Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Best Forex Brokers in Turkey

Forex trading in Turkey continues to grow in popularity, but local traders often face strict regulations governing this activity within the country. In addition, there are restrictions when dealing in the Turkish Lira due to an ongoing currency crisis. The good news for Turkish Forex traders is that they are permitted to trade with a wide range of offshore brokers, and these firms serving Turkey do not require a local license to accept Turkish Forex traders.

Our Forex brokers in Turkey page covers what to look for in a Forex broker, how to start Forex trading in Turkey, and evaluates the pros and cons of Forex trading in Turkey.

1
4.9/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Transparent Islamic account option ensuring Forex trading is halal.
Actionable trading signals & quality education and research for beginners.
2
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Trading courses for beginner traders & 24/7 multilingual customer support.
A choice of payment processors for deposits and withdrawals, including localized payment methods a
3
4.5/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Fair commission-free pricing environment & excellent order execution.
Islamic accounts from a trusted and well-regulated global multi-asset broker.
4
4.4/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Free VPS hosting for 24/5 low-latency trading & FIX API connectivity.
MAM/PAMM accounts for traditional account management using MT4/MT5.
5
4.4/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
User-friendly proprietary platform and MT4 access
Excellent selection of cryptocurrencies

  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • FP Markets, ECN trading with leverage up to 1:500.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • MultiBank Group, Deep liquidity with no trading restrictions.
  • FXGT, Great mix of Forex and crypto assets.

Best Turkey Brokers Comparison

Regulators
CMA, CySEC, FCA, FSC Mauritius, FSCAASIC, CySEC, FSCAASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFIDASIC, AUSTRAC, BaFin, BVIFSC, CIMA, CySEC, ESCA, FMA, MAS, TFG, VFSCCySEC, FSA, FSCA
Year Established
20112005200620052019
Execution Type(s)
ECN/STP, Market MakerECN/STPMarket MakerECN/STPECN/STP, Market Maker
Minimum Deposit
$200
$100
$100
$50
$5
Average Trading Cost EUR/USD
0.1 pips1.1 pips0.9 pips0.1 pips0.1 pips ($1.00)
Average Trading Cost GBP/USD
0.2 pips1.4 pips1.5 pips0.5 pips0.1 pips ($1.00)
Average Trading Cost Gold
$0.18 $0.21 $0.29 $0.02 $0.15
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedOther, MetaTrader 4, MetaTrader 5, Web-based+MetaTrader 4, MetaTrader 5, cTraderMetaTrader 4, MetaTrader 5
Islamic Account
Negative Balance Protection
N/AN/A

FXTM

In Summary Best all-around broker with high floating leverage and fast execution

FXTM ranks highly on our best Forex brokers in Turkey list due to ultra-competitive fees and cutting-edge trading environment. For a minimum deposit of just $500, Forex traders get raw spreads from 0 pips with a separately charged commission ticket fee of between $0.80 and $4.00 per 1.0 standard mt4 round lot. The FXCM price improvement technology averages 0.3 pips gain on executions for traders or $3.00 per round lot: this is a vast advantage FXTM delivers.

Traders get the MT4/MT5 trading platforms, and FXTM upgrades MT4 with its Pivot Point Strategy plugin. Mobile traders can use the user-friendly FXTM Trader. It is an ideal alternative for copy traders using the proprietary FXTM Invest.

Read more on FXTM »
4.9/5 in this category

Pros & Cons

  • Excellent commission-based Forex pricing environment and transparency
  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
  • Quality market research and educational content for beginner traders
  • A highly regulated broker with a tier-1 license
  • No cryptocurrencies and limited choice of commodities

FP Markets

In Summary ECN trading with leverage up to 1:500

FP Markets offers upgraded MT4/MT5 trading platforms, enhanced via the Traders Toolbox consisting of twelve plugins, plus services by Autochartist and Trading Central. It belongs on our best Forex brokers in Turkey list due to its strength in copy trading, featuring embedded services in MT4, MT5, and cTrader, or via the proprietary FP Markets Copy Trading alternative, Myfxbook Autotrade, or fee-based Signal Start.

An Islamic account is available upon request and approval. FP Markets maintains competitive trading fees and deep liquidity in its commission-based ‘Raw account’ that shows choice spreads from 0.0 pips for a separate ticket fee commission of $6.00 per 1.0 standard round lot.

Read more on FP Markets »
4.7/5 in this category

Pros & Cons

  • Choice of trading platforms and auxiliary trading tools
  • Very competitive cost structure and excellent asset selection
  • Low minimum deposit requirement and leverage of up to 1:500
  • Well-regulated and trustworthy
  • Availability of Iress geographically restricted

AvaTrade

In Summary Highly regulated, choice of fixed or floating spreads

AvaTrade appears on our best Forex brokers in Turkey list due to its many trading platform choices, balanced asset selection, and trading tools, especially those for beginners. The proprietary trading platforms are Ava Options, Ava Social, WebTrader, and AvaTradeGO. The latter two come with embedded Trading Central services. The MT4/MT5 trading platforms get the Guardian Angel plugin and the unique fee-based Ava Protect insurance policy that clients can use to cancel losing trades.

