No, binary options trading is not legal in Turkey.
Capital Markets Board of Türkiye(CMB) is the regulatory and supervisory authority in charge of the securities markets in Turkey. In 2017, the Turkish Capital Markets Board (CMB) banned trading in binary options because of concerns about investor safety and the high level of risk involved. Turkish traders can still trade Turkey’s binary options market using regulated offshore brokers.
Let’s find out how to trade binary options in Turkey in the step-by-step guide below.
Key facts about Binary Trading in Turkey
- Binary Trading is fully legal in Turkey, and no special regulations exist.
- Turkish traders can start to trade Binary Options with a low minimum deposit of $10
- Different brokers with a high return, like Pocket Option or Quotex are available.
- Binary brokers in Turkey support local payment methods.
A step-by-step guide to trading binary options in Turkey
What you will read in this Post
Our step-by-step guide is designed to help new traders kickstart their trading journey so they can begin trading in the Turkish market as early as possible. Traders with a good strategy and in-depth knowledge of the market would likely find success in binary options trading.
1. Pick an available binary options broker in Turkey.
Brokers with good reviews from traders worldwide and good ratings for their applications are usually reputable and can be trusted. For additional credibility, traders can look up the broker’s credentials and the financial authority that regulates them. Their license number can usually be found easily on the broker’s website.
Engaging with a licensed broker is crucial for ensuring your safety and gives you peace of mind while you focus on trading. A licensed broker also offers you a fair price for option contracts and ensures that your capital is safe. Options traders based in Turkey can use any of the following brokers:
100+ Markets
- Min. deposit $10
- $10,000 Demo
- Fast Execution
- High Profit up to 95%
- Fast Withdrawals
- Free Signals
100+ Markets
- Welcomes International Clients
- Offers High Payouts: 90% – 97%+
- Professional-grade Platform
- Swift Deposit Process
- Enables Social Trading
- Provides Free Bonus Incentives
300+ Markets
- $10 Minimum Deposit
- Free Demo Account
- High Return Up To 100% (in case of a correct prediction)
- The Platform Is Easy To Use
- 24/7 Support
100+ Markets
- Min. deposit $10
- $10,000 Demo
- Fast Execution
- High Profit up to 95%
- Fast Withdrawals
- Free Signals
from $10
(Risk warning: Trading is risky)
100+ Markets
- Welcomes International Clients
- Offers High Payouts: 90% – 97%+
- Professional-grade Platform
- Swift Deposit Process
- Enables Social Trading
- Provides Free Bonus Incentives
from $ 5
(Risk warning: Trading is risky)
300+ Markets
- $10 Minimum Deposit
- Free Demo Account
- High Return Up To 100% (in case of a correct prediction)
- The Platform Is Easy To Use
- 24/7 Support
from $10
(Risk warning: Trading is risky)
Quotex
Quotex is a legal trading platform in Turkey. Quotex provides traders with a demo account with $10,000 in virtual funds, making it an ideal platform for beginners to learn how to trade. With a simple and intuitive interface and integrated signals with an accuracy of up to 87%, traders would find it simple to start trading live and creating a strategy of their own.
Quotex offers a variety of trading options, including forex, stocks, indices, and commodities such as oil and silver, which means there isn’t a lack of assets to trade. It also allows traders to trade four popular cryptocurrencies: Ethereum, Litecoin, Ripple, and Bitcoin.
Features
- Minimum Deposit: $10
- Account Types: Demo, Live
- Trading Platform: Web platform & Mobile platform
- Instruments: Currency pairs, commodities, indices, and cryptocurrencies
- Minimum Trade: $1
- Expiry Times: 1 minute to 4 hours
(Risk Warning: Your capital can be at risk.)
Pocket Option
Pocket Option is a legal trading platform in Turkey and one of the earliest platforms for traders to trade. It provides traders access to over 100 global trading assets, including currency, commodities, equities, indexes, and over 35 cryptocurrencies.p
Pocket Option provides cashback and other advantages that make the trading experience more comfortable for traders. With cashback, traders don’t lose their entire initial investment when their trades are unsuccessful. Popular indicators and signals are also available on the platform to help traders make better decisions.
