Best FOREX Brokers in Turkey 2024

With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.

It’s always a good time to find out about the best FOREX brokers in Turkey. With so many new and established online trading platforms on the scene, it's becoming a much more crowded and noisy environment. The top FOREX brokers are all trying to attract more users. For you, the user, this means more variety of choices, but this also means more complexity.

At Arincen, we are on a mission to make the world of trading easier to navigate. For this reason, we will be listing the best FOREX brokers in Turkey today. This ranking is the result of a thorough review process carried out by our experts at Arincen. We will share our review methodology so you can understand why we chose the companies we did.

Best FOREX brokers in Turkey in 2024

Company Name	Regulations	Minimum Deposit	Main Branch	Open Account
ICM Capital	FCA	$500	United Arab Emirates	Open Account Review ICM Capital
Tradeview	FCA	$250	USA	Open Account Review Tradeview
XTB	FCA	$500	UK	Open Account Review XTB
IG	FCA	$500	UK	Open Account Review IG

Open Account

Company Name	ICM Capital
Regulations	FCA
Minimum Deposit	$500
Main Branch	United Arab Emirates

Open Account

Company Name	Tradeview
Regulations	FCA
Minimum Deposit	$250
Main Branch	USA

Open Account

Company Name	XTB
Regulations	FCA
Minimum Deposit	$500
Main Branch	UK

Open Account

Company Name	IG
Regulations	FCA
Minimum Deposit	$500
Main Branch	UK

Top Tips for Choosing the Best FOREX Brokers in Turkey

There are lots of excellent FOREX brokers working in Turkey. As always, you must protect your interests by working with a broker who has a strong track record of success in this market. The key is to carry out detailed research. Here are some of the most important factors to take into consideration when choosing a broker:

The broker must be regulated by a top-tier regulator, this could be a local broker or an international broker
The broker must have a competitive fee schedule
The broker must offer an extensive array of financial assets to trade
The broker must have a responsive customer-service team
The broker should have a detailed research and educational offering

Best FOREX brokers in Turkey in 2024

With so many choices out there, it's tough to select the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons.

ICM - Capital 91.10: Best Deposit and Withdrawal Broker
Tradeview - 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.
XTB - 85.55: Best Customer Service Broker
IG - 85.45: Best Regulations Broker plus Convenient Platform
Saxo Bank - 80.09: Excellent Private Trading Platform
CMC Markets - 80.07: More than 9,000 Assets
ThinkMarkets - 80.05: Aimed at the Audience of Traders

ICM Capital

ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.

Broker Evaluation	8.11
Regulations	FCA
Minimum Deposit	$500
Islamic Account	Yes
Payment Methods	Bank transfer, credit card, electronic payment providers, crypto
Main Branch	United Kingdom
Customer Service	24/5
Demo Account	Yes
Trading Platforms	MT4, MT5, cTrader, Web Platform

Pros

Segregated client funds.
Regulated by the UK’s FCA.
Established in 2009.
More than 10,000 ICM Capital users and traders.
Reasonable minimum deposit from $500.
Decent funding options.
No swaps.
MetaTrader4 (MT4) desktop and mobile download.

Cons

Does not allow scalping.
Not ASIC-regulated.
Relatively limited range of instruments.
Slow live-chat service.
Relatively high trading fees.

Open Account

Tradeview Markets

Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.

Broker Evaluation	7
Regulations	FCA
Minimum Deposit	$450
Islamic Account	Yes
Payment Methods	Bank transfer, credit card, electronic payment providers, crypto
Main Branch	Cayman Islands
Customer Service	24/5
Demo Account	Yes
Trading Platforms	Proprietary Platform, MT4, MT5, Web Platform

Pros

Established in 2004.
Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
Low minimum deposits.
Beginners and experienced traders looking to refine their strategies.
Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
Decent leverage levels of 1:400 available in some jurisdictions.
Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).

Cons

While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.

Open Account

XTB

What distinguishes XTB from other brokers is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.

