Armenia
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SwitzerlandNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the SPK authorisation, including banking and payment rails.
Forex license in Turkey: SPK intermediary institution licence.
A forex license in Turkey is an authorisation from the Capital Markets Board of Türkiye (Sermaye Piyasası Kurulu, SPK) for a Turkish intermediary institution, the only kind of firm that may offer leveraged FX to Turkish residents. A new one needs TRY 440,000,000 of equity in 2026, leverage stops at 10:1, and offshore solicitation is a crime. Our own Istanbul office runs the file; we plan for 12-18 months.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Turkey in brief
Forex license in Turkey: leveraged FX through a Turkish intermediary only.
Turkey issues no separate forex licence. Capital Markets Law No. 6362, in force since 30 December 2012, treats leveraged trading (kaldıraçlı alım satım işlemleri) as a derivative instrument rather than a separate activity, so retail forex in Turkey runs on the permits of an intermediary institution (aracı kurum) that the SPK, known in English as the CMB, has authorised for order transmission, order execution or portfolio brokerage. Banks cannot carry it out for their clients. A foreign broker that solicits Turkish residents without SPK permission commits unauthorised capital market activity: Art. 109(2) sets two to five years' imprisonment and a judicial fine of 5,000 to 10,000 days, and under Art. 99 the SPK may take all measures to stop it. The product is fixed in the rules. Leverage has been capped at 10:1 since Communiqué III-37.1.b of February 2017, retail clients' losses may not exceed the collateral, and the collateral is held at Takasbank.
Money is the hard part. SPK Bulletin 2025/68 puts the minimum equity of a newly established intermediary at TRY 440,000,000 for 2026, against TRY 350,000,000 in 2025, and joining the Investor Compensation Center costs another TRY 19,000,000. The SPK revalues these amounts every January; the 2026 rate was 25.49%, and where its rules allow, the SPK sets the new amount at its discretion. An intermediary that already exists holds the equity of its tier instead: TRY 45,000,000 if narrowly authorised, TRY 190,000,000 if partially, TRY 380,000,000 if broadly. The second route is to buy one, through a share transfer the SPK approves; the tier a leveraged-FX market maker needs is agreed with the SPK for the business plan. For a new firm the permits come in two layers, an establishment permit for the company and then an activity permit for each service. Capital market institutions pay 30% corporate tax, five points more than ordinary companies.
Only an SPK-authorised Turkish intermediary may offer leveraged FX in Turkey; banks may not, and offshore solicitation carries two to five years' imprisonment. Leverage stops at 10:1 and collateral sits at Takasbank.
A new intermediary needs TRY 440,000,000 of equity in 2026 and TRY 19,000,000 to join the Investor Compensation Center; buying an existing one is the other route. Corporate tax is 30%.
The two routes
Build a new intermediary, or buy one that already holds SPK permits.
Any intermediary the SPK has authorised for order transmission, execution or portfolio brokerage may offer leveraged FX. A market maker executes client orders as counterparty, so it needs the last of the three: portfolio brokerage (portföy aracılığı) in the SPK's terms. There are two ways to hold that permit.
A new intermediary at TRY 440 million, or an existing one bought with SPK approval.
01 - NEW INTERMEDIARY INSTITUTION
A new aracı kurum with its own permits
A new Turkish intermediary needs TRY 440,000,000 of equity in 2026 and two kinds of SPK decision: the establishment permit for the company, then an activity permit for each service. The market maker's permit, portfolio brokerage, comes with IT and risk pre-assessment questionnaires.
A new Turkish intermediary needs TRY 440,000,000 of equity in 2026 and two kinds of SPK decision: the establishment permit for the company, then an activity permit for each service. The market maker's permit, portfolio brokerage, comes with IT and risk pre-assessment questionnaires.
- ✓Establishment permit, then activity permits
- ✓TRY 440,000,000 equity in 2026
- ✓Portfolio brokerage for the counterparty book
- ✓IT and risk pre-assessment questionnaires
- ✓TRY 19,000,000 Compensation Center fee
- ✓Client collateral held at Takasbank
02 - ACQUIRING AN INTERMEDIARY
TRY 45M-380M by tierBuying an intermediary that already holds permits
An existing intermediary changes hands through a share transfer that the SPK approves, and it keeps the minimum equity of its tier: TRY 45,000,000, TRY 190,000,000 or TRY 380,000,000 in 2026. The tier a leveraged-FX market maker needs is agreed with the SPK for the business plan, and any activity permit the target lacks is a separate application.
