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Forex Trading in Turkey • Forex Strategies • Benzinga

Online forex trading was first allowed in Turkey in 2011 and has been subject to changing regulations since then. Despite strict oversight of forex brokerages, trading forex is legal for Turkish residents who can open forex accounts with Capital Markets Board of Turkey (CMBT) regulated forex brokers.

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Online forex trading was first allowed in Turkey in 2011 and has been subject to changing regulations since then. Despite strict oversight of forex brokerages, trading forex is legal for Turkish residents who can open forex accounts with Capital Markets Board of Turkey (CMBT) regulated forex brokers. 

You may have to meet some stringent requirements if you reside in the country and plan to trade forex with a locally-regulated broker. Even if you qualify and have the funds, you’ll still need a plan of action and either a CMBT licensed or an international forex broker to trade through. Read on to find out what you’ll need for trading forex in Turkey. 

Get Started with Forex in Turkey

After passing legislation to further regulate the forex and other markets in 2017, the CBMT imposed strict guidelines for licensing forex brokers that accept clients from Turkey. This move eliminated many poorly regulated and unregulated forex brokers from operating.   

In addition to the strict requirements for forex brokers operating in Turkey, the CBMT raised the minimum deposit for Turkish forex traders to 50,000 Turkish lira (TRY) to open a forex trading account. Since Turkey has a large Muslim population, Islamic traders who wish to comply with Sharia law may find forex brokers in Turkey that offer swap-free Islamic trading accounts since Islam is the country’s official religion. 

Even if you’re new to trading in any financial market, you can begin trading forex through an online broker. Just take the 6 basic steps listed below:

  • Step 1: Obtain a reliaable device such as a smartphone, tablet or PC with an internet connection.
  • Step 2: Choose an online forex broker that accepts clients from Turkey.
  • Step 3: Open a margin account with the broker you’ve selected.
  • Step 4: Deposit the required funds in the account via a payment method the broker approves of. 
  • Step 5: Download or get access to the broker’s proprietary forex trading platform or a compatible platform accepted by the broker. 
  • Step 6: Make your first forex trade. 

Turkey Forex Trading Strategies

After you’ve opened your account and have the capability to execute forex trades, you’ll want to develop a trading plan with a good trading strategy incorporated into it that you have practiced using. Having a viable trading plan and strategy significantly increases your chances of being successful when you trade forex. 

Depending on your preferences, a number of popular strategies could be used to trade forex that might suit your experience level and personality type. The strategies listed below have proven profitable for many traders and have become popular with forex traders.   

  • Trend trading: This trading strategy seeks to profit by identifying a long, medium or short-term direction in the market known as a trend that can be rising or falling. A trend trader looks for retracements in the trend to establish positions along with the prevailing trend until closing out positions upon the trend’s conclusion. Many trend traders use trailing stop orders to protect their profits. 
  • News trading: An intraday strategy that takes advantage of the extreme volatility in currency pairs often seen after the release of sensitive economic data or other geopolitical news. The news trader generally establishes positions right after the release of the news in either direction depending on how the currency pair reacts. 
  • Scalping: This trading strategy relies on very short-term moves in the forex market to take a few pips of profit frequently. Some online forex brokers don’t allow clients to use this strategy, while others might require additional funds for a trader to employ it.    
  • Day trading: This intraday trading strategy implies that the trader closes out all positions at the end of the trading session. Day trading means you avoid taking the overnight market risk involved in holding a position after your active trading session concludes. 
  • Swing trading: Swing traders generally use momentum-based technical indicators to establish forex positions. These indicators give the trader an idea of which levels may be high or low so that they can take positions accordingly. Unlike day traders, swing traders do not close out positions by the end of their trading session, so they might take overnight positions.

This daily candlestick chart shows an upward trend in the USD/TRY currency pair from 6.0279 on March 3, 2020, to 7.2683 on May 7, 2020. A trend trader could have identified and taken advantage of that move by analyzing the 20-day exponential moving average (EMA) shown in red. The stop and reverse (SAR) indicator displayed on the chart in blue dots might be useful for swing traders. Source: TradingView

Forex Trading Example in Turkey

The Turkish lira (TRY) serves as Turkey’s national currency and has the symbol ₺. The Central Bank of the Republic of Turkey issues and manages the Turkish lira that is further broken down into 100 subunits called kuruş. 