Broker Evaluation	8.55
Regulations	FCA
Minimum Deposit	$500
Islamic Account	Yes
Payment Methods	Bank transfer, credit card, electronic payment providers
Main Branch	United Kingdom
Customer Service	24/5
Demo Account	Yes
Trading Platforms	MT4, MT5, Web Platform

Pros

Long history of operation.
Globally recognized, having won multiple awards.
Some of the lowest FOREX spreads in the market.
Regulated by the FCA (UK).
Offers protection for client accounts.
Emphasis on customer service.
Excellent support, learning and research tools.

Cons

Does not accept US clients.
Non-FOREX spread costs are relatively high.
No GSLO.
No back-testing or automated trading capabilities.
Conditions vary according to regulation and entity.

Open Account

IG

IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.

Broker Evaluation	7.54
Regulations	FCA
Minimum Deposit	$250
Islamic Account	Yes
Payment Methods	Bank transfer, credit card, electronic payment providers
Main Branch	United Kingdom
Customer Service	24/5
Demo Account	Yes
Trading Platforms	Proprietary Platform, MT4, Web Platform

Pros

Easy-to-navigate platform that is simple for beginners to master.
Margin rates are easy to understand and affordable.
Mobile and tablet platforms offer full functionality of the desktop version.
Accepts US clients.
Access to more than 100 currency pairs
Emphasis on education and research.
Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
Offers protection for UK/EU client accounts.

Cons

US traders can currently only trade FOREX.
No GSLO for US-based traders.
No account protection for US clients.
Relatively high share-CFD fees.
No copy trading or back-testing integration on IG platform.

Open Account

Saxo Bank

Saxo Bank is considered one of the best investment banks in financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spreads are very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.

Broker Evaluation	6.09
Regulations	FCA
Minimum Deposit	$5000
Islamic Account	No
Payment Methods	Bank transfer, credit card
Main Branch	Copenhagen, Denmark
Customer Service	24/5
Demo Account	Yes
Trading Platforms	SaxoTrader

Pros

Extensive range of offerings.
Regulated by the FCA (UK) and other top regulators.
Great trading platform.
Among the industry’s best research.
Superior user interface.
Offers protection for client accounts.

Cons

High bond, options and futures fees.
Confusing instrument fee structures.
High minimum deposit.
Does not accept US clients.
No MT4.
Lacks live chat.

Open Account

CMC Markets

CMC Markets is a well-regarded broker offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds, and stocks. The company offers relatively low spreads, access to MT4, and fast customer service. It is most suited for traders looking for diversity in asset classes.

Broker Evaluation	7.07
Regulations	FCA
Minimum Deposit	$0
Islamic Account	No
Payment Methods	Bank transfer, credit card, electronic payment providers
Main Branch	United Kingdom
Customer Service	24/5
Demo Account	Yes
Trading Platforms	Proprietary Platform, MT4, Web Platform

Pros

Extensive range of offerings.
Regulated by the FCA (UK).
Low FOREX fees.
Emphasis on education and customer service.
Great Web and mobile platforms.
Offers protection for client accounts.
Research amenities are industry leading.

Cons

Does not accept US clients.
High stock CFD fees.
High CFD spreads for certain indices.
Differences between Next Generation and MT4.
Complicated account verification.
No back-testing or automated trading capabilities.

Open Account

ThinkMarkets

Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, ThinkMarkets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. ThinkMarkets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.

Broker Evaluation	8.05
Regulations	FCA
Minimum Deposit	$0
Islamic Account	Yes
Payment Methods	Bank transfer, credit card, electronic payment providers, crypto
Main Branch	Australia
Customer Service	24/7
Demo Account	Yes
Trading Platforms	Proprietary Platform, Web Platform, MT4, MT5

Pros

Beginner assistance offered through 24/6 channels.
Spreads are as low as 0.0 pips.
24/7 expert customer service.
CFD shares and indices come at no extra fee.
Zero broker fees for FOREX trading.
Technical analysis and quality market information.
Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.

