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TurboForex Account Types

TurboForex Account Types

 

Overall Rating

4.4/5

Rated #556 of 
Recommended FX Brokers

💰Minimum Deposit

USD 250

🌐 Regulators

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

TurboForex provides three different account types e.g., the Mini Account, the Standard Account, and a Premium Account. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.

 

Finding a reputable list about TurboForex account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

TurboForex Overview

TurboForex is a forex broker company in St Vincent and the Grenadines. TurboForex was established in New Zealand in 2010. It is a brand of Turbo Trading Limited in Napier, New Zealand which is regulated by the Financial Disputes Resolution Scheme in New Zealand. Its headquarters are given as in St Vincent and the Grenadines though.

A Forex broker like TurboForex provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

And although the broker claims to be an industry-leading online trading brokerage with the goal to offer excellent trading conditions and the most advanced trading technologies, it seems to be but one of the more bogus claims about their legitimacy as a broker.

TurboForex also claims to have a compliance certificate from the Financial Market Relations Regulation Centre (FMRRC). The Financial Market Relations Regulation Centre is a Russian independent self-regulatory agency that was created to provide a level of regulation for derivatives dealers and brokers.

It has no connection with the Central Bank of Russia, which the official regulatory body in Russia, and has very few legal powers with regards to regulating FMRRC regulated brokers.

TurboForex provides online brokerage services on Forex currency trading, derivatives on commodities, stocks, and global indices. One of their main advantages is extremely narrow spreads, they even guarantee a refund of the difference if a trader can find a broker with lower spreads.

The broker also covers commissions for deposits and withdrawals of funds and offers up to 100% bonuses on deposits with the possibility to withdraw the bonus.

TurboForex offers MetaTrader 4 (MT4), and clients can trade via the MetaTrader 4 Desktop trader, web trader, and on mobile devices or tablets. MT4 is the choice of traders worldwide because it offers competitive spreads and fees, research and training tools, advanced customizable charting, automated trading, trading signals, Expert Advisor plugins, and live newsfeeds.

TurboForex clients may also use an automated system of copying trades called TurboForex Social, which helps yield profits without participating in trading.

TurboForex is not clear as to its regulation, suggesting that it is not properly regulated. It provides the popular MT4 as a trading platform as well as a fair choice of account types, but once again is not always clear as to the trading and administrative costs attached to their operations.

 

TurboForex Account Types

TurboForex offers three distinct account types, as well as a possible two more types, but no option for an Islamic Account.

The minimum deposit required to open its Mini Account is $10. To open a Standard Account a minimum deposit of $100 is required and for a Premium Account, the requirement is $1 000.

 

TurboForex Account Features

 

Mini Account

The mini account is designed for new traders to the Forex market and those who want to trade smaller volumes. The minimum deposit to open an account is only $10 and a leverage ratio of up to 1:500 can be used.

Instruments include Forex, Indices, Commodities, and Shares and trading can be done from desktop, web, mobile, or tablet.

Spread is variable, from 2.0 pips and the minimum trade size is 0.01 lot. No commission is charged for Forex and Commodities.

 

Standard Account

This account is ideal for traders with experience and offers better spreads and the cheapest transaction costs.

The minimum amount required as an opening deposit is $100 and leverage of up to 1:500 is allowed.

Trading instruments include Forex, Indices, Commodities and Shares and can be traded from desktop, web, mobile, or a tablet.

Spreads are variable, from 1.0 pip and the minimum trade size is 0.01 lot. There is no commission for Forex and Commodities.

 

Premium Account

Premium accounts offer the best trading conditions on the platform and are designed for serious traders. They have a required minimum opening deposit of $1 000.

A maximum leverage ratio of up to 1:500 can be used to trade instruments like Forex, Indices, Commodities, and Shares via desktop, web, mobile, or tablet.

Spreads are variable, from 1.0 pip and the minimum trade size is 0.1. There is no commission for Forex and Commodities.

Some sources also mention the availability of a Fixed Account with a minimum deposit requirement of $ 1000.00 that offers the lowest fixed spread on the market for long-term traders, as well as an Interbank Account.

