Established in New Zealand, TurboForex is an online forex broker founded in 2010. They are a brand of Turbo Trading Limited and are located at 4140, 20-22 Munroe Street, Napier, New Zealand. They are regulated by the Financial Disputes Resolution Scheme in New Zealand. The TurboForex broker is making a number of bogus claims about their legitimacy as a broker which they are hoping will make you want to register with them. However before you sign up, read our TurboForex review to find out the truth about them.
TurboForex Customer Support Review
Customer support for TurboForex is available through live chat, email, telephone and call back.
Sadly no method of customer support seems to be better than the other.
What we have noticed in our investigation of the TurboForex forex broker is that they are readily available before you have registered with them but once you give them your money, it is like their customer support has vanished.
This is rather shocking and says a lot about the legitimacy of this forex broker.
It is extremely difficult to get in contact with TurboForex after you have made your first deposit. And to make matters worse, they make withdrawing an extremely difficult and lengthy process.
TurboForex Accounts Overview
These are the five types of accounts offered by TurboForex.
The TurboForex broker offers six different account options for you to choose from. These five options are:
- Signal Trader
The TurboForex accounts only offer deposit in US currency which shows a lack of options for clients. While each account only offers deposit in this currency, there are other differences between them though they are quite small.
The Mini account has a starting deposit of $250 and carries commission. There is market execution available and the spread for this account is 2 pip. There is a maximum leverage of 1:500. The lowest order of volume is 0.01 lot with a maximum of 60 lots and the lowest step volume is 0.01. Bonuses are available and there is also a 10% stop out. The MT4 history is also unlimited.
The Standard account is not that different from the Mini account which is rather disappointing. The only real differences between the two accounts are the starting deposit, spread and stop out. The minimum deposit for the Standard account is $1000, the spread is 1 pip and the stop out is 20%.
The lack of improvement on account features continues while still carrying an increasing minimum deposit. The Premium account is similar to the Standard account with the exception of the starting deposit, that’s $10,000 for the Premium account and the spread, which is 0.5 pip as opposed to 1 pip. Even though the minimum deposit increases, it is sad to say, the features don’t improve as much.
The Fixed account option is similar to the Mini account because it carries the same amount for the starting deposit, $1000, along with no commission. Where it differs is that it carries a spread of 3 pip instead of 2 and a 20% stop out instead of 10%. Also instead of a market execution, there is instant execution.
The InterBank account is different from the others in a number of ways. Starting with its minimum deposit which is $5000; it also carries a commission and a spread of 0 pip. The leverage is 1:200 and there is a 40% stop out.
The Signal Trader account is vastly different from the other five and often is not included in the listing. It carries a minimum deposit of $2000 and spreads from variable to 3 pip. The maximum leverage is 1:100 with a margin call of 150% and 100% stop out. Luckily for you, expert advisers are allowed but it is in your best interests to take your business elsewhere than waste time and money on TurboForex. There are also no commissions for Forex and Commodities but they claim to offer $15 per lot for Indexes and Stocks SFDs. There are also no bonuses available.
TurboForex Platform Review
The MT4 platform is renowned in forex trading and is used by TurboForex. However it seems that their version of the platform, while optimized for web, desktop and mobile trading, is disappointing.
The main issue with the TurboForex broker’s MT4 platform is its instability. No matter which device you use or how good your internet connection, their platform will randomly disconnect and mess up your trades.
On top of that, it also moves extremely slow and can be extremely frustrating.
The TurboForex forex broker’s platform is a major disappointment.
TurboForex Review: Conclusion
TurboForex has made a number of claims about their company being good and worth your time and money but we have discovered this to be a lie. We advise you to stay away from the TurboForex scam. It is not worth it.