Cons

Direct share trading is on a separate platform.
No binary options offered.
Commissions charged for two account types.
After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
No US, Canada, or Japan clients allowed.

Open Account

There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.

Compare Best Turkish FOREX Brokers Commission and Fees

	Spread	Commission	Swap	Islamic Account
Currencies	Starting from 1.3 Pips	0$	No	Available
Stocks	Starting from 18 Pips	0$	Yes	Unavailable
Commodities	Starting from 2.3 Pips	0$	No	Available
Indices	Starting from 4 Pips	0$	Yes	Unavailable

	Spread	Commission	Swap	Islamic Account
Currencies	Starting from 0.14 Pips	$0	No	Available
Stocks	Starting from 0 Pips	$0	No	Available
Commodities	Starting from 2 cent	$0	No	Available
Indices	Starting from 0.2 Pips	$0	No	Available

	Spread	Commission	Swap	Islamic Account
Currencies	Starting from 0.2 Pips	0$	No	Available
Stocks	Not Mentioned	0$	Yes	Unavailable
Commodities	Starting from 8 Pips	0$	No	Available
Indices	Starting from 4 Pips	0$	Yes	Unavailable

	Spread	Commission	Swap	Islamic Account
Currencies	Starting from 0.6 Pips	0$	Yes	Unavailable
Stocks	Starting from 2.4 Pips	0$	Yes	Unavailable
Commodities	Starting from 0.1 Pips	0$	Yes	Unavailable
Indices	Starting from 0.2 Pips	0$	Yes	Unavailable

	Spread	Commission	Swap	Islamic Account
Currencies	Starting from 0.9 Pips	$0	Yes	Unavailable
Stocks	Starting from $0.02	$6	Yes	Unavailable
Commodities	Starting from $0.6	$6	Yes	Unavailable
Indices	Starting from $0.7	$6	Yes	Unavailable

	Spread	Commission	Swap	Islamic Account
Currencies	Starting from 0.5 Pips	$0	Yes	Unavailable
Stocks	Starting from $0.2	$10	Yes	Unavailable
Commodities	Starting from 0.2 Pips	$0	Yes	Unavailable
Indices	Starting from 0.5 Pips	$0	Yes	Unavailable

	Spread	Commission	Swap	Islamic Account
Currencies	Starting from 0.4 Pips	$0	Yes	Unavailable
Stocks	Starting from 0.1%	$0	Yes	Unavailable
Commodities	Starting from $0.19	$0	Yes	Unavailable
Indices	Starting from 0.4 Pips	$0	Yes	Unavailable

What is FOREX and Why Do We Need a Broker to Trade?

The foreign exchange market is a decentralized marketplace where global currencies are bought and sold. Currency trading is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders all over the world rather than on one centralized exchange. The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world. The best FOREX brokers in Turkey play a key role in this marketplace by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile format.

How to Open a Trading Account to Start Trading FOREX?

Opening a FOREX trading account is easy. Once you have chosen your preferred broker, you must start by filling out an application form as part of the “open account” process. It is normal that you will be asked to provide two documents. These are usually your national identity document and proof of address. This is part of Know Your Customer (KYC) regulations. Remember that some brokers have slightly different requirements than others.

Once your account has been approved, normally one to two days after you make the application, you will be able to fund your account by making the first deposit. After your account is funded, you can start to trade.

What Is an Islamic Account?

An Islamic account, often referred to as a "Shariah-compliant" or "swap-free" account, is a type of trading account that adheres to the principles of Islamic finance. These accounts are designed for Muslim traders who want to participate in the global financial markets without violating Shariah law, which prohibits certain types of financial transactions. The key features of an Islamic account include no interest, no excessive uncertainty, and immediate transaction settlement. It is also forbidden, or “Haram” to invest in companies that deal in alcohol, pork, gambling, etc. Many traders in Turkey can only work through Islamic accounts because of their faith.