Share transfer approved by the SPK; the firm keeps its tier equity of TRY 45M-380M.
- ✓Share transfer approved by the SPK
- ✓Narrow tier: TRY 45,000,000
- ✓Partial tier: TRY 190,000,000
- ✓Broad tier: TRY 380,000,000
- ✓Tier agreed with the SPK for the plan
- ✓Missing permits applied for one by one
Costs and timelines are confirmed for your case before any work begins. The SPK's application and permit fees are confirmed in the quote, and the lira amounts above are 2026 figures that the SPK revalues each January.
Why Turkey
Closed by law to banks and offshore brokers, and a high price to join.
Turkish law keeps banks and offshore brokers out of retail leveraged FX and writes one product for every licensed firm.
✓
Banks are kept out
The SPK's investor brochure says banks cannot carry out leveraged trading for their clients, and Communiqué III-37.1 Art. 22(1) lets a bank deal as counterparty only outside shares, leveraged trading and share-based derivatives. Retail FX in Turkey belongs to intermediary institutions.No leveraged trading for bank clients.
✓
Offshore solicitation is a crime
Serving Turkish residents without SPK permission is unauthorised capital market activity under Arts. 39 and 109(2) of Law No. 6362, punished with two to five years' imprisonment, and the SPK files the criminal complaints. Under Art. 99 it may also sue to annul the results and have the money returned.Two to five years under Art. 109(2).
✓
Margin held at Takasbank
Leveraged-trading collateral is reported to Takasbank, the central clearing institution, and held there. No position opens before collateral is posted, and each client's initial and maintenance margin is tracked and reported one by one.Collateral held by the clearing institution.
✓
One rulebook for every firm
Communiqué III-37.1.b, published on 10 February 2017, cut maximum leverage from 100:1 to 10:1, and the SPK's brochure allows at most half that on accounts opened with under TRY 50,000 of collateral. Every retail client first uses a demo account under the rules of the Capital Markets Association of Türkiye (TSPB) and declares in writing that they know the firm's published profit and loss distribution.10:1 cap, demo account, published distribution.
✓
Our own Istanbul office
Prifinance runs Turkish files from its own office at Perpa Ticaret Merkezi in Istanbul. The SPK has its head office in Ankara and an Istanbul representative office at Süzer Plaza, Harbiye, in Şişli.Perpa Ticaret Merkezi; the SPK sits in Ankara.
✓
Warning: TRY 440 million, revalued yearly
A new intermediary needed TRY 300,000,000 of equity from 21 March 2024 and TRY 350,000,000 in 2025; in 2026 it needs TRY 440,000,000. The SPK revalues the amounts every January, so a capital plan written in one year falls short the next.TRY 440 million equity, revalued every January.
How it compares
How Turkey differs from other routes.
A CySEC firm dealing on own account starts at €750,000, a DFSA Category 3A firm at US$500,000 and a Georgian brokerage company at GEL 500,000. A new Turkish intermediary needs TRY 440,000,000 in 2026, and only such a firm may serve Turkish residents.
