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6 Best Forex Brokers in Turkey

Last Update: June 26th, 2024

Best Forex Brokers in Turkey

 

The 6 best Forex brokers in Turkey revealed. We have explored and tested several prominent brokers to identify the 6 best. 

In this in-depth guide you’ll learn: 

  • What is a Forex broker in Turkey?
  • Who is the Best Suited Broker for Beginner Turkish Traders?
  • Can Turkish residents trade Forex with international brokers 
  • Pros and cons of each broker.
  • Popular FAQs about the best Forex brokers in Turkey.

 

And lots more… 

So, if you’re ready to go “all in” with the 6 best Forex brokers in Turkey… 

Let’s dive right in… 

 

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewCySEC, MISA, FSCAUSD 25Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

 

What is a Forex broker in Turkey? 

Traders in Turkey utilize Forex brokers to access global currency markets seamlessly. These brokers offer essential services like trading platforms, market analysis, and leverage, enabling traders to execute trades efficiently.

 

Additionally, brokers ensure compliance with regulatory standards, provide localized support, and offer access to diverse financial instruments, enhancing trading opportunities for Turkish investors. 

 

Best Forex Brokers in Turkey – Comparison

👥 Brokers👉 Open Account💰 Minimum Deposit⚖️ Regulators📈 Minimum Spread
1. Pepperstone Open AccountEquivalent to AU$200ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCBFrom 0.0 pips
2. Interactive BrokersOpen AccountThere is no specific minimum deposit requiredSEC, CFTC, FCA, IIROCFrom 0.0 pips
3. IC Markets Open AccountTRY 6,230.05 or $200ASIC, CySEC, FSA, SCBFrom 0.0 pips
4. Tickmill Open AccountTRY 155.75 or $5Seychelles FSA, FCA, CySEC, Labuan FSA, FSCAFrom 0.0 pips
5. Exness Open AccountBased on chosen regional deposit methodFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCAFrom 0.0 pips
6. XM Open AccountTRY 155.75 or $5FSCA, IFSC, ASIC, CySEC, DFSAFrom 0.0 pips

 

6 Best Forex Brokers in Turkey (2024*)

  1. ✔️Pepperstone – Overall Best Forex Broker in Turkey
  2. ✔️Interactive Brokers – Authorized By Several Reputable Market Regulators
  3. ✔️IC Markets – Best Forex Broker for Beginner Turkish Traders
  4. ✔️Tickmill – Provides Educational Resources
  5. ✔️Exness – Offers a Wide selection of instruments
  6. ✔️XM – Best Nasdaq 100 Forex Broker for Turkish Traders

 

1. Pepperstone 

Pepperstone presents an enticing option for swing traders in Turkey due to several key factors. 

 

Their diverse range of tradable instruments allows swing traders to explore various markets beyond forex, including indices, commodities, and cryptocurrencies, thereby diversifying their portfolios.  

 

Additionally, the broker offers competitive spreads and low commissions, minimizing trading costs and maximizing potential profits for swing traders holding positions for several days or weeks.  

 

Pepperstone

 

Additionally, the platform’s user-friendly interface and advanced charting tools cater to swing traders’ analytical needs, aiding in comprehensive market analysis and decision-making.  

 

Their commitment to regulatory compliance ensures a secure trading environment for Turkish swing traders, fostering trust and confidence in the platform.  

 

Overall, with its extensive market coverage, cost-effective trading conditions, and robust technical features, it stands out as an excellent choice for swing traders in Turkey seeking to capitalize on medium-term market trends efficiently. 

 

Unique Features

📝 RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
✴️ CMB regulation?No
📱 Social Media PlatformsLinkedIn, Twitter, Facebook, YouTube
🔎 Trading AccountsStandard Account, Razor Account, Professional Account, Demo Account, Islamic Account
💻 Trading PlatformsMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, Duplitrade
💸 Minimum DepositEquivalent to AU$200
🔁 Trading AssetsForex, Indices, Shares, Commodities, Cryptocurrencies, Futures, Options
🚀 TRY-based Account?No
💳 TRY Deposits Allowed?No
💰 Bonuses for traders?No
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
✔️ Islamic AccountYes
🎖 Open an AccountOpen Account

