Regulated FOREX brokers by CMB Turkey

Broker Discussion Forex Brokers
1

There is 52 differed regulated FOREX brokers by SPK in Turkey.

Just 4 years ago in August 2011, Turkey’s CMB (Sermaye Piyasası Kurulu, SPK) had forbidden 32 FOREX brokers’ web page and their services in Turkey and gave a temporary license for only 7 brokers. Now there are more than 50 FOREX brands in Turkey, some operating under more than one trade name (FXTCR also owns the GSFOREX which stands for GALATASARAY FOOTBALL CLUB FOREX)

Few weeek’s before end of the 2015 in 30 November, 5 new companies are just received their Leverage Trading license but still they doesn’t has a web page.

All of the FOREX brokers regulated by CMB (SPK) in Turkey I found are listed in this web page forexbrokerleri.com all other web pages are partners with one or two brokers, so the info I get from them is not reliable.

But my interesting question is; which regulator is the best one except the NFA USA :slight_smile:
FCA UK, MiFID EU zone, FSAJapan, CySEC, IFSC Belize.
Is it Turkey’s SPK is good enough?

I have seen a lot of penalties which American NFA made to US FX brokers, also FCA UK, 4 million bill to the FXCM…
CySEC made some fines to over delay withdrawals and other few brokers for money laundering and so on.
SPK also made some fines to Turkish brokers about, pending order cancelation without client’s knowledge and abusing the slippage (as FCA’s fine against FXCM)

Till now only 6 international FOREX brokers’ has a License in Turkey.
I am from Turkey, and I am wondering if the Turkish SPK is good as the other regulators around world?

2

ALB menkul değerler, Turkish Forex broker, has a 8500 USD fine because of slippage as same as FXCM had made to its clients at 2006-2010…

SPK’dan ALB Menkul’e ceza | Forex Brokerleri

3

You might find this of interest

Capital Markets Board warns investors against Forex - BUSINESS

4

New Forex regulation from (SPK) CMB Capital Markets Board of Turkey
The new rules are on the map from 14 January 2016.
I can see on the turkish forex brokers began implementing new laws in their web pages.

After this regulation in Turkey, I might say Turkish Brokers are reliable :))

A lot of changes made in the FX industry in Turkey. Here is in turkish : Aradığınızı Bulamadık Yazi Spk Urallari Ozet

1- Before opening a Real Account, all candidates must use Demo account at least for 6 days and must have 50 deals on a Demo Account Platform, which is must be approved by Capital Markets Boards Union (Union). This way before opening a Real account, clients will see that, they can lose all their savings.
2- All the Demo Accounts and Real Account must have the same rules, same prices and same slippage and so on. The Union will approve the Forex platforms. Not approved platforms from the “Union” can not offered to the clients.
3- Account Management, Social Trading is forbidden. The Union won allow this kind an extras in the trading platforms.
4- Before Opening a Real Account,the Broker Companies must collect from new clients written declaration which says that, the process is risky and they may lose all of their deposits.
a. There will be two kinds of Clients Professional traders and Amateur trader)
Client who has more than 20000 TRY in their account, can use 1:100 leverage for EUR/USD for other instruments’ the leverage is 1:50.
All client with less than 20000 TRY in their account will have max 1:50 leverage for forex and 1:25 for other instruments (oil, index, gold)
b. If there is sharp movements or gaps on market opening, Professional traders may have a negative balance and Brokers may ask to collect this amounts, but Amateur traders cannot have a negative balance, if they have one, Brokers cannot ask to collect this amount.
c. When there is Order cancellation, Professional traders orders may have cancelled, but Amateur traders orders wont be cancelled.
5- If there is slippage on the prices to against traders, there must be slippage on favor of the clients also.
6- Spread Back and any type of cash back Bonus or any type of provided resources to encourage the client to made more trades is forbidden.
7- All the Brokers must send their Buy and Sell prices with Spreads from Demo and Real account to Takas Bank, where they will be collected. If there is differences on the price or higher spread then normal, Brokers must gave an explanation to the Takas Bank.
8- All the Licensed Brokers from CMB of Turkey, must keep their clients money in Takas Bank. Takas Bank is a non profit Clearing Bank.
9- All the FOREX brokers must have on their web page information from every quotery:
a. Profited Clients against Loss Clients which is 12% and 88% information from SPK.
b. The owner of the companies, Ownership Relations
c. Liquidity Providers and Ownership Relations with them
d. Percentage of rejected orders to all orders
e. Detected differences and deviation on the prices as percentage
f. Complaints from client, how many complaints the Broker has and percentage of complaints from all the client number
10- All the advertisement text must be approved from the Union, for not approved adds there will fines.

