Low Spread and Commisions
TeleTrade Broker Review 2020 – Everything You Need To Know
Founded in 1994, TeleTrade stands out as one of the most established financial brokerage firms in the world. TeleTrade is also a multi-award-winning broker whose longevity is testament to the excellent trading environment they have created for their customers for over two decades.
TeleTrade is a brand of DJ International Consulting Ltd, a CIF (Cyprus Investment Firm) headquartered in Limassol, Cyprus, with offices also in over 7 other European countries. TeleTrade is duly regulated by the primary financial regulator in Europe, CySEC (Cyprus Securities and Exchange Commission), as well as other regulatory agencies across Europe.
The company has built an enviable reputation throughout its history, and in this Trustedbrokerz review we put them to the test.
Does TeleTrade actually deliver on its hype? Find out below.
TeleTrade Broker Review – Know the Facts, Trade with Confidence
TeleTrade is a highly reputable and established CFD broker that has served traders for over 24 years now. From our own experience and reviews of real account holders, we have ranked the broker based against important parameters below.
What Makes TeleTrade Unique?
In the saturated space of Forex brokers, TeleTrade stands out because of the following:
- Global Presence. TeleTrade is a global industry leader in brokerage services and serves traders from all corners of the world.
- Multi-regulation. In the age of offshore brokers, TeleTrade stands out as one of the few countries that have achieved regulation in multiple jurisdictions.
- ECN account. TeleTrade has an ECN (Electronic communications network) account type that gives retail traders the opportunity to trade at interbank prices with the best execution and near-zero spreads.
- Copy Trading. TeleTrade runs the ‘TeleTrade Invest’ project that allows traders to track and replicate the trades of the best performing traders on their platforms.
- Powerful Platforms. TeleTrade runs the popular MT4 and MT5 platforms that have a wide range of trading tools and features accessible in both desktop and mobile devices. The platforms also allow traders to speculate on the prices of over 200 trading instruments that range from currency pairs, indices, and energies to stocks, ETFs, metals and cryptocurrencies.
- Education. TeleTrade provides comprehensive educational support to all levels of traders. Your success guarantees their future.
- Excellent Support. The TeleTrade support team is available round the clock to attend to all trader inquiries or concerns. The team is very friendly and professional, as well as multilingual so you can receive support in a language convenient for you. Additionally, their website is also available in seven languages: English, Romanian, Italian, Portuguese, Polish, Greek and Hungarian.
- Multiple Awards. To date, TeleTrade has won 37 internal awards that have recognised the superior trading services the company offers to its clients.
TeleTrade Experience Test
To deliver an honest and thorough review, we assessed the entire trading experience at TeleTrade by opening a live account funded with real money. To start with, TeleTrade’s website homepage is neat and easily navigable. We were able to our account in less than 2 minutes. The account verification process was also smooth and hassle-free.
The TeleTrade trading platform is stable and reliable and comes with numerous trading indicators and tools to aid your favourite asset price analysis. But we were particularly interested in the ECN account. And we were pleasantly surprised. We traded the EURUSD and were impressed by the spread of only 0.2 pips and could not even notice the 0.008% commission. Furthermore, the execution speeds were incredible, and we did not encounter any re-quotes or slippages at all.
We also tested the TeleTrade Invest program to see whether it was easy to implement a copy trading strategy. With copy trading, the most daunting task is filtering the right traders to follow. TeleTrade has made it easy for traders to select the best performers. Every trader has a badge that highlights the all-time performance (growth percentage) achieved on their account as well as a risk level rating. We decided to focus on traders with a risk level of below 3/5 and the results were positive.
After a few trading days, we tested the withdrawal process. We submitted a withdrawal request, and because our account was fully verified, we did not provide any other documentation. We received notification within 24 hours that our request had been processed successfully and the funds reflected on our end within 48 hours.
Customer support is an important aspect of the trading experience. As new traders on the TeleTrade platform, we had numerous inquiries and sought various clarifications. The support team was friendly, professional and very responsive. We were also assigned a dedicated account manager that was only a phone call away during all trading hours.
Is TeleTrade a Scam or Legit?