Is FOREX Trading Halal?

It is generally accepted that FOREX trading is halal; however, this statement comes with significant provisos. FOREX trading is a subject of robust debate among Islamic scholars as many of its elements must be amended to become Shariah-compliant. For example, interest cannot be charged on overnight accounts, and excessive uncertainty is forbidden. Transactions must be settled immediately, without rolling over to the next day. Whether FOREX trading is halal or haram is not black and white. Many scholars have various opinions based on their interpretation of Islamic laws. However, the fact that Shariah trading accounts exist means that brokers have modified their products sufficiently for them to be religiously acceptable. If you want to learn more about this important topic, click here.

How Much Do Beginners Need to Start to Trade?

You don’t need much to get started. Some of the best FOREX brokers for beginners allow you to start trading with as little as $1. Of course, you need to capitalize your account with at least some money that will allow you to place trades. The amount is really up to you. However, it is recommended that you start by placing small trades to get to grips with the practice of trading as well as your broker’s website before you move on to placing trades with more money.

How to Start Learning about FOREX Trading

A trading website like en.Arincen.com is a great place to start. We have a large list of curated articles that can give you all the information you need on common FOREX trading terms, like pips, spreads, leverage, and support and resistance. We have also taken the time to prepare detailed articles on important topics such as FOREX trading strategies. Additionally, once on our website, you will find helpful video courses that cover the basics of FOREX trading. With this range of knowledge, you will be well on your way to trading success.

Remember also that your broker will normally have developed a detailed education and research repository themselves. That is also a good place to bolster your FOREX knowledge, with the extra benefit that your broker’s information will be slanted toward their own platform and resources, which makes it doubly useful.

Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.

Can You Trade Without Prior Experience?

It is always advisable to keep expanding your experience in the world of trading. The Arincen network was created for those who don’t have enough experience to trade on their own. This is because you can follow the experts on our network and apply their signals and strategies in your trading account with ease, and you can review the statistics of the experts and review their history to ensure they are good for trading the assets you want. For example, if you prefer to trade only in gold or any other group of assets, you can review the best gold experts and traders in the network.

Tip for those who have no experience
We believe that a solid foundation in education and research is essential for every successful trader. That’s why we’ve created a set of resources specifically for you. Our comprehensive articles provide an understanding of the basics, while our videos offer insights from industry insiders. Stay updated with the latest developments in the market through our newsfeed, signals, and detailed analytics.

How Do I Choose the Best FOREX Broker in Turkey?

Turkey is country at the border between Europe and Asia. It is often believed to be a part of the EU, however this is not currently the case, as discussions to enter the EU as a direct member has been ongoing for many years. Turkey has a population of over 80 million people. The country’s GDP per capita of $12,000 gives it a placement of roughly number 80 across a ranking of all global economies.

Turkey’s economy is fragile and is often beset by currency devaluations linked to political decisions. As the Turkish lira is a volatile minor currency, and FOREX trading is permitted in the country, FOREX trading is actively pursued by Turkish citizens. Right now, Turkey does not come under the EU MiFID guidelines. This means FOREX brokers domiciled the country are not allowed to operate in the EU without a valid EU FOREX broker license.

For Turkish brokers to operate in their home market, they must be authorized by the Turkish authorities, specifically, the Capital Markets Board of Turkey (CMB). The CMB oversees all FOREX transactions and regulates brokers and sets strict rules, laws and standards that FOREX brokers and retail traders must comply with to do business in Turkey. Other than that, if you want to start trading FOREX, you can get going as soon as you are ready!

FOREX Regulations in Turkey

Trading FOREX in Turkey is actively pursued among residents. As we have said, the CMB is the regulatory and supervisory authority in charge of the securities markets in the country. Empowered by the Capital Markets Law (CML), which was enacted in 1981, the CMB has been making detailed regulations for organizing capital markets in Turkey and developing instruments and institutions.