5

The Turkish CMB evenblocks access to websites of brokers that have not been registered and licensed in the country and yet were targeting Turkish citizens, so yes, I would say they are pretty strict, so the regulation in Turkey is quite reliable now.

6

I wonder whether this is a regular practice or something they do on a case by case basis. I mean, not all regulators do this, I’ve seen plenty of warnings issued by the FCA about unlicensed brokers and/or scammers, but I haven’t heard about them blocking their sites.

7

In Turkey, thay have been blocked Youtube for more than 2.5 years. There was more than 10 videos where is assaulting the Ataturk. After youtube deleted the videos they opened it back. After that it has been a common practice in Turkey, they blocked few times Twitter and also attempt to block FaceBook but facebook deceded to block the bad profile and cooperate to the Turkish government to not get blocked. So its common practice in Turkey to block web pages.

After SPK (CMB) started to regulate the forex in Turkey, CMB has blocked 32 brokers webpage at 31 Augost 2011, and allow only 7 brokers… Now they are more than 50… and growing every day like mushrooms…

and yes if any broker which doesn’t has a SPK (CMB ) Turkey license, and offer Turkish language on their webpage SPK will block the webpage access from Turkey.
thats why the biggest international Forex companies deleted Turkish language from thier webpage, to not get blocked… cause there still English speaker who joins them from Turkey…

8

Net Holding Turizm consortium which has own a lot of hotels and casinos at Turkish Republic of Northern Cyprus ( outside of Turkey because gambling is forbidden at Turkey) now decide to become a ForexBroker. They bought the Ekspres Yatirim, which had a small licence since 2003 and operate as stock brokerage company. NET Holding bought the Exspres Menkul and increase the licence up to 30.000.000 TRY which is the minimum for Forex Market Maker licence at 28.04.2016

Newly created Expres Forex going to offer its clients MetaTrader trading platfrom which is came with Mobile and Web version.

Source : EkspresForex | Forex Brokerleri

9

Mert Ulker, head analyst of the leading Turkish brokerage AK Investment, was stripped of his broker license and is facing criminal charges under articles from Turkey’s penal code covering insults to the president, the nation and state institutions.
The cause is an analysis on the economic impact of the failed military coup from July 15 on the Turkish economy, which also contained some theories who might be responsible.

In its regular bulletin, Turkey’s Capital Markets Board announced it is canceling the license of Ulker because he had not “fulfilled his responsibilities”. Along with his license, the broker lost his job as well.

One has to wonder how traders can trust regulatory bodies that regulate brokers based on politics, rather than concern for the traders.

10

Turkish forex broker Venbey Yatırım is fined after an on-site inspection by the local authorities.
SPK’dan VENBEY FOREX’e Toplamda 351 666 TRY CEZA!

Аccording to Turkish regulation all client funds are held at Takasbank which belongs to the government, and if a client loses money the broker can withdraw it from Takasbank, and if a client makes money the broker has to update the margins at Takasbank.
Venbey Yatırım was fined TRY 26,049 over its failure to update its margins at Takasbank –
A second penalty of TRY 325,617 was incurred over incorrect reporting of client funds regarding the calculation of capital adequacy ratio.

11

At the beginning of the 2016 CMB made changes and all the Regulated brokers by CMB must have on their web pages
quarterly the Percentage of winner and loser clients, Percentage of rejected orders regarding to executed orders and Percentage and number of the Client Complaints from the clients.

