Trading EUR/TRY

The historic volatility of the EUR/TRY currency-cross has attracted forex traders. Today, that volatility has somewhat stabilised due to monetary policy in the Eurozone, however, there remain interesting trading opportunities. The complex history of the TRY means the currency can swing as the country continues to battle financial stability.

This page will cover everything you need to know to start day trading the EUR/TRY, from its history, benefits and drawbacks, to influences on the FX exchange rate. We will also look at the top places to access the historical data needed to make effective real-time or long-term forecasts.

EUR/TRY Trading Brokers

  1. OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
  2. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  3. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  4. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  5. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

Trading EUR/TRY Comparison

Trading EUR/TRY Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator Visit
OANDA US logo
65+ 1.6
$0 NFA, CFTC Visit
Vantage logo
55+ 0.0
$50 FCA, ASIC, FSCA, VFSC Visit
IC Markets logo
75 0.02
$200 ASIC, CySEC, FSA Visit
AvaTrade logo
50+ 0.9
- ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM Visit
FOREX.com logo
80+ 1.2
$100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA Visit
Pepperstone logo
100+ 0.1
$0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB Visit
XM logo
55+ 1.6
$5 ASIC, CySEC, DFSA, FSC, FSCA Visit
Eightcap logo
50+ 0.0
$100 ASIC, FCA, xCySEC, SCB Visit
PrimeXBT logo
45+ Variable
$0 - Visit
IQ Option logo
60+ 14 pips
$10 - Visit
IG logo
80+ 0.8
$0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA Visit
FxPro logo
70+ 1.58 pips (Ave)
$100 FCA, CySEC, FSCA, SCB, FSC Visit
FXCC logo
70+ 0.2
$0 CySEC Visit
XTB logo
70+ 1.0
$0 FCA, CySEC, KNF, CNMV, DFSA, FSC Visit
Plus500 logo
60+ 0.6
$100 FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA Visit

#1 - OANDA US

Why We Chose OANDA US

OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.

"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."

- DayTrading Review Team
  • GBPUSD Spread: 3.4
  • EURUSD Spread: 1.6
  • EURGBP Spread: 1.7
  • Total Assets: 65+
  • Leverage: 1:50
  • Platforms: OANDA Trade, MT4, TradingView, AutoChartist

#2 - Vantage

Why We Chose Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

- DayTrading Review Team
  • GBPUSD Spread: 0.5
  • EURUSD Spread: 0.0
  • EURGBP Spread: 0.5
  • Total Assets: 55+
  • Leverage: 1:500
  • Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

#3 - IC Markets

Why We Chose IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team
  • GBPUSD Spread: 0.23
  • EURUSD Spread: 0.02
  • EURGBP Spread: 0.27
  • Total Assets: 75
  • Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
  • Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

#4 - AvaTrade

Why We Chose AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team
  • GBPUSD Spread: 1.5
  • EURUSD Spread: 0.9
  • EURGBP Spread: 1.5
  • Total Assets: 50+
  • Leverage: 1:30 (Retail) 1:400 (Pro)
  • Platforms: WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

#5 - FOREX.com

Why We Chose FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • GBPUSD Spread: 1.3
  • EURUSD Spread: 1.2
  • EURGBP Spread: 1.4
  • Total Assets: 80+
  • Leverage: 1:400
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

Chart

EUR/TRY Meaning

The EUR/TRY currency pair is the value of the Euro against the Turkish New Lira. EUR is the base currency and TRY is the counter currency. TRY is sometimes referred to in forex as YTL. This is because the Turkish New Lira breaks into 100 new kurus coins.

Benefits Of Trading EUR/TRY

The EUR/TRY spot rate is a popular currency pairing for traders looking to trade TRY:

Risks Of Trading EUR/TRY

Despite several benefits to trading the EUR/TRY pair, certain drawbacks also exist:

Understanding EUR/TRY

When trading 1 EUR into TRY, it’s important to understand the complex history and evolution of the pairing. This goes for any type of forex trade on the pair, including futures or options.