We performed a thorough scam test on TeleTrade to ensure that you will be very safe should you decide to make the company your brokerage partner. The first aspect to assess was regulation. TeleTrade, through their parent company, DJ International Consulting Ltd., is a CIF licensed and regulated by CySEC (Cyprus Securities and Exchange Commission), under license number 158/11. It is also certified by ESMA (European Securities and Markets Authority) and operates in accordance with MiFID (Markets in Financial Instruments Directive). Furthermore, the broker also holds multiple licenses from various regulatory agencies across Europe. Such deep regulation is characteristic of a safe, reliable and trustworthy broker.
A major scam in Forex is a broker manipulating trading software to ensure it generates losing trades for its traders. We traded on the TeleTrade platform and we did not encounter any delayed price feeds or slippages at any given time. The execution was also perfect. We can confirm that all TeleTrade platforms are transparent and not tampered with in any way. As well, as a regulated company, the broker is subject to random platform checks by regulated agencies that seek to ensure traders receive transparent price feeds at all times.
Identity theft is also a major scam concern in the Forex industry. At TeleTrade, this is not an issue because the company utilizes the advanced 128 SSL encryption throughout its site and also manages all transactions through a Level 1 PCI international payment service. This guarantees safe and secure banking, while ensuring that confidential customer data is never compromised.
Another common scam in the industry are fake bonuses and promotions. Scam brokers usually entice new and unsuspecting traders with bonuses and promotions that come with stringent conditions or practically irredeemable prizes. TeleTrade also routinely offers various bonuses and promotions, but they are all clear, straightforward and come with absolutely no strings attached.
Finally, customer service can also help filter legit brokers. Scam brokers usually offer great support when a prospective client inquires about their services. But as soon as the customer makes a deposit, support is virtually non-existent or very dodgy at best. This was not the case with TeleTrade as we were able to be assisted during our trading activities and also with our withdrawal process. Support is available 24/7 in multiple languages and accessible via convenient channels such as live chat, phone or email.
All in all, there was absolutely no issue that raised any suspicions on TeleTrade, and we can confidently label the broker as a legit trading services provider.
TeleTrade Safety of Funds
As a company regulated by CySEC and adhering to various European regulatory standards, TeleTrade is obligated to submit its financial results to prove that it maintains capital adequacy at all times. The company must also hold all client money in segregated bank accounts at reputable European banking institutions.
As per ESMA regulations, TeleTrade also protects its customers from negative account balances. This risk monitoring and management feature ensures that customers will never encounter losses higher than their initial investment amount.
TeleTrade is also a member of the Investor Compensation Fund (ICF), which means that in the unlikely event the company is unable to fulfil its financial obligations, its clients qualify to receive due compensation of their investment amount. ICF offers a compensation amount of up to €20,000 per client if such a scenario occurs.
TeleTrade has 3 account types designed to meet the diverse needs of individual traders.
The accounts are:
No Dealing Desk Account (NDD)
The NDD account offers access to the interbank market without the intervention of a dealing desk. There are no re-quotes and order confirmation is instant. NDD account features include:
- 7 instrument types (Forex, Indices, Commodities, Energies, Stocks, ETFs and Crypto)
- Spreads from 0.8 pips
- 0.007% commission on some assets
- Floating margin requirements with high leverage
- Leverage of up 1:500
Sharp ECN Account
ECN is a network where financial assets trading can be done outside traditional stock exchanges. TeleTrade ECN account links its traders with the company’s liquidity providers to enable them take advantage of best live price feeds, low spreads and instant executions. Key features of the Sharp ECN account include:
- 4 instrument types (Forex, Indices, Energies and Commodities)
- Spreads from 0.2 pips
- 0.008% commissions on contract size
- Fixed margin requirements on high leverage
- Leverage of up to 1:30
The TeleTrade standard account gives access to standard lot sizes on all the available tradable assets. It enables instant order execution according to prevailing market conditions, with no commission. Key features of the standard account include:
- 7 instrument types (Forex, Indices, Commodities, Energies, Stocks, ETFs and Crypto)
- No commissions
- 200+ tradable financial assets
- 18 cryptocurrency pairs
- Spreads from 1.5 pips
- Leverage of up to 1:500
On all the account types, hedging is allowed, and negative balance protection is guaranteed. The minimum deposit is also $/€100, with a lot restriction of 40 units per trade. Furthermore, all account types holders are assigned dedicated account manager, have unlimited access to TeleTrade educational materials and receive 24/7 support.
