Turnkey Forex was established back in 2009 and only became available online in 2016. During that time, many allegations came to light about Turnkey’s poor business practices, mainly including their slow transaction times, unpleasant customer support agents and impossible spreads. This is a lot to take in especially if you are a newcomer, so we decided to create this Turnkey Forex review to help you decide whether this broker company is a good choice for you. Let’s dive in and see what are the good and bad sides of Turnkey Forex.
Quality of Service
Turnkey Forex provides a standard MT4 platform that has become a standard in the industry in the past couple of years. Its main features are user-friendly outlook, responsive characteristics and a platform that is user-friendly no matter what level of knowledge are you on when it comes to trading. However, the reality at Turnkey Forex is much different. Namely, the platform takes a while to load to the point where you wish to give up on trading altogether. Also, the selection of tradeable assets is quite modest – around 100 in total. This is really not much, especially for a brokerage that is present on the market for over 10 years.
The platform is available on all devices and operating systems, but that does not mean a lot considering that it is not particularly responsive. Still, the charts that are available are quite easy to use and they are updated regularly, which is great news. The leverage is 1:400 – again, quite a lot to ask from the clients to rely on.
Speed of Response
The customer support team at Turnkey Forex has received quite a lot of complaints over the years regarding their poor business practices. In other words, their agents do not seem particularly interested in helping you. They are not knowledgeable or friendly, which are two of the main features that a good customer support team should display.
There are only two ways which you can use to contact them, so you can imagine how crowded can it get with either of them. As a result, the response is quite slow, which is strange especially with the live-chat option, which usually takes only a few minutes. The other option includes the e-mail, which can take several days to respond. Overall, Turnkey Forex could really use a lot of improvement when it comes to this section.
When researching this part of the Turnkey Forex website, we were left more confused than ever before. Namely, they display misleading information about the time they need to process your withdrawal and deposit requests. Let us explain.
On one hand, the Frequently Asked Questions section tells us that the transaction speed can go up to 30 minutes for the e-wallets, which is not strange. The credit and debit cards take a bit longer – up to 48 hours, while the bank wire transfer takes the longest of up to 3 business days. Still, this is quite efficient. However, the problem with this part is that another section of the website claims something entirely different. Here, you will learn that the credit and debit cards need 5 days to process, while the e-wallets take 2 business days.
The commissions and fees that are applied to your trades are depending on the account type that you choose. For example, the ECN account is one of the better ones, and it requires a $2 fee for the amount of $100.000. This is a good deal, however, it surprised us that there are a lot of fees and commissions applied here that you don’t learn about until its too late – such as the inactivity fee. This should definitely be listed on their website, don’t you think?
Turnkey Forex is an unregulated company that operates from the United Kingdom. This is quite strange considering that the UK market is one of the toughest ones in the world. As a result, it is regulated by the Financial Conduct Authority (FCA) as one of the strictest regulatory bodies in the world of trading. So, how can a company still operate without such a reputable licence?
Variety of Payment Options
As we mentioned already, the selection of banking options is quite standard at Turnkey Forex. The only suspicious thing about them is their uncertain processing times, that we remain confused about. They include credit and debit cards, bank wire transfers and several e-wallets.