Binary Options Trading Turkey
Binary options trading was recently prohibited by the Turkish authorities. Despite there being more control on brokers that were operating in the country it is still possible to trade with offshore brokers although many now choose not to offer their services to Turkish residents. There are ways and means of you being able to trade in binary options but you won't find a local broker.
With the young population of Turkey and their access to new technologies trading in the financial markets has become increasingly popular. Trading offers you another avenue to make money and with so many brokers offering bonuses, good payouts and lots of other benefits, the only thing you need to worry about is which broker to trade with.
If you want to trade in Turkey, given its current regulation, you won't find a local broker. This means you have to put your money and trust in an international broker. That is where we come in. We have all the information about brokers from across the globe and recommend and rate brokers on a number of key factors.
How accessible is binary options trading for Turkish residents? In this guide you will learn:
- The regulations and sanctions put in place by the Turkish authorities
- How to find an offshore broker to trade with and what they offer new customers
- The various features and benefits of the many binary options brokers online
Our Top Recommended Brokers Updated: November 2017
Local Broker Benefits
Unfortunately, as binary options trading in Turkey has been prohibited, you will not find any regulated local brokers. If there are brokers then they are operating illegally and it is not wise to invest your money with a broker that has no sanction to trade. Instead you need to set your sights further afield and look to brokers that are operating offshore. When you are looking for a broker you should be looking at many of the features that they offer including the following:
Different brokers offer different payouts, some more generous than others. Many make bold claims that they offer the best payouts on the market. You should exercise caution when choosing a broker that make claims that look too good to be true as often they can be. Instead look for a broker that offers good payouts but not wildly optimistic ones.
In today's modern era of technology almost everyone has access to a mobile phone. Mobile trading is extremely important to many of you as you look to be able to place your trades on the go. In fact, as long as you have a mobile device and internet access, you should be able to trade. When choosing a trader always make sure that they have a good mobile website or an app.
A demo account means that you can try before you buy or at least trade without risking your own money. When you sign up to an account that offers a demo account, you will be given a certain amount of virtual funds to trade on the demo platform. You must be aware that you are not trading on the live platform, only a simulated one, however it is good to get you used the various functions of the website.
Welcome Bonuses and Deals
Most brokers offer a welcome bonus or incentive to encourage you to open an account with them. As they are all competing in a saturated market they need to make sure that they stand out from the competition. Bonuses can be useful, especially to new users as they allow you to trade without risking your own funds. Look out for a no deposit bonus when you open a binary options trading account. Combined with a demo account, a no deposit bonus gives you ample opportunity to get to grips with the platform.
Legal And Regulation
In recent years Turkey, or more specifically, the Capital Markets Board (CMB), have taken various measures to ban the trading of Forex and more recently binary options. First, they made it illegal to trade with Turkish brokers therefore only leaving the option to trade with offshore brokers.
In addition to this they then banned offshore brokers from soliciting business from Turkish residents. This meant that if you still wanted to trade you had to find your own way to a broker and find a way to access the website (many IP addresses are blocked but VPN access allows many to be able to trade).
What Turkey did do was to allow residents to trade with Forex brokers that were regulated by the CMB so while some applied for licensing, others started offering binary options to get around this. It wasn't long before the CMB cottoned on to this and made binary options illegal. Many brokers then withdrew their services from Turkey for fear of penalties being imposed. Therefore, it must be noted that if you choose to trade with offshore brokers you do so at your own risk.
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Paying Taxes And Fees
When it comes to taxes it is important to declare all earnings as you will be liable to pay income tax on them. Any profits you make from binary option trading in Turkey, or other financial trading, are classed as earnings and you will be subject to normal tax rules. What you have to consider is the fact that binary trading in Turkey is prohibited.
Fees are another subject. It costs money to trade with brokers, how else would they make their money? So, what fees are you likely to be charged? We take a look at the fees that you could incur throughout the trading process:
Before you start trading just make sure that you are aware of the various fees and what they are likely to be so that you know how much it is costing you to trade.
How we Recommend Brokers
Our job is to bring you every aspect of information regarding binary options brokers. In addition to providing you with the rules and regulations of each country, we also review brokers across the globe to ensure that you only choose the best.
It is important that you enjoy your trading experience, therefore choosing a broker that offers what you need is critical. Whether that is welcome bonuses or good payouts, customer service or good mobile app, we investigate everything. It is then up to you to decide which of these factors is important to your trading experience.
We don't spend our time just reading information online. We go much deeper than that to ensure that the information we bring you is correct and up to date. Our team of trading experts and financial gurus, scour the markets testing brokers on every aspect of their service. If we don't like what we find, we don't put our name to it.
Once we have all of the information, we rate and recommend the broker with a full breakdown of the company. You can be confident that the businesses we recommend to you are reliable, safe and offer a good experience. All you need to do is shortlist your favourite and then choose the right one for you.
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Is binary trading in Turkey legal and safe?
Unfortunately, binary trading in Turkey has recently been prohibited therefore there are no local brokers. There are ways around it if you are prepared to trade with offshore brokers however you do so at your own risk. In terms of whether it is safe, as long as you select a reliable, regulated broker then your funds will be safe. The risk you take is when trading so you need to be aware of those risks before you begin.
Do I need to pay taxes on my trading profits?
If you are making profit on any earnings then you need to be declaring them and paying taxes. There are penalties for tax evasion in most countries so if in doubt then seek the advice of an expert. Remember that any wins are offset by your losses so make sure you keep an accurate record of all of your trades, both successful and not so. It is also important to consider whether your trading activity is legal.
Can I test brokers before trading with real money?
Yes, with many brokers you have two options to test out the platform before you commit any of your own funds. First is the demo account offered by brokers. Second is the no deposit welcome bonus that many offer. Using both of these, you can get to grips with trading in two different ways. The demo account gives you virtual funds and access to the virtual platform. With the bonus, you can trade on the live platform.
Is it easy to make deposits and withdrawals?
Making deposits is a straightforward process. Using a debit card, credit card or other form of electronic payment, you can deposit the amount you want and then start trading immediately. Withdrawals are made to the same source of the deposit however they can take a little longer. Allow between three to five working days for the funds to reach your account. You also need to consider that you may be charged withdrawal fees.
Can I trade using my mobile or tablet device?
If you pick the right broker then, yes, you can trade using a mobile device. Most brokers offer either a mobile app for android and iOS or a mobile responsive website. Mobile responsive means that it recognises the device that you are using and responds to fit that device. As it is critical for you to be able to trade on the go then a mobile friendly platform is very important.