TeleTrade Trading Conditions
Here are the trading conditions available at TeleTrade:
- All times are quoted in GMT (GMT+1 during DST).
- Fixed spread instruments are traded with Instant Execution (Fill or Kill), which ensures price guarantee.
- Floating spread instruments are traded with Market Execution (Click and Deal). This means no re-quotes even with price changes- you will be filled at the new price.
- Basic leverage is 1:30. You can trade up to a leverage level of 1:500.
- Trading swaps apply at 2400hrs GMT (GMT+1 during DST).
- Stop Out level is 0%. No negative balance.
At TeleTrade, traders are guaranteed minimal trading costs that will ultimately boost their overall profitability. On the Sharp ECN account, spreads start from as low as 0.2 pips on currency pairs, while metal traders can open trades with zero spreads during high liquidity trading times. Sharp ECN account holders pay commissions of 0.008% per contract size. NDD account holders have spreads from as low as 0.8 pips and commissions of 0.007% per contract size on some assets. Standard account holders do not pay any commissions when opening trade positions but experience variable spreads from as low as 1.5 pips depending on the prevailing market conditions.
All information regarding TeleTrade trading fees, commissions or swaps is available
Account Opening Experience
The account opening procedure at TeleTrade is simple and straightforward. It can be completed in less than 2 minutes by following the steps below:
- On TeleTrade homepage, click on ‘Register’
- Fill out the registration form with your details (Name, Phone number, Email and your preferred Password)
- You will receive an automated confirming your registration
- Log into your trading account
- Make your first deposit
- Begin Trading
TeleTrade also has the option of making an even quicker registration by directly using your Facebook or Google account. For you future convenience, it is prudent to complete your account verification so that you will have a smooth withdrawal process when you wish to enjoy your profits. TeleTrade also allows traders to open multiple accounts, but verification is only required once.
As a regulated broker, TeleTrade is bound by various anti-money laundering and KYC (know-your-customer) guidelines. Throughout your business relationship with TeleTrade, you will be required to provide relevant identification data and proof of identity as is demanded by the regulatory agencies that have licensed the broker.
To complete your account verification process, TeleTrade will require the following:
Proof of Identity
You will be required to provide a clear, legible and coloured copy of a government-issued proof of identity. The document must show your full name, date of birth, your photo, expiry date (if applicable), as well as your signature. The document can be your Identity Card, Passport or Driver’s License.
Proof of Residence
TeleTrade will also require a proof of your address. This can be a utility bill (electricity, water or landline telephone bill, home internet bill), bank/card statement, or a local authority tax bill that will clearly show the Issuer, Your Name and Full Address. It should be clear, legible and dated within the last 60 days.
Depending on your country of origin, TeleTrade may require additional documents or perform additional account verification procedures such as direct personal contact and even the use of third parties to verify that the documents provided are certified copies of the originals. This is particularly the case for countries that have been classified as having high risk for funding terrorism or other illegal activities.
TeleTrade Trading Platforms
TeleTrade traders can access the exciting world of online financial assets trading through the popular and industry best MetaTrader 4 and 5 platforms. They are available in 4 forms: Webtrader, MetaTrader 4, MetaTrader 5 and Mobile App.
No download is needed to access the TeleTrade web-based trading platform. It is accessible on both desktop and mobile browsers. TeleTrade WebTrader supports 6 pending order types and has 30 technical indicators to help traders perform extensive price analysis on the favourite assets. It also features 9 timeframe charts, 31 graphical objects and has the MQL5 community chat embedded on it.
MetaTrader 4 is by far the most popular trading platform among online retail traders. TeleTrade MT4 is available for download on both Windows and Mac. It features 4 order types, 30 technical indicators, 31 graphical objects, and 9 chart timeframes. It also supports single thread strategy testing. MT4 is also known for its user-friendly interface that allows easy navigation, convenient price analysis and quick order placement.
TeleTrade also has the MetaTrader 4 Multi-Terminal trading platform which comes in handy for traders who have multiple accounts or manage investor accounts.
