Forex Trading In Turkey: A Comprehensive Guide

What is Forex trading?

Forex, short for foreign exchange, refers to the global decentralized market where currencies are bought, sold, and exchanged. It is the largest and most liquid financial market in the world, with participants including banks, financial institutions, corporations, governments, and individual traders. Forex trading involves speculating on the price movements of currency pairs, aiming to profit from fluctuations in exchange rates.

How much money do I need to begin?

You can start trading Forex if you can afford between 10 and 100 dollars. But you may have to check what the Forex trading app sets as its minimum investment. The minimum deposit on RoboForex is $10, which means you can start trading currency pairs on RoboForex with this amount.

But there is also a choice for traders who lack the funding to begin trading. A demo account, which is a no-deposit account, enables you to trade Forex for no charge. Any profits you make while trading on a demo account are hypothetical and cannot be cashed out. Experienced traders can utilize funded accounts provided by prop firms, and the profits are split between the firm and the trader.

How to begin to trade Forex in Turkey? A step by step guide

Ensure you understand the basics of currency trading before you prepare to trade Forex in Turkey. This is because the Forex market can be complex and daunting to interpret. So, to start strong, you need to have a fundamental knowledge of how the Fores market works. You can efficiently and successfully begin Forex trading in Turkey by following the steps listed below.

1. Get a proper education about the Forex market

Get a firm grasp of the Forex market before anything else. Study market analysis, trading tactics, and risk management while learning about currency pairs. It is crucial to thoroughly understand the various factors that impact the Forex market and some of the most traded currency pairs (USD/GBP, JPY/USD, and USD/EUR).

2. Research and choose a reputable broker

Finding a trustworthy Forex broker is just as crucial as learning to trade currencies. Choose a trustworthy Forex broker that has been approved and is under the supervision of the Financial Sector Conduct Authority (FSCA) in Turkey and elsewhere. Check if they provide an easy-to-use platform, tight spreads, and helpful customer service.

3. Open a trading account

Create a trading account once you have selected a broker. This will entail filling out the necessary forms and providing the required identification documents. Choosing your financial goals is a smart idea before you buy and sell any currencies.

4. Practice with a demo account

After fully setting up your account, trading on a demo account will provide you with the preliminary experience to engage in Forex trading. So, practice trading with a demo account before using real money. This enables you to test your trading strategies without putting any money at risk while getting acquainted with the platform.

You do not need to be concerned about losing money on trades because you are not trading with actual money. Instead, you could invest some time studying various methods for Forex trading in Turkey.

5. Deposit funds

Using the preferred payment method the broker offers, fund your trading account with a sum you feel comfortable with. Trading involves risk, so make sure you only use funds that you can afford to lose.

6. Develop a trading plan

Organize your goals, risk tolerance, entry and exit strategies, and money management principles in a well-thought-out trading strategy.

7. Implement risk management and keep emotions in check

Set stop-loss orders to avoid over-leveraging your positions and to lessen the likelihood of losses. Additionally, develop the ability to keep emotions out of your trading decisions. Making impulsive decisions can result from allowing your emotions to interfere with your trading. Maintain your trading strategy and abstain from making decisions based on greed or fear.

8. Begin to trade, track, and evaluate

You can start trading with real cash once you're certain of your skills. Start with a low amount; you can increase the amount you place as you gain more experience. Keep a close eye on the market and analyze your trades. Learn from both your successes and losses.

Note: It is essential to constantly keep in mind that trading currency online entails a high level of risk. Approaching trading with caution, self-control, and a well-thought-out strategy is indispensable, but allocating just a portion of your total investment is a top money management tip. Consider consulting a financial advisor or trading mentor if you are new to the Forex market.

Best time to trade Forex in Turkey

The best time to trade currencies in Turkey will depend on the local time zone and the Forex trading session. The four Forex trading sessions are:

The best time for Turkish traders to trade Forex is when New York and London overlap. This occurs between 8:00 and 11:00 a.m. (8:00 and 6:00 in Istanbul) Eastern Standard Time.

Note: The best time to trade on the Forex market if you want to trade on individual Forex sessions is during the London session. Due to the high volume of trading and the fact that there are more buyers than sellers, the spreads are tighter. Below is data from the research carried out by TU experts showing the volume of trades during the four Forex trading sessions.

