account?

Yes

How long is the demo account valid?

Not indicated.

Which live trading accounts does TURBOFOREX offer?

Mini Account

Standard Account

Premium Account

Fixed Account

Interbank Account

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

Any currency.

Deposits and withdrawals

What is the minimum deposit required to open an account with TURBOFOREX?

$ 10

How do you make a deposit and withdraw money with TURBOFOREX?

TURBOFOREX offers the following deposit and withdrawal methods:

Bank Transfer

Visa and MasterCard

Skrill

Neteller

Sofort

WebMoney

The same method that was used to fund an account must normally be used to withdraw money.

Does TURBOFOREX charge withdrawal fees?

No, but fees from financial institutions may be applicable.

How long does it take to make a withdrawal?

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