The CMB has a broad range of responsibilities. It is chiefly concerned with taking the necessary measures for fostering the development of capital markets. The CMB is tasked with, among other things, making consistent regulations and performing supervision with the aim of ensuring fairness, efficiency and transparency in Turkish capital markets, and improving their international competitiveness.

At the get-go, it is important to learn more about regulatory bodies and their role in the FOREX market. Their role is two-fold:

1. Observing and regulating the work environment in the FOREX market, and

2. Protecting investors and their funds.

FOREX firms must at least obtain a license from a relevant regulatory authority, like the CBK. Otherwise, such firms should be always avoided.

Choose a broker under the watch of a trusted regulatory authority who is renowned for their rigorous oversight. There's no obligation to opt for an overseas regulator; reputable brokers also operate within your own jurisdiction. To confirm if your broker is registered with a regulator, navigate to the regulator’s official website.

Leverage

Leverage allows you to trade with the broker’s money, meaning you can place larger orders that you would been able to with your own funds. This is a great way to get access to a larger share of the pie, but it also means you can lose money easily.

Depending on the regulatory framework within which your broker operates, you'll encounter varying leverage rules. Several key regulators have introduced specific guidelines to safeguard retail traders.

Let's look at some of these leverage rules set by major regulators:

CMB in Turkey:

In 2017, the CMB lowered the maximum limit on leveraged transactions for financial markets trading from 100:1 to 10:1. Today, the specific numerical value for the allowed leverage is not freely available, which is why brokers liaise directly with the CMB to ascertain what they are allowed.

Australian Securities and Investments Commission (ASIC) in Australia:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major stock market indices

10:1 for commodities other than gold and minor stock market indices

5:1 for equities (stocks) and other underlying assets

Swiss Financial Market Supervisory Authority (FINMA) in Switzerland:

FINMA doesn't specify leverage limits as does ASIC. However, Swiss brokers must strictly adhere to robust capital and risk management requirements, ensuring that they do not offer excessively high leverage that could endanger their financial stability or their clients' funds.

Financial Conduct Authority (FCA) in the UK:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major indices

10:1 for commodities (excluding gold) and non-major equity indices

5:1 for individual equities and other reference values

Recommended Brokers

Evaluation Open Account

Evaluation Open Account

Evaluation Open Account

Retail traders should be cautious when trading with high leverage due to the significant risks involved. While leverage can increase gains, it can also magnify losses. You should be careful when trading with high leverage, that’s why you need the right knowledge and experience to handle the highs and lows that come with this form of trading.

Tradable Assets and Instruments

Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments. Be sure to check that your broker provides Shariah-compliant trading accounts to trade these financial assets. Also, for Islamic traders, remember that common instruments such as bonds, futures, and CFDs are not open to you because the nature of these assets is to speculate on underlying assets you do not own, or to receive interest, which is Haram.

FOREX

With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.

Commodities

Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies. Be sure to first check which ones are Sharia-compliant.

Equities or Stocks

These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world. Remember you cannot, by Shariah finance laws, invest in companies that deal in gambling or alcohol.

Indices

These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.

Cryptocurrencies

Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.

Brokers	Currency pairs	Stocks	Indices	Commodities	Crypto	ETFs
ICM Capital	67 Pairs	89 Shares	17 Indices	12 Commodity	6 Coins	Unavailable
Tradview	80 Pairs	5000 Shares	10 Indices	10 Commodity	30 Coins	Unavailable
XTB	57 Pairs	1848 Shares	36 Indices	22 Commodity	22 Coins	135 ETFs
IG	81 Pairs	21714 Shares	49 Indices	39 Commodity	11 Coins	12858 ETFs
Saxo Bank	320 Pairs	22000 Shares	49 Indices	39 Commodity	9 Coins	6700 ETFs
CMC Markets	330 Pairs	8000 Shares	80 Indices	100 Commodity	18 Coins	200 ETFs
Think Markets	46 Pairs	3750 Shares	15 Indices	11 Commodity	21 Coins	350 ETFs

Payments, Deposits, and Withdrawals in Turkey

In general, the payment deposit and withdrawal process in Turkey is relatively straightforward and convenient. Turkey has a modern financial infrastructure, and its banking system is advanced, making transactions, including withdrawals from brokerage accounts, relatively straightforward for residents. However, the ease of conducting withdrawals from your brokerage account in Turkey depends on several factors. It's crucial to choose a broker regulated by a reputable authority, whether that's in Turkey or another jurisdiction. Regulated brokers tend to have clear procedures for withdrawals to protect both the broker and the client.