Best Forex brokers in Turkey

Selecting the best Forex brokers is important for successful trading in the Forex market. It is a challenge for professional and novice traders to choose the best brokerage firms with the best trading conditions. Learning the details regarding commissions and the availability and types of trading instruments; and analyzing various types of trading accounts are tasks that must be mastered before choosing the best Forex broker for traders.

RoboForex

RoboForex Review

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2009, RoboForex Ltd. was established. RoboForex has been offering trading services on a global basis ever since it entered the market for Forex brokers. The broker specializes in trading automation solutions such as the CopyFx auto trading platform, as well as the bot builder. RoboForex supports both 12,000+ CFDs, as well as direct trading in US shares with extra low fees from 0.09 cent per share.

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.

Exness

Exness Review

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Exness Trading Company has been working in the Forex market since 2008. The broker’s activity is managed by Nymstar Limited, a company registered in the Republic of Seychelles. The broker holds the leading position in Forex ratings. The broker currently has CFDs available for cryptocurrency, stocks, more than 120 currency pairs, energy and metals. Exness’s service provides favorable working conditions for traders: low commission, instant execution of orders and withdrawal of funds. An infinite leverage makes it possible to earn on small deposits up to $999. There are several options for opening an account depending on the traders’ needs. A demo account is available - a training account that is useful for both beginner level traders and professional traders.

Pocket Option

Pocket Option Review

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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.

Best paper trading brokers in Turkey

Paper trading refers to a simulated platform that allows you to buy and sell stocks with virtual money.

You can track your trade records, profits and losses, and strategies in one convenient tool. Trading in financial markets requires the right choice of a broker, as security of traders’ funds, their profit and opportunities depend on it. Before you start working with a company, it is important to comprehensively assess it.

Revolut

Revolut Review

Revolut offers commission-free trading with no minimum deposit requirements. Stocks, cryptocurrencies, and precious metals are available for trading. Client funds are kept on segregated accounts, which is a guarantee of their safety. Since fractional share trading is available at Revolut and there is no brokerage commission per transaction per month, you can start with a minimal investment. Deposits can be made in 28 currencies, but the broker translates them into USD since trading is only on the US stock market.

Interactive Brokers

IBKR Review

Interactive Brokers provides clients with a wide range of services, allowing them to engage in both active trading and investments. At the same time, the broker charges a fee for an inactive account, and that's not convenient for passive investors. The US and Canadian investors are the main target audiences of the company. Interactive Brokers customer support will help you resolve claims made to the company.

Interactive Brokers is militantly developing, offering services to investors regardless of their trading experience. For this purpose, the broker doesn’t ask for a fixed minimum deposit but has margin requirements for accounts of various structures to make trading financially safe.

Webull

Webull Review

The Webull broker provides an opportunity to invest in popular stock market assets with zero commission. On November 19, 2020, the company added cryptocurrencies to the instruments available for trading. However, transactions with digital currency can be performed only in the mobile application. This broker allows you to trade with leverage from 1:2 up to 1:4. The amount of the margin depends on the type of trades. The minimum deposit for all types of brokerage accounts starts at $1.

Best prop firms in Turkey

Forex prop trading involves an experienced trader and a dedicated platform recognized as a Forex proprietary trading firm.

Prop trading firms give traders access to a decently funded account to trade. They take great care to identify people who can maintain consistent profitability in the market. And provide traders with leverage based on the risk capital deposited and the firm’s policies.

Topstep

Topstep Review

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With its brand power and reputation as an industry innovator and one of Inc 5000’s fastest-growing companies, Topstep has earned the trust of many traders. To participate in the funded account program, all traders begin with the Trading Combine.

During the Trading Combine, you can earn a funded trading account if you demonstrate consistent profitability and manage risk appropriately. Using Topstep's capital, you can trade in real time without personal financial risk, with funds provided by Topstep

Trading platforms supported include TSTrader, TradingView, NinjaTrader, Sierra Chart, MultiCharts, R|Trader Pro, and many more.

