Best Online Forex Brokers in Turkey
RoboForex is the best Forex broker in Turkey
The best forex brokers in Turkey.
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RoboForex - best choice of CFDs in Turkey (12.000+)
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Exness - tightest spread Forex broker in Turkey
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PocketOption - best proprietary trading platform
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TickMill - cheapest ECn account
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XM Group - up to 50% deposit bonus
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IC Markets - biggest Forex broker in Turkey by trading volume
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AMarkets - $30 no-deposit bonus
Trading has become a regular aspect of our lives in the times we live in. Since every nation has access to the world's trading market, millions of people can engage in trading from the comfort of their homes. Turkey is no different. Turkish traders employ a wide range of resources to increase their profits. Among them is Forex trading. It is not surprising that Turkish traders are so interested in the forex market, given that it is one of the biggest markets in the world. As a result, TradersUnion analysts have provided Turkish traders with a list of the top brokers in this article.
Best brokers for Forex trading in Turkey compared
A comparative analysis of the best brokers in Turkey in 2023 has been created by analysts at Traders Union. They have gathered all the necessary information, making it possible for new Turkish traders to evaluate brokers objectively. With the help of this information, a user can select the broker that best fits his or her needs. Check out the table below.
| Position | Rating score | Minimum Deposit | Regulation | Bonus For Deposit | Leverage | Open an account |
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Minimum Deposit: $10 | Regulation: IFSC, CySEC | Bonus For Deposit: 120% | Leverage: from 1:1 to 1:2000 |
Open an Account
STUDY REVIEW
Your capital is at risk.
58.42% of retail investor accounts lose money when trading CFDs with this provider. |
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Minimum Deposit: $1 | Regulation: CySEC, FCA | Bonus For Deposit: 0% | Leverage: from 1:1 |
Open an Account
STUDY REVIEW
Your capital is at risk.
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Minimum Deposit: $50 | Regulation: IFMRRC | Bonus For Deposit: 50% | Leverage: from 1:1 to 1:500 |
Open an Account
STUDY REVIEW
Your capital is at risk.
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4
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Minimum Deposit: $100 | Regulation: FSA, LFSA, FSCA, CySEC, FCA | Bonus For Deposit: 30% | Leverage: from 1:1 to 1:500 |
Open an Account
STUDY REVIEW
Your capital is at risk.
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5
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Minimum Deposit: from $5 | Regulation: ASIC, FCS, CySEC | Bonus For Deposit: 100% | Leverage: from 1:1 to 1:30 |
Open an Account
STUDY REVIEW
Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider. |
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6
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Minimum Deposit: $200 | Regulation: SFSA, ASIC, CySEC | Bonus For Deposit: 0% | Leverage: from 1:1 to 1:500 |
Open an Account
STUDY REVIEW
Your capital is at risk.
75.93% of retail investor accounts lose money when trading CFDs with this provider. |
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7
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Minimum Deposit: 100$ | Regulation: FinaCom | Bonus For Deposit: 100% | Leverage: from 1:1 to 1:3000 |
Open an Account
STUDY REVIEW
Your capital is at risk.
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RoboForex
The brokerage firm, RoboForex, has been in business since 2009 and is overseen by the International Financial Services Commission (IFSC), as well as having a CySEC licence for use in Europe. With more than 12,000 trading instruments and eight asset types available, RoboForex provides its customers with cutting-edge trading platforms and technologies.
Fast order execution and ideal trading conditions are provided by RoboForex. Depending on the account traders choose, trading with RoboForex will involve fees starting at $3 USD, spreads ranging from 0.01 pips to 1.3 pips, and commission-free trading. $10 USD is the bare minimum deposit needed to open a RoboForex account.
RoboForex offers five different live trading accounts, one of which is designated as the Islamic Swap-Free account. This type of account is intended for Muslim traders who want to engage in forex trading while adhering to Islamic financial principles. RoboForex also offers negative balance protection and market-leading insurance. Additionally, Turkish traders have access to advanced trading on the cTrader and RTrader trading platforms, choosing from a variety of trading instruments for the best results. You may also be interested in reviews about RoboForex from clients in Turkey.
Features
A copy trading aid for commodities and currency pairs is called CopyFX.