The minimum deposit to open an Interbank Account would be $5 000 and it would be more suited for higher deposit clients, with direct access to interbank markets.

 

Islamic Account

TurboForex does not offer Muslim traders who follow Sharia law the option of an Islamic Account.

 

Overall Rating

4.4/5

Rated #556 of 
Recommended FX Brokers

💰Minimum Deposit

USD 250

🌐 Regulators

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Demo Account

TurboForex offers traders the option of opening a Demo Account which can be utilized in several ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore TurboForex’s trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

The Islamic Account

The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Brokers offer an Islamic Account usually only to Muslim traders who follow the Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account such as minimum deposit, spreads, and more.

Traders who are interested in registering for an Islamic account can enquire from TurboForex’s customer support to verify if such an account may become available, since info may have changed from the time of writing.

 

Pros and Cons

✔️PROS ❌CONS
Demo Account available No Islamic Account available
Offers high leverage Not properly regulated
Different account options Contradictory information on the website

 

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TurboForex at a Glance

Broker’s name TurboForex
Headquarters Majuro, Marshall Island
Year founded 2010
Regulating authorities Only possibly the FMRRC
Countries not accepted for trade Not indicated
Demo account Yes
Islamic account (swap-free) No
Institutional accounts Not indicated on the website
Managed accounts Not indicated on the website
Maximum leverage 1:500
Minimum deposit $10
Deposit options Bank Transfer, Visa, and MasterCard, Skrill, Neteller, Sofort, WebMoney
Withdrawal options Bank Transfer, Visa, and MasterCard, Skrill, Neteller, Sofort, WebMoney
Platform(s) provided MetaTrader 4, WebTrader
OS compatibility Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad.
Tradable assets offered Currencies, commodities, stocks, and indices
Languages supported on the website English, Spanish, Portuguese, Chinese, Russian, Arabic, Turkish, Vietnamese, and Thai.
Customer support languages English, Spanish, French, Russian, Portuguese, Norwegian, Swedish
Customer service hours 24/7

 

FAQ

 

Trading Environment

 

How many instruments can I trade with TurboForex?

You can trade several different instruments with TurboForex, which include the following:

  • Currencies,
  • Commodities
  • Stocks
  • Indices

 

Which platforms are supported by TurboForex?

TurboForex provides the following popular trading platforms:

  • MetaTrader 4
  • WebTrader

 

Does TurboForex offer leverage?

Yes, TurboForex offers maximum leverage of up to 1: 500.

 

What spreads can I expect with TurboForex?

TurboForex offers different spreads on its various accounts, starting from 1,0 pip.

 

Does TurboForex charge commission?

No.

 

Are there additional charges on the Islamic account?

Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees. New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.

 

Is TurboForex regulated and by whom?

TurboForex is not properly regulated.

 

Is TurboForex a recommended forex trading broker for experts and beginners?

TurboForex offers the best trading environment for most traders.

 

What is the overall rating out of 10 for TurboForex?

5/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like TurboForex is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.

 

Does TurboForex offer a demo account?

Yes.

 

Can I convert my demo account to a live trading account with TurboForex?

This is not clear from the information on the company homepage.

 

Which live trading accounts does TurboForex offer?

  • Mini Account
  • Standard Account
  • Premium Account
  • Fixed Account
  • Interbank Account

 

Does TurboForex offer an Islamic Account?

No.

 

What are the available deposit currencies for a live trading account?

Any currency can be used, it will be automatically converted.

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with TurboForex?

$ 10.

 

How do you make a deposit and withdraw money with TurboForex?

TurboForex offers the following deposit and withdrawal methods:

offers the following deposit and withdrawal methods:

  • Bank Transfer,
  • Visa and MasterCard,
  • Skrill,
  • Neteller,
  • Sofort,
  • WebMoney

 

Does TurboForex charge withdrawal fees?

No, but fees from financial institutions may be applicable.

 

How long does it take to make a withdrawal?

Depending on the payment method it may take from 24 hours to several days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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