 

Pros and Cons

✔️ Pros❌ Cons
Pepperstone offers traders competitive spreads, starting at 0.0 pips, thereby enabling them to carry out transactions at diminished costs.When compared to other brokers, Pepperstone's account categories might be comparatively restricted, potentially constraining the choices accessible to traders with specific needs.
The broker ensures timely order execution, thereby mitigating slippage and enhancing the overall trading efficiency.Notwithstanding the advanced functionalities offered by MetaTrader platforms, traders who prefer alternative trading platforms might find their alternatives to be somewhat limited in scope.
Pepperstone provides its users with an extensive selection of financial instruments, including indices, cryptocurrencies, foreign exchange, and commodities, thus offering a plethora of trading opportunities.While Pepperstone offers a wide array of trading instruments, some traders may not have access to particular niche assets or markets through this broker.
Traders are granted access to the globally acclaimed MetaTrader 4 and MetaTrader 5 platforms, which boast sophisticated features, customisable user interfaces, and automated trading capabilities.
Pepperstone maintains a secure trading environment and safeguards client funds by adhering rigorously to regulatory requirements.

 

Trust Score

The broker has a high trust score of 92%  

 

2. Interactive Brokers 

Interactive Brokers emerges as an excellent choice for experienced investors in Turkey owing to several key advantages.  

 

Overall, their expansive range of financial instruments provides ample opportunities for seasoned investors to diversify their portfolios across various asset classes and global markets.  

 

Additionally, the broker offers sophisticated research tools, comprehensive market data, and advanced trading platforms, catering to the analytical needs and strategic sophistication of experienced investors.  

 

Interactive Brokers 

 

The platform’s low commissions and competitive pricing ensure cost-effective trading, maximizing returns for seasoned investors managing larger portfolios. Furthermore, their robust regulatory framework and reputation for reliability instil trust and confidence among Turkish investors, ensuring a secure trading environment.  

 

Overall, with its broad market coverage, advanced tools, cost-efficiency, and regulatory compliance, Interactive Brokers stands out as a compelling option for experienced investors in Turkey seeking to optimize their investment strategies and capitalize on global market opportunities. 

 

Unique Features

📝 RegulationSEC, CFTC, FCA, SEBI
✴️ CMB regulation?No
📱 Social Media PlatformsFacebook, Twitter, YouTube, LinkedIn
🔎 Trading AccountsIndividual, Joint, Trust, IRA, Non-Professional Advisor, Family Office, Advisor, Advisor Client (including Non-Professional Advisor and Family Office), Broker Client, EmployeeTrack
💻 Trading PlatformsIBKR
💸 Minimum DepositNo minimum deposit requirement
🔁 Trading AssetsGlobal stocks, options, futures, currencies, cryptocurrencies
🚀 TRY-based Account?No
💳 TRY Deposits Allowed?Yes
💰 Bonuses for traders?Yes
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
✔️ Islamic AccountNo
🎖 Open an AccountOpen Account

 

Pros and Cons

✔️ Pros❌ Cons
Interactive Brokers provide traders with access to numerous foreign markets, including those for options, bonds, currencies, and equities. Traders can therefore diversify their holdings across a wide variety of asset classes.For novice traders, comprehending and employing complex trading platforms and instruments may present a challenge.
Interactive Brokers' trading platforms, including Trader Workstation (TWS) and IBKR Mobile, provide a comprehensive array of analytical and execution functionalities.Despite offering competitive pricing, Interactive Brokers' array of services and accounts are available at varying rates, which may cause some traders to become perplexed.
Interactive Brokers provides transparent pricing structures and reasonable commission rates to active traders, particularly those with high trading volumes, thereby potentially reducing overall trading expenses.Interactive Brokers imposes higher minimum balance requirements for several account types compared to other brokers, thereby impeding the functionality of the platform for traders with smaller account balances.
To aid traders in making informed investment decisions, Interactive Brokers offers an abundance of research and analytical tools, including research papers, technical analysis, market commentary, and fundamental data.Despite offering customer support via email, phone, and live chat, Interactive Brokers may not meet the expectations of all traders who prefer the personalised attention to detail typically associated with smaller brokerages.
By utilising the risk management functionalities offered by Interactive Brokers—including risk-based margining, portfolio margining, and real-time margin computations—trades can effectively mitigate and control risk.Potentially inferior to other brokerages in terms of instructional materials and tools, Interactive Brokers may require novice traders to seek advice and information elsewhere.

