Top 10 Forex Brokers in Turkey


If you live in Turkey, you can trade in the forex market by opening an account with any of these top 10 forex brokers that holds CMB regulation.

February 26, 2021 | AtoZ Markets – According to the recent report from Bank for International Settlements, the forex market has daily $6.6 trillion dollar transactions per day. Moreover, during the last few years, retail trading and institutions involved in forex trading are higher than before.

For retail traders, forex trading is a great source of earning money online. Forex trading does not require additional effort and struggles besides the knowledge of technical and fundamental analysis. Moreover, a well-regulated broker and a reliable trading strategy are also important for a trader.

Forex trading is legal in Turkey. Therefore, you can operate hassle-free trading from this country. Moreover, based on the performance and regulation, we have chronologically set up and reviewed some reputable brokers that are available for Turkey traders.

Before proceeding further, you can find the entire table of contents of this guide about Forex trading in Turkey.

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(Table of contents section)

  • Is Forex Trading Legal in Turkey?
  • How to Choose a Forex Broker in Turkey?
  • Top 10 Best Forex Brokers in Turkey
  • How to Open a Forex Trading Account in Turkey
  • How to Deposit or Withdraw Funds from Turkey Forex Brokers

Is Forex Trading Legal in Turkey?

Forex trading is legal in Turkey. However, there is a new radical regulation that has created an impact on the forex market. Before, 2017 forex trading from Turkey was straightforward. However, the Turkish Government announced new rules in 2017 saying that Turkish residents are not allowed to trade in a foreign broker that does not hold the CMB licenses. There are many forex traders in Turkey who traded in a foreign broker and became disappointed in the decision.

Moreover, after that decision, many brokers were forced to close their business operations from Turkey but there are still some brokers operating in Turkey under the CMB licenses.

How to Choose a Forex Broker in Turkey?

In 2017, the Turkish government imposed some restrictions on forex trading in Turkey. According to the new regulation, the Turkish government discourages people to trade against Lira or make a deposit on an offshore broker. The main aim of the government is to make the Turkish economy stable and this decision is a step of it. 

According to the rules, many brokers closed their operations from Turkey but still, there are some AA-rated brokers from where you can operate your trading activities.

On the other hand, the Turkish Government changed the deposit requirement for investors to 50,000 TRY. Therefore, it eliminates traders who have lower deposits than this, and in this way the government chooses investors who are serious about trading.

Read More: How to trade cryptocurrency through your forex broker? 

Top 10 Best Forex Brokers in Turkey

CMB did not disclose the list of brokers which is regulated by the CMB. Therefore, traders of Turkey can trade in any international broker but when trading against the Turkish Lira there are some restrictions.

1# NoorCM

NCM Investment, Noor Capital Market Securities Inc. NoorCM started to provide brokerage services in OTC products in 2012 with the CMB Leveraged Transactions Type A - Market Maker license. In 2015, he obtained a  Broad Authorized Intermediary Institution license in 2019, Individual Portfolio Management started its activities.

  • What type of Forex broker is NoorCM?

NoorCM is an ECN/STP broker that offers its clients several account types across two trading platforms.

  • Is NoorCM regulated in Turkey? 

NoorCM started to provide brokerage services in OTC products in 2012 with the CMB Leveraged Transactions Type A - Market Maker license

  • How much does it cost to trade with NoorCM in Turkey?

The spreads on all accounts are variable, which starts from as low as 1.0 pips.

  • Which trading platforms does NoorCM offer to Turkey traders?

NoorCM offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for Turkey traders with NoorCM? 

NoorCM offers a recommended deposit of 50,000 TRY in each type of trading account.

  • How is NoorCM's Customer support in Turkey?

NoorCM provides customer support through live chat, web contact form, mobile phone numbers, emails, and multilingual support.

2# XTB

XTB has more than 15 years of experience in online trading and became the largest stock exchange-listed FX & CFD broker in the world.

  • What type of Forex broker is XTB?

XTB is an ECN/STP broker that offers its clients several account types across two trading platforms.

  • Is XTB regulated in Turkey? 

XTB is licensed and regulated under Turkish CMB.

  • How much does it cost to trade with XTB in Turkey?

The spreads on all accounts are variable, which starts from as low as 0.6 pips.

