TurboXBT review – Should you sign up? – Test of the broker

Rating:Assets:Minimum deposit:Return:
4 out of 5 stars (4 / 5)Crypto, digital contracts$ 10Up to 90%+

TurboXBT is a digital trading platform specializing in high yield and highly leveraged derivative trading. This review will try to cover all of the features TurboXBT offers and also cover any drawbacks of using this platform to perform your trades. 

TurboXBT is garnering a lot of buzz and respect amongst the trading community because of its highly leveraged trades which allow for extremely fast profits at minimal risk if you know how to mitigate it. This stratagem is similar to that of the more popular variant of binary options traders. 

But how good is TurboXBT and should you sign up with it? – We will go into detail in our review.

TurboXBT official website

Background of TurboXBT

TurboXBT is based out of St. Vincent and the Grenadines Islands, which are countries that are blockchain-integrated economies and fully allow the use of crypto-backed payments and reserves, which must be held up by trading platforms to back up their leverage.

TurboXBT offers binary options which are much simplified for the common user, with a simplified “Up” or “Down” call option, using which you can predict the movement of the price of the asset you are buying options over.

It has a very intuitive interface that is well suited for beginners as well as experienced veterans, and the extensive help resources and educational material ensure that everyone has the same opportunities. At the same time, trading and the platform are fair and neutral.

Our recommendation: Pick the best broker for binary trading!

Broker:

Review:

Advantages:

Sign up:

1. Quotex

5/5
  • Profit 95%+ 

  • Free bonuses

  • Fast deposits & withdrawals

  • No fees

  • Free demo account

Live account from $ 10

(Risk warning: Your capital can be at risk)

2. IQ Option

5/5
  • User-friendly

  • Forex & CFDs

  • Profit 94%+

  • Contests

  • Free demo account

Live account from $ 10

(Risk warning: Your capital can be at risk)

3. Pocket Option

5/5
  • Social trading

  • No fees

  • User-friendly

  • Free bonuses

  • Profit 94%+

Live account from $ 10

(Risk warning: Your capital can be at risk)

TurboXBT available assets

TurboXBT offers options and derivatives over 17 different assets, the main categories of which are:

  • Cryptocurrencies: Contracts based on prices of ETH and BTC.
  • Commodities, like oil, gold, etc
  • Forex
  • Indices: Contracts based on prices of S&P 500, NASDAQ, and GER 30
  • Derivatives: High leverage training with up to 10x leverage and massive profits.

TurboXBT trade durations

TurboXBT trade duration

Trades are lightning-fast on TurboXBT, as this platform is known for this very feature. It offers trades that last for durations of:

  • 30 seconds
  • 1 minute
  • 5 minutes
  • 10 minutes
  • 15 minutes

Your trades must be closed within your choice of trade window duration, or they get automatically squared off by the broker. If your call was correct, you would be eligible to cash out your profits only after the stipulated time period is over.

(Risk warning: your capital can be at risk)

Cryptocurrencies trading

One of the most volatile and popular assets on the platform TurboXBT, binary options, and calls based on the underlying asset of the most popular and stable cryptocurrencies is the most traded contract by volume on TurboXBT. Their volatility offers an opportunity to earn massive profits very quickly.

You can make calls on the prices of Bitcoin or Ethereum directly, or you can opt for other higher leveraged trading contracts which offer much higher returns. Still, they come with the added risk of losing more money than you actually put in.

Cryptocurrencies are a fresh new commodity, so much so that the company behind the platform has converted its revenue stream into entirely crypto-backed fiat cash.

Cryptocurrencies offeredMarket Share
Ethereum32%
Bitcoin28%

Currently, TurboXBT offers trading and derivative options over these two cryptocurrencies only, which are the market leaders today. They may roll out options over other famous and stable coins and tokens in the future.

It is actually a positive sign that TurboXBT does not support many unregulated cryptocurrencies, which lends credibility to their service as they sell contracts based only on the most prestigious cryptocurrencies in the world.

(Risk warning: your capital can be at risk)

Forex Options

This is an option more suitable for old-school traders who are now looking for lightning-fast trades. This market rewards stable strategies and forward planning, but due to the transitory nature of these trades, new techniques have been developed, which provide more profits.

Some currency forex pairs that TurboXBT offers are:

  • CAD/USD
  • USD/AUD
  • CAD/AUD
  • USD/CHF
  • USD/JPY
  • USD/GBP
  • GBP/CAD
  • GBP/AUD
  • GBP/EUR
  • USD/EUR

You can make up to 5 forex trades per week using TurboXBT, which may be a limitation, but the potential for profit is limitless, which makes these trades worth it. Forex indices and trade pairs are robust and not as volatile as cryptocurrencies, which makes trading forex all the more difficult and nuanced. 

Forex options are best for combining with other trades, as their stability and resistance points can be manipulated to pull really great trades at times. Otherwise, forex trades are slower and require a huge amount of patience, which is not really TurboXBT’s demographic, as the platform is all about fast and dynamic trades made within a time period of 30 minutes at max. To solve this issue, Forex prediction contracts are also popular, which are leveraged up to 5 times and give much faster trades as compared to basic forex currency pair trades.

