Best Time To Trade Forex In Turkey

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The best time to trade Forex in Turkey is between the overlap of New York and London, which is between 8:00 and 11:00 AM EST (3:00 and 6:00 PM in Istanbul).

With daily participation of individuals from different nations, the Foreign Exchange Market (Forex), which never shuts down during the workweek, has the largest volume of global trade. And the Forex market is open for trading from 22:00 GMT on Sundays until 22:00 GMT on Fridays.

However, every potential trader in Turkey needs to be aware that there are times when it is most profitable to trade currency pairs. So traders starting Forex trading should learn the different Forex trading sessions, Turkey Forex market hours, and what time the Forex market opens in Turkey.

The main trading sessions include Sydney (Pacific Region), Tokyo (Asian Region), Europe (London), and America (New York):

Sidney (Pacific Region). The market is active between 22.00 and 7.00 GMT
Tokyo (Asian Region). The market is active between 23.00 and 9.00 GMT
London (European session). The market is active between 8.00 and 17.00 GMT
New York (American session). The market opens at 13:00 and closes at 22.00 GMT

So which of the above Forex trading sessions is the best time to trade Forex in Turkey? Read on to learn about the different time zones in Turkey and how they fit into the best Forex time sessions.

What is the best time to trade Forex in Turkey?

The best time to trade Forex in Turkey is between 3 PM and 6 PM Istanbul time when the New York and London trading sessions overlap. This period offers the most liquidity and trading activity, making it ideal for currency pairs involving the Euro, Pound Sterling, and Swiss Franc.

Forex operates 24 hours across global time zones, but overlapping sessions, like the New York-London window, provide the most profitable opportunities. During this overlap, market volatility is higher, leading to better price movements and trading potential. For traders in Turkey, focusing on these hours ensures access to peak activity and liquidity.

Best time to trade Forex - TU Research

As previously stated, the best time to trade Forex in Turkey is between the overlap of New York and London, which is between 8:00 and 11:00 a.m. EST (3:00 and 6:00 PM in Istanbul). But there are days of the week when these trades are best executed.

Best time to trade Forex during the week
Day of the week	Votes
Monday	339
Tuesday	285
Wednesday	730
Thursday	400
Friday	326
Total	2080

London and New York have the busiest time zones. So for every trader who wants to maximize the profits from their transactions in Turkey, the best day to trade is from Wednesday to Friday.

Best time for Forex day trading in Turkey

The Turkish foreign exchange market trades from 9:00 AM to 5:00 PM (local time) Monday through Friday. Expert traders in Turkey claim that the entire 9:30 AM to 10:30 AM ET period is frequently among the best times for day trading. But the period between the U.S. and London markets (8 a.m. to noon EST) offers the best trading opportunities.

Best Forex pairs to trade in Turkey trading sessions

Sydney/Tokyo, Tokyo/London, and London/New York overlap is the best time when traders can buy or sell currency pairs, especially those pairing the U.S. dollar in Turkey. The currency pairs to trade include:

Time to pause Forex trading in Turkey

Low liquidity periods are the best times to steer clear of trading on the Forex market. While this does not necessarily mean a skilled trader cannot profit from the market, it might not be ideal for new traders. This can be:

In the early hours of Monday and late on Sunday
During public holidays, significant news events, and periods of unusual price movement
Also, during the Asian sessions identified as low liquidity periods

Additionally, traders should pause a trade if they are preoccupied and unable to monitor the trade. Additionally, traders should resist the urge to open positions when they are having health complications, travelling, or attending conferences.

Time zones in Turkey

Turkey operates on Turkey Time (TRT), which is UTC+3 year-round. This change was implemented in September 2016 when the Turkish government decided to remain on daylight saving time permanently, eliminating the need for seasonal clock changes.

As a result, Turkey is three hours ahead of Coordinated Universal Time (UTC+3) and does not observe daylight saving time. This time zone aligns with Moscow Time and Arabia Standard Time.

Regarding the time difference with New York:

When New York is on Eastern Standard Time (EST, UTC-5), typically from November to March, Turkey is eight hours ahead.
When New York observes Eastern Daylight Time (EDT, UTC-4), from March to November, Turkey is seven hours ahead.

For example, if it's 11:07:50 AM in Turkey, the corresponding times in major Forex trading sessions are:

Tokyo: 5:07 PM
London: 8:07 AM
New York: 3:07 AM

These time differences are crucial for Forex traders in Turkey to determine the optimal trading times during active market sessions.

How the time for Forex trading depends on the time zone in Turkey

Forex trading in Turkey operates on Turkey Time (TRT), which is UTC+3 year-round. The Forex market is active 24 hours a day, with different trading sessions corresponding to major financial centres worldwide. For Turkish traders, the key trading sessions are:

Tokyo session: opens at 2:00 AM and closes at 11:00 AM TRT.
London session: opens at 10:00 AM and closes at 7:00 PM TRT.
New York session: opens at 3:00 PM and closes at 11:00 PM TRT.