 

Trust Score

Interactive Brokers has a trust score of 95%  

 

3. IC Markets 

IC Markets presents an attractive option for forex enthusiasts in Turkey due to several compelling reasons.  

 

Their commitment to providing competitive pricing, including tight spreads and low commissions, appeals to traders passionate about forex trading, maximizing their potential returns.  

 

The broker offers a diverse range of currency pairs, providing ample opportunities for enthusiasts to explore and capitalize on various forex markets globally. Additionally, the platform’s advanced trading technology ensures fast execution and minimal slippage, crucial for enthusiasts aiming to profit from short-term price movements.  

 

IC markets

 

IC Markets’ user-friendly interface, educational resources, and responsive customer support cater to the needs of forex enthusiasts, facilitating a seamless trading experience.  

 

With its focus on competitive pricing, diverse offerings, advanced technology, and client-centric approach, IC Markets stands out as an excellent option for forex enthusiasts in Turkey seeking to immerse themselves in the dynamic world of currency trading. 

 

Unique Features

📝 RegulationASIC, CySEC, FSA, SCB
✴️ CMB regulation?No
📱 Social Media PlatformsLinkedIn, Twitter, Facebook, YouTube
🔎 Trading AccountscTrader Account, Raw Spread Account, Standard Account.
💻 Trading PlatformsMetaTrader 4, MetaTrader 5, cTrader, IC Social, Signal Start, ZuluTrade
💸 Minimum DepositTRY 6,230.05 or $200
🔁 Trading AssetsForex, Commodities, Indices, Bonds, Cryptocurrencies, Stocks, Futures
🚀 TRY-based Account?No
💳 TRY Deposits Allowed?No
💰 Bonuses for traders?No
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
✔️ Islamic AccountYes
🎖 Open an AccountOpen Account

 

Pros and Cons

✔️ Pros❌ Cons
IC Markets appeals to traders in search of economic trading due to its competitive spreads, specifically for its Raw Spread accounts.The educational resources offered by IC Markets may appear to be somewhat deficient, potentially impeding novice traders from attaining proficiency.
IC Markets streamlines social trading through a partnership with ZuluTrade, which allows users to observe and replicate the strategies utilised by successful traders.Novice traders may perceive the advanced functionalities and tools of IC Markets as overbearing, necessitating a period of adjustment before mastering their effective utilisation.
IC Markets provides a diverse selection of trading items, including currency combinations, indices, commodities, and cryptocurrencies, to cater to a broad spectrum of trading preferences.Despite the provision of customer service by IC Markets, certain clients may develop impatience as a result of inconsistencies in the promptness and quality of their assistance.
The broker offers an assortment of account types from which clients may choose the one that most closely aligns with their trading preferences and approach. This selection includes Standard and Raw Spread accounts.Periodically, concerns or delays associated with the IC Markets withdrawal procedure have been documented. Individuals who require immediate access to their funds might perceive this as an inconvenience.
IC Markets is supervised by reputable regulatory bodies, such as the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA), which ensure a secure and transparent transaction environment for clients.Certain clients have reported encountering intermittent platform instability or technical difficulties while conducting transactions with IC Markets, potentially resulting in disruptions to trading activities.

 

Trust Score

IC Markets has a trust score of 86% 

 

4. Tickmill 

Tickmill’s competitive pricing structure, including tight spreads and low commissions, enables retail traders to optimize their trading costs and maximize potential returns.  

 

The broker offers a diverse range of financial instruments, including forex, indices, commodities, and cryptocurrencies, providing ample opportunities for retail traders to diversify their portfolios and capitalize on various market trends.  

 

Tickmill 

 

Additionally, the platform’s user-friendly interface, educational resources, and responsive customer support cater to the needs of retail traders, facilitating a seamless trading experience.  

 

Tickmill prioritizes transparency, security, and regulatory compliance, which instils trust and confidence among Turkish retail traders.

