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Author: Samuel Lowes
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Samuel Lowes

Turkish Forex Trading

Forex trading in Turkey has recently been subjected to radical new regulations that have certainly had an impact on the market. The Turkish government announced new rules, earlier in 2017, that no Turkish resident was allowed to trade with a foreign Forex broker that does not hold the required CMB license. While this has placed limitations on trading Forex, it is still widespread practice for those who can adhere to the regulations.

With many foreign brokers unable to meet the limitations, some were forced to withdraw from Turkey. This has left a smaller number to choose from, but still there are plenty of options for those who want to trade. With fewer licensed and regulated Forex companies there are still some operating under the radar of which you need to be wary of.

To help you to make sense of the licensing and regulatory rules so you can select the best Forex broker that meets your expectations as a trader, we research the Forex market in Turkey to ensure that we only present you with those that are operating within the law and that your money will be safe with.

Top Rated Forex Sites

#1 - Pocket Option: Best Overall

Pocket Option Logo
9.8
Superb
Bonus Up-to $2000 Pairs 12+
Min. Trade $1 *Payout % 92.76%
Over 130+ assets to trade now
Instant access to social trading
Single account option, for everyone
Tournament with prize of $50,000
IFMRRC is not an official regulator
Limited account funding methods
Deposit Methods
Visa AMEX PayPal MasterCard
163 visited this site today
Pocket Option Review

Editors Summary

Pocket Option offers many excellent features to new and existing traders. When you check-out the various account types, you will see that they work with traders of any level – newbie, beginner, experienced, master etc. This site is so easy to use, and while CySEC does not license them, they have good feedback online and tick all of the boxes of a trusted broker. We love the ease of use and no-frills approach which is replicated with a great user experience.

#2 - ExpertOption: Best Free Demo

ExpertOption Logo
9.3
Excellent
Bonus Up-to $1600 Pairs 12+
Min. Trade $1 *Payout % 91.48%
Over 50+ assets to trade now
Multiple accounts for all budgets
Support available in 15 languages
Free support manager for traders
Maximum trade expiry is 15 minutes
50x trading requirement for bonuses
Deposit Methods
Bitcoin Klarna MasterCard Neteller
95 visited this site today
ExpertOption Review

Editors Summary

The recent entry of ExpertOption into the fixed time trades market gives them the benefit of being able to offer what their traders want. Their demo account allows novices to dip their toe without risk and to learn the basics of trading before they start. With a range of account types and the ability to open an account with as little as $50 and make $1 trades, they aren't out of reach for those who want to start slow and get to grips with what they are doing.

#3 - Binarycent: Best Mobile App

Binarycent Logo
9.1
Very Good
Bonus Up-to $1000 Pairs 12+
Min. Trade $1 *Payout % 89.72%
Over 150+ assets to trade now
Bespoke platform for PC and mobile
Low min deposit of $0.10 per trade
Great support in multiple languages
Platform not suited to pro traders
No free demo account option
Deposit Methods
Bitcoin Klarna PayPal Skrill
43 visited this site today
Binarycent Review

Editors Summary

Binarycent, while a relatively new broker, tick all of the boxes when it comes to trading. They are competitive and offer all of the things that you would expect. Benefits include an excellent mobile trading platform, welcome and deposit bonuses and a good support system. There are phone numbers available in many languages, alternatively, you can send a message with your details, and someone will get back to you.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

Forex Sites in Turkey

Turkey

There is something to be said for trading financial markets with home-grown Forex brokers. Having a company that is based in the same country with a recognisable address can be a comfort to those who are wary of investing their money. The language will be the same, customer support will be comprehensive, and you will have lots of benefits open to you. That aside if you find a foreign broker that is licensed by the CMB then they will be able to offer you the same benefits which will include:

Demo Account

The demo account is very popular with new investors who may have some reservations about trading Forex currency pairs. If you are nervous about investing your money in an unfamiliar environment for fear of "messing it up" then the demo account is the perfect solution. A virtual trading environment with virtual funds allows you to get to grips with the website and the various functions before you start trading for real.

Minimum Deposit And Trades

This is something that usually differs between Forex brokers in Turkey. Usually, the minimum deposit requirement is around the $25 mark with a minimum trade ranging from a dollar to $50. We would stress here though that the Turkish government have minimum deposit stipulations that need to be observed so please make sure you check this out before depositing any funds.

Mobile Trading

You don't want to open an account only to discover that there is no mobile platform. Please make sure that you check if the broker offers an app or indeed a mobile-friendly website. If you are expecting to be able to trade on the go then you are going to need the ability to trade easily from a phone or tablet.

Bonuses And Incentives

The welcome bonus is offered to encourage you to open an account with a broker. It is usually either a no deposit fixed amount or a bonus which is a percentage of your own spend. The deposit bonus is often the larger of the two but requires you to commit your funds. The no deposit bonus is perfect if you want to test the platform without risking your private funds.

