SekerFX Information
SekerFX is a Turkish forex broker that provides commission-free trading with leverage up to 10:1 on many different instruments like currency, indices, commodities, and cryptocurrencies. However, the lack of regulation by any well-known financial institution, and their customer service is also limited to Turkish language support.
Pros and Cons
Is SekerFX Legit?
SekerFX is not regulated by any regulatory authorities. SekerFX claims they are operated under the regulations set by the Capital Markets Board of Turkey. However, its regulatory information can't been found on the Capital Markets Board of Turkey and it has not been regulated by other well-known regulatory authorities.
What Can I Trade on SekerFX?
SekerFX offers various tradable financial derivatives, including forex, indices, commodities, cryptocurrencies, and CFDs based on these assets.
Account Type
SekerFX provides an Instant AutoAccount and a demo account.
SekerFX's Instant Auto Account offers leveraged trading, where the maximum leverage ratio is capped at 10:1.
SekerFX Fees
SekerFX claims their trading fees are lower than the industry average.
Trading Fees
SekerFX offers commission-free trading. The brokerage firm earns its revenue from the bid-ask spread. Because the market is highly liquid, this spread is very small.
Swap Rates
Swap rates applied in accordance with market conditions are automatically displayed in US dollars within the “Instant Auto Account” table. It can be accessed through the trading platform.
Trading Platform
Deposit and Withdrawal
The minimum deposit to start trading with MB Group is $200.
Deposit Options
Withdrawal Options
Customer Service
The customer service provided by SekerFX is very limited. You can only contact them by phone, fax or email. And only Turkish is supported, which is very inconvenient for non-Turkish speakers.
The Bottom Line
SekerFX has a competitive advantage in commission-free trading on a variety of tradable financial derivatives. However, its largest risk is the absence of regulation, and having only one Turkish customer service limits its user base. As a result, this broker might be suitable for experienced traders comfortable with the MT5 platform who are fluent in Turkish.
FAQs
Is SekerFX a safe broker to use?
While SekerFX claims to follow Turkish regulations, it's not independently verified, its regulatory information can't been found on the Capital Markets Board of Turkey, using it carries some risk.
What types of accounts does SekerFX offer?
SekerFX has two main account options: an Instant Auto Account for live trading with leverage up to 10:1, and a demo account for practicing with virtual funds.
Is SekerFX good for beginners?
SekerFX is not suitable for beginners. Because of the absence of regulation, and customer service only available in Turkish, which is extremely hostile to newcomers who are unfamiliar with the language
