Your guide to the best Forex brokers in Turkey

Turkey is a popular destination for tourists. The country combines ancient history with a vibrant and diverse culture, unique customs and traditions, and amazing sights to see.

On top of that, Turkey is an important player in the geopolitical arena, both due to its economic and political power, as well as its unique geographic location. The Republic of Turkey is located on the Anatolian Peninsula in Western Asia, but its territory also consists of some parts of Southeastern Europe and the Balkan Peninsula.

With a population of over 84 million people, the country occupies a total territory of 783, 356 square kilometers, which makes it the world’s 36th largest state by overall territory.

Turkey has been displaying impressive economic growth since the 2000s, and, therefore, it is unsurprising that the local Forex environment is also quite developed. However, it should be mentioned that in recent years, Turkish Lira has lost its value significantly which increased hardship in the country.

In the guide below we will dive deeper into the Forex regulatory environment in Turkey, assess the country’s top Forex brokers list, examine the opportunities of trading and more.

A full list of the best Forex brokers in Turkey

Forex trading is popular in Turkey, and residents of the country can easily open accounts with local and global brokers. However, choosing the most suitable broker is difficult because there are so many of them to choose from. To find the best, traders need to compare them one by one. To save your time, we have assessed various global brokers and came up with the top list of brokers that accept traders from Turkey.

Forex trading regulations in Turkey

An effective regulatory environment is imperative to the sustainable development of the country’s Forex market. The main regulatory body in Turkey is the Capital Markets Board (CMB). First established in 1982, this agency is appointed directly by the Turkish Ministry of Finance, and it is tasked with performing a variety of different tasks.

Overall, the CMB is responsible for overseeing the general stability, security, and sustainable development of the country’s financial market, as well as ensuring the safety of the customers that purchase the services that it has to offer – including the Forex trading.

Since Turkey is not a part of the European Union, the brokerages licensed by the European regulatory authorities are not legally permitted to operate there. Although this notion significantly reduced the variety of options of brokers that the Turkish traders can choose from, it does still fit in the country’s overall agenda of making the local FX market as safe as possible.

Traders need to take into account the following restrictions and rules:

• CMB issues licenses for Forex and CFD (Contract for Difference) brokers that wish to operate inside the country.
• There are leverage limits in Turkey.  The maximum available leverage on Major currencies is 10:1, while for the rest of the pairs the maximum available leverage is 5:1.
• Brokers are required to fully disclose risks associated with trading to their clients and offer Negative Balance Protection.
• Advertisement and promotion of trading is restricted within the country.

On top of having a specific set of regulations for the Turkish Forex brokers in 2024, the CMB also introduced a number of requirements that the local traders need to follow. In order to get into the field of the FX market in Turkey, a trader will need to make an initial deposit of 50,000 Turkish liras (a little over 8,000 USD).

Turkish national currency

The national currency of Turkey is the Turkish Lira, coded as TRY. This currency has a long history of turmoil, such as lasting periods of inflation and devaluation, and it remains to be quite evaluated to this day. The main entity responsible for overseeing the issue of the currency and the implementation of the relevant monetary policies is the Central Bank of the Republic of Turkey (CBRT).

Given the hardship that the Turkish Lira is still going through, it is no surprise that it is not very popular with traders across the world. Moreover, our general recommendation to the amateur traders is to avoid exotic currencies and start by trading more popular currency pairs, such as EUR/USD.

With that being said, it does not mean that one should avoid trading TRY altogether. If you are confident in your trading skills and understand the variety of factors that influence this currency, you try to trade the Lira profitably. The most popular TRY pairs are USD/TRY and EUR/TRY.

Most popular trading platforms in Turkey

Since the FX market in Turkey is well-established, it is no surprise that the local trader gets to choose from a variety of different options when it comes to the trading software. The most popular trading platforms are:

• cTrader – a software with modern design that is a great choice for day trading. The platform supports algorithmic trading using cBots, and offers level 2 information that helps traders analyze bid and ask prices.
• MetaTrader 4 (MT4) – MT4 is the most popular currency trading software in Turkey and around the world. The software was released in 2005 and instantly gained popularity. It remains highly popular till this day due to its reliability and intuitive interface.
• MetaTrader 5 (MT5) – is a multi-asset platform that is also highly reliable and was released in 2010. The platform offers enhanced charting and trading capabilities. Traders have access to more timeframes, wider range of asset classes, and Depth of Market (DoM), that helps analyze bid and ask prices.

Summary

Financial trading in Turkey is highly developed. However, the number of local brokers is still very limited. The main regulator in the country is the Capital Markets Board (CMB). On the downside, there are not many local brokers available. Which is why we offer international brokers for trading, such as AvaTrade, XM, exness, and others.

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