Turing
Pros and Cons
Pros
- Regulated under FinCEN with Currency Exchange License (MSB)
- Diverse range of trading instruments including Forex, commodities, indices, stocks, and cryptocurrencies
- Access to popular trading platforms: MT4 and MT5
- Multiple account types catering to different trader needs
- Robust customer support available 24/5 via multiple channels
Cons
- Limited regulatory oversight (only registered with FinCEN)
- High minimum deposit requirement of $50
- Potential risks due to recent establishment (1-2 years)
- Limited information on fund protection measures
- Restricted range of trading instruments (no ETFs or commodities)
Basic Information
User Reviews
Turing Overview
Turing is a forex broker established within the last 1-2 years and is registered in the United States under the full name Turing Capital Group Limited. As a broker, Turing is regulated with a Currency Exchange License (MSB) from FinCEN, providing a level of oversight to its operations. This regulatory status is crucial for building trust among potential traders, ensuring that the broker adheres to certain standards and practices in the forex trading environment.
Is Turing Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| FinCEN | United States | Currency Exchange License (MSB) |
Is Turing Regulated and How Are Client Funds Protected?
Turing is a forex broker that is regulated under the Currency Exchange License (MSB) from FinCEN in the United States. This regulatory status provides a level of oversight to its operations, which is crucial for building trust among traders. Although Turing operates under a regulatory framework, specific details regarding client fund protection measures are limited. Generally, regulated brokers may implement practices such as segregating client funds from operational funds, which helps enhance the safety of client deposits. However, potential traders should recognize that despite the regulatory oversight, the broker’s relatively recent establishment within the last 1-2 years may introduce certain risks.
Trading Products and Services
What Trading Instruments Does Turing Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
Turing offers a diverse range of trading instruments across multiple asset categories, including Forex, commodities, indices, stocks, and cryptocurrencies. This variety caters to different types of traders, from beginners looking to explore the Forex markets to professionals seeking a broader portfolio. By offering multiple asset categories, Turing supports flexible trading strategies, which can help users diversify their investments and adapt to changing market conditions. Traders can find opportunities that align with their individual risk profiles and investment goals, enhancing their overall trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does Turing Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Access to a wide range of trading instruments | Suitable for traders exploring the forex market |
| Professional Account | Experienced traders | Possibly lower spreads and enhanced trading options | May require proof of trading experience or volume |
| Corporate Account | Corporate clients | Customized services and support | Requires corporate documentation for verification |
| Islamic Account | Traders requiring swap-free options | Compliance with Sharia law | Available upon request and verification |
| Demo Account | New traders and those testing strategies | Practice trading without financial risk | Limited time access, suitable for skill development |
Account Opening Process
To open an account with Turing, potential traders will need to complete several steps. Initially, applicants must submit personal information, employment details, and financial background. This includes identity verification, where individuals will need to provide a government-issued ID and proof of address. Once the account is set up, there is flexibility to upgrade to a professional account if trading activity meets the required criteria later on.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | $0 | Competitive spreads for major pairs |
| Forex (Minor Pairs) | Varies | $0 | Varied spreads based on market conditions |
| CFDs (Stocks) | Varies | $0 | Dependent on stock volatility |
| CFDs (Indices) | Varies | $0 | Based on market movements |
| CFDs (Commodities) | Varies | $0 | Subject to market changes |
| Cryptocurrencies | Varies | $0 | Based on market conditions |
Other Fees
Additional fees may apply when trading with Turing. These include potential deposit and withdrawal fees, inactivity fees for dormant accounts, platform usage fees if applicable, overnight interest (swap rates) for positions held overnight, and currency conversion fees for trades involving different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Turing Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | Login security (2FA), multiple order types, price alerts, technical indicators | Demo account available |
| MT5 | Windows, macOS, iOS, Android | Login security (encryption), market search, one-click trading, economic calendar | Demo account available |
| Web Version | Any device with internet access | Login security (encryption), symbol lookup, multiple order types | None |
| Mobile App | iOS, Android | Login security (biometrics), push notifications, fast order execution | None |
Turing’s trading platforms, including MT4 and MT5, cater to a wide range of traders, offering robust features suitable for both beginners and experienced users. MT4 is well-suited for users who prefer a classic trading experience, while MT5 provides advanced tools for comprehensive market analysis. The web version and mobile app enhance accessibility, allowing traders to operate anytime, anywhere. Security measures such as two-factor authentication and encryption ensure safe login procedures, while real-time alerts and efficient search tools facilitate a streamlined trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min $100, Max $10,000/day | USD |
| Credit/Debit Card | Instant | No platform fee, 2.5% card charge | Min $50, Max $5,000/transaction | USD |
| e-Wallet (e.g., PayPal) | Instant | No platform fee, 1.5% e-wallet charge | Min $50, Max $20,000/day | USD |
Minimum Deposit
Turing requires a minimum deposit of $50 to open a trading account. This amount is consistent across all payment methods available for deposits.
How to Withdraw
To withdraw funds from your Turing account, follow these steps:
- Log in to your Turing account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred withdrawal method (e.g., Bank Transfer, Credit/Debit Card, e-Wallet).
- Enter the amount you wish to withdraw, adhering to the limits specified.
- Confirm your withdrawal request and submit.
- Monitor your account for the status of your withdrawal. Processing times vary based on the chosen method.
Customer Support
Turing Customer Support Overview
Support Channels
Turing provides several contact methods for customer support, ensuring traders can receive help when needed. You can reach out via:
- Email: For inquiries and assistance, customers can contact Turing at info@turingfx.pro.
- Live Chat: Instant support is available through the live chat feature on the Turing website, allowing for real-time assistance.
- Telephone: Although specific phone numbers are not listed, Turing aims to provide direct support to enhance customer service.
- Social Media: Turing may also utilize social media platforms to engage with customers and provide updates.
Service Availability
Turing’s customer support is available 24/5, accommodating traders during the majority of the trading week. Additionally, Turing offers multilingual support, ensuring that assistance is accessible to a diverse range of clients.
Frequently Asked Questions
Turing is regulated under the Currency Exchange License (MSB) from FinCEN in the United States. While this provides a level of oversight, specific details regarding client fund protection measures are limited. Generally, regulated brokers may implement practices such as segregating client funds from operational funds to enhance safety, but potential traders should be aware of the risks associated with Turing’s relatively recent establishment within the last 1-2 years.
Turing offers a diverse range of trading instruments across multiple asset categories, including Forex (e.g., EUR/USD, GBP/JPY), commodities (e.g., Gold, Oil), indices (e.g., S&P 500, NASDAQ), stocks (e.g., US and UK stocks), and cryptocurrencies (e.g., BTC, ETH). This variety supports different trading strategies and caters to a wide range of trader preferences.
Turing offers several account types to cater to various trader needs, including Retail Accounts for beginners, Professional Accounts for experienced traders, Corporate Accounts for corporate clients, Islamic Accounts for those requiring swap-free options, and Demo Accounts for practice without financial risk. Each account type has distinct characteristics that align with the intended user group.
Turing provides multiple channels for customer support, including email at info@turingfx.pro, live chat on their website for real-time assistance, and telephone support. Customer support is available 24/5, and Turing aims to offer multilingual support to accommodate a diverse range of clients.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.