Demo accounts to practise trading
No cost VPS server
Maximum leverage up to 1:30 (1:1000 for FSC regulated entity)
👍 Pros
•A wide variety of trading tools.
•RoboForex offers Tight spreads starting at 0 pip
•Executing orders quickly
•Quick money withdrawal
👎 Cons
•Not FCA Regulated
Exness
Exness is a well-known global online forex brokerage company that specialises in offering corporate solutions, partnerships, and retail foreign exchange services globally. Igor Lychagov and Petr Valov founded this forex brokerage company in 2008. The broker complies fully with local laws in all jurisdictions while conducting business legally in more than 130 nations. Licences from the Office of Financial Regulation and Supervision of the Republic of Seychelles, the Office of Financial Regulation and Supervision of Great Britain, and the Cyprus Securities Commission are used to regulate the broker.
Depending on the requirements of traders, the broker offers a variety of account types, including cent-for-novice, standard, and professional accounts. In the form of currency pairs, precious metals such as gold, silver, platinum, palladium, and others can be traded. Additionally, 97 different currency pairs are available.
Customers can trade more than 150 instruments with dynamic spreads through the Exness broker. Exness also offers to trade on stable spreads, but only for certain currency pairs. In comparison to what other exchange platforms or brokers in the market offer, Exness has a tight but competitive spread. The starting spread offered by the broker is 0.0 pip. Trading in the EUR/USD pair falls under this. In contrast to other brokerage firms, Exness offers one of the highest leverage levels available (1:20) on all accounts with a minimum deposit of $10.
Features
Investor orders are executed at real market prices thanks to the presence of the Broker Tick History, which is a feature that is available to the general public.
There is an Expert Advisor feature.
Unrestricted VPS for free
Exness Academy is present.
A mobile application for social trading exists.
The customer can accurately check the cost of the transactions using Traders Calculator.
👍 Pros
•It's a properly licensed broker.
•Segregated accounts are used to store client funds.
•Features Several Trading Platforms
👎 Cons
•There is a sizable minimum deposit needed for professional accounts.
•There aren't many options available.
Pocket Option
An online trading application for binary options and forex is called Pocket Option. It was established in 2017 by a group of IT experts, and its owner Gembell Limited is in charge of running it. The International Financial Market Relations Regulation Centre (IFMRRC), which oversees businesses in the Marshall Islands, is where the company is registered and where its headquarters are located. The binary options broker serves clients in over 95 countries and regions, including Turkey, and boasts over 100,000 active users. It truly is a global brand.
There are no commission fees, but new traders must make a $50 minimum deposit. New members can also receive a welcome bonus. Across four classes, Pocket Option provides over-the-counter options trading on more than 130 underlying assets. Over 40 forex pairs are available on the platform. These range from conventional major currency pairs like USD/GBP to uncommon minor pairs like NZD/JPY. That’s not all; over 30 stocks are also available.
There are no commissions or other non-trading fees at Pocket Option. The broker offers an expected payout for each asset in place of a spread, which informs you of the potential profit. On PocketOption, the maximum leverage is 1:10. With almost immediate account funding and no fees, Pocket Option supports more than 50 different payment methods. The same methods used for deposits can also be used for withdrawals. There is no maximum withdrawal amount and a $10 minimum withdrawal requirement. Funds are received within 24 hours in most cases.
Features
The broker permits automated trading using robots or bots. Both demo and live accounts can use these for free.
Copy trading and social trading are available on PocketOption.
There is a dedicated signals bot for the broker.
You can challenge other investors and traders in the broker's tournaments. Compare your earnings to theirs to see where you stand and earn rewards.
👍 Pros
•Offers over 100 assets including cryptocurrencies, stocks and commodities
•Free Pocket Option demo account with $10,000
•Low minimum deposit of $50
•Secure and safe platform with 24/7 trading
•Multi-language support and cash-back program
👎 Cons
•Regulated by the International Financial Market Relations Regulation Center (FMRRC) rather than a country's own regulators.
•No MT4 integration.