  • Which trading platforms does XTB offer to Turkey traders?

XTB offers MetaTrader 4 and the xStation 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for Turkey traders with XTB? 

XTB offers a recommended deposit of 50,000 TRY in each type of trading account.

  • How is XTB's Customer support in Turkey?

XTB customer support is very fast and effective.

3# Saxo Bank

Saxo Bank was founded in 1992, which is fully licensed and regulated. Moreover, it has an industry-first online trading platform, making the global markets available to everyone.

  • What type of Forex broker is Saxo Bank?

Saxo Bank is an ECN/STP broker that offers its clients several account types across 3 trading platforms.

  • Is Saxo Bank regulated in Turkey? 

Saxo Bank is licensed and regulated under Turkish CMB.

  • How much does it cost to trade with Saxo Bank in Turkey?

The spreads on all accounts are variable, which starts from as low as 0.4 pips.

  • Which trading platforms does Saxo Bank offer to Turkey traders?

Saxo Bank offers Saxotrader Platform

  • What is the minimum deposit for Turkey traders with Saxo Bank? 

Saxo Bank offers a recommended deposit of 50,000 TRY in each type of trading account.

  • How is Saxo Bank's Customer support in Turkey?

Saxo Bank’s customer support is very fast and effective.

4# Invest AZ

Invest AZ is a premium broker for Turkey that allows trading since 2015 and made trading exciting for retail traders.

  • What type of Forex broker is Invest AZ?

Invest AZ is an ECN/STP broker that offers its clients several account types across 5 trading platforms.

  • Is Invest AZ regulated in Turkey? 

Invest AZ is licensed and regulated under Turkish CMB.

  • How much does it cost to trade with Invest AZ in Turkey?

The spreads on all accounts are variable, which starts from as low as 0.6 pips.

  • Which trading platforms does Invest AZ offer to Turkey traders?

Invest AZ offers MetaTrader 4 platform in web desktop and mobile

  • What is the minimum deposit for Turkey traders with Invest AZ? 

Invest AZ offers a recommended deposit of 50,000 TRY in each type of trading account.

  • How is Invest AZ's Customer support in Turkey?

Invest AZ’s customer support is very fast. They have a live chat and call back request, which is very effective among other contact methods.

5# Forex.com

Forex.com's parent company, GAIN Capital Holdings, Inc. (NYSE: ), is publicly-traded and meets the highest standards of corporate governance, financial reporting, and disclosure. This company has provided trading opportunities since 2001 and allows trading in Forex, commodities, stocks, and cryptocurrencies.

  • What type of Forex broker is forex.com?

forex.com is an ECN/STP broker that offers its clients several account types across two trading platforms.

  • Is forex.com regulated in Turkey? 

Forex.com is a trading name of GAIN Global Markets Inc., which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033. Moreover, other variants of this broker are regulated by CySEC, FCA and ASIC.

  • How much does it cost to trade with forex.com in Turkey?

The spreads on all accounts are variable, which starts from as low as 0.0 pips.

  • Which trading platforms does forex.com offer to Turkey traders?

forex.com offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for Turkey traders with forex.com? 

Forex.com offers a recommended deposit of $1000 in each type of trading account.

  • How is forex.com's Customer support in Turkey?

Forex.com provides customer support through live chat, web contact form, mobile phone numbers, emails, and multilingual support.

6# Plus500

Plus500 is a Forex CFDs trading broker that is holding under the name of Plus500 Ltd. It operates through 3 different subsidiaries:

  1. Plus500UK Ltd,
  2. Plus500CY Ltd
  3. Plus500AU Pty Ltd.

Plus500 is an active sponsor of professional Soccer and Rugby teams. Moreover, this firm has been the official sponsor of Club Atletico de Madrid since 2016.

  • What type of Forex broker is Plus500?

Plus500 is considered a leading broker in CFD trading. It provides trading opportunities in shares, Forex, commodities, ETFs, options, and indices. 

  • Is Plus500 regulated in Turkey? 

Plus500 is regulated by the U.K.'s FCA, Turkey Securities and Exchange Commission (CySEC), the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC).

  • How much does it cost to trade with Plus500 in Turkey?

For EUR/USD, the spread is fixed at 0.6 pips. However, it's worth noting that financing rates are quite high. 

