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Turkey is an important country that plays a crucial role in linking Europe and the Middle East. Turkey shares its southern border with Syria. The population of Turkey is energetic and hardworking. They look for several ways to earn money. Trading binary options are one way that helps Turkish investors build their wealth.
Binary options trading is not common only in Turkey. Traders across the globe indulge in trading binary options to earn profits. But how to begin binary options trading is one question that worries many traders. If you are Turkish and wish to begin your binary options trading journey, this guide will help.
A step-by-step guide to trading binary options in Turkey
What you will read in this Post
To trade binary options in Turkey, traders must follow this step-by-step guide.
#1 Pick an available binary options broker in Turkey
Traders looking forward to trading binary options in Turkey can choose a broker. Before choosing any broker, a trader should ensure
- The online trading platform is dependable
- It has a good reputation for delivering the best services to traders.
- The broker offers an intuitive online trading platform.
- Deposits and withdrawals with the broker are hassle-free.
- It offers all the top features that enhance a trader’s trading experience.
Though there are several brokers in Turkey, three rule the Turkish binary options market. These are:
100+ Markets
- Min. deposit $10
- $10,000 demo
- Professional platform
- High profit up to 95%
- Fast withdrawals
- Signals
100+ Markets
- Accepts international clients
- High payouts 95%+
- Professional platform
- Fast deposits
- Social Trading
- Free bonuses
300+ Markets
- $10 minimum deposit
- Free demo account
- High return up to 100% (in case of a correct prediction)
- The platform is easy to use
- 24/7 support
100+ Markets
- Min. deposit $10
- $10,000 demo
- Professional platform
- High profit up to 95%
- Fast withdrawals
- Signals
from $10
(Risk warning: Trading is risky)
100+ Markets
- Accepts international clients
- High payouts 95%+
- Professional platform
- Fast deposits
- Social Trading
- Free bonuses
from $50
(Risk warning: Trading is risky)
300+ Markets
- $10 minimum deposit
- Free demo account
- High return up to 100% (in case of a correct prediction)
- The platform is easy to use
- 24/7 support
from $10
(Risk warning: Your capital might be at risk)
1. Quotex
Turkish traders place their trust and confide in Quotex for offering them the best binary options trading services. This broker is known for standing with its clients through the toughest times.
- You can access all leading payment methods on Quotex.
- There is more than just one account type that traders can access.
- Traders have a hassle-free binary options trading experience on Quotex.
- Like Pocket Option, Quotex has all top-notch features, making it a reliable online trading platform.
(Risk Warning: Your capital can be at risk.)
2. Pocket Option
Over time, Pocket Option has built a reputation for being a great and highly dependable broker. It offers traders the best online trading platform that eases their trading journey. Besides,
- Pocket Option live account signup process is easy.
- It has hundreds of underlying assets that allow traders to diversify their binary options trade. They can access different underlying markets and choose assets that interest them.
- It has all trading tools, technical indicators, charts, trading signals, and several other features to ease your trading analysis.
(Risk Warning: Your capital can be at risk.)
3. IQ Option
You will have immediate access to your account with IQ Option, and you will be able to invest at any time and from any location. Furthermore, binary options companies have made trading easy by utilizing advanced technologies.
It’s award-winning software that’s also incredibly user-friendly. This is also one of the top trading platforms in Turkey, with simple withdrawals and excellent customer service.
IQ Option is one of the most well-known Binary Options Brokers in the financial trading industry. The firm was founded in 2013 and is becoming more successful by the day. This company’s services include Binary Options, CFDs, Forex, and Digital Options.
You may open a genuine account with a minimum investment of $10 and begin trading with as little as $1. When you deposit or take your profits, it doesn’t charge any processing charges.
(Risk warning: You capital can be at risk)
#2 Sign up for a trading account
Once a trader has a clear mind about the broker he wishes to choose, he can proceed with the signup process. Signing up with almost all brokers involves the following steps:
- Visiting the broker’s website
- Clicking on the ‘signup’ option
- Entering the details such as name, email, phone number, etc.
