6 minute read
Is JustMarkets Legal in Turkey? Here’s the Straight Answer
from JustMarkets
by Exness_India
Yes — but with critical nuances. As of now, JustMarkets is not officially licensed or regulated by the Capital Markets Board of Turkey (CMB), the sole authority overseeing forex and investment platforms in the country. That means while Turkish residents can technically access the JustMarkets platform via its international website, doing so is at their own risk and outside the protection of Turkey's financial regulatory framework. Let’s break this down clearly and explore why the legality of using JustMarkets in Turkey is a gray area, what the local law says, and what it means for traders who are considering opening an account with JustMarkets from within Turkey.
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What Does Turkish Law Say About Forex Platforms?
Turkey has one of the strictest forex regulatory environments in the world. Since 2017, the Capital Markets Board of Turkey (Sermaye Piyasası Kurulu - SPK) has enforced tight restrictions on retail forex trading. Some of the most important regulations include:
· A maximum leverage of 1:10 for retail traders.
· A minimum deposit requirement of TRY 50,000 (approx. $1,500 USD).
· Mandatory licensing for all brokers offering forex services in the Turkish market.
These laws are designed to protect retail investors from the high risk associated with leveraged forex trading. Any company that offers trading services in Turkey without being licensed by the SPK is considered unauthorized. This includes global brokers like JustMarkets, which operate under licenses from other jurisdictions.
So, Is It Illegal to Use JustMarkets in Turkey?
No, it is not technically illegal for an individual in Turkey to open an account with JustMarkets. The company doesn’t have a physical presence in the country, so it operates offshore and offers services globally — including to Turkish residents. That said, this places the legal burden on the user, not the platform.
What’s important to understand is this: JustMarkets is not approved or recognized by the Turkish regulator, and therefore, any financial dispute, fraud, or loss involving the platform would not be covered under Turkish consumer protection laws. Users would have no legal recourse through Turkish courts or financial authorities.
In essence: access is possible, but protection is not guaranteed.
Where Is JustMarkets Regulated?
JustMarkets operates under Just Global Markets Ltd, which is regulated by the Financial Services Authority (FSA) of Seychelles. This is a common offshore jurisdiction used by many international forex brokers.
While this gives JustMarkets some level of regulatory legitimacy, it is not equivalent to being regulated by a Tier 1 authority such as the UK’s FCA, Australia’s ASIC, or the Turkish SPK. This distinction is crucial, especially for traders in tightly regulated countries like Turkey.
So, although JustMarkets has the legal structure to operate internationally, it lacks the domestic regulatory approval needed to be considered “legal” in the strictest Turkish sense.
What Are the Risks of Using JustMarkets in Turkey?
Turkish residents considering JustMarkets need to be aware of the following key risks:
1. Lack of SPK Oversight
Without SPK licensing, JustMarkets is not bound by Turkish financial consumer protection rules.
2. No Compensation Scheme
If the broker collapses or engages in malpractice, clients may not be eligible for compensation or asset recovery.
3. Access Restrictions
In some cases, Turkish authorities may block access to offshore forex websites. While traders often use VPNs to bypass these blocks, doing so carries its own legal and security risks.
4. Tax Reporting Complications
Trading via an offshore broker may lead to tax and declaration issues, especially if profits are not reported to the Turkish tax authority.
5. High Leverage Temptation
JustMarkets offers up to 1:3000 leverage, which is far higher than the 1:10 cap allowed by Turkish law. While this may seem attractive, it greatly increases the chance of rapid loss — something Turkish law tries to prevent.
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Why Do Turkish Traders Still Use JustMarkets?
Despite the regulatory risks, many Turkish forex traders continue to use platforms like JustMarkets for the following reasons:
· Higher leverage and lower capital requirements.
· Access to global markets and a wider range of instruments.
· No forced adherence to Turkish regulatory limits.
· Attractive promotions and bonuses not allowed under SPK rules.
Many traders feel that the flexibility of offshore brokers outweighs the risks, particularly for more experienced users. However, this is a personal decision that should be taken with caution and full understanding of the consequences.
Is JustMarkets Safe to Use from Turkey?
Safety is a layered issue. JustMarkets is considered a reputable offshore broker by many in the trading community. It has been operating since 2012 and offers:
· Segregated client accounts
· Negative balance protection
· SSL-secured platforms
· 24/7 multilingual customer support
· Transparent trading conditions
However, none of these measures replace local regulatory protection. Even if JustMarkets follows best practices internationally, its unlicensed status in Turkey leaves Turkish users vulnerable in ways they might not realize until something goes wrong.
So, while JustMarkets may be safe in a technical or operational sense, it cannot be considered legally or regulatorily “safe” for residents of Turkey.
What Are the Alternatives for Turkish Traders?
If you're a Turkish resident and want to trade forex or CFDs with legal protection, your options are more limited — but not nonexistent. The best legal route is to use a forex broker licensed by the SPK. Some Turkish banks and local financial institutions provide regulated trading platforms, though with stricter rules.
Alternatively, some international brokers partner with local entities or offer SPK-compliant services. These platforms provide peace of mind but usually come with:
· Lower leverage
· Higher minimum deposits
· Fewer promotional offers
That said, if you prioritize security and legality over flexibility, this is the recommended route.
Final Verdict: Can You Use JustMarkets in Turkey?
Yes — you can use JustMarkets in Turkey, but you do so at your own risk. The broker is not authorized or regulated by the Turkish Capital Markets Board, which means your legal protections are extremely limited.
To summarize:
· Is JustMarkets licensed in Turkey? No.
· Is it illegal to use it? No, but it is unauthorized.
· Is it risky? Yes, especially in terms of legal and financial protection.
· Should you use it? Only if you fully understand and accept the risks of using an offshore broker.
If you're a seasoned trader with risk management strategies and awareness of offshore broker dynamics, JustMarkets might be suitable. However, if you're a beginner or want legal assurance, it’s safer to stick with SPK-regulated platforms within Turkey.
Closing Thoughts
The appeal of global brokers like JustMarkets is understandable — high leverage, low spreads, easy access. But when you're trading from a country like Turkey, where financial laws are strict and regulators are aggressive, the legal gray area becomes a real risk.
Your money, your decision — but always trade with your eyes open. If you choose to use JustMarkets from Turkey, do your homework, secure your access, and never risk more than you can afford to lose.
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