Profile
Turnkey Forex is an offshore CFD broker offering trading in forex, indices, metals, and cryptocurrencies via MetaTrader and its proprietary web platform. The firm is registered in Mauritius but not regulated by any Tier-1 authority, making it popular with traders seeking high leverage and reduced restrictions. This Turnkey Forex review assesses the broker’s execution model, platform offering, market coverage, and regulatory limitations.
Regulation and Security
Turnkey Forex is registered in Mauritius under Turnkey Forex Ltd but does not hold regulatory licenses from top-tier authorities such as the FCA, ASIC, or CySEC. It previously operated from Saint Vincent and the Grenadines before relocating its registration.
This offshore status means the broker is not subject to capital reserve requirements, independent audits, or investor compensation schemes. Although Turnkey Forex claims to segregate client funds and offers basic encryption protections, the lack of oversight presents a higher level of risk compared to regulated providers.
Execution Model
Turnkey Forex uses a hybrid ECN/STP execution model. Trades are routed through aggregated liquidity providers with no dealing desk intervention, according to the broker. The ECN account provides raw spreads with commission, while standard accounts include a mark-up.
There is no third-party validation of execution quality or order routing. The broker claims low latency execution via its London-based servers, but slippage data and execution speeds are not published.
Trading Platforms
Turnkey Forex supports two trading platforms:
- MetaTrader 4 (MT4): Full desktop, mobile, and web terminal access
- Web Trader: Lightweight browser-based platform with simplified interface
Both platforms support advanced order types, technical indicators, and Expert Advisors (EAs). MT4 also enables one-click trading and custom scripts. The broker does not support MT5, cTrader, or FIX API for retail clients.
Supported Markets
Clients can access 100+ CFD instruments across key asset classes:
- Forex: 60+ major, minor, and exotic currency pairs
- Indices: Global benchmarks including US30, DAX, and FTSE
- Metals: Gold, silver, and platinum
- Cryptocurrencies: BTC, ETH, XRP, LTC (24/7 trading)
There is no support for real equities, ETFs, or bonds. All markets are offered exclusively via CFDs.
Account Types and Trading Conditions
Turnkey Forex offers several account types tailored to different strategies:
- Standard Account: Spreads from 1.0 pip, no commission
- ECN Account: Raw spreads from 0.0 pips, $2 per lot commission
- Crypto Account: Commission-free, tailored for 24/7 digital asset trading
- Demo Account: Free access for platform testing
Key trading conditions:
- Minimum deposit: $10
- Leverage: Up to 1:500 for forex (lower for crypto)
- Margin stop-out: 50%
- Minimum lot size: 0.01 lots
Retail and Institutional Features
Turnkey Forex focuses on retail traders but also supports more active users through additional features:
- Expert Advisor support and VPS hosting
- MAM and PAMM account services for money managers
- Personal account managers for larger clients
However, there is no FIX API or institutional liquidity service officially listed, and the broker does not provide white-label solutions.
Client Protection and Transparency
As an unregulated offshore broker, Turnkey Forex does not offer strong client protection. Notable gaps include:
- No negative balance protection guaranteed
- No compensation scheme
- No published financial reports or third-party audits
The broker does claim to use segregated accounts and SSL encryption but provides limited operational transparency.
Base Currencies, Order Types, and API Access
Account currencies include USD, EUR, and GBP. Supported order types on MT4 include:
- Market, limit, stop, and trailing stop orders
- Pending and OCO (One Cancels Other) orders
Turnkey Forex does not offer FIX API or REST API for retail users. Automated trading is supported via MT4’s scripting and EA environment.
Pros and Cons
- Pros:
- High leverage up to 1:500
- ECN account with low spreads and $2 commission
- Supports MT4 and automated strategies
- Low $10 minimum deposit
- Cons:
- Unregulated offshore broker
- No investor protection or third-party oversight
- Limited asset classes and no equities
- Lack of execution transparency or audit trail
Frequently Asked Questions
Is Turnkey Forex regulated?
No. Turnkey Forex is registered offshore and operates without a financial regulatory license.
What platforms does Turnkey Forex offer?
Turnkey Forex offers MetaTrader 4 (MT4) and a proprietary Web Trader platform.
What is the minimum deposit to start trading?
The minimum deposit is $10, which applies to all account types.
Does Turnkey Forex support Expert Advisors?
Yes. The MT4 platform fully supports automated trading via EAs and custom scripts.
What leverage does Turnkey Forex provide?
Leverage is available up to 1:500 for forex, with lower levels for cryptocurrencies and indices.