Turkey vs other jurisdictions
| Feature |  Turkey | Other jurisdictions |
|---|---|---|
| Entry capital | TRY 440M equity · new intermediary, 2026 | €750,000 Cyprus · US$500k-2M DIFC · GEL 500k Georgia |
| Retail leverage | 10:1 · half under TRY 50,000 | 30:1 to 2:1 by class · Cyprus |
| Market access | No passport · Turkish residents via SPK firms only | EU passport Cyprus · none DIFC, Georgia |
| Corporate tax | 30% capital market institutions | 15% Cyprus (2026) · 9% DIFC · 0% retained Georgia |
Entry capital
TurkeyTRY 440M equity · new intermediary, 2026
Other jurisdictions€750,000 Cyprus · US$500k-2M DIFC · GEL 500k Georgia
Retail leverage
Turkey10:1 · half under TRY 50,000
Other jurisdictions30:1 to 2:1 by class · Cyprus
Market access
TurkeyNo passport · Turkish residents via SPK firms only
Other jurisdictionsEU passport Cyprus · none DIFC, Georgia
Corporate tax
Turkey30% capital market institutions
Other jurisdictions15% Cyprus (2026) · 9% DIFC · 0% retained Georgia
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Turkey | SPK intermediary institution | 30% capital market institutions | TRY 440M equity, 10:1 cap |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD tiers, EU passport |
 UAE · DIFC | DFSA Cat 3A/2 | 9% · 0% qualifying | US$500k-2M, common law |
 Georgia | NBG brokerage company | 0% · 15% distributed | GEL 500k capital · 45 working days |
TurkeyLicense typeSPK intermediary institution
Taxation30% capital market institutions
RequirementsTRY 440M equity, 10:1 cap
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD tiers, EU passport
UAE · DIFCLicense typeDFSA Cat 3A/2
Taxation9% · 0% qualifying
RequirementsUS$500k-2M, common law
GeorgiaLicense typeNBG brokerage company
Taxation0% · 15% distributed
RequirementsGEL 500k capital · 45 working days
Rest of Europe
Forex licences in neighbouring jurisdictions
All 79 forex licence jurisdictions →
How to start a forex brokerage: license, capital and steps →
Before you apply
Forex license requirements in Turkey: what the SPK checks.Turkey forex license requirements.
The SPK reads a new intermediary in two passes, the company first and each service after it, and it does not process an incomplete file. The ten items follow that order.
01
Founders' file - a petition for the establishment permit with notarised declarations from every natural- and legal-person founder, a notarised undertaking and the listed documents, all on the SPK's current forms.
02
Equity - TRY 440,000,000 for a new intermediary in 2026, the same floor for a firm set up by taking over an authorisation certificate (Communiqué III-39.1 Art. 5/1, 5/2 or 63), revalued every January.
03
Activity permits - one application per service once the establishment permit is granted: order transmission, order execution or portfolio brokerage for leveraged FX, the last with IT and risk pre-assessment questionnaires.
04
Portfolio-brokerage unit - an exclusively employed unit manager with at least five years' financial-markets experience; the manager and the specialists hold the Capital Markets Activities Level 3 licence and, for derivatives, the Derivatives licence (III-37.1 Art. 23(1)(ç)-(d)).
05
Client-facing staff - the Level 1 licence for everyone who deals with clients, plus an accounting and operations officer for the unit.
06
Internal control - at least one person employed only as internal control officer, with three years' experience and the Level 2 licence, once portfolio brokerage covers derivatives including leveraged trading.
07
Trading records - systems that log in real time every order, every price and the leverage ratio used, track each client's collateral and open positions, calculate margin and warn clients of shortfalls (III-37.1 Art. 35(2)(d)).
08
Stress tests - collateral models tested at least every six months, with the results reported to the board within one week (Art. 25/B(3)).
09
Retail onboarding - a demo account under TSPB rules, a written risk declaration kept apart from the risk disclosure form, and suitability or appropriateness tests in writing or electronically, never by phone.
10
Compensation and AML - the 2026 Investor Compensation Center entry fee of TRY 19,000,000 (Regulation of 27 February 2015, Art. 20/1) and AML duties as an obliged party under Law No. 5549, with reports to MASAK, the Financial Crimes Investigation Board.
01
Founders' petition, declarations, undertaking.
02
TRY 440,000,000 equity in 2026.
03
One activity permit per service.
04
Unit manager: five years, Level 3.
05
Level 1 for client-facing staff.
06
Exclusive internal control officer, Level 2.
07
Orders, prices, leverage ratios logged live.
08
Collateral stress tests every six months.
09
Demo account, written risk declaration.
10
Compensation Center fee, MASAK reporting.
Reflects Law No. 6362, Communiqués III-37.1 and III-39.1, the SPK guide i-SPK.37.8 of 10 March 2026 and SPK Bulletin 2025/68, as of October 2026. Legal form, foreign-ownership and residency rules are confirmed per case.Law No. 6362, III-37.1, III-39.1 and SPK guidance, as of October 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- RegulatorSPK - Investor brochure "FOREX Kaldıraçlı Alım Satım İşlemleri" (2024)spk.gov.tr
- LawSPK - Unauthorised capital market activities (Law No. 6362, Arts. 37, 39, 99, 109)spk.gov.tr
- LawSPK - Press release on Communiqué III-37.1.b (10 February 2017)spk.gov.tr
- FeesSPK - Bulletin 2025/68, revalued amounts for 2026 (minimum equity, Investor Compensation Center fee)spk.gov.tr
- GuidanceSPK - Application processes for intermediary institutionsspk.gov.tr
How it works
From the establishment permit to the first leveraged FX client.