Tickmill
Tickmill is an international CFD and forex brokerage and trading platform that was founded in 2014. The Tickmill is subject to the regulations of financial authorities, including the Financial Conduct Authority FCA of the UK. The broker is associated with top-tier liquidity providers to ensure that the customers deal in assets to be traded at the lowest spreads & with low risks. Tickmill clients are offered the opportunity of trading in more than 85 instruments that mostly include currency pairs along with stocks, CFDs, bonds, precious metals, and indices.
Forex trading is one of the most popular trading activities aboard Tickmill. The MetaTrader 4 platform allows trading in 62 different national currencies that include minor, major, and even the most exotic currencies in the world. It is quite a lucrative venture to conduct forex and CFD trading at the platform of Tickmill as the trading deals get executed in a flash, and the spreads are maintained at a very low level to help with the accrual of substantial gains. The leverage of forex trading goes up to 1:50, whereas the spreads start from 0.0 pips. There are no requote trading costs at forex trading and no limits on trading either.
Tickmill has a fast and easy account opening process with quick verification. The minimum deposit is $100, and a minimum leverage of 1:20. Investors from Turkey and across the world join Tickmill to conduct trading in global forex, CFDs, stocks, and cryptocurrencies. Tickmill allows copy trading, demo account trading, and social trading as well. The presence of the Autochartist tools allow the customers to interpret the conditions in real time with the help of graphs and charts that accurately represent the Tickmill trading conditions and events. The broker do not charge any commission fee for their services that include trading and investing in forex, cryptocurrencies, stock indices, bonds, and commodities.
Features
Tickmill offers the innovative trading tool, Autochartist.
There’s a forex calculator that helps in streamlining the forex trading process for traders.
Tickmill allows accessing the MetaTrader 4 platform for trading and investing in a broad range of asset classes.
Myfxbook of Tickmill possesses the innovative AutoTrade feature that allows social copy trading in financial markets.
There’s a mobile version of Tickmill and it is highly functional.
The demo account service of the good forex broker company is ideal for beginners.
👍 Pros
•Spreads from 0 pips
•Any strategy is allowed
•Protection against negative balance
•Deposit and withdrawal transactions are fast and transparent.
•There’s a mobile app trading platform.
👎 Cons
•There is no cent account.
•There is no trust management.
XM Group
The XM ecosystem is one of the world’s largest networks of stock and forex traders, with millions of active trading software users around the world, including Turkey. There are several reasons why XM is one of the best-regulated brokers and trading service providers.
First, XM is a global forex and CFD broker regulated by Australia's ASIC, Cyprus's CySEC, and Belize's IFSC. The broker has low stock CFDs and withdrawal fees. Its minimum deposit is $5, and its leverage is up to 1:20. The broker offers over 1,000 trading instruments, including stocks, metals, commodities, and CFDs, with spreads as low as 0.0 pips.
Account opening is user-friendly and fast. You can use many educational tools, such as webinars and a demo account. One can test the XM brokering experience with a demo account for its trading platforms and services. On the other hand, there is no investor protection for clients onboarded outside the EU.
XM Group allows its clients to run the MetaTrader platforms’ user versions on their smartphones and mobile devices, XM MT4 and MT5 mobile apps drive the mobile trading abilities of the users. XM services are available for Android as well as iOS users. The XM mobile trading platform offered by MetaTrader 4 is well-designed and user-friendly with a good search function. There is no proprietary mobile app for XM Group, but one is expected to reach the market in the coming years.
Features
One can test the XM brokering experience with a demo account for its trading platforms and services.
XM services are available for Android as well as iOS users.
Access to MQL5 trading signals from traders with productive trading for more than 1 month.
A free virtual private server runs the XM services and boosts the speed of trades.
Tradepedia for sharing an in-house video course to provide high-end Forex and CFD trading education.
👍 Pros
•It offers relatively affordable access to expert analysis and advanced market tracking tools.
•The platform runs a full-service package on educational content for all users, beginners as well as experts.
•Opening a new account is fast and very user-friendly.
•The platform charges low fees for trading and withdrawals.
•Users get access to a demo account with simulations of all features and no time limit.
👎 Cons
•There is no balance protection for investors onboarded as non-EU clients.
