Forex trading in Turkey has grown in popularity over the past few years. This is partly thanks to a sustained period of economic growth. In this article we look at the best forex brokers in Turkey.

The Turkish Economy

The incredible economic growth experienced by Turkey in the last few years has made it a popular market for domestic and international investors. Between 1999 and 2023, the annual GDP increased by an average of 4.80% per year. At the same time, double-digit inflation has created its own set of problems. Population growth and a more outward-looking approach have resulted in the long-term growth projections of Turkey’s economy outstripping those of many other developed nations.

Opening an account with one of the many forex brokers in Turkey is a way to possibly benefit from the country’s success or other global economic developments. Buying or selling currencies allows investors to profit from price moves in the international currency markets, and while the Turkish lira can be bought and sold, so can other currencies, such as the US dollar and the euro.

It’s possible to trade forex using strategies applied over hours or even minutes and take advantage of short-term price moves triggered by news events. Alternatively, adopting a longer investment time horizon and taking positions that benefit long-term trends in the relative value of different currency pairs can be profitable. The general rule is that an economy which is outperforming its peer group will benefit from its currency increasing in value.

Is it Legal to Trade Forex in Turkey?

Forex trading is legal in Turkey. Local investors can trade all globally available currencies and the Turkish lira. Investors can open a standard account or an Islamic forex trading account that uses specific protocols making it Shariah compliant. While Turkey is a secular state with no official state religion, the population is 99% Muslim.  Many forex brokers in Turkey offer Islamic or swap-free trading accounts which appeal to many.

Forex Regulation in Turkey

Forex brokers in Turkey must undergo an in-depth licensing process. It involves obtaining approval from the Turkish authorities, most notably the Capital Markets Board of Turkey (CMB) or the Sermaye Piyasasi Kurulu (SPK) in Turkish.

The trading of forex with an unregulated broker that is not licensed by the CMB is not permitted in Turkey. It’s also worth considering which other regulators a broker is authorised and regulated by. The licence with the CMB may be part of a portfolio of approvals from internationally recognised organisations such as CySEC, FCA, ASIC, and the SEC. When starting trading forex in Turkey, it is essential to ensure that your broker is regulated by at least one well-regarded financial authority.

The CMB has a track record of making constant adjustments to its policies. That is in response to the global forex markets containing a large amount of ‘hot money’ and speculators with a habit of targeting a particular market for a time. Often, the restrictions which come into effect often relate to leverage terms and can result in the level of leverage provided by brokers being reduced. While these policies are designed to work on a macro level, they also have implications for smaller retail traders.

Forex brokers in Turkey are allowed to offer a maximum of 1:10 leverage on forex CFDs.

How to Start Forex Trading in Turkey

Setting up an account with a forex broker in Turkey can be a straightforward and user-friendly experience. Strict government restrictions on domestic brokers have reduced the attractiveness of using local firms. However, offshore brokers regulated in other jurisdictions offer a more convenient way of accessing the financial markets.

The onboarding process with a global broker is completed online and starts with new clients providing basic personal information to create a user profile. That ensures they, and only they, can access the account.

Depending on your choice of broker, KYC (Know Your Client) details, such as your passport number or driving licence, might also be required. This process often involves uploading a scan of the relevant documentation. It takes little time and can be regarded as a sign that the broker has been set up to comply with regulatory requirements.

When opening an account with a forex broker in Turkey, it’s easy to see how the neat functionality of online platforms has revolutionised the trading and investment industries. Traders can use various tools to help analyse price charts and identify trading opportunities or use the free research facilities brokers offer to learn when to buy and sell. A high-tech approach and intense competition between brokers also keep trading costs and commissions low.

Trading the Turkish Lira

If you want to trade Turkish lira currency pairs, the ticker is TRY. The EUR/TRY currency pair trades the relative value of the Turkish lira against the euro. It’s technically feasible to trade the lira against any other currency; however, the markets with the largest trading volumes are where the lira is paired against the US dollar (USD/TRY), British pound (GBP/TRY) and Japanese yen (JPY/TRY).

Different brokers will offer a number of TRY-based currency pairs. If that is the market you aim to trade in, it is worth checking Turkish broker reviews to establish which trading platform is best for your purposes. Those reviews will also offer a cost comparison to ensure your broker has terms and conditions that are ideal for getting your trading off to the best possible start.

The Best Forex Brokers in Turkey

With the forex markets being global, it’s not surprising that some of the biggest brokers in the world now provide forex trading services in Turkey. They’re set up to allow their clients to trade any currency market they want, and trading Turkish lira currency pairs is transacted using the same procedures as trading euros against the dollar or the Swiss franc against the Japanese yen. These well-regulated brokers have impressive track records and focus on making the trading experience as good as possible.

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Broker Features Regulator Platforms Next Step
Number One Broker logo74% of clients lose money. Capital at risk. Founded: 1999

- Trusted Global Market Leader
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CFTC, CIMA, FCA, FSA, IIRO, NFA FOREXTrader & MT4 for PC, MAC, iPhone, iPad and Android, WebTrader
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Your capital is...
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- Trade 15 cryptocurrencies
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- eToro

    Final Thoughts

    The 1:10 leverage limit on leverage when trading in Turkey is one of the world’s lowest and reflects the Turkish lira’s relatively high price volatility. With dramatic price swings being an inherent part of the Turkish forex market, there are still more than enough short-term and long-term price moves to provide forex traders with opportunities to buy and sell currencies. Given the unique nature of some of the aspects of the market, using a Demo account before committing funds would be a good idea.