The star of our review for today is Turnkey Forex, a broker that started as Investment Advisor for institutional investors. Before we even start with all details, let’s check the main values of this broker. You will like them, I guarantee.
The first thing would be a motto “Customer is the king.” Well, there is not a single person who wouldn’t like to be treated like a king on this Forex journey, so I hope this broker tends to keep the promise. Aside from that, clients will experience the best trading conditions through superior trading technology, low spreads, fast execution, and flawless customer support. Not bad at all, so let’s go straight to Account Types to see if we can count on all of that.
There are five different accounts and you can choose between ECN (Electronic Communication Network), STP (Straight Through Processing), Micro Account (Minimal Initial Deposit), Swap-Free (Islamic Account), and VIP Account.
ECN is an account that links different participants of the Forex market (investment funds, banks, and individual traders). What makes this account different is the special ECN technology that allows you to specify the conditions you want. For example, spreads are from 0.00 Pips, leverage is up to 1:400, you can choose the currency (USD or EUR), scalping and hedging are allowed, a margin call is 70% and you can choose between Forex, Commodities, Stock Indices, Shares & ETFs.
With an STP Account, you won’t have limitations on the use of automated trading, expert advisors, and strategies. Spreads start from 0.2 Pips and the minimum trading size is 0.01 lots. You will receive leverage up to 1:200 and there are no commissions on this account.
Micro Account allows you to deposit just $5 if you wish, and for that amount you will get leverage up to 1:200, spreads from 0.2 Pips, minimum trading size 0.01 lots, and 70% margin call. But you will have to pay a commission of $8 per $100k Round Turn.
Swap-Free is also known as Islamic Account and if you choose it you will have the same trading conditions as in STP Account. So, if you are seeking long-term trading strategies and avoid losses when transferring positions through midnight, this account is for you.
Lastly, there is a VIP Account that offers the best conditions. Spreads go from 0.00 Pips, maximum trading size is on your request, leverage is up to 1:100, the minimum account balance is $25,000 and you can get a bonus up to $20,000.
For now, I like what I see, and I hope that the rest of the offer is good as this part.
Platform and Execution SCORE: 95%
With Turnkey Forex you can choose between MetaTrader 4, Trade Station (online trading platform), and Social Trading with Zulu Trade (this is a place where people can connect, interact and discuss while making profits in real-time).
I am sure that most of the people are already familiar with MetaTrader 4, so I won’t waste your time on that. If you are an experienced trader, MT4 is always the best option. But if MT4 is not the first choice you like to make, you can download Trade Station (on mobile or computer). Some of the key features of this platform are accessible to multiple reports, creating strategies in the visual builder, opening new positions in just one click, etc.
When it comes to Social Trading, you have to use the Zulu Trade platform. If you decide to trade this way, you will be able to connect with experts, create different packs of instruments, and earn extra revenue.
This is an excellent selection and I am glad to see this broker implemented different options. This way you can choose the platform that fits you and if you are not satisfied with the design, there is always a possibility to switch to another one.
Withdrawal Speed SCORE: 60%
If you want to know more about deposits or withdrawals, you need to visit Frequently Asked Questions page. Unfortunately, this page is not working properly, and you will need a lot of time to collect everything that might interest you. There is also a Withdrawal Policy page, but you need to go to the FAQ and the website will redirect you. That’s an unnecessary complication, but if the conditions are good, I won’t mind it.
For deposits, you can use Bank Wire Transfer, Credit/Debit Card, or online payment gateways (Neteller and Skrill). Each account requires a different minimum deposit and once you decide to withdraw funds you have to go to your member area and wait about 48 hours if you choose Credit/Debit Card, up to 30 minutes for Skrill/Neteller and three to five business days if you choose Bank Wire Transfer.
There is one problem, though. When the website redirects you to the Withdrawal Policy page, you will see that Credit Card withdrawals take up to five days, and not 48 hours, and withdrawals through online payment gateways usually take within two days. So, we have some contradictory information.
An excellent thing is that there are no withdrawal fees, but you need to be careful about some conditions (for example, you have to withdraw the same currency you used for deposit).
Support and Assistance SCORE: 20%
This Turnkey Forex review wouldn’t be complete if we do not reflect on customer support. Without proper assistance, you cannot trade peacefully so let’s see what options we have with this broker.
When you go to the Contact Us section, there is an option to send an email or call the phone number that is listed. Unfortunately, we have no idea about working hours since that information is not provided. There is also a possibility to chat with them on Skype, but don’t get too excited. When you click on the Skype icon, nothing will happen. So, in reality, Skype is not an option.
Lastly, there is a Live Chat. This is always my favorite method, so I decided to see how responsive this broker is. Unfortunately, I was disappointed. This Live Chat is not working properly and when you want to send a message, you cannot click on the field where you are supposed to type. After a lot of page refreshing, I managed to type the message, but a new problem occurred, I wasn’t able to send it.
As you can see, Turnkey Forex is not the place where you can count on endless support and responsive representatives.
Education and Tools SCORE: 40%
As the last part of this Turnkey Forex review, we have Education. Unfortunately, you won’t be able to learn a lot with this broker since there is not a single educational article provided. Instead, the focus is on different tools like MAM Account (Multi Account Manager), VPS Hosting (Virtual Private Server that allows you to run a variety of automated trading strategies), FIX API (for accounts with a minimum $25,000 balance), Robo Trading (automatically trigger trades and orders, analyzes the market, creates custom indicators, etc.).
At the same time, I am surprised and disappointed. Yes, there are many tools you can use and that is not something you see every day but what can we do with those tools if we do not educate constantly and improve knowledge? Nothing. So, the lack of learning material is a big minus for this broker.