Broker Fees And Tax

Todays Top Traders
Trader Broker Pair Profit

If you are a resident in Turkey, then you will be expected to pay income tax on your Forex profits. The rate of income tax starts at 15% for earnings of 13,000 TRY, 20% up to 30,000 TRY, 27% up to 110,000 TRY and 35% for everything over. It is advisable to keep a record of your trading history including profits and losses for the tax period.

If you have any doubts, consult a tax professional, especially if you need help submitting your tax return. They will be able to advise you on the amounts you need to pay, especially if this is a second income.

When it comes to Forex trading fees, there are a few to consider. There is the commission that you pay for each successful trade. This is deducted before you are paid out. Then there are some smaller fees that you need to be aware of.

These include transaction fees for withdrawals, making a credit card payment, receiving foreign currency back into your account and currency conversion. It is a good idea to check these fees before you start trading Forex so that you can select the most cost-effective payment provider etc.

Turkish Licencing

In 2017, the Turkish government introduced strict new regulations that had a significant impact on the turkish Forex market. This is mostly because they didn't want anyone trading against the lira or depositing their money offshore. The economy needed to be stabilised, and this is one of the methods they used to help that along.

The new regulations are strict, especially on foreign Forex brokers. Many were forced to pull out of Turkey as the requirements were too much. Only legal brokers that meet the criteria of the CMB can be licensed to offer their services to Turkish residents, and no foreign broker is allowed to market their services.

In addition to this another blow came for the smaller traders as a new regulation saw a minimum deposit requirement of 50,000 TRY. For those who wanted to dabble, this meant that, unless they wanted to invest heavily, trading would be cost-prohibitive. This has cleaned up the turkish Foreign Exchange (FX) market significantly for those serious about trading, with a much cleaner and selective trading arena.

Forex trading in Turkey has recently been subjected to radical new regulations.

How we Recommend Brokers

We go to great lengths to ensure that you are armed with the right knowledge when it comes to choosing the best Forex broker in Turkey. Our team of dedicated experts are experienced investors that have been very successful themselves. They know exactly what to look for in regulated Forex brokers and what you need so that you have an excellent trading experience. They analyse each broker on several criteria including:

  • How easy it is to use the website
  • If they have a mobile solution like an app or a mobile responsive website
  • What welcome bonuses and incentives they offer to encourage you to open an account
  • The minimum deposit requirement and minimum trade amount
  • The efficiency and visibility of their customer support
  • If they provide demo accounts
  • The payouts and trade types available
  • If the broker is licensed and regulated

Some of these points will be more important than others to some of you. What works for one may not be the same for the next person looking to trade. Our job is to arm you with enough information to make an informed decision.

We want to make sure that you choose the broker that ticks all of your boxes without having to spend hours trawling the internet yourself looking for the facts and figures. All you need to do is select those that look the most suitable and then make your final decision.

Our Review Rating System (More Info)

10% 10% 10% 15% 15% 20% 20% Pie Core
  • Account Types
  • Banking & Payouts
  • Bonuses & Promotions
  • Mobile Trading
  • Trade Types
  • Special Features
  • Customer Support
Expert Reviews

Frequently Asked Questions

FAQ

Is Forex trading in Turkey legal and safe?

While Forex trading in Turkey is legal and safe, there are strict regulations that surround it. These are relatively new regulations having only been introduced in 2017.

Do I need to pay fees and taxes on my profits?

In most countries across the world, Forex profits will be subject to either income tax or capital gains tax and Turkey is no exception. If you are unsure, you should consult a tax advisor.

Can I test brokers before trading with real money?

The best Forex brokers in Turkey offer demo accounts with just an email address. Enter the information and then start trading. The environment is virtual, but it gets you used to the platform.

Is it easy to make deposits and withdrawals?

If you have a credit or debit card or indeed an electronic wallet like Paypal or Skrill, then you can deposit funds. Request a withdrawal and the money is returned to the source.

Can I trade using my mobile or tablet device?

If you have an internet connection and a mobile phone or tablet, then you should be able to trade wherever you are in the world. You can also check that the broker offers a mobile app.

Top Rated Forex Site

#1 - Pocket Option: Best Overall

Pocket Option Logo
9.8
Superb
Bonus Up-to $2000 Pairs 12+
Min. Trade $1 *Payout % 92.76%
Over 130+ assets to trade now
Instant access to social trading
Single account option, for everyone
Tournament with prize of $50,000
IFMRRC is not an official regulator
Limited account funding methods
Deposit Methods
Visa Klarna PaySafeCard Neteller
163 visited this site today
Pocket Option Review
Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

Meet The Author
Samuel Lowes
Samuel Lowes
Fund Manager

Contributing to the website since 2012 we are one of many consultancy projects Samuel works on. With 38 years of experience in finance, insurance and foreign exchange his combined knowledge makes him an effective operator.

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