The Bank for International Settlements (BIS) reported that the Turkish lira accounted for about 1.1% of daily turnover in the forex market in April 2019. The BIS also ranked the TRY 19th in trading activity in that period among the world’s currencies.

A current quote for the USD/TRY exchange rate is 6.8600 Turkish lira to 1 U.S. dollar.  If you had the view that the USD/TRY rate was going to rise, then you could purchase 100,000 U.S. dollars against the Turkish lira at that 6.8600 exchange rate. If the USD/TRY rate then rallied to 6.9600, you can compute your trading profit with the following equation: 

100,000 USD x (6.96-6.86 TRY/USD) = 10,000 TRY

To convert your profit in Turkish lira into U.S. dollars, you would perform this calculation:

10,000 TRY ÷ 6.96 TRY/USD = 1,436.78 USD

Conversely, if your view was wrong, and the USD/TRY exchange rate instead declined to 6.7600, then you could compute your trading loss as follows:

100,000 USD x (6.76-6.86 TRY/USD) = -10,000 TRY

When converted into U.S. dollars at the USD/TRY exchange rate of 6.76, that loss would be:

-10,000 TRY ÷ 6.76 TRY/USD = -1,479.29 USD

Making Money with Forex in Turkey

Making money trading forex from Turkey, as from anywhere else in the world, requires a profitable trading strategy and the discipline to follow your trading plan. If you want to start trading without going through that process, you can use another trader’s trading plan or copy a successful trader via a social trading platform. 

Due to constantly changing market conditions, however, no matter how good your trading plan and strategy, you may eventually find that an initially successful trading plan might require revisions to remain profitable.    

Best Online Forex Brokers in Turkey

Due to the regulations enacted in 2017, trading forex from Turkey has become very challenging for retail forex traders. For example, locally-regulated forex brokers require a high minimum deposit of 50,000 TRY or roughly $7,288 at current exchange levels to open a forex trading account for Turkish residents.

Additionally, trading in a leveraged account with local brokers is limited to a leverage ratio of only 10:1. Opening a leveraged account with a foreign broker without a CMBT license is strictly forbidden for Turkish residents, although some traders still take the risk of doing this. Taxation of forex trading profits in Turkey may also be an issue, so it may be wise to consult with your tax accountant before getting started. 

Despite those restrictive Turkish regulations, some brokers based outside of Turkey continue to accept retail clients based in Turkey. They also provide them with higher-leveraged margin accounts and a low minimum deposit requirement. Check out the table below for a list of brokers that will accept Turkish clients. 

Account Minimum

100 of your selected base currency

Pairs Offered


Account Minimum

100 of your selected base currency

Pairs Offered


1 Minute Review is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While is impressive, remember that it isn’t a standard broker. You can’t invest in the stock or bond market through your and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.

Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders
  • Impressive, easy-to-navigate platform
  • Wide range of education and research tools
  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
  • Cannot buy and sell other securities (like stocks and bonds)
  • Confusing margin requirements that vary by currency
  • Limited customer support options
  • Cannot open an IRA or other retirement account
Account Minimum

$50 USD

Pairs Offered


Account Minimum

$50 USD

Pairs Offered


1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best For
  • International Forex/CFD Traders
  • New cryptocurrency traders looking for an easy-to-use platform
  • Traders who want to buy and sell cryptocurrencies on-the-go
  • Simple platform that is easy to master
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades
  • U.S. traders currently limited to cryptocurrencies
  • Only 15 major coins available to trade
Account Minimum

100 EURO

Pairs Offered


Account Minimum

100 EURO

Pairs Offered


1 Minute Review

A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best For
  • Beginners
  • Advanced traders
  • Traders looking for a well-diversified portfolio
  • Controlled by regulatory agencies of multiple countries
  • Choice offered in terms of trading platforms
  • Support available in 14 languages and trading platforms in 20 languages
  • Practice/demo account available for trying out
  • Breadth of trading assets
  • Does not accept customers from the U.S. as it isn’t regulated in the U.S.
  • Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

$0.02 per share

Account Minimum



$0.02 per share

Account Minimum


1 Minute Review

Pepperstone is an Australian broker focused on providing international forex, CFD and cryptocurrency trading. Though U.S. traders currently cannot open an account with Pepperstone, the broker remains an affordable and comprehensive option for international traders. 