•Absence of passive investment services (social trading platform, PAMM accounts)
IC Markets
IC Markets is an Australian-based company that was incorporated in 2007. IC Markets is a safe broker that provides competitive spreads on contracts for difference. It offers more than 2250 trading instruments. The broker is known for offering online trading solutions through its top-notch platforms for all types of traders.
Apart from forex trading, it allows traders to trade futures, stock indices, and commodities. IC Markets attracts traders with its high leverage, low spreads, and low commission fees. IC Markets offers cutting-edge trading platforms, low latency connectivity, and superior liquidity. Trading with IC Markets will involve fees starting at $3 USD, spreads starting at 0.0 pips, and commission-free trading depending on the account the trader selects.
The Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Authority (FSA), and the Securities Commission Bahamas (SCB) are just a few of the international regulatory bodies that have authorized and overseen the broker.
The IC Markets Swap Free account, and indeed swap-free accounts of any type, are an extremely important feature of any broker wishing to be fully inclusive. These are available from IC Markets on request for traders of the Muslim faith. Importantly, they are fully compliant with Sharia Law. This means no interest is charged on these accounts though an extra fee will apply that depends on the currency pair. You can start trading with IC Markets for as little as $1. This makes them extremely accessible.
Features
IC Social, a social trading platform is present.
Presence of multiple trading platforms.
Wide range of assets for trading forex pairs and CFDs, indices, stock options, exchange-traded funds, and futures.
API trading feature.
👍 Pros
•Straightforward registration process
•Low spreads and commission fees
•IC Markets offers a demo account
•No commission fees on deposits and withdrawals
•Fully regulated
👎 Cons
•No negative balance protection for traders outside the European Union
•Delay in payments for a couple of days.
AMarkets
AMarkets is an offshore regulated broker that offers brokerage services to clients in over 100 Latin American, Asian, and African countries. It was established in 2007, but its structure has gone through major changes since then. AMarkets is regulated by a Tier-3 regulator, namely the FSA in Saint Vincent and the Grenadines.
The broker offers over 250 trading instruments in six asset classes, including forex, stocks, and cryptocurrency. They support MetaTrader 4, MetaTrader 5 and the broker’s trading app for Android and iOS users. There is also a browser version with simplified functionality that does not require installation.
Turkish traders have access to multiple language choices and up to 1:30 leverage. The broker offers different account types for various trading needs and Islamic trading options for those who want to adhere to Sharia laws. Withdrawals and deposits are free on the platform, with a minimum deposit of $100. The AMarkets broker charges a withdrawal fee, which depends on the type of transfer and the payment system. On average, the fee ranges from 0.5% to 4% and does not depend on the account type. AMarkets offers accounts with floating spreads ranging from 0.0 pips to 3 pips.
Features
The AMarkets App for people who want to trade with AMarkets on the go.
There’s a demo account feature for traders
Order execution speed of up to 100 ms.
Presence of a copy trading feature for passing investment.
AMarkets offers a wide variety of bonus programs
There is a free VPS service for a separate category of clients.
👍 Pros
•Compensation fund of EUR 20,000 in case of unforeseen situations
•Professional analytics and unique instruments for manual and automated trading
•One of the fastest order execution speeds in the market
•A possibility to earn passive income by using copy trading.
👎 Cons
•High minimum deposit, which is an obstacle for novice traders;
•Offshore regulated
•Limited range of instruments.
Rules and Regulation
Licensing in Turkey
Forex trading in Turkey is overseen by the Capital Markets Board of Turkey (CMB) and the Central Bank of the Republic of Turkey (CBRT). The CMB regulates financial markets, including Forex trading, ensuring transparency and integrity. Meanwhile, the CBRT manages monetary policies and oversees foreign exchange transactions, contributing to market stability.
Investor protection in Turkey
The CMB's regulations in Turkey aim to protect investors by fostering transparency and fairness in the Forex market. Through strict oversight and investor education, the CMB works to prevent fraud and market manipulation, empowering investors to make informed decisions.
Taxation in Turkey
Profits from Forex trading are subject to income tax, ranging from 15% to 35%, based on profit levels. Traders must maintain accurate records and comply with tax regulations to avoid penalties. Seeking guidance from tax professionals helps manage tax liabilities effectively.
Is forex trading halal?
We already learned that forex trading is legal in Turkey, but is Forex halal?? Let’s look into it a little more closely.