Features
- Regulation: By MISA
- Minimum Deposit: $5
- Minimum Per Trade: $1
- Demo Account: Available
- Mobile Trading: Supported
- Instruments: Stocks, Crypto and Binary Options
(Risk Warning: Your capital can be at risk.)
IQ Option
IQ Option is a legal trading platform in Turkey. An award-winning brokerage that provides its services to many countries, new traders can trade with the platform from anywhere they want.
IQ Option offers more than 300 + assets, including those for forex, cryptocurrencies, and commodities. They also have an active and supportive community discussing stocks and recent news, and new traders often ask for new trading ideas, strategies, or help from the community. For traders who need help with money-related issues, a team of professionals offers 24/7 support.
A favourite for beginners and seasoned traders alike, IQ Option is a highly recommended broker for trading.
Features
- Instruments: CFDs, Forex, Indices, Metals
- Minimum Deposit: $10
- Minimum Trade: $1
- Payout: Up to 100%
- Expiry Times: 30 seconds to 1 month
- Mobile Apps: Supported (iOS and Android)
(Risk warning: You capital can be at risk)
2. Sign up for a trading account
Before trading on a broker, traders must register for a binary trading account. For first-time traders, it is unsurprising for the broker to ask for personal details such as your identification number, fax number, address, and salary range. All of these details are used to verify your identity and are required for the broker to make a record of since they need to adhere to strict anti-money laundering and fraud regulations.
The broker may also ask about your risk appetite, attitude toward accepting financial risks, and how long you anticipate holding the investments. These details are not used to verify your identity but rather for the broker to create a risk profile to help you reach your goals faster.
(Risk Warning: Your capital can be at risk.)
3. Use a demo account or a live account
For many, a demo account may seem like something meant for new traders only. That’s usually not the case as an account that simulates real-world market conditions while ensuring that traders don’t lose any of their capital means that traders can spend as much time as they want to refine their strategies or analyse the market.
New traders can start with a demo account to understand how things work and create a strategy of their very own. Seasoned traders usually choose to use the demo account to familiarise themselves with the trading platform before jumping right in to trade live.
4. Pick an asset to trade
New traders should pick just one or a small number of assets to focus on and practise before trading on a live account. Most traders also choose to trade just a few assets on their live accounts as it is easier to analyze and predict the asset’s price. Choosing just one asset, to begin with, means traders can lower their learning curve and familiarise themselves with the platform as soon as possible. Of course, having just a small number of assets to trade means traders can focus on how an asset is affected by specific market behaviours without being distracted by constantly shifting between markets.
5. Make an analysis
Indicators are often used as part of a trader’s analysis or to provide quick information to traders. Technical indicators and signals provide traders with information that they can use to make predictions about an asset’s price in the future.
Technical indicators consist of 3 categories:
- Trend – These indicators indicate price movements. They are also referred to as oscillators sometimes.
- Momentum – Momentum signals are utilized to determine how strong a pattern is. They can also be used to indicate reversal moments in your trades.
- Volatility – Volatility indicators measure the degree to which market changes cause price swings.
New traders can find a simple strategy they understand and would like to apply it to their chosen asset. Feel free to refine these strategies as long as they work for you. After all, every trader has a different style.
For seasoned traders, you can check out our list of updated strategies or apply the one you’ve used for your analysis.
6. Place the trade
Binary traders only have two options, “Up” or “Down,” to indicate whether the trader thinks the asset’s price will increase or decrease within the expiration time the trader chooses. Having just two generic choices to choose from for a trade is also what makes trading binary options so appealing to new traders. Since there is no need to predict an asset’s specific price and traders only have to predict the general movement of the asset’s price, binary options trading can seem easy to profit from.
However, traders should keep in mind that a lot of research and analysis has to be done before hand to allow for consistent profitability.
7. Wait for the results
A trader’s trade is considered successful if the asset’s price is higher or lower than its initial price at the end of the expiration time, and it aligns with the trader’s choice at the start of the trade.