 

Furthermore, with its focus on competitive pricing, diverse offerings, user-friendly interface, and commitment to customer satisfaction, Tickmill stands out as a compelling option for retail traders in Turkey seeking to enhance their trading journey.

 

Unique Features

📝 RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
✴️ CMB Regulation?No
📱 Social Media PlatformsFacebook, Twitter, LinkedIn, YouTube, Instagram, Telegram
🔎 Trading AccountsPro Account, Classic Account, VIP Account
💻 Trading PlatformsMetaTrader 4, MetaTrader 5
💸 Minimum DepositTRY 155.75 or $5
🔁 Trading AssetsForex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies
🚀 TRY-based Account?No
💳 TRY Deposits Allowed?No
💰 Bonuses for traders?Yes
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
✔️ Islamic AccountYes
🎖 Open an AccountOpen Account

 

Pros and Cons

✔️ Pros❌ Cons
Tickmill's advantageous reputation for offering industry-leading spreads enables investors to make investments at a reduced cost.In comparison to its rivals, Tickmill might provide a reduced selection of instructional resources, which could potentially ease the transition for inexperienced traders.
The lightning-fast execution rates of Tickmill reduce slippage issues and ensure timely order processing.Potential traders' access to Tickmill's services may be impeded in certain circumstances.
Tickmill facilitates portfolio diversification by providing access to a wide array of non-forex financial instruments, such as commodities, bonds, and indices, thereby expanding trading horizons.Potentially lacking in functionality, the Tickmill platform may not meet the needs of individuals who are interested in copy trading or social trading.
Tickmill fosters environmentalism and traders' trust through the provision of transparent pricing models devoid of any concealed charges.The lack of language support beyond English could present challenges for traders in their pursuit of aid.
By utilising state-of-the-art infrastructure and trading technology, Tickmill enhances the trading experiences of its clients, thereby demonstrating its dedication to both innovation and consumer contentment.While Tickmill offers fundamental research tools, its access to more sophisticated resources might be constrained, thereby impeding traders' capacity to perform comprehensive studies.

 

Trust Score

Tickmill has a trust score of 82% 

 

5. Exness 

Exness is an ideal choice for beginner traders in Turkey due to several key advantages. Their user-friendly platform and intuitive interface simplify the trading process, making it accessible for novice traders to navigate and execute trades effectively.  

 

They offer comprehensive educational resources, including tutorials, webinars, and demo accounts, enabling beginners to learn the basics of trading and practice without risking real capital.  

 

Exness

 

Overall, their low minimum deposit requirements and micro-lot trading options accommodate beginner traders with limited initial investment capital, allowing them to start trading with minimal risk. 

 

The broker prioritizes transparency, security, and regulatory compliance, which fosters trust and confidence among Turkish beginner traders.

 

Because of its beginner-friendly features, educational support, low entry barriers, and commitment to customer satisfaction, the broker stands out as a compelling option for novice traders in Turkey embarking on their trading journey.

 

Unique Features

📝 RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
✴️ CMB regulation?No
📱 Social Media PlatformsLinkedIn, Twitter, Facebook, YouTube, Instagram
🔎 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
💻 Trading PlatformsMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trade app
💸 Minimum DepositBased on chosen regional deposit method
🔁 Trading AssetsForex, Metals, Crypto, Energies, Indices, Stocks
🚀 TRY-based Account?Yes
💳 TRY Deposits Allowed?Yes
💰 Bonuses for traders?No
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
✔️ Islamic AccountYes
🎖 Open an AccountOpen Account

 

