In Turkey, the Forex market has become increasingly active as traders seek to capitalize on the country's economic shifts and currency fluctuations. The Capital Markets Board of Turkey (SPK) regulates Forex trading, ensuring brokers meet stringent standards for transparency and security. With the Turkish lira‘s recent volatility and the country’s unique economic environment, choosing a broker that offers comprehensive access to both global and local currency pairs is essential. Traders also look for brokers with strong local support, competitive spreads, and advanced trading tools tailored to the Turkish market. This article will identify the top Forex brokers in Turkey for 2024, focusing on those that provide the best services and features to navigate this dynamic market effectively.
Best Forex Brokers in Turkey
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Comparison of Best Forex Brokers in Turkey
Forex Broker
License
Minimum Spread
Maximum Leverage
Minimum Deposit
Open account
Details
Compare
Best Forex Brokers in Turkey Reviewed
① Saxo
Saxo is a leading Danish investment brokerage specializing in online trading and investment. Known for its transparent pricing, excellent trading platforms, and premium research.
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⭐⭐⭐⭐⭐ |
| Account Minimum | $0 |
| Tradable Instruments | Investment products: stocks, ETFs, bonds, mutual funds, crypto ETPs |
| Leveraged products: options, futures, forex, forex options, crypto FX, CFDs, commodities, turbos | |
| Demo Account | ✅ |
| Spreads & Commissions | From 0.9 pips (Classic account) & commission-free (forex) |
| Trading Platforms | SaxoInvestor, SaxoTraderGO, SaxoTraderPRO |
| Payment Methods | Bank transfer, quick payment, card funding |
| Deposit & Withdrawal Fe | ❌ |
| Customer Support | 24/5 - Support Center |
Pros
√ Great range of markets
√ Advanced trading features
√ Premium research tools
√ High-level security
Cons
× Less ideal for beginners due to complexity
② Pocket Option
Pocket Option is a binary options broker offering binary trading services to clients around the world. Known for a user-friendly interface and a quickly customizable platform.
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⭐⭐⭐⭐⭐ |
| Account Minimum | ＄5 |
| Tradable Instruments | 100+, currency, commodities, stocks, cryptocurrencies, indices |
| Demo Account | ✅ ($50 000 virtual fund) |
| Spreads & Commissions | / |
| Trading Platforms | Web App |
| Social Trading | ✅ |
| Payment Methods | Visa, Mastercard, Meastro, bank transfer, WebMoney, Perfect Money, Fasapay, etc. |
| Deposit & Withdrawal Fee | ❌ |
| Customer Support | Phone, online messaging |
Pros
√ Flexible expiration times
√ Accepts traders from many countries
√ Low minimum deposit requirement
Cons
× Not regulated by a well-known regulatory body
× Binary options trading can be risky
③ IG
IG is one of the oldest and biggest names in the trading industry. It offers extensive range of markets, clean and user-friendly trading platforms, and top-tier education resources.
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⭐⭐⭐⭐⭐ |
| Account Minimum | $0 |
| Tradable Instruments | Forex, shares, indices, commodities, thematic and basket, options, futures, spot, cryptocurrencies |
| Demo Account | ✅ |
| Spreads | From 0.6 pips (EUR/USD) |
| Trading Platforms | Online trading platform, mobile trading app, progressive web app, ProRealTime, MT4, L2 Dealer |
| Payment Methods | Credit/debit cards (MasterCard/Visa), bank transfer |
| Customer Support | 24 hours a day, except from 6am to 4pm on Saturday (UTC+8) - live chat, phone, email, WhatsApp, Help & Support |
Pros
√ Broad range of available markets
√ Excellent proprietary web platform
√ Comprehensive educational materials
Cons
× High stock CFD fees
× Quite a complex platform for beginners
④ Forex.com
Forex.com is a leading online broker owned and operated by Gain Capital company. Known for its wide range of trading platforms, robust trading tools, and diverse market offerings.
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⭐⭐⭐⭐⭐ |
| Account Minimum | $100 |
| Tradable Instruments | Forex, indices, stocks, cryptocurrency, commodities, gold & silver |
| Demo Account | ✅(90 days risk-free trading with $50,000 in virtual funds) |
| Spreads | Floating around 1.0 pips (EUR/USD) |
| Trading Platforms | Web Trader, Mobile App, TradingView, MT4, MT5 |
| Payment Methods | Local online transfers, credit/debit card, wire transfer, Neteller, Skrill |
| Deposit & Withdrawal Fee | ❌(except for wire transfer withdrawal: additional fees may be applied by receiving bank) |
| Customer Support | 24h live chat, contact form, phone, email |
Pros
√ Superior research tools
√ Wide range of market offerings
Cons
× Lack of price alerts and signals
⑤ XM
XM Group is known for its more than 1,000 trading instruments, tight spreads, and quick order execution. It's also acclaimed for its 24/7 customer service and extensive educational offerings.
