Forex Brokers in Turkey
Its sheer size makes Turkey one of the top markets for the online Forex industry. For years, the country was a sort of Wild East in this regard though, with some regulatory chaos mixed in with various hair-raising incidents, at least one of which saw a gang of armed and obviously discontent Fx customers barge into the offices of a brokerage, with the intent of recovering their losses the easier way.
That is not to say though that Turkey does not have a regulatory body, and that the said authority isn’t keen on protecting the interests of the customers who trade with licensed brokers. It is important to note that Turkey isn’t a member of the EU, and as such, the only way for Forex brokers to legally operate in the country is through CMB (Turkey’s Capital Management Board). Though generally well-intentioned and mannered, the CMB is no stranger to stirring up the Fx waters with chaotic measures and off-a-whim directives. One such move of the Turkish regulator saw a number of sudden leverage/margin changes instituted to small-cap accounts in January, 2016. On some currency pairs and commodities, the maximum leverage has been lowered to 50:1, while on other products, it has been dropped all the way to 25:1. The measures represent an effort to protect novice retail traders from losses which are indeed quite inevitable for this class in this business.
Scores of brokerages possess CMB licenses, and thus operate legally on the Turkish Forex trading scene.
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Read our reviews of more forex brokers that did not make our top list above:
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