TeleTrade MT5 is also available for download on both Windows and Mac. It features 6 pending order types, 38 technical indicators, 44 graphical objects, 21 chart timeframes and integrated economic calendar. Its strategy tester is multi-threaded and multi-currency with real ticks. MT5 also has the MQL5 community chat embedded.
Both MT4 and MT5 can be downloaded on Android and iOS devices. The mobile application offers traders the flexibility and convenience to trade or monitor their open positions. TeleTrade mobile app features similar functionality to the desktop alternatives and gives traders the chance to always trade on go.
Education and Resources
TeleTrade no doubt features the most comprehensive educational packages in the industry. On the ‘Education’ tab on their homepage, traders can sign up for remote structured learning courses that cover all the relevant trading topics from the basics such as fundamentals of financial markets to advanced stiff such as strategy optimization. TeleTrade is also the only broker to offer face-to-face office-based training sessions that can be accessed in their local offices in over 35 countries. In the office sessions, traders can train in groups or seek classes with personal instructors.
There are also other useful trading tools that can help traders get the most out of their trading activity. Their mobile trading applications feature push notifications which traders can activate so that they can be alerted when their favourite assets achieve set conditions. There is also the TeleTrade Analytics application available for both Android and iOS, which is a handy toolkit for all traders. The app features an Economic Calendar, detailed information on various tradable assets, expert video reviews on market events, daily technical analysis of popular assets, as well as analyst opinions and market predictions. TeleTrade also has an all-inclusive trading calculator that can help traders to easily calculate swaps, pips, margin, profits and currency conversions.
TeleTrade support agents are available round the clock during trading hours. Support is multilingual (available in English, Romanian, Italian, Portuguese, Polish, Greek and Hungarian) and can be accessed via live chat, phone or email. For further convenience, TeleTrade has listed all their different contacts, for different issues and different jurisdictions here.
TeleTrade accepts deposits and processes withdrawals using a wide range of safe and convenient methods as tabulated below.
|Method||Deposit Time||Withdrawal Time|
|Wire Transfer||2-3 days||1-2 business days|
|Visa||Instant||1-2 business days|
|MasterCard||Instant||1-2 business days|
|Neteller||Instant||1-2 business days|
|Skrill||Instant||1-2 business days|
|FasaPay||Instant||1-2 business days|
TeleTrade holds trading accounts in Euros and US dollars. Ensure that you select your preferred base currency before you make a deposit. All withdrawal requests and funds transfers are processed during standard business hours (0800hrs – 2000hrs GMT+2 or GMT+3 during DST).
TeleTrade – Frequently Asked Questions
Is TeleTrade Regulated?
Yes. TeleTrade’s parent, DJ International Consulting Ltd., is a CIF licensed and regulated by CySEC (Cyprus Securities and Exchange Commission), under license number 158/11. It is also certified by ESMA and operates in accordance with MiFID II directive. Apart from CySEC, TeleTrade has also achieved regulation in over 30 other jurisdictions.
What is TeleTrade?
TeleTrade is an online brokerage firm that allows traders to speculate on the prices of different financial assets.
Who has Experience with TeleTrade?
TeleTrade accepts investors and traders from all over the world that wish to speculate on the prices of Currency Pairs, Indices, Commodities, Energies, Stocks, ETFs and Cryptocurrencies online.
How does TeleTrade Work?
As a broker, TeleTrade connects investors and traders a platform to speculate on the prices financial assets. TeleTrade makes money by charging trading fees or commissions. TeleTrade does not place trade against its customers.
How Reputable is TeleTrade?
TeleTrade has a great reputation having served traders for over 24 years.
How do I Open an Account with TeleTrade?
Follow the steps below to quickly open an account with TeleTrade:
1) Click the ‘Register’ button on the TeleTrade homepage
2) Enter your Name, Phone, Email and Password
3) Confirm your Email Address
4) Log into your trading account
5) Deposit and begin trading
Where is TeleTrade Based?
TeleTrade has a verified physical location at 88 Archiepiskopou Markariou III, 1077 Nicosia-Cyprus. This serves as the headquarters. TeleTrade also has offices in other countries across Europe.