Most brokerages offer multiple withdrawal methods, including bank wire transfers, credit/debit card transactions, and even online payment systems. The efficiency of these methods can vary, with wire transfers to Turkish banks typically taking several business days.

Method	Credit Card	Wire Transfer	Skrill	Neteller	Cryptocurrency	PayPal
Deposit fee	0$	$0 + Bank commission	1.9%	2.5%	Unavailable	3.75%
Withdrawal fee	0$	$15	1%	$0	Unavailable	2%

Method	Credit Card	Wire Transfer	Skrill	Neteller	Cryptocurrency	PayPal
Deposit fee	0$	0$	1.9%	2.5%	$0	3.75%
Withdrawal fee	0$	0$	1%	$0	$0	2%

Method	Credit Card	Wire Transfer	Skrill	Neteller	Cryptocurrency	PayPal
Deposit fee	0$	$0 + Bank commission	1%	1%	Unavailable	Unavailable
Withdrawal fee	1.5%	30$	1%	1%	Unavailable	Unavailable

Method	Credit Card	Wire Transfer	Skrill	Neteller	Cryptocurrency	PayPal
Deposit fee	0$	$0 + Bank commission	Unavailable	Unavailable	Unavailable	3.4% + fixed fee
Withdrawal fee	0$	$0 + Bank commission	Unavailable	Unavailable	Unavailable	3.4% + fixed fee

Method	Credit Card	Wire Transfer	Skrill	Neteller	Cryptocurrency	PayPal
Deposit fee	0$	$0 + Bank commission	Unavailable	Unavailable	Unavailable	Unavailable
Withdrawal fee	0$	$0 + Bank commission	Unavailable	Unavailable	Unavailable	Unavailable

Method	Credit Card	Wire Transfer	Skrill	Neteller	Cryptocurrency	PayPal
Deposit fee	0$	$0 + Bank commission	Unavailable	Unavailable	Unavailable	Unavailable
Withdrawal fee	0$	$0 + Bank commission	Unavailable	Unavailable	Unavailable	Unavailable

Method	Credit Card	Wire Transfer	Skrill	Neteller	Cryptocurrency	PayPal
Deposit fee	0$	$0 + Bank commission	0$	2.5%	Not mentioned	Unavailable
Withdrawal fee	0$	$0 + Bank commission	5.50$	0-7.5%	Not mentioned	Unavailable

FOREX Trading Customer Service

As timing is key to FOREX trading, you must pick a brokerage firm that can provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast, and polite, which in turn will spare you from having to worry about problems later. The best FOREX brokers in Turkey for beginners will be able to provide you with the following:

Quick resolution of issues
Educational support
Assistance with queries during volatile markets
Account security
Customized advice (although not all customer service desks offer this)
Technical assistance
Regulatory compliance queries

	Email	Live Chat	Phone	WhatsApp
Available	Available	Available	Available	Available
Quick response	Very Fast	Very Fast	Very Fast	Very Fast

	Email	Live Chat	Phone	WhatsApp
Available	Available	Available	Available	Available
Quick response	Quick response	Fast	Fast	Fast

	Email	Live Chat	Phone	WhatsApp
Available	Available	Available	Available	Not Available
Quick response	Very Fast	Moderate	Moderate	Not Available

	Email	Live Chat	Phone	WhatsApp
Available	Available	Available	Available	Not Available
Quick response	Very Fast	Very Fast	Moderate	Not Available

