As a Forex trader, one of the most important factors to consider when choosing a broker is the commission structure. Commissions are the fees charged by brokers for executing trades on your behalf. Turnkey Forex is a popular broker that offers some of the most competitive commission rates in the industry. In this article, we will explore the commission structure of Turnkey Forex and help you understand how much it will cost you to trade with this broker.
What is Turnkey Forex?
Turnkey Forex is an online Forex broker founded in 2016. The broker is based in the Republic of Marshall Islands and is regulated by the International Financial Services Commission (IFSC). Turnkey Forex offers a range of trading instruments, including Forex, commodities, indices, and cryptocurrencies. The broker is known for its tight spreads, fast execution, and low commission rates.
Commission Structure of Turnkey Forex
Turnkey Forex offers two types of trading accounts: Standard and ECN. The commission structure for each account type differs, and we will explore them in detail below.
Standard Account
The Standard account is designed for traders who prefer fixed spreads and no commission. With this account, you can trade on over 100 trading instruments, including Forex, commodities, indices, and cryptocurrencies. The minimum deposit for a Standard account is $5, and the maximum leverage is 1:400.
The commission charged by Turnkey Forex on a Standard account is zero. This means that you do not have to pay any commission on your trades. However, the broker charges a markup on the spreads to compensate for the lack of commission. The markup varies depending on the trading instrument and market conditions.
ECN Account
The ECN account is designed for professional traders who prefer variable spreads and low commission. With this account, you can trade on over 70 trading instruments, including Forex, commodities, and indices. The minimum deposit for an ECN account is $200, and the maximum leverage is 1:200.
The commission charged by Turnkey Forex on an ECN account is $2 per lot, per side. This means that for every standard lot (100,000 units) you trade, you will have to pay $2 in commission. The commission is charged on both opening and closing trades, which means that you will have to pay $4 per lot, per round turn.
The commission charged by Turnkey Forex is one of the lowest in the industry. Most brokers charge between $5 and $10 per lot, per side, which means that Turnkey Forex is significantly cheaper. However, it is important to note that the commission is not the only cost associated with trading Forex. You will also have to pay the spread, which is the difference between the buy and sell price of a currency pair.
Overall, the commission structure of Turnkey Forex is very competitive. The broker offers zero commission on its Standard account and low commission on its ECN account. The low commission, combined with the tight spreads, makes Turnkey Forex an excellent choice for traders who want to keep their trading costs low. However, it is important to remember that trading Forex involves risks, and you should only trade with money you can afford to lose.