Pros and Cons

✔️ Pros❌ Cons
Traders can adjust leverage under their risk tolerance and trading approach.Certain commentators contend that despite the platform's considerable adaptability, its trading tools and functionalities fall short when compared to those of alternative specialised platforms. Nonetheless, this image depicts an extremely small number of traders.
A demo account can be established by traders to familiarise themselves with virtual funds before proceeding with actual investments.Customer support representatives may encounter periods of unavailability despite their sincere desire to assist. Hence, their responses may vary in both extent and quality.
Exness has been acknowledged for providing complete transparency regarding all expenses, spreads, and trading conditions.Some traders, in contrast to their competitors, may be deterred from employing the user interface (UI) on account of its potential complexity and sophistication.
There are no fees associated with withdrawals or deposits at Exness.Customers seeking a broader range of investment opportunities might be deterred from using Exness due to its exclusive concentration on FX and CFDs.
Local deposit and withdrawal options are provided.A significant level of leverage heightens the potential for incurring substantial losses.
Expert Advisors (EAs) designed specifically for traders are provided to MetaTrader consumers by Exness as trading automation tools.Although market analysis and insights are exhaustive, they may not be adequate for certain traders.
Traders are granted access to an extensive array of markets by the plethora of available platforms and account categories
Exness offers its clients a diverse selection of assets, including commodities, indices, FX combinations, and cryptocurrencies.
Traders have complete access to all of Exness' trading instruments via the organization's mobile application.
Exness effectively accommodates a worldwide clientele through its bilingual website and expeditious customer service.
On a routine basis, infrastructure and system functionality are updated.
The capability to mitigate financial losses and recover investments is one of the risk management features of the platform.

 

Trust Score

Exness has a trust score of 97% 

 

6. XM 

XM is a compelling option for active traders in Turkey due to several key advantages.  

 

Moreover, their competitive pricing structure, including tight spreads and low commissions, aligns well with the needs of traders executing frequent trades, helping to minimize trading costs and maximize potential profits.  

 

The broker offers fast order execution and reliable trade execution, crucial for active traders seeking to capitalize on short-term market opportunities. Additionally, the platform provides access to a wide range of financial instruments, including forex, commodities, stocks, and indices, allowing active traders to diversify their trading strategies and explore various markets.  

 

XM

 

Additionally, their user-friendly interface, advanced trading tools, and responsive customer support contribute to a seamless trading experience, enhancing efficiency and convenience for active traders in Turkey.  

 

Overall, with its competitive pricing, fast execution, diverse offerings, and client-centric approach, XM proves to be an excellent choice for active traders in Turkey. 

 

Unique Features

📝 RegulationFSCA, IFSC, ASIC, CySEC, DFSA
✴️ CMB regulation?No
📱 Social Media PlatformsFacebook, Twitter, YouTube, LinkedIn, Instagram
🔎 Trading AccountsMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
💻 Trading PlatformsMetaTrader 4, MetaTrader 5, XM Mobile App
💸 Minimum DepositTRY 155.75 or $5
🔁 Trading AssetsForex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
🚀 TRY-based Account?No
💳 TRY Deposits Allowed?No
💰 Bonuses for traders?Yes
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
✔️ Islamic AccountYes
🎖 Open an AccountOpen Account

 

Pros and Cons

✔️ Pros❌ Cons
The cent account offered by XM allows inexperienced traders to initiate trading activities with negligible initial investment and a significant decrease in risk exposure.The cost structures of the numerous account types provided by XM are diverse, potentially leading to perplexity and apprehension among certain traders.
The XM platform provides traders with increased profitability and cost efficacy due to its competitive margins.XM's enforcement activities and regulatory modifications may impose limitations on traders who employ high-leverage strategies.
XM provides a plethora of educational resources, including webinars and seminars, to assist traders in the growth of their trading capabilities.

 

Trust Score

XM has a high trust score of 90%

 

Forex Brokers in Turkey

 

Conclusion

Overall, selecting the right Forex broker is paramount for traders in Turkey to navigate the dynamic currency markets effectively. Whether catering to beginners or experienced investors, the best brokers offer competitive pricing, diverse instruments, reliable platforms, and educational support, ensuring a fruitful trading experience for all. 

FAQs

Yes, Turkish residents can trade Forex with international brokers as long as the broker accepts clients from Turkey. 

International Forex brokers often offer competitive spreads, a wide range of currency pairs, advanced trading platforms, and regulatory oversight. 

Consider factors such as regulatory compliance, trading conditions, available platforms, customer support, and educational resources.

Typically, you’ll need to provide identification documents such as a passport or ID card, proof of address, and possibly financial statements. 

Leverage allows traders to control larger positions with a smaller amount of capital, amplifying both potential profits and losses.

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