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⭐⭐⭐⭐ |
| Account Minimum | $5 |
| Tradable Instruments | Forex, indices, commodities, turbo stocks, metals, energies, thematic indices |
| Demo Account | ✅ |
| Spreads & Commissions | From 1.6 pips + commission-free (Standard account) |
| Trading Platforms | MT4, MT5, XM WebTrader |
| Payment Methods | Credit/debit cards, bank transfers, e-wallets |
| Customer Support | 24/7 - live chat, Line, email, Help Center |
| Bonus | $30 trading bonus, deposit bonus up to $20,000 |
Pros
√ Low deposit requirements
√ Good educational resources
√ Range of account types
Cons
× Bank transfer payment is not supported
⑥ Pepperstone
Pepperstone is an Australian broker offering a huge selection of tradable assets and platforms with excellent customer service. Known for low spreads and a high-speed execution model.
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⭐⭐⭐⭐ |
| Account Minimum | $0 |
| Execution Speed | 30ms |
| Tradable Instruments | Forex, commodities, indices, currency indices, cryptocurrencies, shares, ETFs |
| Demo Account | ✅ |
| Spreads & Commissions | From 1.0 pips on EUR/USD + commission-free (Standard account) |
| Trading Platforms | MT4, MT5, cTrader, TradingView, Pepperstone Trading Platfor |
| Payment Methods | Visa, Mastercard, Bank transfer, PayPal, Neteller, Skrill, Union Pay, USDT |
| Inactivity Fee | ❌ |
| Customer Support | Live chat, contact form, Help & Support |
Pros
√ High execution speed
√ No commissions on forex trading
√ Wide choice of trading platforms
Cons
× Limited news and analysis
× No 24/7 customer support
⑦ Tickmill
Tickmill is a forex and CFD broker renowned for its highly competitive trading conditions, speedy execution of trade orders, and a rich array of trading tools.
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⭐⭐⭐⭐ |
| Account Minimum | 100 USD/EUR/GBP/ZAR |
| Tradable Instruments | Forex, stock indices, stocks & ETFs, bonds, commodities, cryptos, futures & options |
| Demo Account | ✅ |
| Spreads & Commissions | From 1.6 pips & commission-free (Classic account) |
| Trading Platforms | MT4, MT5, Tickmill Mobile App |
| Payment Methods | Bank transfer, crypto payments, Visa, MasterCard, Skrill, Neteller, Sticpay, Fasapay, UnionPay, Webmoney |
| Customer Support | Mon-Fri 7:00 - 16:00 GMT during Daylight Saving Time-live chat, phone, email |
Pros
√ Low trading costs
√ High-speed execution
√ Supportive educational material
Cons
× No 24/7 customer support
⑧ IC Markets Global
IC Markets Global is an Australian forex broker, known for its low spreads, a wide range of tradable products, and options to leverage trades by up to 500:1.
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⭐⭐⭐⭐ |
| Account Minimum | $200 |
| Tradable Instruments | CFDs on forex, commodities, indices, bonds, stocks, and futures, digital currencies |
| Demo Account | ✅ |
| Spreads & Commissions | From 0.8 pips + no commission (Standard account) |
| Trading Platforms | MT4, MT5, cTrader, TradingView |
| Payment Methods | Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Wire Transfer, Bpay, Broker to Broker, POLI, Thai/Vietnamese Internet Banking, Rapidpay, Klarna |
| Customer Support | 24/7 - live chat, contact form, phone, email, Help Centre |
Pros
√ Raw pricing and high leverage offering
√ Low fees
Cons
× High minimum deposit
× Comparatively lesser educational resources
⑨ Admiral Markets
Admiral Markets is a reliable forex broker offering CFDs on Forex, Metals, Indices, and Energies. It's known for providing superior online trading services, a range of platforms, including MetaTrader 4 and 5.
