- Excellent selection of trading platforms
- Great customer care and support
- Variety of tradeable assets
- Low fees and commissions
- Not licensed or regulated
- Offshore trading brokerage
- Lacking some information
TurboForex is an industry leading online trading brokerage that provides trading services on the financial markets to clients from around the world. The brokerage specializes in not 1 but 4 highly lucrative financial markets including the trading of forex and CFDs on commodities, stocks and indices. TurboForex was established in 2010 with the goal to provide traders with the best trading conditions and top of the line trading technologies. TurboForex is owned and operated by TF Trading Ltd. and is based out of the Marshall Islands with their headquarters located at TF Trading Ltd. Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands. Unfortunately, TurboForex is not a licensed or regulated trading brokerage and they are located offshore. Therefore, this raises some concerns as traders are not protected by any regulatory authorities and the brokerage is not guaranteed to be reputable. However, TurboForex has been operating for nearly 10 years now and has yet to be shut down. Therefore, can TurboForex be trusted to provide safe, reliable, and fair trading services? Find out in our in-depth review below where we analyze all aspects of TurboForex and discover if they can be trusted and if they are the right online trading brokerage for you.
The TurboForex broker provides their clients with the whole suite of MetaTrader 4 (MT4) trading platforms including the downloadable desktop platform, the MT4 WebTrader platform, and the MT4 mobile trading applications. All of these MT4 trading platforms are of premium quality and suite the needs of both beginner and experienced traders. Probably one of the most impressive features of the MT4 trading platforms is the ability to conduct automated trading with the use of Expert Advisors (EAs). These EAs use an algorithmic trading technology made possible with MetaTrader’s unique MLQ4 programming language. Also, another unique feature of the MT4 platforms is the advanced charting package that facilitates one click trading directly from the charts with lightning fast execution speed. The TurboForex MT4 charting package also comes complete with over 50 built-in technical indicators, an array of drawing and analysis tools, and various chart types and time frames. While this may seem complicated to some, the platform is actually extremely easy to use and can be customized to each individual traders liking. All in all, the TurboForex suite of MT4 trading platforms will not disappoint, no matter if you’re an aspiring trader just starting out or are an experienced trading veteran.
TurboForex does not specialize in the offering of just one tradeable asset, but rather provides a taste of all 4 of the most popular tradeable financial markets. Traders can trade an array of forex currency pairs including majors, minors and exotics. As well, traders can participate in the trading of CFDs (contracts for difference) on major asset classes including commodities such as gold and silver, 7 major global indices, and an array of stocks from the world’s largest and most successful companies. All in all, the investable product offering isn’t as impressive as much of the competition, but TurboForex offers enough to keep beginner and intermediate traders satisfied.
Fees and Commission
TurboForex does not disclose much information regarding the fees associated with trading with them other than the spreads associated with each type of trading account. Traders can choose from 5 different types of trading accounts, 4 of which have variable spreads and one with fixed spreads. See the fees associated with each account type below.
- Variable spreads from 2 pips
- Variable spreads from 1 pip
- Variable spreads from 0.5 pips
- Fixed spreads from 3 pips
- Variable spreads from 0 pips
- Commissions of $5.00 per lot
Security and Fairness
The one major downside to the TurboForex trading brokerage is their level of security. TurboForex is located offshore away from the laws and regulations that generally protect traders and investors. As well, TurboForex is not licensed or regulated by any regulatory authorities, nor do they have any memberships with any sort of investor compensation organizations. Therefore, we advise traders to proceed with extreme caution if choosing the TurboForex trading brokerage. However, TurboForex has been in operation for almost 10 years and has thousands of active traders using their trading platform. Also, they appear to be a fair trading brokerage with favorable trading conditions.
TurboForex provides their traders with a great deal of care when it comes to their customer support. Support representatives can be reached via email, live chat, and telephone with 10 local phone support numbers from United Kingdom, New Zealand, Russia, Ukraine, Kazakhstan, Australia, Brazil, Argentina, Norway, and Sweden. Support representatives are available 24 hours a day, 5 days a week and traders request a call back in their off hours. Additional methods of support include an FAQ page and extensive education center complete with various educational videos, webinars, trading strategies, courses and more.
Overall, the TurboForex online trading brokerage appears to be a competent and reliable online trading brokerage with a decent financial products offering and excellent trading platforms. The customer support provided by TurboForex is very good and the broker also has favorable commissions and fees. The only downside to the broker is that they are not licensed or regulated and are located offshore. In the end, it is up to you the trader to decide if TurboForex is a viable trading brokerage for you.
The following are the common questions that customers inquired about TurboForex.
Is TurboForex regulated?
No, it is not regulated by any reputable regulatory authorities.
Is TurboForex a scam?
No, TurboForex is a legit broker and has been in business for almost 10 years.
Where is TurboForex based?
TurboForex is based at TF Trading Ltd. Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.