TurboXBT Review

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Contributor, Benzinga
December 21, 2021
TurboXBT
Best For
  • Commodity Derivative Traders
securely through TurboXBT's website
1 Minute Review

Seychelles-based TurboXBT offers a new next-generation digital trading platform designed to provide both novice and experienced traders with the potential to make money trading short-term market moves. 

TurboXBT’s easy-to-use trading platform lets you speculate on the direction of various trading pairs using synthetic short-term trading contracts. These option-style contracts have expirations ranging from 30 seconds to 15 minutes depending on the chosen trading pair. 

Basically, you just choose the market, the option time frame, and whether you expect an up or down move. You can use these contracts to speculate on 38 trading pairs made up of 17 assets that include cryptocurrencies, forex, commodities, stocks and indices. TurboXBT claims you can make as much as 90% profit on a single trade, and you can start trading with a $1 deposit.  

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Best For
  • Beginning and seasoned traders
  • Forex traders
  • Short-term crypto, index and commodity derivative traders
Pros
  • High potential returns
  • No commissions
  • User-friendly interface
  • Trade multiple assets on 1 platform
  • Free demo account
Cons
  • Not available in the U.S., Canada, Japan, Russia and some other jurisdictions
  • No long-term trading
  • Trades require upfront payment

TurboXBT Ratings at a Glance

Markets
Assets
Customer Service
Pricing
User Benefits
User Experience
Overall

TurboXBT Markets

Unlike many other trading platforms, TurboXBT is designed to give novice and professional traders the ability to make and profit from simple “up-or-down” predictions about short-term price moves. 

The TurboXBT platform focuses on offering derivative short-term contracts that have their upfront costs based on various underlying market prices and exchange rates. You can use the platform and these exotic contracts to trade markets including forex and cryptocurrency pairs, precious metals, indices and crude oil. 

Screenshot of the TurboXBT trading platform. Source: TurboXBT.

As you can see from the trading platform screenshot above, after choosing Bitcoin or BTC/USD as the asset you wish to trade, you will then need to select a suitable time frame. The option contracts you can choose among might expire in 30 seconds, 1 minute, 5 minutes, 10 minutes or 15 minutes, depending on the underlying asset. 

To initiate a trading position (also called a prediction on TurboXBT’s website), you just click the green UP button if you think the asset will rise or the red DOWN button if you think the instrument will decline. 

When making a prediction, the amount required will be immediately deducted from your account balance, just like when you purchase an option contract.  The menu bar on top gives you pull-down menus for your positions, history, all trades, leaders and transfers. 

Your trade winnings will depend on whether the traded pair gained or dropped in value within the set time parameter you selected. If the pair rose in value and you chose an UP option, then you would receive a payout from the trade. 

If the instrument declined in value, then you would permanently lose the amount of money you allocated for the trade, which is basically like an option premium that you pay upfront and lose entirely if your purchased option expires out-of-the-money. 

If you want to try out the TurboXBT trading platform and see if you can come up with a profitable trading plan using its option-like contracts before committing any funds, you can check out the free demo account the company offers. 

You can access a demo account that provides you with $1,000 virtual dollars without having to create or fund a live account with TurboXBT. The demo account incorporates all of the features of the funded account and lets you practice trading without taking any financial risk. 

TurboXBT Assets

TurboXBT offers a somewhat less-than-impressive range of tradable instruments you can operate in using its platform that only includes 17 asset types and 38 trading pairs. The available asset types include the following:

  • 2 cryptocurrencies: Bitcoin and Ethereum
  • 8 forex currencies: the U.S. dollar (USD), Canadian dollar (CAD), Swiss Franc (CHF), Australian dollar (AUD), Japanese yen (JPY), European Union euro (EUR), British pound sterling (GBP) and New Zealand dollar (NZD).
  • 4 commodities: Brent, crude oil, gold and silver
  • 3 indices: NASDAQ, S&P500 and GER30

The 38 trading pairs you can operate in via TurboXBT include:

  • AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD
  • USD/CAD, CAD/CHF, CAD/JPY
  • USD/CHF, CHF/JPY, USD/JPY
  • EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, EUR/USD
  • GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/USD
  • NZD/CAD, NZD/CHF, NZD/JPY, NZD/SGD, NZD/USD
  • BTC/USD, ETH/USD 
  • XAU/USD, XAG/USD
  • Brent/USD, Crude/USD
  • NASDAQ/USD, SP500/USD, GER30/USD

TurboXBT Customer Service

TurboXBT was founded recently and lists the address of House of Francis, Room 303, Ile Du Port, Mahe, Seychelles on its website. Its website also states that “The Company is not required to hold any financial services license (or any other type of licenses) or authorization in Seychelles to offer or to provide the Services.” 

Depending on your jurisdiction, you may not be able to trade through an unregulated company like TurboXBT. The firm does not accept clients based in the U.S., Japan, Saint-Vincent and the Grenadines, Canada, Algeria, Ecuador, Iran, Syria, North Korea, Sudan, United States outlying islands, American Samoa, the Russian Federation, and other countries where the company’s activity needs to be licensed, accredited or regulated by other means.

You can access TurboXBT’s customer service via a live chat button on its website. The chat option claims to reply within 5 minutes, but after waiting for 10 minutes, this frustrated reviewer left an email address to get a response instead. After an hour of waiting, a reply was eventually received via email and in the live chat box, so do not expect a particularly fast response to your queries from this company.

In addition to the onboard customer service options, you may be able to reach the TurboXBT team via an online blog or on social media at Telegram, Twitter, Facebook, and YouTube. No direct phone number or another way to contact TurboXTB was available. 

