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Even though the Turkish government has steadily increased the restrictions on forex trading, the practice in the country remains widely popular to this day.
Sermaye Piyasası Kurulu (SPK), the main financial regulatory body in Turkey, is charged with the oversight of forex brokers. All operating forex brokerages on the territory of the Turkey have to meet the regulatory requirements of the CMB and be issued a license in order to provide such services legally.
As a matter of fact, in 2011 foreign brokerages without the local license were banned from providing services to Turkish clients and the SPK even threatened legal action against the remaining 32 still active forex websites.
In 2017, more conservative measures were taken with the Capital Markets Board putting an extremely low limit on the maximum allowed leverage – 1:10. We must say that this is lower than the limit in EU (1:30), the US (1:50) and Japan (1:25). This was accompanied by an increasement on the minimum required starting capital to try TRY 50 000 (about $10 000). These measures led to the closure and flight of many brokerages with offices in Turkey which, however, did not upset the Turkish government, since it is clear it values security above all else.
Interested traders in Turkey should further have in mind that they’ll have to pay taxes on their profit from forex trading.The income tax rate is as follows: 15% for earnings of 13,000 TRY, 20% up to 30,000 TRY, 27% up to 110,000 TRY and 35% for everything over. Traders are further advised to document everything and keep archives of their profits and losses in case the government takes an interest.
The most popular payment methods in Turkey are the standard Visa and MasterCard, as well the MINT prepaid cash card. Global forex brokerages licensed by the CBM such as SaxoBank offer only Visa and MasterCard as payment methods for Turkish clients.
Forex news from Turkey
This Friday marks another major hit for the crypto market industry as Turkey, a very big player, will be banning cryptocurrency payments.
The Turkish financial regulatory body, the Capital Markets Board (CMB), has blocked the access of Turkish citizens to the website of forex