01
Route and tier
A new intermediary at TRY 440,000,000 or an acquired one on its tier. Which tier fits a leveraged FX book is settled with the SPK first.New or acquired, tier agreed.
02
Founders and equity
Notarised declarations from every founder, the undertaking and an equity plan that prices in next January's revaluation.Declarations, revaluation priced in.
03
Establishment permit
The SPK's first decision, on the company. A file on current forms with every attachment avoids the correspondence that lengthens the process.The SPK's first decision.
04
Activity permits
Order transmission, execution or portfolio brokerage, one application each, filed with the IT and risk questionnaires and the licensed unit in place.One per service, with questionnaires.
05
Launch
Investor Compensation Center entry, Takasbank collateral reporting, the demo account and the risk declaration, then the first client at no more than 10:1.Center fee, Takasbank, demo, 10:1.
Quick facts
RegulatorSPK · Ankara, Istanbul office
LawCapital Markets Law No. 6362
New intermediaryTRY 440,000,000 equity · 2026
Existing tiersTRY 45M · 190M · 380M
Compensation Center feeTRY 19,000,000 · 2026
Retail leverage10:1 · 5:1 under TRY 50,000
SPK feesConfirmed in the quote
Plan for12-18 months · new intermediary
The SPK's notice on applications says incomplete files will not be processed, because missing items mean extra correspondence. We plan for 12-18 months for a new intermediary; an acquisition runs on the SPK's review of the share transfer and is timed per case.
On the ground in Turkey
Run from our own Istanbul office.
Prifinance - Turkey
Istanbul · Perpa Ticaret Merkezi, A Blok
Perpa Ticaret Merkezi, A Blok, Istanbul
01
Route and tier
A new intermediary or an acquisition, and the SPK's view on the tier, before any founder signs.New or acquired, tier agreed with the SPK.
02
The establishment file
Petition, notarised founder declarations and undertaking, business plan and the SPK's current forms, prepared in Istanbul so that no item comes back as extra correspondence.Current forms, every attachment.
03
Licensed people
A portfolio-brokerage manager with five years in the markets, Level 3 and Derivatives licence holders, Level 1 sales staff and an internal control officer with Level 2.Level 1-3, Derivatives, internal control.
04
Systems and launch
Real-time leverage records, collateral reporting to Takasbank, the demo account under TSPB rules and the profit and loss distribution on the website, ready before the first client.Takasbank reporting, demo account, distribution.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of forex brokers in Turkey.
A licensed intermediary is a capital market institution, so it pays the higher corporate rate, and the SPK's lira thresholds move with the revaluation rate every January.
30% for capital market institutions
The Presidency Investment Office's tax guide, updated 11 August 2026, puts banks and financial institutions, capital market institutions among them, at 30% corporate tax. A Turkish intermediary pays that rate.Capital market institutions.
25% on general business income
Ordinary companies pay 25%, five points less than a licensed intermediary. Which group entities fall outside the 30% list is modelled per structure.Ordinary business income.
Lira thresholds indexed
The SPK revalues its thresholds every year by the revaluation rate of the Tax Procedure Law, or at its own discretion where its rules allow: 25.49% for 2026 under General Communiqué No. 585, published on 27 November 2025, and applied by SPK decision 68/2461 of 30 December 2025. The rate was 43.93% for 2025 and 58.46% for 2024.Lira thresholds indexed for 2026.
TRY 19,000,000 Compensation Center fee
Joining the Investor Compensation Center (Yatırımcı Tazmin Merkezi) costs TRY 19,000,000 in 2026, up from TRY 15,000,000 in 2025, under Art. 20/1 of its Regulation of 27 February 2015.Investor Compensation Center, 2026.
Clients covered to TRY 2,065,145
If an intermediary fails, the Investor Compensation Center pays each investor up to TRY 2,065,145 in 2026 (Law No. 6362 Art. 84/5; Regulation of 29 March 2014, Art. 15/1).Per investor if an intermediary fails.
The fine range for 2026
Administrative fines under Art. 103/1 of Law No. 6362 run from TRY 445,243.49 to TRY 5,565,516.37 in 2026.TRY 445,243.49 to TRY 5,565,516.37.