TurboXBT supports 16 different languages, including English, Spanish, French, German, Italian, Portuguese, Hindi, Vietnamese, Indonesian, Turkish, Russian, Chinese, Japanese, Korean, Bengali and Thai.

The company provides a Help Center on its website with a rather basic frequently asked questions section. It also has a Knowledge Base that provides guides and tutorials, plus a How It Works section with a comprehensive guide on how the platform works and how to navigate its interface. 

A Quick Start section also gives you information on how to quickly fund your account and begin making market predictions, while a Deposits and Withdrawals section instructs you on how to move funds to and from your account. 

TurboXBT Pricing

No fees or commissions are charged to operate on TurboXBT’s platform. TurboXBT also does not charge its clients for deposits and withdrawals using cryptocurrencies, with the exception of blockchain network fees that depend on how congested the network is at the time of the transaction.

If you prefer to top up your account with a bank card, TurboXBT recently added the option to use your favorite card backed by USD, EUR, CNY, AUD, INR and other fiat currencies with commissions ranging from 1% to 3.5%.

If your prediction transaction turns out to be profitable within the time frame specified, then you are paid out the stated percentage you agreed to when you made the trade. If your transaction is a loser, then you will lose whatever funds you initially paid to establish the trade. 

Keep in mind that the short-term, option-like contracts offered by TurboXBT are not transparently priced and are not traded publicly on an exchange, so you cannot easily check to see if you are getting a fair price. These derivative contracts will also probably be sold to you at a price substantially above the mid-market wholesale value for a similar derivative instrument. 

This means your actual transaction cost will likely substantially exceed the relatively narrow spread you would pay away if you just traded the underlying asset, although your risk/reward profile will be different since the derivative contracts offered by TurboXBT have a risk/reward profile that is both fixed and limited. 

TurboXBT User Benefits

Besides TurboXBT’s user-friendly interface and free demo account, other user benefits include:

  • Synthetic short-term contracts: Since you’re trading in short-term synthetic derivative contracts, you don’t actually take any positions in the underlying asset. 
  • Up to 90% profit for a single trade: You can make up to a 90% return on your initial premium paid, depending on the accuracy of your prediction, although you can also lose your entire initial investment if you end up on the wrong side of the market. 
  • 17 assets and 38 trading pairs: The selection of tradable assets and pairs includes currencies, cryptocurrencies, stock indices and commodities. 
  • Simple UP or DOWN contracts: Reducing speculative trading to deciding between an up or down move within a short chosen time frame makes trading relatively easy. 
  • Contract duration: The duration or expiration of the available synthetic short-term option-like contracts ranges from 30 seconds to 15 minutes, depending on the chosen trading pair.

TurboXBT User Experience

The TurboXBT trading platform is extremely easy to navigate and use for both beginners and seasoned professionals. Registering at TurboXBT takes just a few minutes, and you can start making predictions on the market right away in a free demo account. 

The startup process is among the easiest for a trading platform thanks to TurboXBT’s user-friendly interface. Also, you don’t have to worry about a Know Your Client (KYC) check that can sometimes take days with other brokers who actually have regulatory oversight. 

You can make deposits to fund your trading account using a bank debit or credit card.  If you prefer, you can also make deposits in Bitcoin and Ethereum, as well as USDT (ERC-20) and USDC (ERC-20).  Bitcoin deposits require 3 block confirmations that generally take about 40 minutes, while Ethereum and ERC-20 tokens require 10 block confirmations and usually take around 4 minutes to complete the deposit. 

TurboXBT vs. Competitors

TurboXBT
Best For
  • Commodity Derivative Traders
securely through TurboXBT's website

With respect to TurboXBT’s competitors, not many legitimate online brokers currently offer the type of short-term synthetic, option-like contracts you can trade via TurboXBT. Some significant advantages of TurboXBT include the ease of funding an account and the free demo account that lets you try out the platform and your predictions to see if TurboXBT will suit you well. 

Also, TurboXBT’s trading platform was clearly constructed with ease of use in mind, which lets even novice traders focus their attention on taking the best possible positions. In addition, the TurboXBT platform is available on mobile devices, so you can trade from anywhere you can get cellphone reception. 

The ease of registration, funding and the reasonable selection of tradable pairs lets you get started making predictions quickly, which could make TurboXBT an excellent choice for short-term traders willing to take the risk of dealing with an unregulated company.

Skipping the KYC protocols intended to protect you from trading in financial instruments inappropriate for your experience level also lets you start speculating on market movements considerably quicker than with other brokers who actually submit to regulatory oversight. 

TurboXBT Overall

Our overall rating for TurboXBT is 3.5 stars. This rating was diminished by TurboXBT’s offshore location, its lack of regulation designed to protect clients and its short operational history. Also potentially problematic was the poor response time of its customer service department to a simple live chat query and the lack of a visible telephone number to get a quicker response. 

The company’s lack of disclosure over the type of exotic derivative contract it offers so that theoretical pricing can be calculated for comparison purposes is worrying. Another negative was that traders can only make very short-term predictions with a maximum time horizon of 15 minutes at TurboXBT. 

Despite those issues, the platform was rated highly for its ease of use. By practicing making predictions in a free demo account, you can get a good idea of how the service operates and if it makes sense to open a funded account with an unregulated financial services company like TurboXBT that only offers 1-sided prices for exotic derivative instruments that lack market transparency. 

Frequently Asked Questions

Q

Is TurboXBT suitable for beginners?

A

Maybe. TurboXBT could suit beginners who want to make short-term market predictions using an easy-to-use platform as long as they are willing to trust their funds to an unregulated, offshore company that only has a short operational history. 

Q

What is TurboXBT?

A

TurboXBT consists of a next-generation digital trading platform designed to let both novice and experienced traders make simple market predictions using short-term derivative contracts.

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