Traders should refine their strategies if their trades are consistently failing. As market conditions always change, it is recommended for traders to always stay on their toes and continuously update their strategies to stay relevant in the market.
Payment Methods for Traders in Turkey
Here are some of the most typical deposit and withdrawal methods for trading binary options in Turkey:
- Electronic Wallets – Many brokers in Turkey accept electronic wallets as a payment method to deposit and withdraw their funds.
- Bank Transfers – Traders in Turkey can also use bank transfers as a preferred payment method while trading binary options. Bank transfers impose fees and commissions on traders. However, traders may have to pay any fees their bank imposes.
- Credit & debit cards – Traders can use cards, such as Visa, MasterCard, Maestro, etc., to deposit and withdraw funds. Deposits through card payments are instant. However, withdrawals can take up to 2 to 24 hours.
- Cryptocurrency – Many binary brokers accept popular currencies such as Ethereum and Bitcoin, which can be used to fund live trading accounts.
How Do You Make Deposits and Withdrawals in Turkey?
How do I deposit?
As covered above, you may fund your account in several ways. Various deposit options are available depending on the broker. After logging into your account, select the deposit page. You may pick the most convenient way to add money to your account here.
To deposit funds, traders can follow these steps:
- To deposit, visit the broker’s website or open the application.
- Login to your trading account.
- Click on the ‘deposit funds’ or ‘add funds’ option the broker offers.
- Enter the deposit amount.
- Choose a payment method.
- Authenticate the payment
After traders validate their payment, the broker authenticates it and funds your trading account with the entered amount. You can use this amount to trade binary options and earn profits.
How do I withdraw?
Most platforms dictate how you withdraw based on how you made the deposit. If your account was funded with an e-wallet, you may only be allowed to withdraw money back into the same e-wallet wallet. On the withdrawal page, you may make a withdrawal application. Depending on the broker, the withdrawal process may range from a few hours to weeks. Additionally, depending on where you are, conditions may change.
To withdraw funds, traders can follow these steps:
- Choose the ‘withdraw funds’ or ‘withdraw my funds’ option on the dashboard.
- Enter the amount you wish to take out.
- Choose a withdrawal method.
- Submit the request
After traders validate their payment, the broker authenticates it and funds your trading account
Pros and Cons of Binary Options Trading in Turkey
Binary options trading has several pros and cons. Whether trading in Turkey or elsewhere, traders must know the pros and cons of binary options.
- Binary options trading is a quick way for traders to earn money.
- Traders can increase their capital immensely by winning their binary options trades.
- Binary options trading is easy to learn, and both beginners and experts can start trading binary options easily.
- Traders can place multiple binary options trades at the same time.
- Most binary options brokers allow you to sign up for a free trading account.
- Binary options trading is risky.
- Traders risk losing all their money if their binary options prediction is inaccurate.
- There is no guarantee of winning your trade.
- Binary options trading involves a lot of research, which might tire any trader over time.
Conclusion: Binary Options Trading is illegal but still available in Turkey
No regulations or restrictions prevent traders from choosing to trade with offshore brokers and selling binary options. hence, binary options trading is available in Turkey.
Although trading binary options is banned, and there are no local binary brokers that Turkish traders can use to trade, traders can still rely on the offshore brokers we’ve recommended in this article.
Frequently Asked Questions (FAQ)
Is binary options trading safe in Turkey?
Binary options trading is safe in Turkey if traders have the proper knowledge and do not trade rashly. Traders who choose trustworthy brokers ensure their capital is safe and lower their risks of getting scammed.
Do any rules or regulations in Turkey keep traders from trading binary options?
No, Turkey has no rules or regulations that stop traders from trading binary options. Although no Turkish binary platforms are permitted to offer binary services, traders can still use offshore brokers to trade binary options.
As a Turkish trader, how can I earn money using binary options trading?
Any Turkish trader can earn money trading binary options. Traders must pick an underlying asset that they predict will rise in value in the near future. Then, he can place the trade and earn profits. Binary options trading can make you rich once you learn to trade them accurately.
