TeleTrade Review |
|
| 📅 Year founded |
1994 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
Kingstown, Saint Vincent and the Grenadines |
| 🌍 Country of regulation |
United Kingdom / Cyprus / Belize |
| ✅ Regulators |
FCA / CySec / IFSC |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$100 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 |
| ☪ Islamic account |
Unknown |
| 📉 Trading Instruments |
Forex / Metals / Indices / Energies / Stocks / Cryptocurrencies / Commodities / Bonds |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Cards / Bank Wire Transfer / Neteller / Skrill / UnionPay / Fasapay |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Equity Boost / Accruals / Invest Start Amazon / Bonus 24% |
| 💰 Account Currencies |
USD / EUR |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
ECN / MAM |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
After 6 consecutive months of inactivity |
| 💰 Withdrawal fee |
Yes, as a % of withdrawal value |
| ☎ Customer Support |
24/5 |
| 💰 Max. Leverage |
500:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Charged as % of trade value |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
50 + |
| 🔢 Number of clients |
10 000 000 + |
| 🥇 Instruments Offered |
500 + |
| 📙 Education |
Webinars |
WHAT IS TELETRADE?
TeleTrade is a renowned forex and CFD broker with nearly 30 years of experience in the financial markets.
The broker was founded in 1994 and is currently based in Kingstown, Saint Vincent and the Grenadines. It provides traders with access to trade a wide range of instruments including forex pairs, metals, indices, energies, stocks, cryptocurrencies, commodities and bonds.
TeleTrade is known for its educational resources, customer support and commitment to providing traders with a robust trading environment.
INTRODUCTION
With a history that spans nearly three decades, TeleTrade has established itself as a trusted partner for traders worldwide.
It combines technological innovation with customer-centric services to offer a comprehensive trading solution that caters to a diverse client base.
TeleTrade’s regulatory compliance and dedication to transparency and security reinforce its reputation in the global financial marketplace.
PROS & CONS
PROS:
- Extensive educational resources and trading tools.
- A broad selection of trading instruments.
- Regulated by reputable financial authorities.
- Offers both MT4 and MT5 trading platforms.
- Strong customer support and analytical services.
CONS:
- Trading costs and spreads may vary, potentially higher than some competitors depending on trading volumes.
- Limited availability of educational materials.
TRADING INSTRUMENTS
TeleTrade provides a diversified portfolio that includes forex, metals, indices, energies, stocks, cryptocurrencies, commodities and bonds.
This wide selection allows traders to explore various markets and employ different trading strategies based on their risk tolerance and investment goals.
This wide selection not only allows traders to diversify their portfolios but also to take advantage of different market conditions across several asset classes.
Here’s a closer look at the specific instruments available through TeleTrade:
Forex
TeleTrade provides a vast array of currency pairs, including major pairs like EUR / USD, GBP / USD and USD / JPY, along with minor and exotic pairs.
This broad selection offers traders the opportunity to engage in the forex market’s liquidity and volatility, capitalising on currency movements influenced by global economic events, interest rate changes and geopolitical developments.
Metals
Trading metals is another option at TeleTrade, with gold and silver being the most popular choices among traders looking to hedge against inflation, currency devaluation or economic uncertainty.
Metals can serve as a safe-haven asset or a speculative investment, with prices influenced by factors such as industrial demand, mining supply and shifts in investor sentiment.
With TeleTrade, there are over 18 metal pairs available to trade, representing one of the widest offerings in the industry today.
Indices
For those interested in a broader market perspective, TeleTrade offers trading on major global indices, such as the S&P 500, Dow Jones Industrial Average and NASDAQ in the United States, as well as European indices like the DAX and FTSE 100.
Indices reflect the overall performance of a particular stock market or sector, providing traders with exposure to the general market trend without the need to trade individual stocks.
Energies
There are a variety of energies available to be traded with TeleTrade, including oil, natural gas and low sulphur gasoil.
Stocks
TeleTrade provides the opportunity to trade stocks from major global companies and industries, enabling clients to invest in individual companies’ performance.