	Email	Live Chat	Phone	WhatsApp
Available	Available	Not Available	Available	Not Available
Quick response	Slow	Not Available	Moderate	Not Available

	Email	Live Chat	Phone	WhatsApp
Available	Available	Not Available	Available	Not Available
Quick response	Moderate	Not Available	Moderate	Not Available

	Email	Live Chat	Phone	WhatsApp
Available	Available	Available	Available	Not Available
Quick response	Moderate	Fast	Moderate	Not Available

Ask Other Traders on Our Network

Arincen has gone to extensive lengths to create an enabling environment of networks, where traders of all backgrounds can take part in a vibrant trading space. After all, Arincen’s goal is to simplify the world of trading. Our website provides an unrivalled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders of all levels of experience can learn and profit from each other.

Technical Aspects of the Broker’s Website

When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always watch for SSL certification and two-factor authentication (especially when registering with a new site). Always remember to use a strong password.

What Trading Platforms, Tools, and Features Should a Broker Offer?

When choosing a trading platform, you should consider a range of features that cater to both novice and seasoned traders. Here are some elements to keep in mind:

Shariah-compliant accounts: You should be able to access a swap-free account that is consistent with the dictates of Shariah financial law.

Platform accessibility: A top-notch trading platform should offer flexibility in terms of access, whether it's web-based or a downloadable application.

Risk-management tools: Trading inherently comes with risks, and a high-quality platform should provide instruments that allow traders to set stop-losses, take-profits, and other crucial order types.

Technical analysis tools: The platform should have robust technical indicators to help traders make informed decisions.

Customization and user interface: Traders should be able to customize the platform according to their preferences, allowing them to set up their trading environment precisely how they want. We find that the products from the MetaTrader suite, especially MT4, offers excellent features for this purpose.

Performance and reliability: Beginner traders especially need a platform that operates seamlessly with minimal downtimes or glitches. This ensures a smooth trading journey, allowing them to focus on market movements rather than technical hiccups.

Learning and educational resources: The best brokers will offer platforms that are not only intuitive but also come with tutorials, guides, and responsive customer support to assist traders in navigating any challenges they might face.

To choose the perfect trading platform, here’s some solid advice:

Determine your trading style and needs.
Research different platforms and compare their features.
Test the platforms with a demo account to see which one suits you best.
Choose a platform that offers the features you need and is user-friendly.
Ensure that the platform is reliable and has a good reputation in the industry.

Remember that the trading platform you choose can have a significant impact on your trading success, so it's important to choose wisely.

Which Turkish FOREX Broker Has the Best Platform?

Many FOREX traders around the world have become used to MetaTrader’s strong and dependable MT4 platform, which is well-liked with good cause. To learn more about this important platform, visit our explainer article. However, if you are interested in trying something new that pushes the boundaries of what we accept as possible with a trading platform, you may consider a proprietary platform. In this case, we would encourage you to try Saxo Bank for its advanced trading features and high-performance tools with extensive market analysis.

Which Turkish FOREX Broker Charges the Lowest Fees?

Our research shows that ICM’s ECN account offers the lowest fees for entry-level and elite traders alike.

Which Turkish FOREX Broker Offers the Most CFDs?

As a Muslim trader, don't forget that you cannot trade in CFDs because according to Islamic law, you do not have a strong enough stake in the transaction if you do not own the underlying assets. But it's good to know how different brokers compare concerning CFD coverage, which can be a proxy for their overall performance. For brokers that deal in the most CFDs, look no further than CMC Markets and IG, both of which offer extensive CFD selections.

Which Turkish FOREX Broker Offers the Most Assets?

According to Arincen’s research, the FOREX brokers that offer the widest and most comprehensive range of financial assets are CMC Markets and IG.

Which Turkish FOREX Broker is Best for Professionals?

Professional traders are mostly clear about their requirements. They normally won’t settle for a sub-standard platform or experience. Professional traders are also searching for a platform that features in-depth market analysis that comes with advanced indicators that help them make better decisions. In this case, you should look to brokers that use MT4, an industry stalwart that offers all of the above.