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⭐⭐⭐⭐ |
| Account Minimum | 25 USD/EUR/JOD, 100 AED (Trade.MT4/5 Account) |
| Tradable Instruments | 8,000+, forex, indices, stocks, commodities, bonds, ETFs |
| Demo Account | ✅ |
| Spreads & Commissions (forex) | Typical from 0.6 pips (EUR/USD) & commission-free |
| Trading Platforms | MT4, MT5, Admirals Mobile App, Admirals Platform |
| Payment Methods | Free - Bank transfer, Visa, MasterCard, Perfect Money |
| Deposit & Withdrawal Fee | ❌ |
| Customer Support | Live chat, phone, email |
Pros
√ Wide range of trading instruments
√ Strong regulatory oversight
√ Great educational material
Cons
× Limited payment options
× No 24/7 customer support
Forex Brokers in Turkey FAQs
Is it legal to trade forex in Turkey?
Yes, trading Forex in Turkey is legal. However, it is strictly regulated by the Capital Markets Board of Turkey (CMB or SPK in Turkish, for Sermaye Piyasası Kurulu), which imposes rules on leverage limits, minimum deposit requirements, and licensing of Forex brokers. Traders must use SPK-licensed brokers to ensure compliance with these regulations.
Foreign exchange market in Turkey
The Foreign Exchange (Forex) market in Turkey is regulated by the Capital Markets Board of Turkey (SPK), which enforces strict rules on leverage and minimum deposit requirements to protect investors. The market is heavily influenced by the volatility of the Turkish lira, making currency pairs like USD/TRY and EUR/TRY popular among traders. Local brokers dominate the market due to SPK regulations, with fewer international brokers offering services in Turkey. Despite the risks, Forex trading remains a growing interest among Turkish investors.
In Turkey, how do I trade forex?
To trade Forex in Turkey, follow these steps:
Choose an SPK-Licensed Broker: Ensure the broker is licensed by the Capital Markets Board of Turkey (SPK) to comply with regulations.
Open a Trading Account: Register with your chosen broker, complete the required Know Your Customer (KYC) process, and fund your account.
Understand Leverage and Risks: Be aware of the SPKs leverage limit, currently set at 10:1, and the minimum deposit requirement of TRY 50,000.
Use a Trading Platform: Access the broker's trading platform to execute trades, monitor the market, and manage your portfolio.
Stay Informed: Keep up with market news and economic indicators that influence the Turkish lira and global currencies.
By following these steps, you can legally and effectively trade Forex in Turkey.
What is the minimum investment to start trading forex in Turkey?
The minimum investment required to start trading Forex in Turkey is TRY 50,000 (USD 1,470). This amount was set by the Capital Markets Board of Turkey (SPK) in 2017 as part of stricter regulations to protect retail investors. This rule is specifically for trading with leveraged Forex products. The SPK implemented this to minimize the risks associated with high-leverage trading, which can lead to significant losses.
When is the ideal time to trade currency pairs?
For traders in Turkey, especially those who want to trade popular currency pairs such as the EUR/USD, GBP/USD, or USD/JPY, the best trading hours may be during the London session and the overlap between the London and New York sessions, which are as follows:
London Session: Starts at 10:00AM and ends at 07:00PM (Turkey time).
London and New York Overlap Session: Starts at 02:00PM and ends at 07:00PM (Turkey time).
During these hours, there can be a higher volume of trades and therefore more fluctuations, which can result in more trading opportunities.
However, if you are interested in currency pairs that involve the Turkish Lira, then you may want to trade during the Istanbul stock exchange trading hours, which are typically from 9:30AM to 5:30PM (Turkey time).
What is the best forex trading strategy?
There isn't a one-size-fits-all “best” Forex trading strategy, as the most effective approach depends on your trading style, risk tolerance, and market conditions. However, here are a few popular strategies:
Scalping: Involves making multiple small trades throughout the day to capitalize on minor price movements. Best for traders who can dedicate time to actively monitor the market.
Day Trading: Trades are opened and closed within the same trading day, avoiding overnight risk. This strategy suits those who prefer short-term trading and want to avoid holding positions for long periods.
Swing Trading: Focuses on capturing gains over a few days to weeks by holding positions through market “swings.” It's suitable for traders who prefer less frequent trading but still want to take advantage of short- to medium-term trends.
Position Trading: A long-term strategy where trades are held for weeks, months, or even years, based on fundamental analysis and long-term trends. Ideal for patient traders who are less concerned with short-term market fluctuations.
Trend Following: Involves identifying and following the direction of a market trend. This strategy works well in trending markets but can be challenging in choppy or sideways markets.
The best strategy for you depends on your goals, the time you can dedicate to trading, and your ability to manage risk. It's often helpful to backtest strategies in a demo account before committing real money.
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