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. Traders Union analysts have already done it for you. The experts prepared a review of the Best Investment Brokers in Turkey for 2024. Five companies that enjoy huge popularity in Turkey were selected and compared between each other.
1
Revolut - Best in Turkey for 2024
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.
2
Interactive Brokers - Best in Turkey for 2024
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. The size of the leverage and Margin call and Stop out levels depends directly on the asset that the client is trading.
3
Webull - Best in Turkey for 2024
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.
4
ETrade - Best in Turkey for 2024
E-Trade terms are great for traders who prefer to work in the American stock and options market. There is no brokerage fee for trading this type of asset. But, you need to pay $25 for a partial withdrawal of capital from portfolios and $75 for a full transfer of funds. A commission is also levied on the client for the transfer of money between accounts. Trading is carried out through Etrade's proprietary terminals. Mobile versions are available. The broker delivers analytics with stock quotes and technical analysis.
5
Robinhood - Best in Turkey for 2024
Robinhood allows US users to trade stock market assets without commissions. Investors are offered three types of accounts, which can later be changed, but a Robinhood Instant account is automatically opened upon registration. The company does not provide detailed information on trading conditions.
TU Expert Review for the best Investment Brokers in Turkey
Financial expert and analyst at Traders Union
Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.
His opinion as for the best Investment Brokers in Turkey is posted below.
Revolut - TU Expert Review
Revolut offers investments in shares of more than 800 American and international companies, cryptocurrencies, and precious metals. The broker is focused on independent traders and doesn't offer financial advice or client asset management, but social trading is available for beginners. The mobile app has a list of successful traders who offer connections to their trading platform to copy trades. If the client has experience in trading the stock market, he can switch his profile to public, and the results of his trading will be available to those who prefer not to trade on their own. The company guarantees the security of transactions in the app, which can be downloaded from Google Play or the App Store. In addition to the fingerprint scanning feature, one-time virtual cards are available for online payments when logging into the app. These can be used to make a single transaction, after which the card details are automatically changed. The Sherlock anti-fraud system is used to warn of suspicious transactions on a customer's account. Part of the funds that are on deposit can be reserved in the "cash vault". Up to 0.65% per annum is accrued on these funds daily, and the money can be returned to the main deposit at any time. The main disadvantages of this broker are the limitation of transactions without commission on the free plan and a limited selection of financial instruments for investment.
Interactive Brokers - TU Expert Review
During its cooperation with Traders Union the Interactive Brokers investment company proved itself as a reliable partner, which faithfully fulfills its obligations to us. The broker 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. Despite the lack of a minimum deposit, Interactive Brokers is focused on working with professional market participants. 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. You can find all the information about trading conditions and the specifics of various trading instruments on the broker's website. Before opening an account with this broker, we strongly recommend you to read about all trading conditions in detail, as well as reviews of other clients about cooperation with Interactive Brokers.
Webull - TU Expert Review
The Webull broker provides two types of trading accounts: cash and margin. Trading with a margin account allows you to get credit up to USD 1,000 in purchasing power after making a deposit. You can use these funds for trading, but in this case, the balance on your account may become negative because you are using credit and not personal/cash funds. You can customize the trading platform to your own trading needs, making it possible to track trends and potential opportunities for your investment strategy. The terminal offers free real-time quotes for securities (Nasdaq Basic, Nasdaq TotalView, and NBBO), a variety of tools for research and analysis, and over 50 technical indicators. The extra trading and withdrawal fees, the limited number of ways to make a deposit, and the lack of an online chat are the main disadvantages of Webull.
ETrade - TU Expert Review
After analyzing all the main services of this broker, I concluded that E*TRADE is perfect for both active trading and medium-term investments in investment programs. However, the company is still focused on independent work within the stock market, because it was originally initiated as an online trading service. The mobile versions of both platforms offered by E*TRADE fully provide access to the entire range of services. Training is highlighted in a separate website section. There are also information blocks, which may seem unusual to some users. News is divided into thematic subsections such as general overview, major shares dynamics, market statistics, and calendar. E*TRADE provides analysis of instruments within a particular field, but it is available only after registration. Also, a special press release section has been created to review the main trading events in the financial markets. There are no commissions when trading stocks and options on American stock exchanges. That inspires clients to invest in this particular area of trading. However, E*TRADE offers banking services and pension insurance, which additionally stimulates interest in the company. The registration process is intuitive and simple.
Robinhood - TU Expert Review
Robinhood (Robinhood Markets) has been providing investment services for about ten years and has been a Traders Union partner for more than a year. It fulfills all its obligations to its clients (the traders), which speaks admirably of its reliability. Robinhood provides three types of accounts for customers, which can be changed at your discretion after registration. Only US residents can work with Robinhood. At the same time, the broker is concerned about users' financial security and, upon registration, asks for information about their investment and trading experience. The main complaints against the broker come from foreign clients who are unable to withdraw their earned funds. The Robinhood Markets website provides investors with basic information about the company and the principles of investing to make money. The trading conditions are not indicated in full. It is also worth noting that the broker's focus is on clients from the United States. English is the only interface language.
Summary
Many brokers operate in Turkey, but not all of them are reliable or offer attractive trading conditions. TU experts selected 5 companies and rated them based on collected data. By reviewing them, you will learn about the Best Investment Brokers in Turkey 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best Investment Brokers in Turkey
| Revolut | Interactive Brokers | Webull | ETrade | Robinhood | |
|---|---|---|---|---|---|
|
Overall score |
9.5 |
9.1 |
8.5 |
8.3 |
8.2 |
|
Execution of orders |
9.2 |
8.8 |
8.2 |
8 |
7.9 |
|
Investment instruments |
9.8 |
9.4 |
8.8 |
8.6 |
8.5 |
|
Withdrawal speed |
9.6 |
9.2 |
8.6 |
8.4 |
8.3 |
|
Customer Support work |
9.4 |
9 |
8.4 |
8.2 |
8.1 |
|
Variety of instruments |
9.1 |
8.7 |
8.1 |
7.9 |
7.8 |
|
Trading platform |
9.9 |
9.5 |
8.9 |
8.7 |
8.6 |
|
|
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|
|
FAQ
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
What are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
What commissions and fees should I take into consideration when I am choosing a broker?
The commissions and fees in the financial markets are divided into trading and non-tradings ones. Trading fees are the fees that are charged directly during trading (spread, commission per lot, etc.), while non-trading fees are the ones charged outside the trading process (for example, account fee, inactivity fee, deposit and withdrawal fee).
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.