Brokers With TRY Accounts
The Turkish lira is the local currency of Turkey and Northern Cyprus and has the currency code TRY. As forex trading increases in popularity, Turkish traders are looking to open accounts with TRY as the base currency. In this tutorial, we run through the top brokers with TRY accounts. Plus, we’ve explained the pros and cons of TRY trading accounts and provided a guide to comparing providers.
Brokers With TRY Accounts
These are the 5 best brokers that offer accounts with TRY as the base currency:
Brokers With TRY Accounts Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Visit |
|---|---|---|---|---|
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€100 | CFDs, Forex, Stocks, Cryptos, Commodities | MT4, MT5, TradingView | Visit |
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$100 | Forex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options | MT4, AlgoTrader | Visit |
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$0 | Cryptos, Futures | MT4, TradingView | Visit |
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$1000 | Forex, CFDs, Indices, Stocks, ETFs, Bonds, Options, Futures, Cryptos (location dependent) | MT4, MT5, AutoChartist, TradingCentral | Visit |
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$100 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto | MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral | Visit |
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$10 | Options, Stocks, Commodities, Forex, Crypto, Futures, | Expert Option Web Platform | Visit |
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$2500 | Stocks, ETFs, Cryptos, Options, Bonds | Own | Visit |
#1 - Easy Markets
Why We Chose Easy Markets
Founded in 2001, easyMarkets is a multi-regulated forex broker offering leveraged trading opportunities on forex, stocks, indices, commodities and crypto. With fixed spreads, an affordable initial deposit, regulation from several reputable bodies and a diverse selection of account currencies, this broker provides simple and straightforward trading solutions to a diverse range of traders.
"Casual traders who want a secure and straightforward trading environment will find a good broker in easyMarkets. The fixed spreads and upfront fees will also appeal to newer traders and cost-conscious investors."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Cryptos, Commodities
- Regulator: CySec, ASIC, BVI, FSCA
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: €100
- Minimum Trade: Variable
- Leverage: 1:30
Pros
- High-quality day trading software is available including TradingView, with 100+ overlays and indicators, plus deep market insights
- There’s a wide range of free research tools and news feeds available in all the broker's platforms
- The Bitcoin base currency account makes it easy to store and trade cryptos without the need for a fiat exchange
Cons
- The broker doesn’t offer any raw-spread or cent account options, which puts it behind top competitors like Vantage
- There is no VPS service for seasoned algo traders looking to run their automated strategies 24/7
- Spreads on the Standard account are fairly wide based on tests, starting from 1.7 pips for EUR/USD
#2 - Dukascopy
Why We Chose Dukascopy
Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.
"Dukascopy will appeal to active day traders with fee rebates and the JForex platform for automated trading."
- DayTrading Review Team
- Instruments: Forex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options
- Regulator: FINMA, FCMC, JFSA
- Platforms: MT4, AlgoTrader
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
- Leverage: 1:200
Pros
- Low minimum deposit of $100
- Multiple account currencies including USD, EUR and CHF
- There is a joining bonus and volume discounts
Cons
- Time-consuming registration process
- No Islamic trading account
#3 - Bybit
Why We Chose Bybit
Bybit is an established crypto exchange aimed at online traders. Clients can speculate on leading tokens like Bitcoin, access crypto staking and loans, or trade NFTs using the firm's digital marketplace. Millions of users have signed up with the firm since it launched in 2018.
"Bybit is a good choice for active traders who want a fast and straightforward way to buy crypto tokens and trade crypto derivatives."
- DayTrading Review Team
- Instruments: Cryptos, Futures
- Platforms: MT4, TradingView
- Minimum Deposit: $0
- Minimum Trade: 0.001 Lots
Pros
- 24/7 customer help from a multilingual service team
- No limits on trades and withdrawals on any account
- A useful risk management tool protecting retail traders against unfavorable price fluctuations
Cons
- Bybit is not currently regulated in any country
- Residents of some countries are restricted from opening an account, including clients from the US
#4 - Swissquote
Why We Chose Swissquote
Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
"We recommend Swissquote for experienced traders due to the $1000 minimum deposit and advanced trading tools. Swissquote is also a good option for investors looking for a sophisticated robo-advisory service."
- DayTrading Review Team
- Instruments: Forex, CFDs, Indices, Stocks, ETFs, Bonds, Options, Futures, Cryptos (location dependent)
- Regulator: FCA, FINMA, DFSA, SFC
- Platforms: MT4, MT5, AutoChartist, TradingCentral
- Minimum Deposit: $1000
- Minimum Trade: 0.01 Lots
- Leverage: 1:30
Pros
- Multi-currency account with 22 currencies
- Swiss-listed and regulated with a strong track record
- Scalping, day trading and swing trading strategies supported
Cons
- Complex suite of services and tools
- High minimum deposit of $1000
- Higher than average fees on some products
#5 - FP Markets
Why We Chose FP Markets
FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist.
