TurboForex, TurboForex Broker, TurboForex Malaysia

Forex Broker

Trading accounts and conditions

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Mini $250 0.01 lots 1:500 From 2 pips
Standard $1000 0.01 lots 1:500 From 1 pips
Premium $10 000 0.1 lots 1:500 From 0.5 pips
Fixed $1000 0.01 lots 1:500 From 3 pips, fixed
Interbank $5000 0.01 lots 1:200 From 0.0 pis + $5 per lot

 

TurboForex offers five options for live trading accounts to suit everyone’s wishes and needs, plus there is also a free demo account. The broker has a portfolio of forex pairs and CFDs on commodities, stocks and indices.

The Company. Security of Funds

Company Country Regulation
TF Trading Ltd. UK No

TurboForex’s owner TF Trading is based in the UK, but is not regulated. Like we have said many times, unregulated brokers should be avoided, as some of them are actually a scam. As a general rule the regulated brokers, are safer than the unregulated ones. Overall, regulators like UK’s FCA and the Australian Securities and Investment Commission (ASIC) have tight rules and offer robust oversight and we recommend brokers supervised by them.

Trading Platform

TurboForex has made the most obvious choice and offers its clients the most popular trading platform –MetaTrader 4 (MT4).

MT4 has been on the market for over 10 years and is preferred by brokers and traders alike for its ease of use, multiple options, charting and technical analysis tools and the wide selection third-party applications compatible with it. The platform also allows automated trading with Expert Advisors and hedging.

Probably MT4’s popularity would eventually wane and it will be replaced by its successor MT5, but it looks like it will still be around for some time to come.

Promotions

TurboForex has several types of promotions. The first one is an up to 100% deposit bonus, which could be given for every deposit the client makes. There is also the points system, which seems to be a type of loyalty program where points can be used for purchases in the broker’s shop or converted into trading balance. The broker also offers a refer a friend 15% commission.

Methods of payment

TurboForex provides several funding options: bank transfer, debit and credit cards and the popular electronic payment systems Neteller, Skrill and WebMoney, as well as the German payment system Sofort.

Conclusion

Like most of the hundreds of unregulated forex brokers, TurboForex does not stand out among its peers. It offers more or less average trading conditions and like most unregulated forex brokers that do not try too hard, has fairly high initial deposit.

Its floating spreads with no commission may appear lucrative at first, but on a second thought they may not be that favorable.

Pros Cons
MT4 Unregulated
High initial deposit
Floating spreads

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