Pepperstone offers traders access to over 61 forex markets, over 60 CFDs for index funds and stocks and 5 cryptocurrencies. Leverage options with Pepperstone are extensive; you may qualify for up to 500:1 leverage when trading currencies and up to 5:1 leverage when trading cryptocurrencies, for example.

There are a few areas where Pepperstone can afford to improve. We’d love to see Pepperstone add its own trading platform in the future instead of relying entirely on 3rd-party platforms. We’d also love to see direct stock and fund purchase options in the future. Despite these flaws, Pepperstone remains a very strong choice for international traders.

Best For
  • International traders interested in trading CFDs from foreign markets and currencies
  • Traders who are already familiar with the MetaTrader or cTrader platforms
  • Traders who are looking for leverage when trading cryptocurrencies
  • Access to over 61 forex pairs and over 60 stock CFDs
  • Leverage available for both forex and cryptocurrency trading
  • Wide range of educational tools and courses that both beginners and experts can use
  • 24/7 customer service
  • Not currently available to U.S. traders
  • No option to purchase stocks, bonds or mutual funds directly; only CFDs are available

Forex Terminology

Professional forex traders use a special set of jargon terms among themselves. It will probably help if you familiarize yourself with these terms before beginning to trade or learn about trading. You will probably find knowing these common terms useful:

  • Pip: This acronym stands for “point in percentage.” It refers to the smallest increment in a currency pair’s exchange rate.
  • Lot size: A standardized number of currency units traded. Standard lots consist of 100,000 base currency units, mini-lots consist of 10,000 units and micro-lots consist of 1,000 units. 
  • Orders: Instructions made to a broker to execute trades on your behalf. Common order types include limit, take profit, stop loss and market orders.
  • Margin calls: When trading positions require extra margin funding as a result of a market move or change in regulations, your broker may call you to ask for more money to be deposited. Some online brokers will instead automatically close out your positions. 

Is Trading Forex in Turkey Right for You?

Trading forex profitably generally requires a trader to accumulate considerable knowledge about the market and how to analyze it. They usually also develop a trading plan that incorporates a strategy they can stick to in a disciplined manner. 

Traders also need sufficient risk capital to fund their strategy adequately and the free time to execute it. If you think you can meet those requirements from Turkey, then consider getting started trading forex.

If you would like to practice forex trading to see if it might suit you, consider opening up a demo account with one of the forex brokers we mentioned. Once you feel comfortable with your strategy’s profitability, you can approach any broker that accepts Turkish clients to open up a funded trading account.

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Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

What Is A Demo Account?

Demo accounts enable new investors to test their ideas and learn how to use trading technologies without risk. Users can use the demo account to trade with simulated money and see what their returns would be if they traded with real money. Demo accounts are often used in schools and universities to teach investing and compete in trading competitions.

Demo accounts are commonly used by stock traders, currency exchange traders, and commodities dealers, but not by long-term investors. A demo account is less effective since the longer it takes to produce earnings from an investment, the more time it takes away from compounding real money.


How Does A Demo Account Work?

Using demo accounts, investors can practice trading on a platform without putting their own money at risk. You will not be exposed to the dangers associated with live trading platforms on a demo account. As a result, you can learn how platforms work without putting your money at danger.

A demo account guarantees that you will not lose money, but it also guarantees that you will not make money. To reduce risk when trading on the real market, traders must learn discipline and establish techniques.

How to Open A Demo Account?

In general, opening a demo trading account is pretty simple. Choose a Broker – Most brokers provide demo trading interfaces to help you become acquainted with the features and create techniques. Choose which broker to use initially.

Registration is necessary, and you must provide your personal information. Name, address, and financial information will be requested. Your identification will almost certainly have to be validated as well.

Once you’ve decided on a broker, you can install MetaTrader4. Once you have decided on a broker, you will require a trading platform. MetaTrader 4 and MetaTrader 5 are the most popular trading platforms.

You will obtain login details after registering with a trading program. You will be able to open an account.

How Long Do Demo Accounts Last?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

Why Is It Necessary to Open A Demo Account?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

What Are Advantages of A Demo Accounts?

Demo accounts are an excellent method to learn about various trading tactics and software. Paper trading is a lot safer way for a beginner investor to make technical mistakes than real trading. Investors can benefit from the customised trading software provided by each firm.