The only major limitation is the cap on the number of trades executed within a week, which severely restricts its potential as compared to other competitor trading platforms which provide bulk contract buying options. You could alternatively create several simultaneous trades if you are interested in making your profits primarily from forex.

Commodities

Derivatives in the trade market on commodities like gold, silver, and crude oil, are very popular and well established in binary options traders.

These commodities have amassed a large following, and hence volumes of money traded in these markets are huge, much bigger than cryptocurrencies currently.

Some commodity indices offered by TurboXBT are:

  • WTI Crude
  • Brent Crude
  • Gold
  • Silver

Short-term speculation is possible because of real-time updates made by the TurboXBT team in the slight fluctuations in prices, made possible by partnerships with a network of brokers all across the globe.

This price system is not always a reliable thing, though, as there is no transparency in the decision-making process behind assigning a price to a commodity. These rates are often slightly off from the real market value due to fluctuations in trade volumes as well, which requires the platform to extract more profits from all trade traffic. 

Commodities are a much more stable asset, and hence it is favorable to choose highly leveraged contracts available on commodities, as the amount of money in the commodities market is unparalleled. You can earn astonishing amounts of profit with just a few very simple trades.

(Risk warning: your capital can be at risk)

Indices

TurboXBT offers a fairly varied collection of indices to choose from and speculate on.

IndexCountry
NASDAQUSA
S&P, Moody, and FitchUSA and World
GER30Germany, Europe

These are less risky trades with lesser yields but provide an easy introduction to the world of trading for many beginners.

Indices are highly stable underlying assets to trade upon, as they never really show drastic changes in prices over short periods of time. Hence it is possible to make very short-lived trades, like 30 seconds or 1 minute, and turn a profit due to tiny fluctuations in prices over the trade window.

TurboXBT offers services from three major indices, which cover the aggregate retail stock and corporate markets of the entire world, especially the west. These are lucrative to invest in directly, as they usually never lose money. Getting quick profits using indices is challenging but possible with leveraged trades available as contracts on TurboXBT.

Review of the fees & withdrawal

TurboXBT payment methods

Outright, there are no charges on trades and transactions by TurboXBT. You can make deposits backed by cryptocurrencies and trade using the amount in your active trading account.

The catch is that on successful calls, only 90% of your actual profit is payable, as the 10% is their brokerage. This means that on huge trades, profit is reduced. Hence, it is more profitable to make smaller trades and diversify your funds to mitigate risk and also reduce total brokerage paid.

Withdrawal is possible for amounts not more than the total amount traded over a lifetime, but any amount of money in your active trading account is owed to you by the broker TurboXBT. Third-party charges may be applicable while withdrawing due to a lack of payment partners in many parts of the world. Withdrawals are possible only within 12:00 to 14:00 UTC every day.

The minimum possible deposit amount is set at $1 worth of BTC or ETH, and the maximum is not set, meaning that the sky’s the limit when it comes to trade profits and also loss.

(Risk warning: your capital can be at risk)

Our experience overall with TurboXBT:

TurboXBT mobile app

TurboXBT has a very sleek desktop console with great server robustness and high traffic trading capabilities. TurboXBT does not have a dedicated mobile app as of now, but the mobile browser console is also functional.

The refresh rate is great, prices are updated every second, and trades are completed within minutes, with a price locking feature to ensure you don’t lose money if the market suffers a sudden fluctuation during a trade. The charts are easy to follow, and procuring contracts is also extremely easy, with a simple search tool and a drop-down menu with popular synthetic contracts.

TurboXBT boasts of 2FA, cold wallets, and address whitelisting as security features. Hence, it is highly resistant to fraudulent trading activity and swindlers trying their hand at gambling or at market manipulating trades. Using credit cards is possible, with a small surcharge on every deposit as your money gets converted into cryptocurrency.

KYC protocols are lax, which enables for privacy and use of cryptocurrencies in countries where it is not recognized as legal tender. TurboXBT offers a demo account to test out trading strategies and $1000 in fake credits in this account to keep learning and getting used to the platform.

TurboXBT also has active customer service that will sort out any discrepancies and issues that may arise during executing trades. 

Pros and cons of TurboXBT:

Pros

  • Fast trades and quick resolution
  • A large variety of options
  • Allows deposits in cryptocurrencies
  • Easy for beginners

Cons

  • 10% brokerage on successful trades
  • Not transparent on prices
  • Withdrawals have hassle
  • Offshore location

Conclusion of the review: TurboXBT is a legit broker

TurboXBT is a new generation of digital brokers and trading platforms that reap massive profits from large trade volumes and are largely unregulated but provide an excellent avenue for beginners to get interested in trading and move on to larger trades eventually.

At the same time, platforms like these with such short-lived trades provide an avenue for loss of capital and gambling tendencies. Hence, our overall rating of this platform is that it is sleek and usable but requires a certain amount of discretion from the user’s side.

Overall, we would say that TurboXBT is packed to the brim with a lot of user-friendly features that definitely make sense in a binary options and contracts trading platform. This ease of access makes it a viable option for beginners, and hence even with its few drawbacks, it deserves your attention if you are a budding trader.

(Risk warning: your capital can be at risk)

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