Every quarter companies update this information, the 4. quarter of the 2016 result for the 45 companies are released. 2 companies stopped their services.

Regarding the results the company with most winner client is Saxo Capital Turkey with 36.62% winners and 63.38% losers.

Yatirim Finans FX has only 10.11% winner and 89.89% losers.

[B]Percentage of rejected orders regarding to executed[/B] with 0% rejected orders are Saxo Capital Turkey, Ata Forex and OyakFX has 0% rejected orders.

one of the international brokers XTB turkey has most rejected orders regarding to executed orders with 4.94% of the XTB Turkey orders are rejected.

Regarding the Clients complaints 12 companies doesn’t has PrimeTradeFx, KapitalFx, VakifFX, VenbeyFX, AlnusFX, Paritem, AHLFX, MarFX,PhilipCapital, EkspresForex, TurkishFX, AtaFX has 0 client who complains.

GSFOREX, FXTCR, ATIG Forex, has 20 clients who complain about their trades, TeraFX 19 and DestekFx has 14 all other companies has less then 10 clients who made Complaints.

the all list of companies you can find at this web page:
2016 4. çeyreği olan Ekim – Kasım – Aralık aylarının Kazanan ve Kaybeden yatırımcı oranlarını karşılaştır | | Forex Brokerleri

Read more: 301 Moved Permanently

12

People looking to trade with CMB-regulated brokers should keep in mind that the regulator imposed new rules in the end of last week regarding leverage and mininal deposits.

Starting from February 10, 2017, the maximum leverage that can be offered by forex brokers operating in Turkey is 1:10 (lowering it from 100:1) and the minimum required sum to open a forex trading account is TRY 50 000 (around $13 600), or their equivalent in another currency.

If the funds in the account fall below this sum because of withdrawal or transfer to another account, new positions cannot be opened.

Frankly, I don’t know how the local Forex industry will survive such restrictions.

13

If someone want to read the news on turkish here is the link.

https://forexbrokerleri.com/haber/spkdan-sok-karar-kaldirac-oranin-110-min-depozit-50-000-tl/

14

The Turkish Forex brokers are trying to fight the new regulation – they held an emergency meeting to discuss how to do that. They’re also creating a petition where employees and clients can protest the new rules as they fear that include potentially serious outcomes for both investors and workers within the forex industry.

Frankly, I am not sure what a petition is going to achieve but I guess it’s better than nothing?

15

If to choose between Turkey regulator and FCA I would definitely go with FCA regulated broker as long as they accept clients from Turkey too. So why take more non-systemic trading risk if you can steer clear of without any issues.

17

That is good advice, but unfortunately the Turkish government just made it unfeasible.

According to a publication in the state gazette, leveraged trading or having leveraged trading accounts with foreign brokers that are not licensed by the Turkey’s financial markets regulator, the Capital Markets Board (SPK), is illegal for residents of the country.

The new government edict is the latest blow to the once burgeoning forex industry in Turkey. This February the authorities unexpectedly imposed severe restrictions on the trading conditions, lowering further the maximum leverage and setting a minimum security deposit requirement to open a forex trading account.

Essentially Erdogan and the people around him are trying to stifle the Forex trading industry in the country for an unknown reason.

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18

Hi guys! Sorry for the offtopic but…Are there any Antalya’s Stock/Fx traders? Please, suggest something trader-themed to visit in Antalya (for example: ATB office, bull sculpture in Çamyuva, etc). Thank you.

19

hi malwason71
can yoy help me with this turkish broker.
they claimed to be regulated in turkey.they put some documents in turkish in their site:
https://unfxco.com/regulators/

i could not understand them.
thanks

20

“According to a publication in the state gazette, leveraged trading or having leveraged trading accounts with foreign brokers that are not licensed by the Turkey’s financial markets regulator, the Capital Markets Board (SPK), is illegal for residents of the country.” and how much are licensed ?