TurboXBT is a next-generation digital trading platform based in Seychelles. It is designed to offer both experienced and beginner traders the possibility to make money trading on near-term market moves.
Its easy-to-use trading tools and platform enable users to speculate on the direction of different trading pairs using some synthetic near-term trading contracts. The option-style contracts have some expirations that range from 30 seconds to 15 minutes subject to the chosen trading pair.
Normally, the user selects the market, their desired time frame, and whether they anticipate an up or down move. You can use the contracts to speculate on up to 38 trading pairs comprising of 17 assets that consist of commodities, cryptocurrencies, indices, forex, and stocks. TurboXBT insists that you can make up to 90% profit on one trade and you are allowed to start trading with a $1 deposit.
This platform is ideal for forex traders, beginners, and seasoned traders, together with near-term crypto, commodity derivatives, and index traders.
This platform does not charge any commissions and has tools that promise a high potential for returns. Its interface is user-friendly and enables traders to trade many assets on a single platform. When you choose TurboXBT you are offered a free demo account that you can use to explore what the platform has to offer without risking your funds.
Although this platform has many advantages, some shortcomings come with it. Its tools and design are not ideal for long-term traders. These trades also need upfront payments which makes them not suitable for people who are not okay with that arrangement. Their services are not available in Russia, the United States, Japan, Canada, and several other jurisdictions.
Unlike most of the other trading services and platforms available in the market today, TurboXBT is designed to offer novice and professional traders the ability to execute and profit from small ‘up-or-down’ predictions about near-term price moves.
This platform primarily focuses on providing derivatives near-term contracts that have their upfront costs according to different underlying market prices and exchange rates. It is possible to use the platform and the exotic contracts to trade markets including crypto and forex pairs, indices, precious metals, and crude oil.
After selecting the asset that you wish to trade, you will have to choose a suitable time frame. The available option contracts that you can select may expire in 15 minutes, 10 minutes, 5 minutes, 1 minute, or 30 seconds, subject to the underlying asset.
To execute a prediction or trading position on TurboXBT’s site, you need to click the green UP button when you believe that the asset will rise and the red DOWN button when you think that the asset will drop.
When projecting, the amount needed is instantly deducted from the account balance, similarly to when you buy an option contract. The menu bar on top provides pull-down menus for your history, position, leaders, all trades, and transfers.
The trade winnings depend on whether the traded pair dropped or gained in value within the set time parameter that you chose. In case the pair gained value and you had selected the UP option, you get a payout from that trade.
In case the asset pair lost value, you end up losing the amount of money that you had allocated for the specific trade that is normally like an option premium that have to pay upfront and lose entirely in case your acquired option expires out-of-the-money.
It is always advisable to use the free TurboXBT demo account to try out the trading platform and create a profitable trading plan using option-like contracts before committing your money. The demo account comes with $1,000 virtual dollars that you use in the live market without having to fund a live account.
The demo account integrates all of the available features of the funded account and allows you to practice trading without taking a financial risk.
TurboXBT was launched recently. The company lists the address of House of Francis, Room 303, Ile Du Port, Mahe, Seychelles on its site that also says:
“The Company is not required to hold any financial services license (or any other type of licenses) or authorization in Seychelles to offer or to provide the Services.”
Subject to your regulation, you might not be allowed to trade using an unregulated firm like TurboXBT. The company does not accept clients from various nations like the United States outlying islands, American Samoa, U.S., Japan, Saint-Vincent and the Grenadines, the Russian Federation, North Korea, Sudan, Ecuador, Iran, Syria, Algeria, Canada, and other nations where the firm’s activity required to be accredited, licensed or regulated by any other means.
The customer services are available through a live chat button available on its site. The chat option alleges to reply within five minutes but at times it may take more than ten minutes. Several users confirm that the response time is not as prompt as stipulated on TurboXBT.
You can also reach the TurboXBT team through an online blog or on social media at Twitter, YouTube, Telegram, and Facebook. But, there is no other direct phone number or method of contacting TurboXTB is available currently.
This platform supports 16 different languages including Indonesian, Turkish, Russian, Chinese, English, Spanish, French, German, Japanese, Korean, Bengali, Italian, Portuguese, Hindi, Vietnamese, and Thai. The Help Center on the site has a basic frequently asked questions section. It also comes with a Knowledge Base that offers guides and tutorials.
Its ‘How It Works’ segment has a comprehensive guide on how the platform operates and how to navigate through its interface. A Quick-Start segment also offers users information on the way to rapidly fund accounts and start making market forecasts, while a Deposits and Withdrawals segment shows you how to move funds to and from the account.
No commissions or fees are charged to use the platform. It also does not charge its clients for withdrawals and deposits using cryptos, except for the blockchain network fees that depend on the extent of congestion the network is at the time of the transaction.
If you wish to top up your account with a bank card, TurboXBT added the option to use a favorite card backed by AUD, INR, EUR, USD, and several other fiat currencies with commissions that range from 1-3.5%.
Whenever your projection transaction turns out to become profitable in the specified time frame, then you get paid out the stipulated percentage that you agreed to when you execute the trade. Whenever your transaction is a loser, you end up losing the funds that you originally paid to establish this trade.
Please note that the near-term, option-like contracts provided by TurboXBT are not clearly priced and are not publicly traded on an exchange. Hence, it is not possible to easily check to determine whether you are getting the best deal. The derivatives contracts may also get sold at a price that is considerably higher than the mid-market wholesale pricing for the same derivative.
Thus, the real transaction cost might majorly exceed the relatively small spread that users might pay away when they decide to trade the underlying assets. But, the risk/reward profile is different because the derivative contracts provided by TurboXBT have a risk/reward profile that is limited and fixed.
TurboXBT versus Competitors
TurboXBT offers short-term synthetic, option-like contracts trades unlike most of its legitimate online competitors who do not. It is also considered superior due to its ease of funding an account and the free demo account that lets users try out the platform features and execute trades to determine whether TurboXBT will suit them well.
Furthermore, this trading platform was designed with ease of use in mind, enabling even beginners to focus their attention on taking the most ideal positions. It is available on mobile devices. Therefore, you can trade from any location where there is cellphone reception.
The ease of funding and registration, coupled with a perfect selection of tradable pairs enables users to start trading quickly. That makes TurboXBT a great solution for the near-term traders who want to risk dealing with an unregulated firm.
Skipping the KYC protocols lets users begin trading on the market movements quicker than when using other brokers who submit entirely to regulatory oversight.