Stock trading with TeleTrade can be executed through Contracts for Difference (CFDs), allowing traders to speculate on price movements without owning the underlying shares, offering the potential for profit in both rising and falling markets.
Cryptocurrencies
TeleTrade has adapted to the growing interest in digital currencies by offering trading on the most popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Ripple, among others.
Cryptocurrency trading is known for its high volatility, offering significant profit opportunities but also higher risks. Traders can speculate on the price movements of these digital assets against fiat currencies in a fast-evolving market.
Commodities
Beyond metals, TeleTrade offers access to a variety of other commodities, including energy commodities like oil and natural gas, as well as agricultural products such as wheat, corn and coffee.
Commodities trading allows traders to speculate on price movements driven by supply and demand dynamics, seasonal patterns and geopolitical events affecting global markets.
Bonds
Bonds available to traders at the broker include the Euro-Bund 10Y, the Euro-Schatz 2Y and the US T-Note 10Y. This allows traders to access instruments on a much longer term then standard forex trades.
Benefits of Trading with TeleTrade
- Diversification: The wide range of instruments allows traders to diversify their portfolios, potentially reducing risk and increasing the opportunity for returns.
- Access to Global Markets: TeleTrade offers instruments from markets around the world, giving traders access to global opportunities.
- Leveraged Trading: Traders can use leverage to potentially increase their returns on investment, though it’s important to remember that leverage also increases risk.
- Comprehensive Support: TeleTrade provides extensive analytical support, market insights, and educational resources to help traders make informed decisions.
TRADING PLATFORMS
TeleTrade offers both the MtaTrader4 (MT4) and MetaTrader5 (MT5) platforms, renowned for their advanced features, reliability and adaptability to different trading styles.
These platforms support automated trading through Expert Advisors (EAs), comprehensive charting tools and a multitude of technical indicators.
MetaTrader 4 (MT4)
MT4 remains the gold standard in forex and CFD trading platforms, widely acclaimed for its advanced trading features, user-friendly interface and extensive customisation options.
It’s the platform of choice for traders of all levels, offering powerful analytical tools, trading robots (Expert Advisors) and flexible trading systems.
Key features and benefits of this platform include:
- MT4 provides a variety of charting tools, over 50 technical indicators and nine timeframes, enabling detailed market analysis.
- Allows for the automation of trades through the use of EAs, which can analyse the market and execute trades based on predefined algorithms.
- Traders can create their own custom indicators and use a wide range of analytical tools to tailor their trading strategies.
- MT4 includes a built-in news stream and an alert system to keep traders informed of market events and price movements.
- Offers a high level of security with data encryption and secure login features to protect traders’ information and financial transactions.
MetaTrader 5 (MT5)
MT5 is the successor to MT4, designed to offer more advanced trading features and greater flexibility.
It supports trading in forex, stocks and commodities amongst others, and includes additional technical indicators, timeframes and graphical objects, making it suitable for more experienced traders seeking a comprehensive trading environment.
Key features and benefits of this platform include:
- Allows trading across different financial markets from a single platform, including stocks and futures.
- Features over 80 technical indicators, 21 timeframes and an integrated economic calendar, offering deeper market analysis.
- Supports automated trading through the use of Expert Advisors and the MQL5 development environment, which is more powerful and flexible than its predecessor.
- Provides market depth information (Level II pricing) and a more sophisticated order system, allowing traders to see the full range of available prices in the market.
- For traders who use automated trading strategies, MT5 offers an advanced strategy tester for back testing EAs with real tick data.
ACCOUNT TYPES
TeleTrade offers a variety of account types to cater to the diverse needs and preferences of its clientele, ranging from novice traders to experienced professionals.
Each account type is designed with specific features, trading conditions and benefits to suit different trading strategies and levels of expertise.
Here’s an expanded overview of the main account types available at TeleTrade, highlighting their key characteristics:
MetaTrader5 ECN Account
The MetaTrader5 ECN Account is designed for traders looking for direct access to the electronic communications network (ECN), which connects traders to liquidity providers like banks and other traders.
This account is best suited for experienced traders who require tight spreads and faster execution speeds.
