We Give You Detailed Insights Into TeleTrade Through This TeleTrade Review
The TeleTrade Group is a hugely popular brand name in the financial markets that has over 20 years of experience in a wide variety of finance-related fields. TeleTrade Group has its offices, and allied partners in 30 different countries across the globe, with around 200 branches and 3000 professionals dedicated to taking care of all client needs 24X7. TeleTrade has put its expertise to good use by offering a massive database of instruments in the financial markets, which include Forex, stocks & indices (as CFDs), commodities, futures, among countless other financial products.
TeleTrade Group boasts of one of the largest presences in the financial markets, but its Forex trading arm is located prominently in Europe and the Middle East. TeleTrade is regulated by the Cyprus Securities and Exchange Commission (CySEC), and EEA authorized to carry out its Forex brokerage activities throughout Europe under the Markets in Financial Instruments Derivatives (MiFID). TeleTrade gives prime importance to ensuring a safe and secure trading environment as required by the CySEC regulation and the MiFID framework, but the company has also proactively created an efficient complaint resolution structure to offer the best support to its clients. TeleTrade is supposed to hold €1 million as tangible broker assets, which should be used to maintain its trader’s position in the market. The minimum operating capital may be increased according to an increase in client capital, but it is imperative for TeleTrade to protect its traders’ funds by holding them in segregated accounts. The Investor Compensation Fund (ICF) also plays a vital role in protecting a trader’s investment of up to €20,000 against broker insolvency issues. If TeleTrade is found to be in violation of any regulatory guidelines, the broker will not only face licensing sanctions and penalties from the CySEC, but it may also be subjected to regulatory sanctions from the other leading European regulators.
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**Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd.
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- Website: www.teletrade.eu
- Support: (+357) 22314160
Does TeleTrade’s Widespread Market Exposure Help Smaller Forex Traders?
TeleTrade traders must expect a high-level of market sophistication while dealing with the broker. The company has developed a no-nonsense trading account that has different conditions according to its region-specific service offerings. For instance, there isn’t any minimum deposit requirement for TeleTrade clients from Asia, while European customers may be subjected to a minimum deposit requirement of $2000. Regardless, the maximum TeleTrade leverage is 1:100, which is considerably lower than the market average of 1:400 or 1:500. In turn, the lower leverage should help professional traders who rarely use anything above 1:50 or 1:100 during extreme circumstances. You can opt for a TeleTrade account by choosing from three different account options. The First choice is the Standard MT4 Account, which is a combination of the market maker and direct market access protocols. In the Standard MT4 Account option, traders will have to accommodate for the risks of automated dealing desk trading, where the broker may choose to absorb orders internally or opt to pass them to the liquidity providers. The Standard MT4 Account has a higher spread of 3 pips, which doesn’t make sense from a professional trader’s perspective, which makes it one of the least preferred broker options. The second type of account is the Standard MT5 trading account that has similar trading conditions as the Standard MT4 account, but traders are granted access to the MT5 terminal. The TeleTrade spreads are also slightly more economical, with the broker quoting 2 pips. However, we would only pick the MT4 NDD Account any time of the day, which has spreads starting from 0.1 pips, a commission of $7 per lot, and real ECN conditions without any conflict of interest.
TeleTrade Rewards, Bonuses, & VIP Accounts
TeleTrade is a reputed Forex broker that does not entice traders into making a deposit in exchange for trading bonuses. Instead, the broker offers a unique bonus offering that offers 24% bonus per annum, which is paid in 2% monthly bonus payments. Such a reward is available for all traders maintaining an active trading account at the company. The 24% bonus money is only available for traders who are willing to maintain their deposits without making any withdrawal for an entire 12 month period, which might not be suitable for most traders. On the other hand, the broker does offer a VIP account option for larger traders. For $50,000, traders can get a Professional Status, while a minimum deposit of $100,000 can get a VIP Gold Status. There is a VIP Platinum Status account for traders depositing more than $500,000 in their trading accounts. These accounts are eligible for slightly more bonuses of up to 28% per annum, which are further supplemented by personal account managers and lower account restrictions. Traders can also qualify for up to 30% reduction in spreads as cash returns, along with VIP preferences. The VIP accounts are indeed in line with institutional account packages that are usually available at other mainstream Forex brokers, but it is easy for traders to enjoy these conditions for lower account deposits at some of our recommended Forex brokers.
TeleTrade Trading Platforms & Mobile Apps
TeleTrade apps can be downloaded from the broker’s website or through the official MetaQuotes website. MetaTrader is one of the most popular trading interfaces in the market, especially the MT4 version, but the MT5 has enjoyed a rather lackluster visibility in the market. The MT5 has several new features and advanced charting options than the MT4 but also has some drawbacks that have diminished its popularity in the global retail trading market. The MT4 and MT5 versions are also available as TeleTrade mobile apps, which are available for download from the official apps stores for iOS and Android devices. Beginner traders can quickly familiarize themselves with the MetaTrader terminals by opening a TeleTrade demo account, which not only offers a better perspective on the broker’s services but also helps a trader to evaluate ECN Forex trading conditions before investing in the markets. If you don’t mind the higher deposit requirements and the higher trading costs, you can consider trading with TeleTrade. However, you should realize that there are other options in the market that offer the same or even better conditions at a fraction of the cost. Check these brokers first before committing your trading capital to TeleTrade.