E8 Funding

E8 Funding Review

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The E8 Funding proprietary trading firm is registered in the USA and the Czech Republic and works with traders in most countries without regional restrictions. It offers accounts with balances from $25,000 to $250,000 that can be increased to $1 million. There are no monthly fees, only initial fees from $138 (determined by the account type) are charged.

Trading instruments include currency pairs, stocks, indices, energies, metals, and cryptocurrencies. Clients can trade on weekends, use advisors and bots, apply hedging, and copy trades. Trading is performed on MetaTrader 4 and MetaTrader 5 (including the mobile versions).

Partners of E8 Funding keep 80% of their net profits, and 20% goes to the company. This profit split applies to all accounts and phases. The challenge is taken on real accounts in two or three phases (depending on the account type) and has time limits. After the challenge, the limits are standard: 8% overall and 5% daily drawdowns. There are no mandatory profit targets.

Fidelcrest

Fidelcrest Review

With more than 6,000 traders worldwide, Fidelcrest has a strong reputation. The company offers performance coaching, million dollar account sizes, and up to a 90% profit split. During a limited time, Fidelcrest is also offering three bonuses, including a second chance challenge, fast track qualification, and double assets.

With Fidelcrest, you can trade real capital, with the industry’s highest profit split. Fidelcrest will invest real money after your two phases of evaluation.

In terms of tradable assets, Fidelcrest also stands out. In addition to Forex, you can also trade, commodities, indices, and stock shares.

Fidelcrest is one of the prop firms that pays you a commission during the evaluation process. You can receive up to 50% of your earnings after you pass the second evaluation stage. As a funded Findelcrest trader, you’ll make an additional 80-90%.

Best copy trading platforms in Turkey

The acceptance of Forex social trading, sometimes referred to as copy trading, has been escalating for more than ten years. Providing copy trading as a service can considerably boost a broker's revenue because it gives Turkish traders and anybody else interested in the financial markets additional chances. Copy trading is the process of making use of technology to replicate the Forex trades made in real time by other live traders you want to follow.

There are numerous alternatives available and Turkish traders can select the best copy trading app software that fits their trading strategy and budget.

RoboForex (CopyFx)

RoboForex Review

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RoboForex's CopyFX is an investor-friendly platform that allows users to copy the trading strategies of professional traders without needing prior experience. With complete control over their investments, users can subscribe to professional traders, copy their transactions, and benefit from the Forex market. The platform offers user-friendly tools and a transparent interface, making it an excellent opportunity for both investors and traders.

Tickmill

Tickmill Review

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Tickmill is a platform that offers various analytical instruments for Forex trading and copy trading. It partners with MyFxBook to provide copy trading services, and users need accounts on both platforms. Tickmill has a high entry threshold for copy trading, with a minimum investment of $1,000. The platform is licensed by respected regulators such as FCA, CySEC, and FSCA, ensuring safety and regulation.

IC Markets

IC Markets Review

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To copy trades with IC Markets, users can link their account to ZuluTrade, an innovative copy trading platform that allows duplication of successful traders' positions. With over 90,000 signal contributors, ZuluTrade provides access to a wide range of traders worldwide. The platform offers advanced features like ZuluGuard for capital protection and a user-friendly interface. Additionally, Myfxbook Autotrade allows traders to copy trades directly into their MT4 account.

Is Forex halal?

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.

Can I trade with internationally regulated Forex brokers in Turkey?

Yes. You can trade with international brokers that are not grounded or regulated by reputable regulators (FCA, Cysec, etc.). Given how risky and volatile the Forex market is, traders must be prepared to invest the time and energy required to learn about risk management, technical analysis, and other important aspects of trading.

Can I trade Forex with a minimum investment in Turkey?

Yes. But it depends on what you call minimum, as each broker offering Forex trading services sets a minimum investment on its platform. And this is within the range of $5 to $100. Top brokers that offer low minimum investments also have options for cent accounts, copy trading, PAMM, and demo accounts. Prop firms are another choice that enables the trader to trade with a funded account, removing the need for them to put their own money at risk. But this option is strictly for experienced traders.

How much can I earn in Turkey?

Numerous variables affect how much money you can make trading Forex in Turkey. This includes:

Research has shown that the typical monthly income for a retail trader is between $300 and $5000. However, there is no evidence that this is constant because the foreign exchange market is unpredictable, and you might learn a different amount each month.