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Best Forex Brokers Turkey for 2023

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

July 17, 2023

ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Trading forex (currencies) in Turkey is popular among residents. While recommended, forex brokers are not required to become authorised by the Capital Markets Board of Turkey (CMB) to accept residents of Turkey as customers.

The Capital Markets Board is the financial regulatory body in Turkey. Website: http://www.cmb.gov.tr/. We recommend Turkey residents also follow the CMB on Twitter: https://twitter.com/spkgovtr

Capital Markets Board

The CMB was formed in 1982 and is responsible for watching over the financial market, consumer protections, and supervising participants in the stock market. For a historical breakdown, here's a link to the Capital Markets Board of Turkey webpage on Wikipedia.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers Turkey

To find the best forex brokers in Turkey, we created a list of all brokers that list Turkey as a country they accept new customers from. We then ranked brokers by their Overall ranking.

Here is our list of the best forex brokers in Turkey:

  • IG
    - Best overall broker, most trusted
  • Saxo Bank - Best web-based trading platform
  • FOREX.com
    - Excellent all-round offering
  • FXCM - Excellent trading platforms and tools
  • XM Group - Good for algo trading
  • Pepperstone - Great for MetaTrader and copy trading
  • Admiral Markets - Great for MetaTrader

Turkey Forex Brokers Comparison

Compare Turkey authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.

Company Accepts TR Residents Average Spread EUR/USD - Standard Minimum Deposit Overall Rating Visit Site
IG logoIG check 0.98 info £250.00 5/5 Stars Visit Site
Saxo Bank logoSaxo Bank check 0.9 info 0 5/5 Stars Read Review
FOREX.com logoFOREX.com check 1.4 info $100 5/5 Stars Visit Site
FXCM logoFXCM check 1.38 info Starts from $50 4.5/5 Stars Read Review
XM Group logoXM Group check 1.6 info $5 4.5/5 Stars Read Review
Pepperstone logoPepperstone check 0.77 info $200 4.5/5 Stars Read Review
Admiral Markets logoAdmiral Markets check 0.8 info $100 4.5/5 Stars Read Review
FP Markets logoFP Markets check 1.1 info $100 AUD 4.5/5 Stars Read Review
IC Markets logoIC Markets check 0.62 info $200 4.5/5 Stars Read Review
Tickmill logoTickmill check 0.51 info $100 4.5/5 Stars Read Review
BlackBull Markets logoBlackBull Markets check 0.827 info $0 4/5 Stars Read Review
HFM logoHFM check 1.2 info $0 4/5 Stars Read Review
FlowBank logoFlowBank check N/A info $0 4/5 Stars Read Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) check 0.6 info $20 4/5 Stars Read Review
Eightcap logoEightcap check 1.0 info $100 4/5 Stars Visit Site
Trade Nation logoTrade Nation check 0.6 $0 4/5 Stars Read Review
Moneta Markets logoMoneta Markets check 1.27 info $50 4/5 Stars Read Review
ACY Securities logoACY Securities check 1.2 info $50 4/5 Stars Read Review
easyMarkets logoeasyMarkets check 0.9 info $50 4/5 Stars
Libertex (Forex Club) logoLibertex (Forex Club) check N/A info $10 3.5/5 Stars

How to Verify CMB Authorisation

Unfortunately, the CMB does not provide a list of authorized forex brokers; however, residents can contact the CMB directly to verify authorisation.

securityWhy regulation is important

Choosing a well-regulated forex broker is important for avoiding forex scams. Check out my popular educational series that teaches you how to identify common forex scams and provides helpful information about what to do if you've been scammed. For crypto traders, I explain how you can spot common crypto scams.

Article Resources

Capital Markets Board Website, Capital Markets Board Wikipedia

Find the best forex brokers in Europe

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2023 Review Methodology

At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.

Read our full explanation and accounting of our research and testing process to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

81% of retail investor accounts lose money when trading CFDs with this provider.

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the full Risk Disclosure.
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