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
|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.
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.
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.
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.
|High initial deposit|