According to the Qur’an, it is forbidden to participate in usury or business activities that involve charging interest. This poses a problem in forex because brokers charge an interest rate—a swap commission—if traders hold their positions open overnight. This doesn’t fare well with Islamic law, where this can be considered usury as well.
So a lot of brokers now offer special accounts that allow traders to hold positions overnight without paying any interest. Such accounts are called swap-free accounts. With this option, you will neither receive nor pay swap commissions, which is exactly what Muslim traders need to ensure their forex trading activities are halal.
Is Forex safe in Turkey?
Trading with a broker who is licensed in Turkey or one of the top jurisdictions (the UK, EU, or Australia) is safe. But the market risks remain.
How to choose a Forex broker in Turkey?
Pay attention to the following company parameters to choose the best broker for your needs if you are in Turkey.
Choose a well regulated broker, one that is regulated in Turkey. Maintaining a licence is expensive, so not all companies can afford it.
Analyse the broker’s trading conditions. Reliable brokerage company offers its clients a variety of competitive conditions for trading.
Check the broker’s customer support and service quality. How quickly a broker’s customer support responds to a customer is important when assessing a broker's reliability.
Check reviews of traders about the forex broker. Clients who already work with one can reveal a lot about the broker’s reliability and professionalism.
Check for the broker's footprint in the Forex market. The longer a brokerage company has been in the market, the more reviews there will be from its clients.
What is the best time to trade Forex in Turkey?
TU experts were able to pinpoint the global optimal trading time as the best time of day for forex trading, despite the fact that there isn't a specific time that is thought to be the best time to trade forex in Turkey. The global optimal trading time is between 8 a.m. and 12 p.m. EST, when the US and London markets overlap. This is when the percentage of profitability is at its peak.
Best Forex pairs for Turkish clients
Trading major currency pairs like the EURUSD, USDJPY, and USDCAD is the best option for Turkish clients, especially beginners, as they are the most actively traded pairs with high liquidity and low spreads.
What are best Forex brokers for beginners in Turkey
The best forex brokers in Turkey for beginners are those with low minimum deposit requirements, special accounts (like demo and cent accounts), options for passive income (like copy trading and PAMM trading capabilities), and quality educational resources. Examples include the brokers RoboForex, Exness, and IC Markets.
Best Islamic accounts in Turkey
Here is a brief list of the top two Islamic swap-free accounts for Muslim clients.
RoboForex Islamic Account
The Islamic Swap-Free account is a specialised account choice offered by RoboForex. Muslim traders who want to engage in Forex trading while adhering to Islamic financial principles should use this account type.
Islamic law prohibits Muslims from engaging in swap trading. Instead of the typical swap fees, each trade is subject to a fixed commission based on the particular instrument and the quantity of open lots. This commission does not rely on the bank-set interest rates. Muslim traders can engage in Forex trading without going against Islamic financial principles thanks to the Swap-Free account option.
Tickmill Islamic Account
Tickmill provides Islamic accounts that adhere to Sharia law's rules. Swap-free accounts, as they are also known, do not impose swap or rollover interest on overnight positions, which is against Islamic law. To take advantage of the same trading conditions and terms as conventional accounts, Muslim customers can open any account type with Tickmill and convert it to an Islamic account.
The only distinction is that trading instruments don't have swaps; however, a handling fee might be incurred if certain trading instruments are kept overnight for more than three nights in a row. Within one business day, the Client Support team at Tickmill will process the client's request for an Islamic account status, and any subsequent trading accounts they open after that point will be automatically designated as swap-free accounts.
FAQ
What is the safest Forex broker?
Brokers with deposit insurance policies, as well as international and local regulations are the safest to work with.
How to trade Forex in Turkey?
To begin forex trading in Turkey, you need to choose a trusted broker approved by relevant agencies, get a stable Internet connection, select a trading platform, create an account and deposit money into your account. With all of this done, you can finally start forex trading!
Is forex safe in Turkey ?
Trading forex is safe in Turkey provided you’re trading with a well regulated broker.
Do I pay taxes for Forex trading?
If you are a resident in Turkey, then you will be expected to pay income tax on your Forex profits.
Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).