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TurboForex Forex Broker

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Review of TurboForex

TurboForex-Broker Review

TurboForex is a Forex and CFD broker from New Zealand created in 2014. This broker is owned by a company called Turbo Trading Ltd and allows to trade with many instruments such as Forex (spot market), commodities like gold and silver and Contracts For Difference based on various assets.

As a broker, TurboForex operate based on a ECN/ECN business model. It uses a hybrid model for the orders execution, as a market maker for some trades when the minimum volume of such transactions does not exceed the minimum amount required by the liquidity providers, while other transactions are passed to the interbank market (what is known as Straight Through Processing, or STP).


Type of broker

TurboForex is a ECN/STP/NDD Forex and CFD broker.


Regulation

For the moment this company has no regulation.


Country of origin

The headquarters of TurboForex are located in New Zealand.


Trading Instruments

TurboForex offers the possibility to trade with the following instruments:

  • Forex Market: 48 different currency pairs in the Forex spot market, from the most important like the EUR/USD, GBP/USD and USD/JPY to other more exotic such as USD/RUB, USD/RON and USD/MXN among others.
  • Commodities: Gold and silver in the spot market, two of the most important and traded commodities in the market.
  • Contracts For Difference*: CFD based on different instruments such as:
    • Stock indices like the Nasdaq and FTSE.
    • Commodities, including metals, energy commodities such as oil and natural gas, and agricultural commodities such as sugar, corn and coffee.
    • Stocks.

*The trading conditions for CFD depends on the underlying asset of the contract.


Trading Accounts​

The types of accounts offered by this broker with its main features are:

Trading Account Mini Standard Premium Fixed Interbank Signal Trader
Minimum deposit 250 1000 10000 1000 5000 2000
Deposit currency USD USD USD USD USD USD
Trading Instruments Forex and CFD on commodities, indices and shares Forex and CFD on commodities, indices and shares Forex and CFD on commodities, indices and shares Forex and CFD on commodities, indices and shares Forex and CFD on commodities, indices and shares Forex and CFD on commodities, indices and shares
Execution type Market execution Market execution Market execution Instant execution Market execution Market execution
Spreads Variable from 2 pips Variable from1 pips Variable from 0.5 pips Fixed from 3 pips Variable from 0 pips Variable from 3 pips
Leverage 1-500 1-500 1-500 1-500 1-500 1-500
Minimum trading size (lots) 0,01 0,01 0,1 0,01 0,01 0,01
Trading platforms MT4, Webtrader and mobile platforms MT4, Webtrader and mobile platforms MT4, Webtrader and mobile platforms MT4, Webtrader and mobile platforms MT4, Webtrader and mobile platforms MT4, Webtrader and mobile platforms
Bonuses Apply Apply Apply Apply Does not apply Does not apply
Transaction fee No No No No 5 USD per standard lot No
Stop out 10% 20% 20% 20% 40% 100%

Demo Accounts

It offers a demo account with no limit of time.


Trading Platforms

This broker offer various trading platforms for its clients:

  • Metatrader 4: Currently TurboForex employs one trading platform for all accounts types offered that is based on Metatrader 4. This platform is the industry standard and is used by most brokers due to its user-friendly interface, multiple technical analysis tools (including dozens of technical indicators incorporated), advanced price charts (with multiple time frames, from 1 minute to 1 month) and the possibility of using automated trading systems (Expert Advisors) based on all kinds of trading strategies. In addition, through MT4 the user can connect with the copy trading service Metatrader 4 Trading Signals of MetaQuotes, through which the customers can copy the trading signals of many signal providers, including professional traders.
  • Sirix Webtrader: It is a web-based platform which requires no download or installation which gives the trader greater accessibility to markets. It is characterized by a simple and user-friendly interface and offers a variety of trading tools, such as trading management functions, technical analysis tools including advanced price charts, built-in technical indicators, updated quotes and other. It also incorporates a simple social trading application that allows to follow and copy the transactions performed by other traders in the market in real time.
  • Applications for mobile devices: This broker offers several platforms designed to trade in markets and access the account of the trader from different mobile devices such as smartphones and tablets. These applications have different trading functions and simple market analysis tools and are based on Metatrader 4.
Social trading service of TurboForex
In all its trading accounts, and through SIRIX Webtrader platform, the broker TurboForex enables its customers to connect with its social trading service. Through this service, the trader can follow in real time and copy the transactions of other traders in real time. The system is quite simple and all the copying process can be performed with a few clicks. Thus, it is possible to copy transactions  from experienced traders with successful trading strategies, since the system allows to check the main statistics for all traders who are integrated into the network of TurboForex.

Payment Options

The client can deposit and withdraw funds through Bank Wire Transfer, Credit Card, Debit Card Skrill, Neteller, WebMoney and several others.

The currencies accepted by the company for depositing funds are as follows: EUR and USD.


Main Advantages of TurboForex

  • It is a Forex broker that operates under a ECN/STP business model.
  • On a regular basis, the company offers promotions for their new and existing customers, including bonuses for depositing funds and trading competitions.
  • A lot of trading instruments, including dozens of currency pairs.
  • This broker offers a customer service in multiple languages.
  • Various types of accounts and trading platforms for clients with different profiles.
  • As an ECN broker, it offers its customers access to the interbank market and its liquidity providers.
  • TurboForex offers a number of educational resources for the trader, including video courses on the following topics:
    • Trading for beginners
    • Trading for more experienced traders
    • Metatrader 4
    • Trading strategies
  • A social trading network and service based on the concept of copy trading, which allows to follow and copy any trade of other traders in real time.
  • An updated economic calendar.
  • This company offers the possibility to earn extra income by promoting their services through an affiliate program called FxPartners.

Main Offers of TurboForex

It currently offers a welcome bonus of up to 100% for new customers who open an account and deposit funds. Applies only to the initial deposit.


Other Categories of this broker

  • Gold Broker.
  • Silver Broker.
  • CFD Broker.
  • Metatrader 4 Broker.

Company Turbo Trading Ltd
Minimum account size $250.
Minimum lot size 0.01 lot.
Maximum Leverage 1:500
Spreads -Fixed spreads from 2-3 pips for EUR/USD
-Variable spreads from 0 pips for EUR/USD
Link to the website TurboForex Website
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