- Clicking on the ‘submit’ option
Thus, getting started with binary options trading involves only these steps. Now, traders must choose which kind of account they want to select for binary options trading.
(Risk Warning: Your capital can be at risk.)
#3 Use a demo account or a live account
There are mainly two account types that most brokers offer in Turkey. You can use a Binary options demo account or a live trading account. The difference between the two accounts is that the demo account does not require you to deposit any real money. Instead, virtual funds allow you to plan, strategize, and trade on a demo account.
On the other hand, a live trading account requires you to fund your online trading account. So, in a live account, you deposit real money and start trading binary options.
| Good to know! |
| Other than this, these brokers in Turkey also offer different live account types depending on your trading experience. For instance, beginners can start with the basic live trading account. Otherwise, you can sign up with a higher level of live account type. |
#4 Pick an asset to trade
Now, you can choose the asset that you want to trade. The broker you signed up with will allow you to search for the underlying asset. Once the results appear, you can select the underlying asset and begin trading.
(Risk Warning: Your capital can be at risk.)
#5 Make an analysis
Most novice Turkish traders experience losses because they fail to analyze accurately. If you wish to make winning binary options trades, it is crucial to make an accurate analysis.
To predict an asset’s price movements’ correctly, traders can:
- Use several trading indicators
- Keep track of the trends that an underlying asset follows
- Follow news
- Use trading signals, charts, and other tools.
- Indulge in various trader discussion forums
A trader who makes an accurate market analysis can win any trade. Various trading tools and indicators help let traders achieve that.
#6 Place the trade
Once the trading analysis is complete, a trader can place a trade, keeping in mind the results of the analysis. For example, the trading analysis will allow a trader to choose the best strike price of binary options. In addition, he can also predict the correct binary options expiry time.
(Risk Warning: Your capital can be at risk.)
#7 Wait for the results
Now, a trader should wait for the results of the binary options trade he just placed. Binary options trades can have different expiry times. For instance, there can be a 60-second binary options trade or a 5-minute one. You can also place binary options trade expiring within a week or more.
So, a trader should wait until the binary options trade expires to know the result of their decision. If traders win, they earn profits. But, on the other hand, lost trades will cost them their investment!
Now that our Turkish investors know the binary options trading process, let us acquaint them with some basics of binary options.
(Risk Warning: Your capital can be at risk.)
What is a binary option?
Binary options trading is a form in which traders must predict whether an asset’s price will hike or go down. They choose a strike price and try to predict an asset’s future price. If the price on the expiry of the trade matches with their predictions, they win the binary options trade.
However, traders get nothing if the asset’s price on the expiry diverges from the asset’s predicted price. So, traders have nothing but only two options at their disposal. They either win their binary options trade with profit or don’t get anything at all.
| Good to know! |
| Binary options trading requires traders to make a perfect trading analysis. If they fail, they lose their real money. That is why binary options trading is often known as a risky proposition. |
Are binary options trading legal in Turkey?
Binary options Turkey became popular only recently. When binary options trading started in 2008, it was in its infancy. Traders did not have much trading knowledge as it was an underdeveloped form of trading.
However, with the Capital Markets Board of Turkey approving binary options trading, Turkish investors became more aware of it. So, yes, binary options trading in Turkey is fully legal.
Traders wishing to initiate binary options trading in Turkey can follow this trading guide. You only need to sign up with a broker who offers reliable services in Turkey, and you are good to go!
(Risk Warning: Your capital can be at risk.)
Payment methods for traders in Turkey
Placing binary options trades requires traders to sign up with a broker and fund their trading accounts. However, if his preferred payment option is unavailable, it can be a problem for traders.
So, Turkish traders willing to sign up for binary options trading need to know the basic payment methods available with the brokers.