The most favourable trading period is during the overlap between the London and New York sessions, from 3:00 PM to 7:00 PM TRT. This overlap typically offers the highest liquidity and trading activity, providing optimal opportunities for traders.

It's important to note that Turkey does not observe daylight saving time, maintaining UTC+3 throughout the year. Therefore, the local times for these trading sessions remain consistent year-round. Traders should align their strategies with these session times to optimize trading opportunities.

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

CMB regulations in Turkey aim to protect investors by fostering transparency and fairness in the Forex market. Here’s how investors in Turkey can stay protected while trading in regulated markets.

Verify broker registration with the CMB. Look up the broker on the official CMB website to be sure they’re registered. Don’t trust broker claims without proof, as some scammers create fake licenses.
Understand maximum leverage limits. Turkey’s CMB limits Forex trading leverage to 10:1. This rule keeps you from losing too much money during risky trades, making the trading environment safer.
Check for investor compensation coverage. Some brokers cover your money if they go out of business. While not required, it’s good to have when deciding where to put your money.
Be aware of market manipulation penalties. Turkey hits dishonest brokers with big fines or bans if they manipulate the market. This makes trading safer for everyone.

Taxation in Turkey

Understanding how trading income is taxed in Turkey can help you maximize profits while staying compliant with tax laws.

Know how trading income is classified. In Turkey, money made from Forex, stocks, or crypto trading is counted as either business income or capital gains. If trading becomes your main job, you’ll pay income tax between 15% and 40%. If you trade occasionally through licensed brokers, a 10% tax is automatically taken from your gains.
Understand foreign investment tax rules. Earnings from foreign brokers aren’t taxed automatically. You must report them when filing your taxes. Not reporting can lead to big fines later, especially since the government keeps a close watch on international investments.
Track and report dividends separately. Dividends from stocks are taxed at a flat 15%. If you reinvest dividends, track every detail to avoid paying taxes twice when you cash out or sell investments.
Use tax deductions strategically. If trading is your main job, claim expenses like internet costs, trading tools, and financial advice as tax deductions. Keep clear records of receipts and payments for easy filing and to handle possible audits.

Best Forex brokers in Turkey

Choosing the right Forex broker is crucial for traders in Turkey who aim to navigate the global currency market effectively. With a wide range of brokers offering diverse features, understanding their strengths and services can help you make an informed decision. Below is a comparative table of the top Forex brokers in Turkey, highlighting their key offerings to meet the needs of both beginner and experienced traders.

Best Forex brokers in Turkey
	Min. deposit, $	Max. Regulation Level	Open an account
Eightcap	100	Tier-1	Open an account Your capital is at risk.
XM Group	5	Tier-1	Open an account Your capital is at risk.
Bybit			Open an account Your capital is at risk.
RoboForex	10	Tier-3	Open an account Your capital is at risk.
VT Markets	100	Tier-1	Open an account Your capital is at risk.

Trade Forex in Turkey during key market overlaps and CBRT announcements

You’ll make better profits trading Forex in Turkey if you trade during the London-New York market overlap (3 PM - 6 PM Turkish time). Expect the most action and price changes in pairs like EUR/USD and GBP/USD. Stick to yen pairs if trading late at night during the Asian session (12 AM - 8 AM Turkish time).

Keep an eye on major economic news releases from Turkey’s Central Bank (CBRT) and global updates. Turkey’s lira can jump after inflation or interest rate announcements, causing sudden price changes. Use pending orders so you don’t miss key trades even when you’re away from the screen.

Conclusion

The best time to trade Forex in Turkey depends on aligning trading sessions with market activity. The most favorable times are during the overlap of major sessions, such as the London and New York markets, which provide increased liquidity and volatility. Understanding these periods, along with incorporating local market trends and currency pair behavior, can significantly enhance trading outcomes for both beginners and seasoned traders in Turkey.

FAQs

What time is the Forex session in Turkey?

The Turkish currency market opens on Sunday at midnight local time, which coincides with Sydney's sunrise, and trades until Friday night when the New York exchange closes.

Can I trade Forex in Turkey?

The answer is yes, given that Turkey's Capital Markets Board is legally able to regulate Forex trading there. If you use a swap-free account, you can also trade Forex per Islamic law.

What is the best period to trade Forex?

The best time to trade Forex in Turkey is between the overlap of New York and London, which is between 8:00 and 11:00 a.m. EST (3:00 and 6:00 p.m. in Istanbul).

What are the hardest months to trade Forex?

June, July, and August seem to experience low volatility due to the summer season, making it the worst time to trade Forex.

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Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

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