If you have been looking up anything about investing you’ve likely heard about TeleTrade. In fact, it’s one of the most well-known companies and it’s one that’s been around the longest as well. In fact, it started way back in 1994. And what’s even better is that they’ve been providing some great services and care to all of their traders. But you want to know a little bit more than that, right?
Well, TeleTrade is actually part of DJ International Consulting and has a headquarters in Limassol, Cyprus, though that’s not the only country you’ll find them in. They are also regulated by the Cyprus Securities and Exchange Commission, which is the primarily regulator in Europe. Once again, that’s not the only service that you’ll find them regulated with either. Overall, however, we’re going to take a look at whether they’re really as great as some people say.
Table of Contents
TeleTrade Broker Review
The first thing you should know is that TeleTrade has been around for over 24 years and they’re still going strong. They’re well known in CFD brokering and they seem to have some great features to consider.
Why is TeleTrade Unique?
You might be thinking that there’s no such thing as a unique broker anymore, but that’s actually not the case and TeleTrade definitely proves it.
n Global Presence – First, they have a presence in most countries around the world, giving a whole new meaning to the term a global powerhouse.
n Multi-Regulation – You’re getting a broker that has actually been regulated in multiple different jurisdictions, which is going to make you safer, no matter where you’re working with them from.
n ECN Account – You’re going to have an option for what’s called an Electronic Communications Network account, giving you the ability to trade with better execution, near-zero spreads and interbank prices.
n Copy Trading – The TeleTrade Invest project is one that lets you look at what other traders are doing and actually copy their trades. You can even track those trades to see just how they’re doing.
n Powerful Platforms – You’re going to have options when it comes to the platform that you want to use because TeleTrade actually works with MT4 as well as MT5. Each of these are going to offer you a range of different use options as well.
n Educational Services – If you’re just getting started or you’ve been working with trading for years you’re going to get a whole lot of benefit out of the educational resources available with TeleTrade.
n Excellent Support – You get round the clock support for any problems or concerns that you may have. What’s even better is that they have multilingual staff who can assist you from anywhere and the website is multilingual as well.
n Award Winning – At this point, TeleTrade has won 37 different internal awards to recognize them for the level of trading services that are offered.
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TeleTrade Experience Test
Now, we actually used a fully live account to evaluate just what TeleTrade is like. This wasn’t done with a demo account so everything that we did actually involved our own money and a real investment. We wanted to see what it was going to be like as a trader to get into the system and really start (hopefully) making some money. But first we had to get in.
Overall, the homepage was simple enough to get into. In fact, we were able to get through the process of opening the account and verifying within just a few minutes and without a whole lot of hassle. Not only that but we were immediately able to see a range of different features and services within the website.
The trading platform is actually quite reliable and it gives you a number of different tools to use and even trading indicators. We were able to customize our own asset price analysis this way. With the ECN account, however, we were definitely happy with the results. The commission on the trade we made (in EURUSD) was only 0.008% and it offers a spread of 0.2 pips. All of this definitely made us happy with our profit.
The next part of the process that we tested out was the invest program. We wanted to see if it was really that easy to copy someone else’s strategy. Well, the first thing was to figure out just who we wanted to copy and that was actually easier than we thought it was going to be. Through TeleTrade you can see a badge for every trader that shows their all-time growth percentage. They also show the risk level rating to go along with each of those percentages.
So, we were able to select which type of trader we wanted to follow based on their growth as well as the risk that we were willing to take. Overall, it was actually quite simple to set up and we were able to very quickly dive into some positive results from following these individuals.
Withdrawing our funds after we were done with our examination was also very simple. If the account you’re using is fully verified you only have to make a request for the withdrawal. Within 24 hours the request had been processed and within another 48 hours we were in possession of the funds again. Overall, that was definitely a quick process and an efficient one.
Finally, we did have to reach out to customer service a number of times for comments, concerns, questions and more because we were just getting started with this new service. What we found was that customer service answered all of our questions in a friendly manner and that they were highly responsive to everything that we wanted to know. There was no problem getting answers to anything.
We even were assigned our own account manager in case we had specific questions or wanted to ask more questions. This was someone who knew more about our case and our account, to make sure that we were well informed at all times during trading hours.
Is The TeleTrade Broker a Scam?
So, what’s the short answer to this? Absolutely not. TeleTrade definitely seems to be a legitimate service and one that is going to offer you the features that you need. It’s actually a very safe company to invest with because they are licensed and regulated as well as being certified by the ESMA. On top of that they have several additional licenses from other regulatory agencies, they operate under the MiFID and a whole lot more. Generally, you’re going to have a whole lot of protection with this service.
One of the biggest problems that happens with a lot of scam services is manipulated trades but through our research and our time working with TeleTrade we didn’t notice any signs that they were manipulating the software. We did not have any slippages or delayed price feeds. We were also more than happy with the overall execution.
What all of this told us is that the process and the investments with TeleTrade are very transparent and that they are definitely living up to the regulations and instructions that they have placed on them through their regulators. There’s no reason to be concerned about these types of records or the way that the system is being run when it comes to TeleTrade.
