Teletrade Review explained by professional Forex trading experts the “ForexSQ” FX trading team.
TeleTrade Group is a Cyprus-based online broker providing access to the foreign exchange market and investment services. Financial instruments include Forex and CFDs on stocks, metals, futures and Cryto. The company provides trading using MetaTrader 4, MetaTrader 4 MultiTerminal and MetaTrader 5 online trading platforms.
In addition to the trading services the company also provides training for traders, market research tools, as well as daily outlook and analysis of financial markets.
Teletrade Broker History
TeleTrade Group of companies was founded in 1994 in Hong Kong.
The firm launched a number of offices and established TeleTrade Europe (TeleTrade-DJ International Consulting Ltd) in 2012, as a Cyprus Investment Firm (CIF). TeleTrade-DJ International Consulting Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and operates in compliance with the Markets in Financial Instruments Directive (MiFID). It is also a member of the Warsaw stock exchange. In May, 2016 Russian TeleTrade brunch (ООО “Телетрейд Групп”) received the license of Russian Central Bank also Belarusian TeleTrade branch (ТАА «ТэлетрэйдБел») is included to register of forex companies of the National Bank of the Republic of Belarus.
TeleTrade Group has 200 support offices in 30 countries, but its main focus is CIS countries and Europe.
TeleTrade (Europe) offers its clients a choice of three basic account types. All of them offer leverage up to 1:100 and the minimum trade size is1 standard lot (100,000 units of the base currency), which is unusual. Most brokers offer micro tradeable lots, as smaller contract sizes allow traders to be a lot more flexible in their trading, and to better manage the risks associated with trading on margin.
Besides, TeleTrade offers some extra services to clients of $50 000/$100 000 and more. Such Professional / VIP status holders are entitled to monthly interest at the rate of 24%/26% per annum on special concessional terms and also get reduced spreads.
TeleTrade (Europe) offers trading in forex and contracts for difference (CFDs) on commodities, stocks, futures and currencies on both MT4 and MT5. The company behind the brand, DJ International Consulting Ltd., is a Cyprus Investment Firm that is licensed by Cyprus Securities and Exchange Commission (CySEC) since 2011. It is also registered with the relevant authorities in the UK, Bulgaria, Romania, Germany, Spain, Italy, and the UAE. A unit of the company (TeleTradeBel) has also acquired a license from the Belarus National Bank in 2016,
The Cypriot financial watchdog applies certain rules and requirements to Cyprus Investment Firms and sees to their compliance. For example, they must maintain net tangible assets of at least €730,000 to prove their financial stability. In addition, CySEC requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which can pay compensation up to €20,000 EUR per person, If the company becomes insolvent.
Moreover, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.
TeleTrade Europe is part of TeleTrade Group of Companies with a history of over 20 years, with over 200 offices in 30 countries and more than 3000 professionals. TeleTrade is one of the three forex brokerages to hold a license by the Central Bank of Russia (CBR) and is also registered with the National Bank of the Republic of Belarus (NBRB), which is the equivalent of obtaining authorization.
Teletrade Minimum Deposit
To open an account with TeleTrade, traders must invest a minimum of $2000. Such minimum initial amount is a high, as most brokers require less. For instance, leading Cypriot brokerage FXTM demands just $5 from its clients as a start.
Teletrade Spreads & Commissions
TeleTrade offers both fixed and floating spreads. Fixed ones are a bit high on the MT4 platform, amounting to 3 pips on EUR/USD, and average on the MT5 – 2 pips. As regards variable spreads, they are pretty tight, starting from 0.1 pips for the EUR/USD pair, but a commission of $14 applies roundtrip, so the average trading costs per lot would be above 1.5 pips. This is not a competitive pricing, as we find most brokers offers spreads within the range of 1.0 – 1.5 pips for the EUR/USD pair.
The maximum leverage level offered by TeleTrade is just 1:100, which is a mediocre ratio. Most brokers offer significantly higher leverage levels – for example, FXTM provides leverage up to 1:1000.
Trading on leverage allows traders to control large amounts of capital, however, if not used in combination with a proper risk management strategy, can lead to heavy losses.
Teletrade Trading Platforms
As we have already mentioned, TeleTrade offers both MetaTrader4 (MT4) and its successor, the MetaTrader 5 (MT5).
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own EAs and let the program do all the work.
TeleTrade also supports MetaTrader 5, a versatile and powerful trading platform that gains popularity lately, as the hedging option was finally added to it. MT5 allows the execution of orders in several financial markets and stock exchanges through a single trading account. The platform features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators.
Besides, the MQL5 development environment allows traders to create trading robots & analytical indicators of their own in addition to the ready-made ones.
Furthermore, TeleTrade has developed its own social trading solution, called Investment Synchronous Trading. It lets you tap into the knowledge and skills of our most successful clients, the Master Traders. These are clients with proven trading knowledge and skills and you copy all their trades on the MT4, while retaining full control, transparency and flexibility over your own trading account.
In consideration for each successful transaction copied to an Investor’s investment account, the Master Trader shall be remunerated with a commission.
Teletrade Deposits and Withdrawals
The following payment methods are available to TeleTrade clients: credit/debit cards, bank wire transfer and e-wallet payment systems, such as Skrill, Neteller, and SafeCharge.
Teletrade Review Conclusion
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