The development of the EUR/TRY currency pairing can be split into two periods. The first Turkish Lira ran between 1923 and 2005. After rampant inflation, the Turkish Central Bank reevaluated the Lira in 2005 and the last six zeros were removed from the value of the currency. This saw the beginning of the second Turkish Lira or Turkish New Lira. The Turkish New Lira is equivalent to 1-million of the old Turkish Lira.

EUR/TRY price forecasts

Turkey is an emerging market and the TRY experiences high volatility as the country continues to struggle with inflation and financial stability. The TRY is used in both the Turkish Republic of Northern Cyprus and in Turkey.

The TRY has, at times, been ranked as one of the least valuable currencies in the world. But,  in the last few years, the EUR/TRY has stabilised and even risen against the US Dollar. The pairing reached an all-time high in November 2020 of 8.58.

Today, the EUR to TRY exchange rate is traded by forex traders around the world.

Influences On Movement

The political and economic landscape can have a huge influence on the EUR/TRY pairing.

Economic Factors

Economies in the Eurozone vary widely. Germany is the largest economy and a leading world exporter. Other economies (such as Ireland and Greece) endure sovereign debt and strict government austerity measures. Staying ahead of Germany’s key financial reports will help inform EUR/TRY trading decisions.

On the other hand, Turkey’s economy is increasingly driven by industry and service sectors. This includes automotive, construction and electronics. Again, announcements on any of these outputs will influence the relative strength of the Lira against the Euro.

exotic forex trading

Political Factors

Another crucial factor is the political landscape. Instability can influence the direction of any currency. The challenge comes in keeping an eye on the numerous countries within the Eurozone. Should other countries leave the European Union like the UK, for example, the strength of the Euro is likely to decline. So, keep abreast of the latest political and economic news as this can affect the exchange rate for EUR/TRY. You can plot events on a chart to help you make accurate forward predictions.

Making EUR To TRY Forecast

When trading the EUR vs TRY, having a good idea of future trends and predictions is key to making a real-time or long-term forecast. Being aware of the latest news and economic indicators that can affect the forecast for 2024 will help your technical analysis, as these can affect the pip value and buy and sell price.

To find out the EUR vs TRY monthly average and historical exchange rate history, use a top broker such as Oanda to access a 5 or 10 years chart. This will show you the correlation between the pairing over time as well as the value year-to-date.

Forums such as Yahoo Finance, TradingView, Bloomberg or Reuters, can also give you the live swap rates on the date you are investing.

Final Word On Trading EUR/TRY

The EUR/TRY currency pair brings both volume and volatility. But to trade the exchange rate effectively, you need to keep ahead of political and economic developments both in Turkey and across the Eurozone. The size of the Euro means there is a huge amount of economic data at your disposal, which will help you to make accurate forward rates and forecasts.

You’ll also need a top forex broker that offers excellent tools, such as live exchange rate charts, historical data and real-time FX quotes to enable you to make predictions about future trends. Oanda, Pepperstone and Plus500 are all popular options.

FAQ

Why has EUR/TRY weakened?

Despite efforts from the Turkish Central Bank to prevent the currency from weakening, the TRY hit record lows against the Euro and US Dollar in 2020. The fall was a result of the effects of the global Covid-19 pandemic and poor economic policy converge.

Will EUR/TRY strengthen this year?

Most banks forecast the Euro will gradually strengthen in the future. Use a leading FX broker to access live swap rates and graphs when making a comparison between EUR and TRY.

What does it mean to trade EUR into 1 TRY?

When you trade 1 EUR into TRY you are trading the Euro against the Turkish New Lira. Because of the worldwide reach of trade, commerce, and finance, forex markets tend to be the largest and most liquid asset markets in the world.

What are the best times to trade EUR/TRY?

The forex market runs in line with the normal business hours of four different parts of the world and their respective time zones. The U.S./London markets overlap (8 a.m. to noon EST) has the heaviest volume of trading and is best for trading opportunities.

Is the Mastercard exchange rate good for EUR/TRY?

The Mastercard currency converter tool calculates foreign exchange rates for all the major currencies worldwide to enable cross-border purchase. You can use the Mastercard exchange rate as an indicator for the value of EUR into TRY ahead of your trade.