A demo account lets you to test methods without risking any money, whether you are a novice or an experienced trader. Trading on a demo account allows the trader to test the approach before trading with real money.

Even though many traders begin with equities, commodities and Forex can be profitable. The same strategies, however, may not be applicable in all three asset groups. A demo account allows experienced traders to experiment with several asset classes.


The Differences Between Demo & Live Accounts

A forex demo account is distinct from a genuine account in that it is utilised as a training account for traders to practise trading without putting real money at risk. Real accounts, on the other hand, use actual money, and traders put their own money at risk. A demo account enables users to trade with fictitious money in order to imitate the earnings they would receive if they traded with real money. Demo accounts are often used in colleges and institutions to teach investing and compete in trading competitions.

However, studies have shown that even if a person has obtained extensive trading expertise through the use of virtual accounts, things may turn out differently when real money is involved. Because you are not putting anything at risk  is more accessible when dealing with virtual money than when trading with actual money.

Can I have Multiple Forex Demo Accounts?

You may be able to open up to five demo accounts depending on the broker. Some, however, provide up to 19 demo accounts. There is no way to predict how many demo accounts are available at any particular time. All brokers do not limit the number of demo accounts.

If your broker has a demo account limit, you can contact their customer service via email or live chat to request more demo accounts.

There are brokers who will only allow you to open one account of each type per email address.

As a result, you are not able to establish any additional accounts until you give them with another email address or open a new account. Traders do not benefit from this practise because it requires them to spend their resources on opening new accounts rather than allowing them to open as many as they like.

In most circumstances, you won’t need more than five accounts, and depending on your plan, one may enough.

In any case, you should practise on a demo account until you are really proficient.

Is A Demo Trading Account Free?

Demo platforms are usually free. There is no risk of losing money because you will not be dealing with real money. As a result, there are no deposits, withdrawals, or training fees involved.


How to Choose Forex Accounts?

Different accounts have different settings. Before you open a trading account, you should answer the following questions:

How much money do you want to put down? You should keep in mind that trading with money you cannot afford to lose is not a good idea.

What is your level of risk tolerance? If you are a cautious trader, you can open a micro account and trade micro-lots. However, if you wish to trade more aggressively, you should open a regular account.

Do you require any specialised equipment? Many forex brokers provide their best trading tools to its professional clients, which may include cutting-edge news analysis or access to a diverse set of indicators.

Once you’ve determined what kind of trader you are, your trading objectives, and your risk tolerance, you’ll be able to choose which account is best for you.

Can I Take Money Out of a Demo Account?

Unfortunately, the answer is no. Demo accounts are only for practise purposes. You do not deposit anything because the account is not funded with real money.

As a result, any profits you would have made would be ineligible for withdrawal.

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

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AvaTrade introducing 3 new crypto pairs

crypto trading with Avatrade

AvaTrade introducing 3 new crypto pairs – updating 3 others

AvaTrade has yet again improved their cryptocurrency trading offering.

AvaTrade is introducing three new cryptocurrency pairs: NEOUSD, EOSUSD & MIOTAUSD in addition to the 15 crypto assets already on offer.

These new pairs have been available since July 1st, 2019 and provide an excellent opportunity to diversify your clients’ portfolios and increase their exposure to this vibrant 24/7 market.

AssetTypical SpreadLeverageMarginMin Nominal Trade Size
NEOUSD1.5% Over-market2:0150%10
EOSUSD2% Over-market2:0150%10
MIOTAUSD1.5% Over-market2:0150%10

To unify their cryptocurrency instrument labels, They are relabeling their existing Ethereum, Ripple & Litecoin instruments, by replacing the existing instruments with new USD labelled ones:

AssetOld SymbolNew Symbol

These new pairs have also been available since July 1st,

The trading conditions for each one is identical to those of the older respective assets they replace.

Effective immediately, new positions are only available on the new pairs.

Avatrade Clients will not be able to open new positions on the old assets, but those already open will remain unaffected until July 29th.

Existing positions on XRP, ETH and Litecoin-mini that remain open on July 29th will be automatically replaced with corresponding positions on the new pairs, , at the same opening price and at no cost to clients.

as any broker that values their clients would do , Avatrade makes sure that the clients will not be affected by the change.

Visit Avatrade NOW

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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,



founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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