  • Which trading platforms does Plus500 offer to Turkey traders?

Plus500 has a trading platform on iPhone, Android, and Windows and multilingual. It also has a Windows-based desktop platform. However, it does not provide Mt4 or Mt5 trading indicators, which might hurt investors. 

  • What is the minimum deposit for Turkey traders with Plus500? 

When opening an account, you have to deposit a USD100 minimum. However, there is no withdrawal fee above $100, and any inactivity fee does not apply for the first three months.

  • How is Plus500's Customer support in Turkey?

Plus500 customer support is available 24/7, either via live chat or email. WhatsApp is the preferred medium outside of the live chat function.

7# XTrend

Xtrend was established in 2016 and operated by Rynat Trading Limited. It has a registered office and correspondence address in Turkey. 

  • What type of Forex broker is XTrend?

XTrend is a Forex and CFD broker.

  • Is XTrend regulated in Turkey? 

Rynat Trading Ltd is registered as a Turkey Investment Firm (CIF) with the registration number HE344135. 

Moreover, Rynat Trading Ltd is regulated by the Turkey Securities and Exchange Commission (CySEC) under CIF license number 303/16.

  • How much does it cost to trade with XTrend in Turkey?

XTrend charges commissions, on average, 0.2 pips spread on EURUSD. Moreover, XTrend Forex Trading App asks for 0.04 USD per 100 Base Currency Units traded as commission.

  • Which trading platforms make XTrend offer to Turkey traders?

XTrend offers an XTrend proprietary trading platform.

  • What is the minimum deposit for Turkey traders with XTrend? 

Traders can start trading with a minimum deposit of $500. 

  • How is XTrend Customer support in Turkey?

You can access Xtrend Trading App in six languages, including English, Chinese (Mandarin), Portuguese, Italian, Spanish, and German. XTrend customer support is available 24/7.

8# HotForex

HotForex is a forex and commodities broker that provides trading services to retail and institutional clients established in 2010. 

If you're interested in more facts about HotForex, you can always check our HotForex review.

  • What type of Forex broker is HotForex?

HotForex is an ECN/STP broker that offers its clients several account types across two trading platforms. Therefore, you can enjoy ECN trading opportunities by registering for a Zero Spread account besides the standard STP account.

  • Is HotForex regulated in Turkey? 

HotForex holds licenses for different entities from different regulators, including the FCA, CySEC FSCA, DIFC, and the SFSA.

  • How much does it cost to trade with HotForex in Turkey?

The spreads on all accounts are variable, which starts from as low as 0.0 pips.

  • Which trading platforms does HotForex offer to Turkey traders?

HotForex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for Turkey traders with HotForex? 

The minimum deposit for an account at HotForex depends on the account type and region. For Turkey traders, Micro accounts start at $5 deposits.

  • How is HotForex's Customer support in Turkey?

HotForex has multiple channels for customer support, including live chat, web contact form, mobile phone numbers, emails, and multilingual support.

9# Capital.com

Capital.com is an Online CFD broker, which is authorized and regulated by the Financial Conduct Authority (FCA) and by the Turkey Security and Exchange Commission (CySEC). This broker offers several trading instruments with its proprietary platform, which is very easy to use. Various trust factors, a wide range of tradable assets, and strong regulation make this broker unique and trustworthy than other brokers.

  • What type of Forex broker is Capital.com?

Capital.com is a Forex and CFD broker.

  • Is Capital.com regulated in Turkey? 

Capital Com S.V. Investments Limited is regulated by Turkey Securities and Exchange Commission (CySEC) under license number 319/17.

Capital Com (U.K.) Limited is registered in England and Wales with company registration number 10506220. Authorized and regulated by the Financial Conduct Authority (FCA), under register number 793714.

  • How much does it cost to trade with Capital.com in Turkey?

Capital.com charges a floating spread, which is very competitive. Furthermore, this broker does not take any charge for making withdrawal or deposit and having education material. 

  • Which trading platforms make Capital.com offer to Turkey traders?

Capital.com offers Capital.com web trading platform, CFD trading app, and spread betting.

  • What is the minimum deposit for Turkey traders with Capital.com? 

Traders can start trading with a minimum deposit of $3000. 