Key features include:
- Direct Market Access: Offers direct access to other participants in the forex market through ECN, leading to tighter spreads and more competitive pricing.
- Commission-Based Trading: Typically involves a commission on trades but offers lower spreads, making it suitable for high-volume traders.
- Advanced Platform: Utilises the MT5 platform, providing advanced charting tools, timeframes and analytical capabilities.
- Market Depth Information: Traders can view the market depth, gaining insight into the buy and sell orders in the market.
- Low Spreads and Commissions: Spreads on this account start from 0.2 pips while commission is charged at 0.008% of your trading volume.
MetaTrader5 Invest Account
The MetaTrader5 Invest Account is tailored for traders interested in investing in the financial markets through copy trading or PAMM accounts.
This account type is ideal for those who prefer to rely on the expertise of more experienced traders or who wish to diversify their investment strategies.
Key features include:
- Copy Trading: Allows traders to copy the trades of experienced traders directly into their account.
- Investment in PAMM Accounts: Provides an opportunity to invest in PAMM accounts managed by professional traders, sharing in the profits and losses.
- Performance Analysis: Access to detailed statistics and performance metrics of signal providers and PAMM account managers.
- Flexible Investment Options: Offers a range of investment options and risk levels to suit individual preferences.
- Low Spreads and Commissions: Spreads start from 0.0 pips while commission is charged at 0.3% of your trading volume.
- No Leverage: Unfortunately, there is no leverage offered on this account type.
MetaTrader4 NDD Account
The MetaTrader4 NDD (No Dealing Desk) Account offers traders execution without the intervention of a dealing desk, meaning orders are executed directly in the market.
This account is favoured by traders looking for transparent trading conditions and faster execution speeds.
Some key features include:
- No Dealing Desk Execution: Reduces the potential for any price manipulation and offers faster trade execution.
- Variable Spreads: Spreads vary based on market conditions, providing access to raw market prices.
- Commission Charges: May include commission charges based on the volume traded.
- MetaTrader 4 Platform: Leverages the popular MT4 platform, known for its user-friendly interface and robust trading tools.
- Low Spreads and Commissions: Spreads on this account start from 0.8 pips while commission of only 0.007% is charged on trading volumes.
MetaTrader Cent Account
The MetaTrader Cent Account is designed for novice traders or those looking to test their trading strategies with minimal risk.
Trades are executed in cents rather than dollars, allowing traders to trade with lower capital requirements. Key features include:
- Lower Risk: Ideal for new traders or for testing strategies, as the financial commitment and risk are significantly lower.
- Access to All Trading Instruments: Offers trading in forex, metals and other instruments, similar to standard accounts but with lower capital requirements.
- Utilises Both MT4 and MT5 Platforms: The Cent Account is available on either or both platforms, providing flexibility and access to various trading tools.
- No Commission: Typically does not involve any commission, with costs built into the spreads.
HOW TO OPEN AN ACCOUNT
Opening an account with TeleTrade involves completing an online application form, submitting the required KYC documents and then waiting for account verification.
The process is streamlined to facilitate quick and easy access to the trading platform.
Once your account has been verified, which is usually within 1 business day, you can deposit funds and start trading.
DEMO ACCOUNT
TeleTrade’s demo account is an excellent tool for beginners to familiarise themselves with the trading environment and for experienced traders to test new strategies without risking real money.
Demo accounts at TeleTrade aim to simulate real life market conditions so that traders can easily make the transition from using virtual funds, to their own funds.
SOCIAL TRADING AND COPY TRADING
TeleTrade recognises the growing interest in social and copy trading among traders, especially those new to the financial markets or looking to diversify their trading strategies.
Social and copy trading services at TeleTrade are designed to facilitate an interactive and collaborative trading experience, allowing traders to benefit from the knowledge and strategies of more experienced market participants.
Here’s an overview of TeleTrade’s offerings in social and copy trading:
Social Trading at TeleTrade
Social trading with TeleTrade allows traders to become part of a community where they can share insights, strategies and trading ideas. This collaborative environment enables traders to learn from each other, discuss market trends and make more informed trading decisions. Key features include:
- Interactive Platforms: TeleTrade provides platforms that support social trading features, enabling traders to follow others, view their trading activity and directly copy their trades.
