Is Turbo Forex a scam broker?
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Turbo Forex is owned by TF Trading Ltd., located at Marshall Island. It has its offices in UK, Russia, Australia, Sweden, New Zealand, and Norway to name a few. One of the sites claims that TF Trading is based in the UK but is not regulated. Yet another site claims they are from New Zealand and is regulated by New Zealand regulatory authorities. It was founded in the year 2010.
Trading platform offered is MetaTrader4 which is one of the popular platforms in the world. With a single user ID and password, clients can assess from desktop, web, tablet, and mobile. MetaTrader platform is in the market for a decade or so. It features are easy to use, multiple options with charting and technical analysis tool. Wide ranges of third-party application are compatible with it. Traders can also go for its automated trading feature. Presently MT5, the successor of MT4 is in the market but it will be some time before it becomes popular.
Payment methods are credit/debit card (MasterCard and Visa), Skrill, Netteller, WebMoney, and Sofort (German payment system).
The broker’s portfolio is composed of forex pairs and CDF’s on commodities, stock, and indices. The support system is through live chat, call back, email, and fax.
Account types are Mini (minimum deposit $ 250), Standard ($ 1,000), and Premium ($ 10,000). Apart from these, it offers fixed account (lowest fixed spread), interbank account (direct access to inter-bank markets) and signal type (providing trading signals). It offers quality execution of orders, convenience in managing accounts and traders can have different types of forex accounts.
The website is available in many languages apart from English it also has Spanish, Portuguese, Russian, Arabic, Chinese and others. Up to 100 percent bonus for every deposit will show up in your accounts automatically. There is also an affiliate program namely refer-a-friend and 15 percent commission is paid. There is a loyalty program which is based on points.
Turbo Forex is a scam broker as once you deposit money in your account there are no chances of getting it back.
Secondly, the customer service (live chat) is very poor. The actual purpose of live chat is that the person at the other end gets quick replies to his/her queries. Once you become account holder they take a long time to reply. This defeats the very basic purpose of live chat.
Thirdly they do not have proper respect for their clients. The information one gets from support team is not upto date. These things make you more confused than ever before. Even if you request for call back number of times they never call back.
Though MetaTrader platform is fast enough but because of heavy applications or something else Turbo Forex site is extremely slow. This slow movement can be many a time can be the reason for loss as market moments are very fast. The site gets disconnected many a time.
Turbo Forex is a scam broker and there may be many victims who have not received their money back when they ask for a withdrawal. If you have been one of them you can contact MyChargeBack to help you out. Internet scams in binary option and forex industry are rampant and people should know to distinguish between a scammer and legitimate companies.