  • How is Capital.com Customer support in Turkey?

The customer support of Capital.com is satisfactory. The Live Chat Function is available 24/5, and clients are expected to be initially greeted with an automated message until a Support agent picks up their inquiry.

10# SquaredFinancial

SquaredFinancial, as a Global Investment Gateway, provides a full range of financial products and services as a real STP Forex broker. The company's customer support and Forex educational academy will help you manage, grow, or diversify your investments.

Traders can access a wide range of financial instruments to create their investment portfolio, including Energies, Forex, Metals, Indices, and Cryptocurrencies. Moreover, SquaredFinancial is focussing heavily on building partnerships and boasts a multilayer I.B./ Affiliate program. You can read the details of the SquaredFinancial Review by AToZmarkets.

  • What type of Forex broker is SquaredFinancial?

SquaredFinancial is a Forex and CFD broker.

  • Is SquaredFinancial regulated in Turkey? 

Squared Financial is licensed and regulated by the Turkey Securities and Exchange Commission – CySEC (Licence Number: 329/17). The company is also a Member of the Investor Compensation Fund (ICF). 

Moreover, SquaredFinancial (Seychelles) Ltd is a company registered in the Republic of Seychelles, Company Number: 8423788-1 Authorised and Regulated by the Financial Services Authority. FSA License Number: SD024.

  • How much does it cost to trade with SquaredFinancial in Turkey?

The spread of this broker is started from 0.0 pips.

  • Which trading platforms make SquaredFinancial offer to Turkey traders?

SquaredFinancial offers Mt4, for desktop, web, ios, and android.

  • What is the minimum deposit for Turkey traders with SquaredFinancial? 

Traders can start trading with a minimum deposit of $100 in Gold Account. 

  • How is SquaredFinancial Customer support in Turkey?

The customer support of SquaredFinancial is satisfactory and provides accountability Solutions as soon as possible.

How to Open a Forex Trading Account in Turkey

To open a forex trading account, traders have to follow some necessary steps. The steps involved in opening an account can vary from broker to broker, but the procedure involves the following:

  • Identify forex brokers that have CMB licenses.
  • You can find brokers by searching their name online with the available regulation. 
  • Later on, you can register with the broker by following some easy steps. Opening an account in a forex broker requires some information about you that is very easy to provide.
  • The back office will verify your documents, and you will be asked to send proof of your address. They will send unique login details and send unique login details of your trading account once your information is fully verified.
  • After getting verified, you can download the trading platform. In most of the forex trading brokers, MT4 and MT5 is the most reliable trading platform. Moreover, you can also choose the cTrader platform if you want to trade with advanced features.
  • After downloading the trading platform and setting the trading template, you are ready to deposit your account.

How to Deposit or Withdraw Funds from Turkey Forex Brokers

Most of the Turkish CMB regulated brokers allow deposits and withdrawals from direct bank deposits as these brokers are connected to a bank. Moreover, traders can use credit cards, debit cards, and other online payment methods to make a deposit in a forex broker.

Making a withdrawal from a CMB regulated broker is simple as it does not require any adequate information. However, traders are bound to use the same payment method that they used for deposits when they try to withdraw the money from their deposits.

Broker Fees And Tax

Every Turkish resident should pay income tax on their forex profit as per the following calculation

  • 15% for first 13,000 TRY to 30,000 TRY
  • 27% up to 110,000 TRY and
  • 35% above the 110,000 TRY

Therefore, it is important for a trader to keep a track record of 1-year trading history for tax calculation.

Besides the income tax, there are some fees regarding the trade execution. When a trader takes trade a small portion from the trading balance is automatically deducted from the trading account, which is known as spread. However, the amount of spread is very small that is not a matter to consider.

On the other hand, there are some transaction fees regarding making a deposit or withdrawal, receiving foreign currency, etc.

Best Brokers in Turkey - Conclusion

Thousands of forex brokers have a physical office in Turkey and are regulated under the CySEC. Therefore, instead of testing all of these, you can choose the right one from the AtoZ broker review directory.

However, forex trading is risky and challenging for everyone until you know about the technical and fundamental analysis. Do you still have questions about trading Forex in Turkey? Then feel free to write a comment below or contact our team directly.

This article was written by MD Rockybul Hasan.

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