TurboForex Forex Broker

TurboForex Broker - Complete Information Guide

1. Overview of the Broker

TurboForex, officially known as Turbo Trading Ltd., was established in 2010. The broker is headquartered in New Zealand, and it operates primarily as a private entity. TurboForex caters to a diverse clientele, including retail traders and institutional investors, providing a range of financial services in the forex and CFD markets.

Since its inception, TurboForex has made significant strides in the online trading space. It has developed a reputation for offering a variety of trading instruments, including currency pairs, commodities, stocks, and indices. Over the years, the broker has reached several milestones, including the expansion of its trading platform offerings and the introduction of multiple account types to meet the varying needs of its traders.

TurboForex operates under the umbrella of its parent company, Turbo Trading Ltd., which is recognized for its commitment to providing transparent and efficient trading solutions. The broker primarily focuses on retail forex trading, but it also offers services tailored to institutional clients, enhancing its market reach and operational capacity.

2. Regulatory and Compliance Information

TurboForex is registered with the New Zealand Financial Service Provider (FSP) under license number FSP 332266. However, it is important to note that the broker has faced scrutiny regarding its regulatory status. Different sources indicate that the regulatory license may have been revoked, raising concerns about its operational legitimacy.

The broker claims to adhere to the regulations set forth by the Financial Dispute Resolution Service (FDRS) in New Zealand, which offers a compensation scheme for clients up to $200,000. However, the lack of robust regulatory oversight from more stringent authorities such as the UK's FCA or Australia's ASIC may pose risks for traders.

TurboForex implements KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance measures to ensure the security of client funds and to prevent fraud. Client funds are reportedly held in segregated accounts, which is a common practice to protect investors' capital in case of financial difficulties faced by the broker.

3. Trading Products and Services

TurboForex offers a wide range of trading products, primarily focusing on forex trading. The broker provides access to over 45 currency pairs, including major, minor, and exotic pairs. Additionally, TurboForex offers CFDs on commodities, stocks, and indices, allowing traders to diversify their portfolios.

The broker is known for its competitive trading conditions, including tight spreads and high leverage options. The maximum leverage available is up to 1:500, which can significantly amplify both potential profits and losses. Traders can also benefit from various promotional offers, such as deposit bonuses and loyalty programs.

TurboForex continually updates its product offerings to keep pace with market demands. However, specific details regarding the frequency of product updates and the introduction of new trading instruments are not explicitly provided in available resources.

4. Trading Platforms and Technology

TurboForex supports the widely recognized MetaTrader 4 (MT4) trading platform, which is favored by traders for its user-friendly interface and comprehensive analytical tools. The broker offers MT4 in various formats, including desktop, mobile, and web-based versions, ensuring accessibility for traders on the go.

In addition to MT4, TurboForex provides a proprietary web trader, although details regarding its features compared to MT4 are limited. The broker also supports automated trading through Expert Advisors (EAs) on the MT4 platform, catering to both novice and experienced traders.

The execution model utilized by TurboForex includes ECN (Electronic Communication Network) and STP (Straight Through Processing), which are designed to enhance trade execution speed and transparency. The broker's server infrastructure is based in Ireland, which is strategically advantageous for minimizing latency in trade execution.

5. Account Types and Trading Conditions

TurboForex offers several account types to accommodate different trading preferences and capital levels. The available accounts include:

• Mini Account: Minimum deposit of $250, floating spreads starting from 2.0 pips, and no commission.
• Standard Account: Minimum deposit of $1,000, floating spreads starting from 1.0 pips, and no commission.
• Premium Account: Minimum deposit of $10,000, with spreads starting from 0.5 pips and no commission.
• Fixed Account: Minimum deposit of $1,000, offering fixed spreads.
• Interbank Account: Minimum deposit of $5,000, designed for high-volume traders.

All accounts support a minimum trade size of 0.01 lots, and traders can take advantage of leverage ratios up to 1:500. The broker's policy on overnight fees varies by account type, but detailed information on these fees is not readily available.

6. Fund Management

TurboForex supports a variety of deposit and withdrawal methods to facilitate transactions for its clients. Accepted payment methods include:

• Bank Transfers
• Credit/Debit Cards
• E-wallets: Skrill, Neteller, WebMoney, and Sofort.

The minimum deposit requirement varies by account type, starting at $250 for the Mini Account. Deposit processing times are generally swift, but specific timelines are not disclosed.

Withdrawal methods mirror those available for deposits, and the processing time for withdrawals can vary. However, the broker does not provide detailed information about withdrawal fees or any potential limitations, which is crucial for traders to consider.

7. Customer Support and Educational Resources

TurboForex offers customer support through multiple channels, including:

• Email: support@turboforex.com
• Phone: +44 20 373 42018
• Live Chat: Available on the website.

The customer support team operates 24/5, catering to traders across different time zones. TurboForex provides support in multiple languages, including English, Portuguese, Arabic, Russian, and Turkish.

In terms of educational resources, TurboForex offers a range of materials aimed at enhancing traders' knowledge and skills. These resources include webinars, tutorials, and market analysis reports, which are essential for both new and experienced traders looking to improve their trading strategies.

8. Regional Coverage and Restrictions

TurboForex primarily serves clients in various regions, with notable popularity in Germany, Russia, and other countries. However, it does not accept clients from certain jurisdictions, including the United States and Iran.

The brokers regional offices are strategically located to support its global client base, although specific locations are not detailed in available resources. It is crucial for potential clients to verify their eligibility to open an account with TurboForex based on their geographical location.

In summary, TurboForex is a broker that offers a range of trading products and services suitable for various types of traders. However, potential clients should carefully consider the regulatory status and operational practices of the broker before engaging in trading activities.