"We recommend FP Markets for forex and stock traders with 70+ currency pairs and an impressive 10,000+ stocks available as CFDs."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto
- Regulator: ASIC, CySEC, ESMA
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (UK), 1:500 (Global)
Pros
- High leverage up to 1:500
- Tight spreads available on both the standard and raw spread account
- Good range of additional tools and features including educational content, Myfxbook and Autochartist
Cons
- $55 subscription fee on IRESS accounts
- Does not accept US customers
- Withdrawal fees for some payment types
What Is A TRY Account?
There is a growing market for the Turkish lira as the deposit currency for trading accounts. Turkey’s economy has seen strong growth in comparison to neighbouring countries, despite the challenges of the COVID-19 pandemic. This has meant a wealth of traders looking to purchase stocks, shares and forex pairs using TRY.
Opening a TRY account means that all trades will be made using the lira as the base currency. Any stocks, shares or CFDs will have a purchase price quoted in TRY. Commission fees or other charges will be quoted in lira too.
TRY Explained
TRY is the currency code for the Turkish lira, the national currency of both Turkey and Northern Cyprus. Brokers with TRY accounts will usually market themselves towards traders located in this jurisdiction. One Turkish lira can be subdivided into one hundred kurus.
It is the 19th most traded currency globally, making it an ‘exotic’ currency. It is also one of the most liquid of the emerging currencies and is fairly volatile, making it popular with traders who are looking to profit from sharp changes in value. Although not yet in the top 5 currencies to trade with, TRY is increasing in popularity as the country’s economy grows.
Benefits Of Brokers With TRY Accounts
- Accessibility – Brokers with TRY accounts allow for easy access to the financial markets for Turkish traders. Where previously clients may have needed to change the base currency, adding undue complexity to the trading experience, a TRY account means Turkish nationals can trade using a currency they know and are more confident assessing.
- Fees – Currency conversion fees can rack up for Turkish traders who are frequently depositing and withdrawing from foreign accounts. A TRY broker means that savings can be made on this type of fee.
- Regulation – It is mandatory for all brokers providing financial services in Turkey to be regulated by the Capital Markets Board of Turkey (CMBT). The CMBT is the regulatory authority tasked with protecting retail traders from undue risk. Brokers with TRY accounts are more likely to hold a CMBT licence, but traders can check the company’s regulatory status by searching the broker number on the CMBT website.
- Deposits & withdrawals – Deposit and withdrawal options for brokers with a TRY account are usually free of charge, making this the preferred option for Turkish traders.
How To Check If A Broker Offers A TRY Account
Although not always obvious, there are several ways you can quickly check whether a broker offers TRY accounts. Platforms will usually list their accepted base currencies in their FAQ or help section. Failing this, the deposits and withdrawals page should indicate the permissible currencies. If you’re still unclear, contact the broker’s customer support team for clarification.
How To Compare Brokers With TRY Accounts
Brokers with TRY accounts are ideal for investors who are actively trading the Turkish lira. When comparing which to to go for, several factors should be considered:
- Fees – Payment and trading fees can vary between brokers. Check how competitive these are and how they align with your needs. Many brokers online that offer TRY accounts do not charge processing fees, but third-party charges may apply, such as bank credit/debit card charges.
- Platforms – Find out which platforms a broker offers and how this fits with your trading style. Ensure you understand the interface and features available so that you can optimise your trade accuracy. Brokers will usually offer the option of both mobile apps and desktop terminals. Select the device that best suits your trading strategy.
- Assets – Available assets also vary by broker. If you are hoping to invest in a wide range of products and markets, remember to check the broker offers what you’re after.
- Regulation – Brokers who are soliciting Turkish traders must be licensed and regulated by CMBT. Unregulated brokers with Turkish traders on their books may be shut down.
- Bonuses – Some brokers offer rewards for TRY traders, such as referral or joining bonuses. Shop around for the best deals.
Final Word On Brokers With TRY Accounts
Increasingly, brokers that offer TRY accounts are entering the market, providing Turkish traders with exciting opportunities. There is undoubtedly a much brighter future for trading in Turkey now that the market is regulated, giving investors more confidence and a more effective chance to build trading portfolios. Using brokers with TRY accounts offers you the advantage of trading in Turkey with ease.
FAQs
What Is A TRY Trading Account?
A TRY trading account offers the Turkish lira as its base currency. Any fees and commissions will be calculated in this currency and any trades will also be quoted in TRY.
Which Brokers Accept TRY?
There are numerous brokers that offer TRY accounts. We’ve provided a list of the top brokers that offer this option. Alternatively, check your broker’s account page or terms and conditions.
Why Use Brokers That Accept TRY Accounts?
Using brokers with TRY accounts can give you several advantages as a Turkish trader. Deposit and withdrawal fees are generally low and currency conversion fees are eliminated.
Can Anyone Open An Account With Brokers That Offer TRY?
Most investors can open an account with a broker offering TRY as the base currency. Simply head to the broker’s website, select the account sign-up button, and follow the registration instructions.
How Can I See Which Brokers Offer TRY Accounts?
Take a look at our list of brokers that offer TRY accounts. Alternatively, head to the terms and conditions on the broker’s page, or contact their customer support team.