FOREX Trading Scams and How to Avoid Them

Turkey has experienced its fair share of FOREX broker scams in the past decade, which has resulted in the CMB making a concerted effort to tighten its regulations after conducting a detailed process review in 2017. As an independent self-regulatory organization that operates on funds generated through membership fees and fines levied on its member firms, it is a key mission of the CMB to ensure sustainability of the capital market sector. One common function the CMB discharges is to broadcast regular warnings against popular scams to keep its membership alert.

Trading with an unregulated broker can have dire consequences. Regulated brokers must comply with strict rules to protect your interests. Unregulated brokers may engage in fraudulent activities, such as misappropriating client funds, and may not have adequate measures in place to protect your data. For a list of the best regulators, read our article here.

Who Is Arincen and What Do We Do?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich, that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.

Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.

Conclusion

Any new trader entering the FOREX market is heading into a space that is much more vibrant, competitive, and safe than at any time in our history. It's an exciting time to be starting out this adventure. Like any such enterprise, you need to make sure you are safe from pitfalls. That's why we will always reiterate our key message which is that any of the top online FOREX brokers you pick must be legally licensed and well-regulated.

Next, be sure to vet the broker's tools, platforms, and reputation. Make sure that you can get customer service in your local language whenever you need it. If at any stage you are unsure about what steps to take when vetting the best online brokers in Turkey, you can always refer back to this article.

Arincen’s Review Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:

Companies’ websites.
Other websites that have ranked FOREX companies.
A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.

Afterward we validated the data by:

Registering with FOREX companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and experience.

The next step saw us evaluate and rank each company, relying on the demanding work of 15 Arincen employees. We were careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more about how we came up with the evaluation, please click here.

Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

FAQ

Is FOREX trading allowed in Turkey?

Yes, trading FOREX trading is legal in Turkey. FOREX trading is considered to an activity that can lead to gainful profits, as such it is highly regulated, making it easy to keep it legal.

What is FOREX?

The FOREX market is a place where global currencies are bought and sold. It is a large and active marketplace that requires technologically superior tools if you are to participate as a retail trader. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.

What is FOREX trading?

FOREX trading involves buying and selling different worldwide currencies for a profit. Retail traders select a currency pair and, in anticipation of market-driven changes in value, wait for the right moment to make a sale for a profit.

What costs and commissions are associated with FOREX trading?

FOREX brokers charge any combination of commissions, spreads, and financing fees. Brokers can either charge a spread (the difference between the buy and sell price of a currency pair) and include their facility fee in the spread, or they can charge only a market rate spread and levy a commission per trade outside the spread. Financing fees come into play if you hold your position overnight. You must pay a financing cost for the benefit of keeping your positions open for an extended time.

How important is good customer service in FOREX trading?

Good customer service is vital to FOREX trading as it is fast-moving marketplace where traders can lose money if their account is non-functional or deactivated for any length of time. As such, you must select a broker that can offer excellent customer support whenever you need it. Company staff must be accessible and knowledgeable enough to be useful in times of difficulty.

Is FOREX trading taxable in Turkey?

Yes, FOREX trading is taxable in Turkey. FOREX trading is recognized as a genuine activity that can generate personal income, meaning that the profits you make from these trades are subject to tax. You will only be expected to pay taxes if you have made profits within the tax assessment year. It is recommended that Turkish retail traders contact a tax expert to understand their tax liability.

What is the best trading platform for Turkey?

We would encourage you to try Saxo Bank for its advanced trading features and high-performance tools with extensive market analysis.

Does MetaTrader work in Turkey?

Yes, the MetaTrader suite of products is readily available in this country.

How to start FOREX trading in Turkey?

The best way to start, after you have decided if the broker is for you, is to open a demo trading account to practice without the pressure of losing money. When you are comfortable with how the platform works, then you can use real money.