The progress in internet technology offers a lot of opportunities, but at the same time it is a breeding ground for scammers. Today it is worth noting that scammers are flourishing, casting a serious shadow over all brokerage projects.
Every day the dexterity of swindlers is becoming more sophisticated, and the techniques of deceiving gullible investors are becoming more sophisticated. Legends of high earnings and most profitable terms are more and more difficult to distinguish from the truth. Such a situation on virtual trading platforms is risky not only for new traders but also for experienced investors who have experience working on exchanges.
Scammers operate with numbers, draw infographics and offer flashy pictures.
Turnkey Forex traders strive hard to create an image of a successful and promising broker, telling tall tales and legends of their success on the pages of their official website, shamelessly falsifying evidence and providing non-existent figures.
As a rule, these tricks are designed to lull potential investors and have nothing to do with the real financial picture. Scammers cheat and, by advertising themselves, try to convince as many traders as possible that they are as reliable as possible.
The text of this review is dedicated to another fraudulent project - Turnkey Forex. Despite its "young" age, the project has managed to "grow" some negativity.
At first glance the broker's website looks simple enough. However, after a few minutes it becomes clear that it is a traditional hoax created by swindlers - a detailed description of the advantages of the company, but little information about trading conditions and any information important for traders. In any case, all the promises and guarantees that Turnkey Forex generously gives out are fake. As the experience of real brokers shows, this brokerage project is absolutely not responsible for its stated conditions. In reality, Turnkey Forex is very different from the image of a successful broker imposed on its website.
Before a trader starts working with a Turnkey Forex broker, we suggest reading our review. There is a high probability that the investor will change their mind and prefer to look for another, reliable intermediary in upcoming trades.
An in depth check of the facts, a careful examination of the information on the official website and the informative value derived from the testimonials left by customers on the internet are the basis of our review of Turnkey Forex, which serves as a hint for traders who want to avoid encountering scammers and going bankrupt.
Types of trading accounts offered Turnkey Forex
The Turnkey Forex website currently offers two types of trading accounts - ECN and STP.
Although, as former clients note, only a few months ago the project website listed five trading accounts. Micro Account (but the website spelled the name wrong - Mirco), Swap Free, ECN, STP and VIP.
From the detailed description of the accounts, it is immediately clear to an experienced investor that Turnkey Forex is a fraud.
The minimum deposit is specified as $10.
The excessive modesty in stating the cost of admission to the platform is troubling. Transactions start at 0.01 pips. Moreover, you should not expect to enter the interbank market here - the platform does not allow you to do so. Proof of this is the set upper limit for trades.
Trading on real marketplaces, the upper position limit is based on market depth, not on the broker's setting.
This may be due to the poverty of the intermediary, with huge leverage among its promises, but a lack of funds for large positions. Although such a scenario is unlikely. Traders with experience would agree that specifying broad leverage, as with the fake Turnkey Forex project, for example, is a clear sign of scams, "kitchen".
Before, the only offer that looked more or less realistic was VIP. There at least one could hope for a real entry into the market, although expectations were not justified by excessive leverage. Simply con men planned to cheat their ambitious clients by setting the minimum deposit for VIP account buyers at $25000.
Now there isn't even such an offer among Turnkey Forex trading accounts. They just cut the information on the site.
Turnkey Forex Trading conditions
It is known that Turnkey Forex operates with currency accounts in USD, EUR, BTC, XRP, LTC, BCC and ETH.
The website is only offered in English, although the broker informs about an influx of clients from 190 countries. Among the instruments offered are the right to trade cryptocurrency, Forex, Commodity, Shares, Indices and ETFs. There is also the opportunity to use not only the high-tech and feature-rich MT4 and MT5 trading platforms, but also the broker's own Turnkey Forex platform, which can be accessed via desktop computers and mobile devices.
The company promises round-the-clock support from experienced traders five days a week. There is also the offer of an affiliate rewards program for active clients. These are promises of additional privileges in the trading process. Unfortunately, in reality it turns out to be a typical scammer's tale that allows con artists to lull investors' vigilance and steal from them.