Electronic wallets
Traders in Turkey can deposit the funds into their live trading accounts using electronic wallets. Electronic wallets are also an ideal payment method for withdrawing your funds. In addition, it is fast and offers a convenient way to trade binary options.
Operating in Turkey, brokers such as Pocket Option, Quotex, and Focus Option offer electronic wallets to deposit and withdraw funds. In addition, traders can use all leading electronic wallets to trade binary options on their trading accounts.
Cryptocurrency
Another great binary options payment method that brokers offer is cryptocurrency. Apart from trading crypto with binary options, you can also use it to deposit and withdraw funds from your trading account.
All leading cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, etc., offer an excellent way to fund your account. Traders use cryptocurrency because it is a fast method. Deposits and withdrawals made through cryptocurrency are quick.
Card payments
Brokers in Turkey also offer the option of card payments to traders. You can deposit and withdraw funds from your live trading account using your debit and credit cards.
Traders can use cards, such as Visa, MasterCard, Maestro, etc., to deposit and withdraw funds. Deposits through card payments are instant. However, withdrawals can take up to 2 to 24 hours.
Bank transfers
Traders in Turkey can also use bank transfers as a preferred payment method while trading binary options. Bank transfers do not attract any fees and commissions for traders. However, traders should have to pay bank fees that their respective banks might levy.
(Risk Warning: Your capital can be at risk.)
Pros and cons of Binary Options trading in Turkey
Binary options trading has several pros and cons. Whether trading in Turkey or elsewhere, traders must know the binary options’ pros and cons.
The pros of binary options trading are
- Binary options trading is a quick way for traders to earn money.
- Traders can hike their trading account balance by winning their binary options trades.
- This kind of trading is easy to learn. Whether a new or experienced trader, you can get started with binary options basic trading.
- Traders can place multiple binary options trades at the same time.
- Most binary options brokers allow you to sign up for a free trading account.
The cons of binary options trading are
- Binary options trading is a risky proposition. Traders risk losing all their money if their binary options prediction is inaccurate.
- There is no guarantee of winning your trade.
- Binary options trading involves a lot of research which might tire any trader after one point.
Risks of binary options trading
Binary options trading involves certain risks.
- Because trading them is a straightforward process, traders might believe they know everything about their trading. In reality, binary options trading is complex and can cause traders losses.
- Trading binary options are addictive. Traders might always urge to make their losses good by placing subsequent trades.
- A lot of effort is involved in researching and making an expert analysis. However, if this analysis is not accurate, traders lose their money.
- The profit percentage of some brokers might not be up to the mark.
- Several brokers do not have any credibility. If a trader lands with such a binary options broker, he can suffer from losses.
Conclusion
Binary options Turkey trading is simple for any trader. A trader can get started by choosing a binary options trading platform available in the country. Binary options trading is simple and profit-bearing as long as any trader makes an accurate trading analysis.
Traders can begin their binary options trading journey in Turkey by choosing one of the available brokers. However, for the best trading experience, choosing a broker that offers all the top features to enhance your trading experience is better.
Frequently Asked Questions (FAQs) about Binary Options in Turkey:
Is binary options trading safe in Turkey?
Binary options trading is safe in Turkey if any trader makes a proper technical analysis. Binary options trading is risky. So, it is essential to make an expert analysis. Also, a trader should choose a broker who offers dependable and trustworthy services. Choosing the right broker will give you a safe trading experience in Turkey.
Does any rule or regulation in Turkey keep traders from trading binary options?
No! Nothing in Turkey stops traders from trading binary options. Binary options trading is legal and safe for traders.
Being a Turkish trader, how can I earn money using binary options trading?
Any Turkish trader can earn money trading binary options. He needs to pick an underlying asset that he predicts to rise in value in the future. Then, he can place the trade and earn profits. Binary options trading can make you rich once you learn to trade them accurately.
(Risk Warning: Your capital can be at risk.)
