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Turnkey Forex
Unregulated
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Turnkey Forex

Mauritius
Not disclosed
2
1.74
Rating Index
Software
6.45
Licensed
0
Risk Control
1.2
Experience
5.75
Institution
0
Industry Classification
D
Unqualified
Trading Platforms
MT4, MT5

Basic Information

  • Registered Region
    Mauritius
  • Operation Status
    Abnormal
  • Operating Period
    Not disclosed
  • Deposit Methods
    Not disclosed
  • Website
  • Market Type
    Foreign exchange
  • Support Languges
  • Main Business
    Forex, Commodities, Indices, Cryptocurrencies
  • Business Type
    FX broker
  • Social Media
  • Contact Details
  • Type of Accounts
    ECN, STP
  • Trading Platforms
    MT4, MT5
  • Withdraw Methods
    Not disclosed
  • Auto Trading
    EA supported

Pros and Cons

Pros of Turnkey Forex include a low minimum deposit requirement of $10 and the availability of popular trading platforms MT4 and MT5 which support automated trading. However, cons include its unregulated status, lack of transparency in operational practices, limited customer support options, and unverified information regarding deposit and withdrawal methods. The absence of regulatory oversight poses a significant risk to users.

Company Background

Turnkey Forex appears to be an unregulated forex broker based in Mauritius. It has been operational for a term of 5 to 10 years but lacks any valid regulatory oversight, which is a significant concern for potential clients. The company provides trading in various financial instruments, including forex, commodities, indices, and cryptocurrencies. However, the lack of transparency regarding its operations raises questions about its legitimacy.

Fund Security

Given that Turnkey Forex is unregulated, there are no assurances in terms of fund security or company integrity. Traders considering this broker should exercise caution, as the absence of oversight can lead to heightened risks associated with deposit security and trading practices. There have been concerns raised about fraud risks connected to brokers lacking proper regulation.

Account Opening

Turnkey Forex offers two types of accounts: ECN and STP. The ECN account comes with a minimum deposit of $10, lower spreads, and a commission of $1 per lot, while the STP account offers no commissions but higher spreads. The account opening process is not detailed, but prospective clients should be aware of the risks associated with trading with an unregulated broker.

Trading Fees

The trading fees for Turnkey Forex vary by account type; the ECN account features spreads starting from 0.0 pips and a commission of $1 per lot, whereas the STP account has higher spreads but no commission fee. Overall, traders should carefully consider these fees against their trading strategies and any risks posed by the broker's lack of regulation.

Trading Instruments

Turnkey Forex supports a range of trading instruments, including Forex pairs, commodities, indices, and cryptocurrencies. This diverse offering appeals to a wide variety of traders, although the associated risks of using an unregulated broker need to be kept in mind when trading any of these instruments.

Trading Technology

Turnkey Forex utilizes well-known trading platforms, including MetaTrader 4 and MetaTrader 5. These platforms are recognized for their stability, advanced charting features, and support for automated trading strategies through Expert Advisors (EA). Despite this, the lack of transparency about the broker's technical infrastructure raises concerns about its reliability.

Research and Education

Turnkey Forex does not provide information on educational resources or research materials available to clients. The absence of such offerings can hinder the ability of traders, particularly novices, to make informed trading decisions, emphasizing the need for independent research and education when engaging with this broker.

Customer Support

Customer support services for Turnkey Forex are limited to email and phone contact. There are no indications of additional support options such as live chat or help centers. Customers may find this lack of extensive support a drawback, particularly in the event of trading issues or inquiries. The contact details provided are +44 2032876620 and CONTACTUS@TURNKEYFOREX.COM.
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Rating Instructions
Rating Index
Turnkey Forex
Turnkey Forex
Unregulated
Legal Environment
6.45
License Value
0
Risk Management
1.2
Investor Protection
5.75
Regulatory Policy
0
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  • Risk Control

    Evaluates the regulator's financial stability and risk management capacity, including budgeting, reserves, revenues, expenditures, and ability to respond to market or financial shocks.

  • Investor Protection

    Examines the regulator's complaint-handling and investor protection systems, assessing fairness, responsiveness, and enforcement effectiveness in safeguarding investor rights.

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