Beware! Turbo Million is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Turbo Million- the name speaks for itself. Such a title certainly makes an impression, but we believe traders will most likely register turbo losses if they deposit with this broker. Our assessment showed a shady entity creating unrealistic expectations, which is a typical feature of scam Forex brokers. We suspect it’s a fraudulent broker and you can find out why in the full Turbo Million review.
Turbo Million REGULATION AND SAFETY OF FUNDS
Turbo Million introduces as a Seychelles business claiming to offer security and stability. However, our quick research showed that they hold no license issued by the local regulator FSA. What’s more, we couldn’t verify that there is such a company in existence, at all. Your funds are not safe if you deposit with Turbo Million because it’s an unlicensed and unregulated shady broker and most probably a scam. We’ll give more evidence later in the review.
While Seychelles is considered a tax haven and a shady jurisdiction, they made some steps to improve transparency and financial regulation. However, the customer protection is still in its infancy stage because the single significant measure undertaken is the $50 000 capital adequacy requirement. We still consider Seychelles brokers unsafe, notwithstanding the regulatory framework development. So, if Turbo Million was Seychelles regulated broker, it wouldn’t significantly change anything.
Avoid them and consider our lists with European brokers and British brokers. The best FX companies hold European licenses, so traders and investors have a great deal of choices. Furthermore, these brokers are covered by the money protection schemes laid down as clients’ protection. EU brokers’ clients can claim 20 000 EUR in compensation, while the UK’s fund guarantees up to 85 000 GBP. Each member state is compelled to operate similar insurance funds, considered the last resort for people in case of insolvency or fraud carried out by licensed companies.
Turbo Million TRADING SOFTWARE
The trading software provided by Turbo Million is far from acceptable and can’t even compare to MetaTrader. It’s a web-based platform lacking in functionality and very ugly indeed. Worse though, the software developed by the shady brokers is considered prone to fraud and price manipulation, so beware.
See the regulated MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular retail Forex trading platform globally, which traders prefer for its reliability and ease of use. It features sophisticated trading tools rare to find elsewhere for free such as Expert Advisors, Algo Trading, Complex Indicators, reliable Strategy testers and even a marketplace with more than 10 000 trading apps available by the time.
The EUR/USD spread Turbo Million provides is 4 to 5 pips, but sometimes jumping to 8 pips, which is enormous Buy/Sell difference. Such a rate makes Turbo Million a very costly broker to trade with. As you probably know, the lower spreads are better for the traders. Consider it’s a shady FX creature and you have all the arguments needed to stay away from Turbo Million. The FX market is vibrant and full of legit companies offering 1 pip and below, so it’s no hassle to find a better company by following the links provided throughout the review.
The leverage is a different story, and here we found a place to put another red flag. On separate pages on their website, they claim to offer different maximum leverage levels. It’s either 1:200 or 1:300, we are not sure about it, but such a discrepancy certainly makes Turbo Million an unreliable broker. Anyway, both ratios are overly dangerous for traders. The leverage is a powerful tool drastically improving profit potential, but at the same time, it boosts the risk immensely.
Precisely the risks involved made EU, UK and Australia (coming in effect later this year) force a leverage cap of 1:30 on the markets as a customer protection measure. The US brokers and the Canadian brokers are not allowed to provide more than 1:50, so we do not recommend brokers offering higher ratios for the lack of adequate regulation, as well. The Swiss brokers are not leverage restricted, but Switzerland asks for 20 million francs in paid-up capital (more than 22 million US dollars) to issue a license, which certainly keeps scams away.
Turbo Million DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Turbo Million is $250, which is in line with the offshore brokers’ requirements, but twice higher than the regulated industry standards- $100 on average.
Various funding methods are presented, such as WebMoney, QiwiWallet and Yandex, but traders can only make Credit/Debit card deposits. It’s somewhat useful because it’s the safest method to fund the account. Bank card payments allow to chargeback within 540 days if things go wrong. Nonetheless, the funding methods present an information discrepancy, and we have to raise yet another red flag. Turbo Million is a deceitful enterprise.
There is no information about minimum withdrawal requirements, withdrawal fees, request processing time or inactivity fees. The absence of details about these most crucial provisions indicates a lack of transparency and a red flag again. Trustworthy brokers explicitly determine anything that’s of importance for traders, so make up your mind.
However, the bonus policy is the most exhaustive one. You might believe it’s a generous broker, but that’s not the case. We found some very strange and at the same time suspicious clauses. For example, to participate in the bonus program traders should register an office, which is a very fishy requirement. We advise people to stay away from this broker unless they intend to get in trouble. Also, to become eligible for withdrawal, traders have to execute a minimum volume of 25 times the bonus plus the deposit. Beware!
Overall, Turbo Million is a shady broker with no license, which is a solid reason to stay safe and avoid this business.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets, but very similar from country to country.
Scammers usually find their victims through ads in social media or other websites, which is the latest trend. Classical tactics, such as cold calling, became less widespread as the Internet is prevalent nowadays. The offers look legit and present exciting opportunities to invest money on the Forex market. Traders are reassured that the people behind the broker have an excellent track record, promising high returns or seamless trading. They claim that there are no problems when trading with them, concealing that the FX market is utterly risky.
What usually happens is that scammers just pocket traders and investors money letting them believe they trade in a real environment. Sooner or later clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or send a tiny amount of money. It’s also a common manoeuvre for scammers to ask for more money to sort the withdrawals out. Either way, traders are likely to lose some or all of the capital invested. At some point, when the fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to fraud. In case you got scammed, you need first to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!