Tax summary
Corporate tax · intermediary30% · capital market institution
Corporate tax · general25%
Revaluation rate 202625.49% · General Communiqué No. 585
Compensation Center feeTRY 19,000,000 · 2026
Investor compensation capTRY 2,065,145 per investor
*As of 2026 per the Presidency Investment Office tax guide (updated 11 August 2026), SPK Bulletin 2025/68 and Law No. 6362. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Turkish intermediary institution, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
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Turkey · SPK
Get your forex license in Turkey with expert support.
Full-service assistance - from the choice between a new and an acquired intermediary to the SPK permits, the licensed team and the Takasbank collateral link - run through our own Istanbul office.
Get a consultation →Free legal opinion
Is Turkey the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
What founders ask about the SPK, Takasbank and the 10:1 cap.
Who may offer forex trading to clients in Turkey?+
Only an intermediary institution that the SPK has authorised for order transmission, order execution or portfolio brokerage. Banks cannot carry out leveraged trading for their clients, and the SPK's investor brochure says trading through any other institution or website breaches capital market law.
Can a foreign broker serve clients in Turkey?+
Not without SPK permission. Providing investment services to Turkish residents without it is unauthorised capital market activity under Arts. 39 and 109(2) of Law No. 6362, carrying two to five years' imprisonment and a judicial fine of 5,000 to 10,000 days.
How long does a forex license in Turkey take?+
We plan for 12-18 months for a new intermediary. The SPK decides in two stages, on the establishment permit and then on each activity permit, and it does not process incomplete files; an acquisition runs on its review of the share transfer and is timed per case.
What does a forex license in Turkey cost?+
TRY 440,000,000 of equity for a new intermediary in 2026, plus TRY 19,000,000 to join the Investor Compensation Center. An existing intermediary holds TRY 45,000,000 to TRY 380,000,000 by tier. The SPK's own fees and ours are confirmed in the quote.
What leverage can a Turkish broker offer?+
At most 10:1, the cap since February 2017, and no more than half that for clients whose initial collateral at account opening is below TRY 50,000. The SPK may change the ratios and set them by asset, so we confirm the current table before launch.
Can a client in Turkey lose more than the collateral?+
No. Retail clients, and professional clients who ask for it, may not be traded into a loss above their collateral, and any excess loss cannot be claimed from them. The collateral itself is held at Takasbank, and no trade opens before it is posted.
Which tier does a forex market maker need in Turkey?+
The tier is agreed with the SPK for the business plan. Market making is portfolio brokerage, executing client orders as counterparty, and the 2026 minimum equity is TRY 45,000,000 narrow, TRY 190,000,000 partial and TRY 380,000,000 broad, or TRY 440,000,000 for a new intermediary.
Which staff licences does the SPK expect?+
Turkish capital-markets licences. The portfolio-brokerage manager has five years in financial markets and, with the specialists, the Level 3 and Derivatives licences; client-facing staff hold Level 1; the internal control officer has three years' experience and Level 2 and works only in that role.
Turkey or Cyprus for a retail FX broker?+
Cyprus, if the clients are in Europe: a CySEC CIF dealing on own account needs €750,000, passports into the other 29 EEA states and pays 15% tax (2026). Turkish residents, though, may be served only by an SPK-authorised Turkish intermediary, at TRY 440,000,000 of new equity and 10:1 leverage.
Why Prifinance for Turkey?+
Turkey is one of our own desks. From our Istanbul office we weigh a new intermediary against an acquisition, build the SPK file, assemble the licensed team and set up the Takasbank and demo-account side before launch.
Who may offer it?+
SPK-authorised intermediaries only.
Foreign brokers?+
Not without SPK permission; Art. 109(2).
How long?+
12-18 months planned for a new firm.
Cost?+
TRY 440M equity, TRY 19M Center fee.
Leverage?+
10:1; half under TRY 50,000.
Negative balance?+
Losses capped at the collateral.
Which tier?+
Agreed with the SPK for the plan.
Staff licences?+
Level 1-3, Derivatives, internal control.
Or Cyprus?+
Cyprus for Europe; Turkey for Turkish residents.
Why you?+
Our own Istanbul office, the whole file.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Capital Markets Board of Türkiye (SPK) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.