TurboXBT review – Scam or not? – Test of the broker
- Crypto trading
- No hidden fees
- $ 1,000 demo
- No KYC!
- Innovative platform
TurboXBT is a digitized trading platform where financial products are traded on a short-term contract to make a profit. They are referred to as the next-generation online trading platform for short-term trades designed for both experienced and inexperienced traders.
Users on this platform predict the direction of trade using synthetic short-term trading contracts without owning the underlying assets and these contracts expire from a 30 second to 15 minutes time frame depending on the trade chosen.
This basically means that users on this platform predict or choose a trade, the direction of the trades on the market (up or down), and the time frame for the trade.
This trading platform offers up to 90% profit in a single trade and 24/7 customer service support. Users can also trade in 16 different languages including English, French, Spanish, German, Italian, Portuguese, Hindi, Vietnamese, Indonesian, Turkish, Russian, Chinese, Japanese, Thai, Bengali, and Korean.
What you will read in this Post
Features of the TurboXBT platform
Some distinctive features of this platform include;
- Trades are free of commission
- Choice of Predicting Prices
- Speed and Profits
- Limited variety of trading pairs and assets
- CFD trading
- Active online customer service
The only information required when opening an account on this platform is the user’s email and password which are confidential. While this offers ease to new users, it also makes this platform prone to fraudulent transactions. Customers are advised to double-check the details of every transaction before they proceed.
Trades are free of commission
This platform offers quick and highly responsive trades with no commission. Their service is easy and stress-free and they also offer a user-friendly environment for beginners and experienced users.
Choice of predicting prices
Investors or traders are given the choice of predicting the possible outcome of trades i.e either falling or rising. The price of assets can either rise or fall giving investors a 50/50 chance of winning or losing.
If a trade goes in the direction of the trader’s prediction, the trader makes a profit but if it goes contrary to the trader’s prediction, he takes a loss. Investors on this platform also make a choice of setting time duration for their trades ranging from 30 seconds to 15 minutes.
Speed and Profits
Investors on this platform can make up to 90% instant profit on a single trade that goes in favor of his prediction in a 30-second time frame considering that it focuses on short-term contracts.
The services of this platform are fast allowing traders to move in and out of positions quickly. The absence of KYC also helps to speed up transactions. Users should also be cautious and bear in mind that they can also lose their entire initial investments in a 30 seconds time frame if the trade goes contrary to their predictions.
Limited variety of trading pairs and assets
The TurboXBT platform offers a limited variety of 38 trade pairs and 17 assets only for trading transactions.
There are 38 trading pairs available on TurboXBT.
- They offer just 3 indices for trade i.e S&P500, NASDAQ, and GER30
- They offer 4 commodities i.e Crude oil, Brent, Gold, and Silver.
- They offer 8 forex currencies i.e USD, NZD, JPY, AUD, GBP, CHF, CAD, and EUR.
- They also offer 2 cryptocurrencies for trade i.e Ethereum and Bitcoin.
Investors are offered the opportunity to trade on CFD which has very high price volatility. Investors are advised to only invest expendable amounts in this type of trade.
Although CFD trading offers great profits from successful trade predictions and executions, the opposite would lead to a loss of initial capital invested in the trade.
Active online customer service
This platform offers 24/7 customer service to its customers. Their customer service platform also offers a live chat button on their website where customers can speak directly with one of the platform’s representatives to make queries or ask for assistance.
Customers can also reach the customer support team through their social media pages and blogs.
Regulations of the TurboXBT platform
The lack of crypto-friendly laws has driven most trading companies to friendlier environments and TurboXBT operates out of St. Vincent and the Grenadines, which is a blockchain-friendly jurisdiction. This also means that there is an absence of Tier-1 authority regulating TurboXBT.
Due to its lack of regulations, licenses, and accreditation, this platform does not support clients in Japan, Algeria, Ecuador, Iran, Syria, North Korea, Canada, the United States, Sudan, Russia, and some islands in the United States.
Although there is a growing concern about its lack of regulations and licenses, this is a good trading platform that supports short-term trading services of assets like forex pairs, indices, and cryptocurrencies.
The TurboXBT platforms assets
The platform supports the trading of assets such as;
- Forex currencies
This platform offers users the choice of trading on commodities like gold, silver, crude oil, and brent which are some of the most popular commodities globally and can yield a great profit if the trade goes in line with the prediction of the trader.
Users on this platform are only allowed to trade but not claim ownership of these commodities. Customers on this platform place their predicted trade on these commodities and the time frame for the trade. If the trade goes in line with a prediction, the customer makes a profit from the trade depending on the time frame chosen. If the trade goes contrary to his prediction, he takes a loss of his initial investment.
Trading on forex currencies remains the leading capital market globally with trillions of transactions carried out daily.