- Community Insights: Traders can access a wealth of market insights and trading ideas from the community, enhancing their understanding of market dynamics and identifying potential trading opportunities.
Copy Trading Services
Copy trading is a cornerstone of TeleTrade’s social trading environment, offering traders the opportunity to automatically replicate the trades of selected experienced traders into their own accounts. This service is particularly beneficial for those who may not have the time or expertise to analyse the markets themselves.
Key aspects include:
- Selecting Signal Providers: Traders can choose from a list of signal providers based on performance metrics, trading style, and risk tolerance. TeleTrade provides detailed information and historical performance data to help traders make informed choices.
- Automated Copying: Once a trader subscribes to a signal provider, their selected trades are automatically copied into the trader’s account, allowing them to potentially benefit from the expertise of more experienced traders.
- Risk Management: TeleTrade offers tools and settings to manage risk when engaging in copy trading. Traders can set limits on the amount of capital allocated to copy trading, specify stop-loss levels and adjust settings to match their individual risk appetite.
- Diverse Trading Strategies: By copying multiple signal providers, traders can diversify their trading strategies, potentially spreading risk across different markets and trading approaches.
COMMISSIONS AND FEES
Understanding the structure of commissions and fees is essential for traders to manage their trading costs effectively.
TeleTrade’s fee structure varies depending on the account type and the instruments traded. Here are the main components of TeleTrade’s commissions and fees:
Trading Commissions:
- MetaTrader5 ECN Account: Traders using the ECN account can expect to pay a commission for the tighter spreads offered. The commission rate may vary depending on the volume traded and the market being accessed. Commissions are charged at 0.008% of your trading volume’s value.
- MetaTrader4 NDD Account: Similar to the ECN account, the NDD account may involve commissions due to the no dealing desk execution model, offering traders direct market access with lower spreads, with commissions from 0.007% of your trading volume’s value.
- MetaTrader5 Invest Account: This account charges slightly higher trading fees than the pther account types due to the low spreads on offer here. Spreads often start from 0.0 pips and the commission charged thereon is 0.3% of your trading volume.
- Cent Account: These accounts have different fee structures, focusing more on spreads rather than direct commissions. No commissions are charged on the Cent Account.
Non-Trading Fees:
- Withdrawal Fees: TeleTrade may charge fees for withdrawals, depending on the payment method used. Traders should review the fee schedule for each payment method.
- Inactivity Fees: An inactivity fee may be applied to accounts that have not conducted any trading activity for a period of 6 consecutive months.
- Swap Fees: Overnight or swap fees are charged for positions held open overnight, varying by the instrument and market conditions, unless the Islamic Account option is selected.
LEVERAGE
Leverage options at TeleTrade vary by instrument and trader jurisdiction, offering flexibility in trading strategies but also involving higher risk.
The maximum leverage available at TeleTrade is up to 500:1, although accounts like the Invest Account offer no leverage.
As mentioned above, there are a variety of factors that can influence the available leverage to a trader.
WITHDRAWALS AND DEPOSITS
TeleTrade supports a variety of payment methods for deposits and withdrawals, including bank transfers, credit / debit cards and e-wallets.
The broker aims to process transactions efficiently, though times can vary by method. Specific information on available payment methods are listed in the table above.
While this broker does not charge fees on deposits, they do charge very low fees on withdrawals. Withdrawals via e-wallets for example may attract between 0.5-1% fees.
Traders should access the TeleTrade website for an in-depth breakdown on the withdrawal fees charged by the broker.
CUSTOMER SERVICE
TeleTrade prides itself on offering robust customer support, with services including live chat, email and phone support, ensuring traders can receive assistance whenever needed.
This service is available to traders 24/5 and in multiple languages, thanks to TeleTrade’s global presence with offices around the globe.
SAFETY AND SECURITY
Ensuring the safety and security of clients’ funds and personal information is a paramount concern for any reputable forex broker.
TeleTrade, recognising the importance of regulatory compliance and security measures, adheres to strict standards set by various financial regulatory bodies across different jurisdictions.
