Turnkey is an unregulated and unsafe brokerage firm for trading. So, if you unluckily visit the site, then ensure, you don’t fall for its bogus and false ideas. The broker’s official website is complex and is overloaded with irrelevant information, leaving some important ones. Trading is incomplete without educational material and research tools as they enhance your trading stands and help in the potential decision. Unfortunately, the broker fails in offering both these vital tools.
The process of withdrawal and deposit of funds is time-consuming and has several hidden costs. Trading assets are limited and lack stocks trading. We have covered each point in detail in this review. You wield safety in your hands. Thus, read it carefully and never trade with Turnkey again.
Is Turnkey Scam or safe?
Turnkey is a scam broker as is not regulated or authorised under any financial authority. The website of the broker is unsafe for trading. Also, your funds and trading details are not safe. The firm does not provide a segregated bank account, advanced safeguard tools and good encryption technology. So, think twice before investing with the firm.
Besides, when you want to see the facts mentioned by it, they are as unreal as Santa. Furthermore, there’s none taking the responsibility for the behaviour.
Types of trading account
The broker offers trading services from four account types, namely STP, VIP, Micro and ECN. These account types are more or less the same in terms of limited service and high charges with little changes. The details of each account types are as follow:
1) ECN: The spreads associated keeps on fluctuating while executing orders. Hence, it is hazardous for trading.
2) STP account: The minimum deposit to open a trade with this account is as high as $200. This amount is two times higher than that accepted by other renowned firms. The spreads are variable and high.
3) Micro account: Broker charges a high commission on this account type. The overall cost for each trade is $8, which is comparatively high.
4) VIP: The minimum deposit amount is extremely high with this account. $25000 and the maximum leverage is too low, 1:100.
Tradable markets and products
Turnkey allows trading on a restricted range of financial assets. It includes only currencies, indices, commodities and cryptocurrencies. The number of assets in these available markets are also limited. Yes, you will not find the most popular and common profit-generating instrument, stocks with the broker.
This limited range hinders the diversified trading portfolio expectation of both novice and seasoned traders. Further, it leads to a decline in profit size and enhances the chances of financial risk. How can you think the broker is a real one? There’s no evidence backing it. Thus, invest your money with a true broker like Global Trade ATF.
The process of account opening with the broker is time-consuming as it requires three to four days for document verification. Moreover, the broker asks several sensitive data which traders might not feel comfortable providing.
Commission and spreads
Turnkey charges a relatively high commission fee on trading also the site charges via numerous unnecessary means. There is no information on these fees or amounts and the penalties associated. It is illegal as the trader has the right to know everything before opening an account with the firm.
Coming to the spreads, they are high and variable. They keep on changing while executing the trade. The high fees, commissions and spreads directly impact the size of profit.
Withdrawal and deposit
The broker facilitates withdrawal and deposits through limited options, and service is also poor. It takes more than three business days for the withdrawal to proceed, and there are some hidden charges attached with it. Moreover, there are no third party and cast deposit methods.
The broker does not follow the level related rule of an authentic financial institution. The European Union has fixed the maximum limit as 1:300. But, the broker is offering high leverage up to 1:500, which is beyond this permissible limit. Thus, it reflects that the firm is unsafe and untrustworthy for trading.
Unfortunately, Turnkey does not offer any research tools for trading. It would be best to opt for other firms that offer research and educational tools as they are of great importance and help in potential decision making.
Customer support service
The major drawback of the broker is its inefficient and worst customer support service. The response time to answer the query is extremely high. They claim to provide 24/5 uninterrupted service but do not follow when it comes to execution. The live chat option is offline most of the time, and the robot provides answers. Hence, these answers are irrelevant many times.
The response time for email is more than three days, and for phone calls, it is greater than one minute.
The broker fails in offering educational resources to its clients. Neither do they provide platform-based trading tutorials. The firm is not offering any tools and resources and charging a high fee. This is sad, but the broker is only focusing on trapping users and their money.
Disadvantages of Turnkey
- Lack of research tools
- Lack of educational resources
- High minimum deposit
- Poor customer support service
- High hidden charges
- Time-consuming process for deposit, withdrawal and account opening
- High and variable spreads
The Bottom Line
It is an unbiased review of Turnkey. Overall the broker is not safe for trading as it is unregulated. The high amount charged by the firm does not do justice with the poor service offered. Limited trading range, poor leverage, high charges, hidden cost, lack of research tools and poor compel traders to look for other better options.
Also, the website of the broker is complex and lacks much relevant information. It seems like the film is trying to hide these data. Thus, it opens the door for various doubts on the authenticity of the firm. It is risky to invest with Turnkey. It is better to opt for other advanced and reliable firms such as T1markes, HFTrading, ROinvesting, PrimeFin, Brokereo over this firm.