The next most common scam is identity theft and we did not feel that this was an issue when we were working with the broker. They operate everything through 128 SSL encryption and all of the transactions are carried out through secure banking software, namely a level 1 PCI international service. All of this keeps your data more secure and makes sure that you don’t have to worry about identity theft.
Finally, bonuses and promotions are another way that some services like to lure in unsuspecting investors. These are generally extremely difficult if not impossible to get however they tend to pull in a whole lot of new people. With TeleTrade there were some bonuses offered, however they all appeared to be relatively easy to evaluate and they were most definitely possible to achieve.
We were very happy with the customer service aspect we received as well. With scam services you generally get great customer service before you sign up but it disappears after the first deposit. That was definitely not the case from the experience that we had with TeleTrade. We felt that we were getting the same high quality customer service throughout the experience.
What all of this points to is that TeleTrade is definitely a reputable service and they are most definitely not a scam. If you decide that they have the features you’re looking for you will definitely do well here.
Safety of Funds with TeleTrade
One of the most important aspects when you’re investing is how secure your funds are going to be. TeleTrade is required to follow specific guidelines and rules related to the way that they secure funds because they are regulated by the CySEC and other regulatory systems. This means that they have to have the right level of capital and that they must use reputable banking institutions as well as segregated bank accounts.
The company also ensures that customers do not fall into a negative account balance, which requires additional risk monitoring and management services. That means the customer can’t lose more than they have already invested and follows ESMA regulations.
On top of this they are part of the Investor Compensation Fund. This means that if anything does happen to the company and they are declared insolvent the customers who are invested with them will have protection and compensation up to €20,000 per client. This means that you can invest without concern about losing all of your money because of the company’s problem.
TeleTrade Account Types
You will find a total of three different types of accounts if you decide to invest with TeleTrade. These accounts give you a little more freedom to invest in the way that you feel most comfortable and will help you set up your own investment style as well.
No Dealing Desk Account
This account allows you to get into the interbank market, but you’re not going to have to worry about a dealing desk in the middle of it all. You’re going to have 7 different instrument types:
You’re also going to have spreads that start at 0.8 pips, as low as 0.007% commission and even a floating margin requirement and high leverage up to 1:500. All of these things are going to make it a great option for some investors.
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Sharp ECN Account
The next option is one that offers you assets trading without the traditional stock exchange. When you sign up with this type of account you’re going to be set up with liquidity providers and you’re going to have benefits like 4 instrument types:
You’re also going to have spreads that start at only 0.2 pips and commission that are flat at 0.008% no matter the contract size. You even get fixed margin requirements and leverage of up to 1:30.
If you’re just looking for the basics and you want to make sure you have access to what’s generally used in most trading accounts you’re definitely going to want a standard account. You’ll have a total of seven different instrument types, including:
You’re also going to have absolutely no commission, over 200 different tradable financial assets, 18 different cryptocurrency pairings and spreads from 1.5 pips. And all of that with leverage up to 1:500.
When you work with any of these different account types you’re going to have the ability to use hedging and you’ll have protection against negative balances. You also need to have a total of $/€100 to get started and you’ll have a restriction of 40 trades per day. Plus, you’re going to have dedicated account managers to help you along 24/7.
Trading Conditions with TeleTrade
– All times are GMT or GMT+1 during Daylight Savings
– Fixed spread instruments trade with instant execution
– Floating spread instruments trade with market execution with no re-quotes
– Basic leverage of 1:30 up to 1:500
– Trading swaps at 2400 hrs. GMT or GMT+1
– No negative balances
Fees and Spreads
You only have to deal with a minimal trading cost with this version, which will help to increase your profits. In fact, spreads can start as low as 0.2 pips for currency pairs or even zero spreads during specific periods in metal trading. Different accounts will pay different commission and have different spreads as outlined above as well.
Your TeleTrade Account Opening Experience
When it comes to opening an account it’s actually quite simple and it’s definitely going to be a fast process. We were able to do it in less than 2 minutes, which will get you trading a whole lot faster. You just have to:
1. Select register.
2. Fill out the form with your personal details.
3. Confirm your registration.
4. Log in to your account.
5. Make your deposit.
If you link a Facebook or a Google account you can even make this process even faster. Just make sure that you verify your account so it’s easier to withdraw when you want to.
You’ll get protection by going through the verification process (which is required in order to get your money out). You will need to proof your identity by providing a color government ID that shows your date of birth, full name, photo and signature. You’ll also need some form of proof of residence, which could e a utility bill, bank statement or any other type of local authority bill that shows not only your name but also your full address and is dated within the last 60 days.
You’ll have three different options when it comes to trading through TeleTrade because these are each of the platforms available. The WebTrader version will be great for those who just want to stick with the proprietary version, and want to get into all of the different options that TeleTrade has to offer.
You can also choose between MetaTrader 4 or MetaTrader 5. These are some of the most popular and most used versions of trading platforms. You’ll be able to download them to your computer, use the apps and a whole lot more through these (and the WebTrader version). All of this makes it easier for you to handle your trades.
There’s also a mobile app for the MT4 and MT5 versions of the trading platform.
You’re going to have plenty of educational resources available through TeleTrade, which include articles, remote courses and a whole lot more. They’re going to help you learn about different types of trading and they’re going to help you with developing your own style.
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