This commitment not only demonstrates the broker’s dedication to maintaining a secure trading environment but also provides traders with the assurance that their investments are handled professionally and ethically.
Here’s an expanded look at the regulatory framework governing TeleTrade’s operations and the jurisdictions in which it is authorised to operate:
Regulatory Bodies and Jurisdictions
TeleTrade is regulated by several reputable financial authorities, which oversee its operations and ensure compliance with international financial standards. The regulatory bodies and their respective jurisdictions include:
- CySec in Cyprus.
- FCA in the United Kingdom.
- IFSC in Belize.
Importance of Regulatory Compliance
Regulatory compliance ensures that TeleTrade maintains high standards of financial integrity, operational transparency and client protection, through some of the following methods:
- Client Fund Segregation: Clients’ funds are kept in segregated accounts, separate from the company’s operational funds, ensuring that clients’ investments are not used for any other purpose.
- Financial Transparency: Regular audits and reporting to regulatory authorities ensure that TeleTrade operates transparently and responsibly.
- Anti-Money Laundering (AML) Policies: TeleTrade follows strict AML guidelines to prevent financial fraud and ensure the security of client transactions.
Security Measures
Beyond regulatory compliance, TeleTrade implements advanced security measures to protect clients’ personal and financial information, including:
- Data Encryption: The use of SSL (Secure Socket Layer) encryption technology to secure data transmission between clients’ devices and TeleTrade servers.
- Two-Factor Authentication (2FA): An additional security layer for client accounts, requiring a second form of verification before accessing account features or processing withdrawals.
- Regular Security Audits: To identify and address potential vulnerabilities, ensuring the trading platforms and systems are secure against threats
RESEARCH
Research tools are another important part of any broker’s offering, which is another aspect that TeleTrade excels in.
Under their “Analytics” tab on their website, traders can access an array of tools including market opinions, technical analysis, economic calendars, market news, central bank news, interest rates and quotes, ensuring that traders can have access to a host of information to aid them in their trading journeys.
EDUCATION
The education tools available at TeleTrade are of great value to new and experienced traders. TeleTrade offers an extensive range of educational resources including webinars, seminars, tutorials and articles, catering to traders at all levels.
Additionally, it provides comprehensive market research and analysis to support trading decisions. Their knowledgeable and friendly customer support team is also available to assist with whatever traders require, even from an educational perspective.
GLOBAL AWARDS
Over the years, TeleTrade has been recognised with numerous industry awards, highlighting its excellence in customer service, educational resources and overall broker services.
Some of these awards include the following:
- Most Reliable Forex Broker (2017) – Masterforex-V Expo Academy.
- Best Broker of the CIS (2017) – IAFT Awards.
- Most Reliable Forex Broker (2016) – Masterforex-V Expo Academy.
- Best Service for Managers (2016) – KROUFR Awards.
- Best Broker for Beginners (2016) – KROUFR Awards.
- Most Reliable Broker (2015) – Masterforex-V Awards.
- International Star for Leadership in Quality (2015) – 19th International Convention of the World Congress of Business Initiative Directions.
SAFE OR SCAM?
Given its regulatory compliance, long-standing history and commitment to client security, TeleTrade is considered a safe and reliable broker for forex and CFD trading.
The broker complies to a variety of regulatory bodies in multiple jurisdictions which is something the team at Brokersuggest.com always looks out for and sees as a good sign regarding the safety of a broker.
Additional security features such as negative balance protection, segregated client funds and two factor authentications are further good signs of TeleTrade’s emphasis on safety.
CONCLUSION
TeleTrade stands out for its comprehensive educational offerings, a wide range of trading instruments and dedication to customer support.
While its fee structure and trading conditions are competitive, traders should carefully consider these in light of their own trading needs and strategies.
For example, traders who trade lower volumes will find great value in the flexible commission structure offered by TeleTrade.
Overall, TeleTrade offers a solid trading platform for both novice and experienced traders, supported by its regulatory framework and commitment to enhancing the trading experience.
The team at Brokersuggest.com highly recommends TeleTrade as an excellent broker who provides an exceptional trading environment to its clients.