This platform offers its users access to eight different forex trading pairs and they include; The United States Dollar (USD), The Euro (EUR), The British Pound (GBP), Swiss Franc (CHF), Australian Dollar (AUD), New Zealand Dollar (NZD), Japanese Yen (JPY), and the Canadian Dollar (CAD).
Users on this platform are granted access to forex currencies five days a week and 24|7.
Another leading market globally is the cryptocurrency market whose assets have broken into the limelight and are widely accepted by financial institutions in the world.
Traders investing in cryptocurrencies have the opportunity of making massive returns even in a short term due to the volatility of the market.
This platform only offers Bitcoin and Ethereum for trade and these coins currently dominate the cryptocurrency market and are very popular around the world.
This platform offers traders the opportunity to trade on the most popular indices like NASDAQ, S&P 500, and GER 30. Indices trading allows the trader to avoid stock risk and also allow the trader two methods of trading; either shorting or going long. A trader uses the shorting method when he predicts the fall of a trade and the going long method when he predicts the rise or increase of trade.
Opening an account
Opening an account on the TurboXBT platform is very easy. To start, follow the steps below;
- Go to the Homepage of the TurboXBT platform and click on “open account”
- Fill in your details and confirm your email
- Once you finish the process the interface of the newly opened account shows $0 until the user funds his account or makes a deposit
- New or inexperienced users may decide to practice by opening a demo account.
Most online trading platforms offer the use of a demo account to beginners, inexperienced and professional users for learning and practicing strategies and this platform is not an exception. To begin with, a demo account, follow the steps below;
- After creating a new account, the option for a demo account becomes available
- The TurboXBT demo account offers up to $1000 fake virtual money for cryptocurrency, commodities, indices, and forex trading.
- New users can use the demo account to practice trading and learn how to use the platform properly.
- Experienced users can also use the demo account to practice new strategies.
One of the most distinctive features of this platform is the minimum deposit of $1. Most trading platforms have a very high minimum deposit. Deposits on the TurboXBT can only be done using cryptocurrencies. The platform supports deposits through ETH, BTC, USDC, and USDT respectively and no extra charges are placed on deposits.
Once a trader funds his account with cryptocurrency and it is confirmed, he can change or convert the money to any currency of his choice. Trading can be done immediately when the deposit is confirmed due to the absence of KYC protocols.
On this platform, withdrawals are also done through cryptocurrencies like BTC, USD, and Ethereum. They usually take a lot of time and are processed between 12:00 and 14:00 UTC every day. No extra charges are placed on withdrawals.
Advantages of trading on TurboXBT platform
The TurboXBT platform offers users from different countries the option of trading using 16 different languages and trades are placed and executed very fast.
There is no fixed amount for minimum or maximum deposit and traders can make up to 90% profit on a single trade depending on the asset or currency pair traded on.
There is no extra charge on deposits and withdrawals except for the Blockchain network fee and they offer convenient deposit methods which can be done through BTC, USD, or ETH.
This platform offers a beginner-friendly environment with the use of a demo account which helps new users get used to the platform and practice trading. The demo account also helps already existing users practice new strategies before implementing them on their real accounts to avoid making losses.
One of the downsides of this platform is the limited variety of assets to trade on thereby limiting a trader’s choices.
Another downside of this platform is the acceptance of only cryptocurrency for withdrawals and deposits.
TurboXBT platform is limited to users in Canada, Russia, Japan, the United States, and other regions as well.
Conclusion: New and innovative platform!
Judging from the benefits which clearly outweigh its drawback, the TurboXBT platform is highly regarded because of its speed, ease of use, and user-friendly environment.
The demo account options offer beginners the opportunity to make predictions and practice trades thereby giving them the courage to open a real account and start their trading journey. The demo account can also be used by professional or expert traders to practice various strategies before implementing them in a real account to avoid encountering losses.
The short-term trading contract also offers users the opportunity to make a profit over a short time frame by predicting a trade correctly and setting the right time frame for the trade in a stable, simple, and beginner-friendly environment.
The TurboXBT platform offers 99% reliability and durability during times of high market volatility, unlike so many other trading platforms which increases the chances of earning up to 90% profit daily on accurate trade predictions.
Is TurboXBT suitable for beginners?
This platform is suitable for beginners as they offer the opportunity to practice trading with a demo account and a minimum deposit of $1 to fund a real account for short-term trades.
The demo account offers the chance of learning how the TurboXBT platform works, knowing how to use leverage, develop strategies, and learning how to trade free without financial risks.
How much money can I make on TurboXBT?
The profits made on trade depend on the type of asset or currency pair traded, knowledge of the price trends on the trade, and the successful predictions made. A trader can make up to 90% profit from a correct prediction on a single trade within a specific time frame.
How do I receive payouts from a successful trade prediction?
Profits made on successful predictions are being credited to a trader’s account which can be withdrawn using BTC, USD, and Ethereum.
Can I cancel a trade?
Once a market is open and predictions are made on a trade with a set time frame, the trade cannot be canceled.