The broker claims to give its services to the customers in the STP and ECN formats. This simply means that there is a liquidity provider associated with the broker which after a point in time, control all the trades that are conducted by the broker. Turnkey also does not provide a lot of information that can be crucial for the trader to make the correct trades. This is a scam practice and the broker is also a scam broker. Let us read more about turnkey forex here.
Turnkey: Account types
The scam broker supposedly provides two different account types and bot of them are of no use at all. The only difference we could find in those accounts was the beginning of spreads. That could have easily resolved by keeping a single account type and agreeing on a middle type spread. The broker does not seem to care at all about the trader and goes on to confuse him or her.
If a person had to choose front two identical cars and he would have the constraint that the choice would lead to either great profits or great losses, anyone would be confused.
Both the accounts are literally identical and the only difference is the spreads, as stated earlier.
An ideal broker should at least give three different trading accounts which are at some or the other level, different, This scam broker gives the exact same accounts under two different names and then expects the people to be associated with it. This is a scam trading firm and should not be entertained any further.
The broker forces the use of the older version of the meta trader on to its users. The presence of MT5 with MT4 creates a lot of fuss since MT% is a newer version of the same platform.
Older versions are replaced by the newer ones because they have some qualities that the prior versions do not have. Apart from MT%, the broker also forces the use of what looks like a self-claimed indigenous trading platform. We cannot trust scam brokers at all, not even a single bit when it comes to platforms because a lot of them outsource these programs.
these platforms are prone to sudden freezes and miss out on important indicators that can help the trader in making important trading decisions. The presence of a freeze situation and less number of indicators very clearly points out that the broker is a scam and we advise our traders to lose any contact with the broker what so ever.
Turnkey: Tradable assets
The broker does not provide or even mentions th word stocks on its website. We do not clearly know if the broker promoters stock trading or do not promote it. A reliable broker should at least come forward and mention that these are the trading instruments it offers.
Even the scam of the scam brokers mentions that they are offering to trade on CFDs. But not this broker. It has reached all the levels of being a scam and hence it hides a lot of information.
The spreads on the cryptocurrencies are very high and no trader can earn any profit while trading on the same with the scam broker turnkey. While only some of the cryptos can be traded with wither MT5 or MT4, most of them have to be traded by a different trading platform that the broker supposedly offers.
These platforms, as mentioned are prone to stops and freezes. A trader can see anything other than a frozen platform because such a glitch eliminates all the possibilities of making any profit.
Deposits and withdrawals:
There is nothing that is clearly mentioned about the deposits or the withdrawals by the broker. The link which is supposed to take the trader to the respective web page is itself a redirecting link to the home page of the broker’s website.
The broker has the audacity to stay quiet when it comes to the real part of trading, in and out of the movement of money. Any trader, no matter what kind of a trader he or she is, is entitled to the information that tells them the ways that can help neither deposition or withdrawing the funds. This has to be stopped immediately as the broker sounds like a complete scam.
Education and research material:
Everything that the broker has to offer in the name of education and research material is a complete lie as the material is outdated and has to be updated first. A novice trader needs all the information he or she can absorb in order to stay afoot in the market. The broker has to understand this cost-cutting in such an area makes the name take a dive in the mud.
The broker nowhere mentions that it has any educational material at all. We had to dig it up a lot to reach the palace where there was a slight possibility of the educational material being present but w had no luck. There was no economic calendar, no content related to the terminologies of trading, In short, there was nothing that could help a trader to understand what the market is and how it works.
Robo trading scam:
The broker supposedly provides the users with a supposed trading strategy that helps the trader to earn more and more in the market. This is a complete lie because no legitimate broker takes the responsibility for any trade that the trader makes or eeccut4se. Coming out of the way and telling traders that this is the correct trade to invest their money is a scam practice and it is clearly not ethical.
These so-called experts are nothing but a mere puppet to the hands of the broker and they speak on the broker’s will. This has to be kept in the minds of the trader that there is absolutely nothing in this world other than the trader himself that can help him make better trades.
Scam or safe:
By the way, we see it, the broker is a complete scam and there is more than accountable proof for the same. There is no education material, the two so-called different accounts are exactly the same and the broker hides a lot of confirmation from the trader. We advise our traders to move elsewhere and take their precious finances with them. Also, we advise our traders to do ample research to understand the kind of broker they are getting involved with.
The broker Turnkey is a complete scam and we advise everyone to not even look at it for trading. There are plenty of other brokers that are out there in the market which can be of great help. These brokers are peer-reviewed and are one hundred per cent safe. You can go with some other reliable firms such as 101investing, ETFinance, PrimeFin, instead of Turnkey.
Frequently asked questions:
Will I lose my money if I trade with Turnkey?
It’s a big surprise that it has not happened to you yet. If it has not happened, then maybe you should rethink your choices.
What else other thana scam broker I should look out for?
Make sure that you understand terms like leverage and CFDs, ensure that you know the math pretty well.
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