Is Turnkey Forex a scam or legit broker?
Turnkey Forex is suspected to be a scam broker as it is an offshore company. TurnKey Forex is a registered trading name of TurnKey Forex Limited and as stated on the website headquarters in Mauritius.
Mauritius is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is usually not more than $2,000, to pay a fee, and within a 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers.
Turnkey Forex provides a trading opportunity on STP/ ECN execution model (Check ECN Brokers) to trade 85 currency pairs, CFDs on commodities, ETFs, indices, and shares.
About Turnkey Forex
|🗺️ Registered in||Mauritius|
|🗺️ Type of License||Offshore License|
|🛡️ Is Turnkey Forex safe to trade||No|
|🗺️ Recommended Licenses||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||FP Markets – licensed by ASIC in Australia|
The company claims to be a technology-driven broker, which enters into liquidation and availability to trade through APIs, Robots along with the VPS hosting for better results and other attractive, sophisticated tools. Moreover, the company seems to be extremely customer-oriented with attractive trading costs as well as employed supportive levels through delivered value with no sales culture or commitment to the safety of funds.
Although the proposals may seem compatible, brokers of the self-regulatory nature more often target clients outside of the UK, pretending to be reliable and well-established companies. This means it is better to avoid brokers like this, as there is a significant risk that may affect investors in a bad manner even if the operation seems to be a reliable one.
Rather than putting capital at risk, as well as overall trading experience, it is much better to choose among the companies that have a proven history of compliance with their registered license of reputable authorities.
Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.
You can also share your trading experience with Turnkey Forex by commenting on this review.