Turkey - Turkiye

Thread for traders who live in Turkey..

 

Only 2 of us?

 

i live in North Cyprus. i also have a forex blog here: WordPress.com

 

New Forex regulation from CMB of Turkey
1- Before opening a Real Account, all candidates must use Demo account at least for 6 days and must have 50 deals on a Demo account platform which is must be approved by Capital Markets Boards union (Union). This way before opening a Real account, client will see that they can lose all their savings
2- All the Demo Accounts and Real Account must have the same rules, same price and same slippage and so on. The “Union” will approve the platforms.
3- Account Management, Social Trading is forbidden. The “Union” won allow this kind an extra in the trading platforms.
4- Before Opening a Real Account, Companies must collect from new clients written declaration that the process is risky and they may lose all of their deposits.
a. There will be two kinds of Clients “Professional traders and Amateur trader)
Client who has more than 20000 TRY in their account, can use 1:100 leverage for EUR/USD for other instruments’ the leverage is 1:50. All client with less than 20000 TRY in their account will have max 1:50 leverage for forex and 1:25 for other instruments’ (oil, index, gold)
b. If there is sharp movements or gaps on market opening, Professional traders may have a negative balance and Brokers may ask to collect this amounts, but Amateur traders cannot have a negative balance if they have one, Brokers cannot ask to collect this amount.
c. When there is Order cancellation, Professional traders’ orders may have cancelled, but Amateur traders’ orders won’t be cancelled.
5- All the Brokers must send their Buy and Sell prices with Spreads from Demo and Real account to Takas Bank, where they will be collected. If there is differences on the price or higher spread then normal, Brokers must gave an explanation to the Takas Bank.
6- All the Licensed Brokers from CMB of Turkey, must keep their clients’ money in Takas Bank.
7- Spread Back and any type of cash back Bonus or any type of provided resources to encourage the client to made more trades is forbidden.
8- If there is slippage on the prices to against traders, there must be slippage on favor of the clients also.
9- All the FOREX brokers must have on their web page information about:
a. Profited Clients against Loss Clients which is 12% and 88%
b. The owner of the companies, Ownership Relations
c. Liquidity Providers and Ownership Relations with them
d. Percentage of rejected orders to all orders
e. Detected differences and deviation on the prices as percentage
f. Complaints from client, how many complaints the broker has and percentage of complaints to all client number
10- All the advertisement text must be approved from the “Union”, for not approved adds there will fines.

source : forexbrokerleri.com/yazi/spk-nin-yeni-forex-kurallari-ozet/

 

Wow! A little tight on the leverage, but overall, I LOVE these rules!

Can you repost this in General Forex Talk? That would let more people see it.