Beginners get well-structured educational material on the AvaTrade website and via its spun-out Ava Academy. The asset selection includes options, cryptos, and ETFs, and the broker seems supportive of all trading strategies. Algorithmic traders benefit from VPS hosting for low-latency, 24/5 market access.

Read more on AvaTrade »
4.5/5 in this category

Pros & Cons

  • High quality educational offering via AvaAcademy
  • Excellent choice of trading platforms catering to various trading needs
  • Broad asset selection and cross-asset diversification opportunities
  • Well-regulated and trusted broker with oversight from a central bank
  • Trading costs competitive but nothing special

MultiBank Group

In Summary Deep liquidity with no trading restrictions

MultiBank offers swap-free Islamic accounts to qualifying traders. No swap-free day restrictions apply for major and minor Forex pairs, commodities, and indices. Other assets have a 10-day grace period, with some exceptions for exotic Forex pairs with only three days. The transparent approach places MultiBank on our best Forex brokers in Turkey list, where traders also benefit from a choice of payment processors, including the option of funding in cryptocurrencies.

A proprietary copy trading service exists alongside the usual MT4/MT5 options, and MultiBank maintains competitive trading costs in its ECN account. A 20% deposit bonus of up to $40,000 and a cashback program for high-volume traders are also benefits.

Read more on MultiBank Group »
4.4/5 in this category

Pros & Cons

  • 20,000 assets offering broad coverage of financial markets
  • Raw spreads from 0 pips and maximum leverage of 1:500
  • MAM/PAMM accounts and proprietary copy trading platform
  • ECN trading with deep liquidity and no requotes
  • Access to raw spreads requires a $5,000 minimum deposit on the ECN account

FXGT

In Summary Great mix of Forex and crypto assets

South African broker Global GT, founded in 2020, offers the novel approach of combining Forex and cryptocurrency trading under one roof. It supports its business model by accepting cryptocurrencies for both deposit and withdrawal and as account base currencies. With a minimum deposit of $5 and maximum leverage of 1:1000 plus negative balance protection, Global GT offers South African traders a trusted domestic broker with a competitive product and services portfolio. The six-tier dynamic leverage system ensures that risk remains in check and supports traders with their risk management. Traders seeking the best trading conditions at Global GT will get them in the ECN account for a low minimum deposit of $250.

Global GT remains a genuine African broker with regulatory licenses from the South African FSCA and the Seychelles FSA plus a capital adequacy ratio of 40%. Both regulators continue to gain confidence from global brokers, offering a competitive mix of trusted regulation and a competitive business environment. Global GT offers traders the out-of-the-box MT5 trading platform and maintains two bonus offers. Global GT delivers on its hybrid Forex-cryptocurrency business model and supplements a competitive choice of cryptocurrencies with synthetic crypto pairs.

South African Forex traders looking for a trusted broker with a secure trading environment and choice of cryptocurrency assets alongside Forex should consider Global GT. The trading conditions are competitive, and Global GT remains well-positioned to grow in lockstep with the cryptocurrency market.

Read more on FXGT »
4.4/5 in this category

Pros & Cons

  • Deposit bonuses and financial transactions in cryptocurrencies
  • Tier1 liquidity aggregation and low latency trade execution
  • Good cryptocurrency selection, including synthetic cryptocurrency pairs
  • Low minimum deposit and high leverage with negative balance protection
  • Clients resident in USA, EU, and UK not accepted.

Forex Trading in Turkey

Forex trading in Turkey is legal and continues to gain popularity, but the Turkish government has strict regulations for trading in the domestic currency, the Turkish Lira. It has curtailed local currency trading significantly, and the Turkish Lira represents just 0.40% of total global Forex volumes in 2022 based on the latest Triennial Central Bank Survey conducted by the Swiss-based Bank for International Settlements.

Most Turkish Forex traders manage their portfolios with well-respected offshore-based brokers like the ones from our Forex brokers in Turkey list mentioned above.

What to Look for in a Turkish Forex Broker

I ensured all listed providers offered a competitive trading environment, granting their Forex traders an edge. Below is a list of Forex traders' core considerations when selecting a Turkish Forex broker.

  • Regulation - A clean regulatory track record with 10+ years of operational experience suggests a trustworthy and time-tested trading environment.
  • Low trading fees - Trading fees are one of the most critical aspects for traders. The fee structure can also suggest which trading strategies a Forex broker supports and methodologies it discourages. Competitive trading fees on major currency pairs generally do not exceed a spread of 0.8 pips or $8.00 per 1.0 lot. Traders should also evaluate the swap rates on leveraged overnight positions and ensure the markups are not too expensive and positive swaps are passed on to the trader when applicable.
  • Trading platforms - Since 80%+ of Forex trading volumes are algorithmic, an algorithmic trading platform is necessary. MT4 remains the leading choice for this trading activity, followed by cTrader and MT5.
  • Asset diversity - Turkish Forex brokers should offer the necessary FX instruments for traders to execute their strategies. A good Forex selection exceeds 60+ tradable currency pairs.
  • Deposits/Withdrawals - The choice of payment processors is essential for traders to guarantee the flexibility to manage their portfolios and follow-on transactions. Low to no minimums ensures flexibility and fast processing times of transactions are a bonus.

