Turnkey Forex is a trading company that is dedicated to helping each client achieve the most on their trading journey. Because of that goal, they are aiming to always keep updated and provide to them access to all the latest innovations within the trading world. We will mention a lot of them in this Turnkey Forex review. In the meantime, the important thing to note about this company is the fact that it is based in the UK, despite not having an FCA-provided licence. What does that mean for the clients, exactly? Keep reading to find out.
Quality of Service
Turnkey has made sure that their clients can operate and make trades by using the latest technologies available, which is why they use the MT4 platform. This platform has many advantages – it is easy to use, loads fast and uses a variety of trading signals and other indicators to help you on your trading journey.
In addition, the platform gives you access to over 300 different tradeable assets such as CFDs, currency pairs, stocks and indices. For each one of these assets, there is a handy chart which you can use to watch the market performance in real-time. Also, there are other helpful instruments such as the economic calendar, the “Market Watch” window and several technical indicators that can make it easier for you to decide on a trading strategy.
The leverage which is applied to all your trading transactions is 1:400, which is almost 10 times more than the European industry standard. As you can already assume, this brings a lot more risk to each position that you decide to open.
Speed of Response
There are many options that you can use if you wish to contact the customer support agents at Turnkey Forex. Or so it seems. Namely, the first one that caught our eyes was the option to chat via Skype. Unfortunately, that died fast, considering that this option is merely an icon. That’s right! You cannot click on it or use it in any other way. How disappointing.
Aside from this fraudulent icon, there are also options to contact them via email or live chat. The response through the e-mail isn’t fast and takes several days, while the live chat makes it impossible to connect with the clients. It also has a lot of glitches and errors, which is another downside.
The Turnkey Forex website failed us once again with the misleading information they posted about this section. Namely, their Frequently Asked Questions page claims that the e-wallets take around 30 minutes to process the transaction, while credit cards need 48 hours. On the other hand, the bank wire transfer takes about 3 business days. This is standard.
However, that’s not what made us suspicious. When you try to check out the same information on the Withdrawal Policy page, you will learn that credit cards take up to 5 days to process, while the e-wallets need 2 business days. So, what is the truth?
Unfortunately, we could not find any useful information about this section on their website. This is strange, considering that they are obligated to list even a few sentences about it. Still, Turnkey Forex has neglected to dedicate its attention to this part of the website, so we cannot be sure what are the conditions here at all.
Turnkey is an unregulated company which is based in the United Kingdom, which raises a huge red flag. Namely, the entire UK trading market is regulated by the Financial Conduct Authority (FCA). This is one of the harshest regulatory bodies out there. So, it would be impossible for a company to provide services here or even exist without the FCAs blessing. This is another suspicious fact about Turnkey Forex.
Variety of Payment Options
There are several payment methods that you can use to make a deposit or a withdrawal in case you (still) wish to trade with Turnkey Forex. The first one is the bank wire transfer, that takes the longest to process. Next, you can use your credit or debit card, which take 2-5 business days to finish. Finally, you can use some of the popular e-wallets, which take about 30 minutes to process your request.