Reason to avoid: Offshore license
Listed Date: April 30, 2019
Top 3 Regulated Forex Brokers
Beware TurboForex is a Non-Regulated broker. It is NOT SAFE to trade.
Is TurboForex a scam or legit broker?
No, it is not safe to trade with TurboForex. TurboForex is owned by TF Trading Ltd., which is an offshore company registered in the Marshall Islands.
The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldmanCFD, Obsbit and more.
According to its website, TurboForex is an industry-leading provider of forex, commodities and stocks/indices CFD brokerage services. The company doesn’t provide information about its location or, most importantly, regulation, however, there are a lot of contact numbers with the phone codes from the United Kingdom, New Zealand, Australia, Brazil, Norway, Sweden and some more. Obviously, TurboForex doesn’t have branches or offices in these countries and is not regulated in any of the mentioned or other countries.
Moreover, Spain’s regulator the National Securities Market Commission (CNMV) has issued a warning against TurboForex/TF Trading Ltd:
“TURBOFOREX is not authorised to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions.”
We advise all investors and traders to avoid TurboForex and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and Plus500.