A few months ago turnkeyforex.com was talking about 85 currency pairs. Today the figure is down to 66.
But that too is a bluff. There is a story about the availability of major, minor and exotic pairs. A full list is not provided. A strange intermediary that doesn't give full information to its clients. Investors cannot see the whole picture at once and understand what they have to trade.
The website is full of mistakes and inaccuracies. Scammers are constantly adding to it and modifying it. That's why traders who decide to work with this scammer should always be on the alert and carefully check each string of key terms and indicators.
Former Turnkey Forex clients mention that the trading platform often freezes, which negatively affects the trading process and investors' budgets.
There are no genuine market instruments among the assets in the arsenal of the dubious Turnkey Forex broker. It's only CFDs, which of course they don't mention in the same way that they advertise their own.
Turnkey Forex offers bonuses, but the fact is that this is a fraudulent practice - no reliable Forex broker with a good reputation has such offers.
We could continue to dwell on each point of Turnkey Forex trading conditions, but the summary will be monotonous - by opening an account with this fake brokerage project, the trader voluntarily condemns himself to a loss of money, because the scammer does not allow to earn and even more so to withdraw money. For example, the Turnkey Forex scammer does not allow you to withdraw your entry ticket or even the money you have earned. Many traders have already been convinced of this in a few months. But about that further on in our review.
Turnkey Forex Licenses
According to WhoIs domain name verification service, the domain registration of turnkeyforex.com took place in early November 2016. Afterwards, there was a re-registration and the fraudulent project was launched in an updated form less than a year ago, on October 25, 2020.
This is a typical offshore company. TurnKey Forex is a registered trading name of TurnKey Forex Limited. The project's path began in Mauritius. It is the easiest place to register any company, even online. This is actively exploited by scammers who regularly register fake projects and operate shady brokers.
In addition to the attractive competitive proposition, such offshore brokers target clients outside the UK and present themselves as a reliable, well-established company.
It is better to avoid such projects and not risk your budget.
The website's "about us" section states that Turnkey Forex started out as an advisor to institutional investors on Wall Street before going into intermediation. All this time he thought of the client as king. He now has headquarters in London and 5,000 traders from 190 countries.
Checking this information on the website of the UK financial regulator, we are convinced that no such company has been licensed there.
The address of the headquarters is listed on the website. Judging by the listed phone codes, the numbers are in London (UK) and Brooklyn (USA). By the way, the broker itself occasionally refers to the headquarters in London.
The scammer asks for only one thing in the form for sending messages - the name, but requires more information in the registration form. Do not provide personal data to a dubious site: real reviews testify that Turnkey Forex illegally disposes of mined databases of telephone numbers, pestering subscribers by demanding to open an account with it.
Turnkey Forex Reviews online
Real customer reviews online are of great value when compiling a Turnkey Forex review. In order to get objective information one should pay attention only to independent or closed traders' forums.
This is where you can learn a lot about the brokerage projects as opposed to bought and commissioned reviews. For example, Turnkey Forex has received a lot of negative feedback.
Judging by the reviews, the dubious broker has an extremely low trust rating with its clients.
Former clients and those who managed not to become them complain about the inability to withdraw money and numerous intrusive calls telling them about the benefits of the platform and demanding that they join Turnkey Forex as a client.
All in all, it can be seen that scammers are in a hurry to boost Turnkey Forex' rating and are not stingy with bespoke reviews. However, this is easy to understand by the monotony of their style.
They should not be associated with Turnkey Forex which is cheated at every turn.
Safety and security of funds with Turnkey Forex.
If Turnkey Forex was a good, honest broker, its managers would have been licensed and registered long ago. However, everything points to their dishonest intentions and unwillingness to work in tandem with their clients on mutually beneficial terms. The advertising promises quick execution, modest commissions and spreads.
In fact it is impossible to withdraw money.
Turnkey Forex is a typical fraudulent online project. Such conclusions were drawn while preparing a detailed review based on negative feedback, registration verification and analysis of the official website.
This dubious project lies in everything - in indicators, registration time, promises and other important issues like trading conditions, for example.
Incidentally, in these clauses, the company completely absolves itself of responsibility and shifts it to its clients.