Forex Trading Regulations in Turkey

The Capital Markets Board of Turkey (CMB) regulates the domestic Forex market, and the Central Bank of the Republic of Turkey (CBRT) sets the monetary policy and advises banks on Forex-related matters. All domestic Forex brokers must obtain an operating license from the CMB.

Turkish-resident Forex traders can open offshore accounts, and most international Forex brokers can accept Turkish Forex traders without obtaining a CMB license. The Forex brokers on our Forex Brokers Turkey list are well-regulated and trusted brokers that can accept Turkish-resident traders.

How Much is Forex Leverage in Turkey?

Turkish Forex brokers can only offer a maximum Forex leverage of 1:10. Still, Turkish Forex traders are free to open offshore accounts where the industry standard maximum Forex leverage is 1:500.

How to Start Forex Trading in Turkey?

Before beginners choose any of the brokers from our Forex Brokers Turkey review, they should consider the below tips to minimize avoidable mistakes and shorten their learning curve.

Tips on how to start Forex trading in Turkey:

  1. Successful trading often starts with in-depth education, which is mainly available for free, with much material offered by brokers themselves.
  2. Traders should respect Forex trading as the high-skilled profession that it is.
  3. The first aspect traders should master is trading psychology. It separates profitable traders from a large percentage of losing traders that cannot control their emotions when real money is at risk.
  4. Traders must also understand the importance of using leverage sensibly and its relationship to effective risk management.
  5. The effectiveness of the trading strategy employed is equally vital to the risk management component; the incorrect approach in either of these areas can cause unnecessary loss of profitability in trading.
  6. Defining and executing a suitable trading strategy is paramount for traders, who should stick to a trading approach that best suits their personality and personal strengths and weaknesses.
  7. While leverage is an excellent and often necessary tool for generating a profit, traders must understand how to use it safely and effectively.
  8. Successful traders understand the significance of trading costs, as most Forex brokers claim their fees are competitive. Yet it is not until you review the detail of the total cost of trading that you can make a direct comparison.
  9. Proper placement of ‘take profit’ and ‘stop loss’ order levels (placing them with each order ticket represents a critical instance where traders typically should act without emotions).

Forex Trading Taxation in Turkey

Note that Turkish tax law consists of many presidential decrees and can change frequently.

Here are a few taxes Forex traders in Turkey should know about:

  • The Banking and Insurance Transaction Tax (BITT) is 0.2%
  • The capital gains tax is 22%
  • The personal income tax rate ranges between 15% and 40%

Every Forex trader in Turkey should consult with a legal professional to seek tax advice in Turkey to ensure compliance with local rules and regulations when it comes to margin trading profit and loss treatment.

Pros & Cons of Forex Trading in Turkey

The pros of Forex trading in Turkey are:

  • 24/5 decentralized trading
  • Lower capital requirements for margin FX than other asset classes
  • 80%+ of the daily volume is algorithmic
  • Portfolio diversification via copy trading
  • Traditional account management via PAMM/MAM accounts
  • Passive income opportunities through acting as an affiliate
  • Frictionless financial transactions

The cons of Forex trading in Turkey are:

  • Disrespect of Forex trading as a high-skilled profession can lead to avoidable losses
  • A fundamental misunderstanding of Forex trading, its requirements, and possibilities
  • A false sense of accomplishment from demo trading alone
  • Unrealistic trading expectations and a lack of sufficient trading capital lead to overtrading, frustration, and inefficient trading driven by emotions.
  • Proper risk management will ensure your profitability is maintained at some point.
  • Lack of understanding concerning leverage and its relationship to risk management
  • Reliance on manual trading
  • Emotion-based trading is not a sound strategy

Bottom Line

Forex trading demand continues to rise across Turkey, but the local market operates under heavy government restrictions, primarily concerning the Turkish Lira. Therefore, most Turkish-resident Forex traders manage their portfolios with well-regulated offshore Forex brokers.

You might also be interested in reviewing the below top brokers:

FAQs

Is Forex trading legal in Turkey?

expand.png

Yes, Forex trading is legal in Turkey and regulated by the CMB.

When is the best time to trade Forex in Turkey?

expand.png

While the best time to trade Forex depends on the individual, the London trading session is the most important, as London is the primary global Forex trading hub.

Can I trade Forex in Turkey?

expand.png

Yes, it is possible to trade Forex in Turkey, and there are no restrictions on offshore Forex trading.

Christopher Lewis
About Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.