Richard Montana | August 2, 2022
TeleTrade is a multi-award-winning, regulated and transparent online trading broker offering a good selection of over 200+ instruments including Forex, Cryptos and CFDs. They give you a choice of flexible account types depending on your trading style and what matters the most to you. There are some professional trading tools that can help with your market analysis and trade management. I like how they support beginners with lots of educational materials and free demo accounts. If you are ready to trade, the minimum deposit is just $100 and signup process doesn’t take long to complete. The broker has solutions for those who want to trade by themselves or copy signals from other traders.
Pros & Cons
- Good choice of user-friendly trading platforms
- Hundreds of tradeable instruments
- Quick and easy account funding options
- Commission free accounts available
- TeleTrade invest for copy trading
- TeleTrade analytics for market analysis
- Lots of educational content to assist beginners
- Free demo accounts
- Islamic swap-free accounts
- ECN account spreads from 0.2 pips
- Excellent customer support
- Cannot accept clients from certain countries
- No fixed spread accounts
- MT5 not provided on all accounts
- Do not currently support crypto funding
- $100 minimum deposit is not the lowest
TeleTrade is a multi-award-winning and regulated online trading broker offering clients across the globe access to trade over 200+ instruments in multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, ETFs & CFDs. They are a retail broker that is part of the TeleTrade Group which was established in 1994. They have over 3,000 employees and take great pride in offering high levels of multi-lingual support to all clients. The broker has been recognised for their continued innovation and dedication to meeting client’s needs by winning a plethora of international broker awards for their excellent range of trading products and services.
TeleTrade incorporate ECN technology and have no dealing desk with a no requotes policy for fast trade execution at the best possible prices. They have a selection of flexible account types with variable spreads from just 0.2 pips, minimum deposit requirement of $100 and leverage of up to 1:500 available for eligible clients. I find these to be very good trading conditions on par with direct competitors such as HYCM.
TeleTrade has a best execution policy which shows great transparency by submitting an execution quality scorecard on a quarterly basis for all account types and valid orders placed through the MetaTrader platform. This information is available on the website and in the public domain for a minimum 2-year period. They also publish quality of execution of transactions, information on the top five execution venues and brokers and pillar III market discipline and disclosure reports.
The broker also strives to provide you with information on transactional costs. This can help clients to opt for the most suitable account type according to their needs and help plan their trading strategy. The cost transparency information on the website shows the average impact of transaction costs per notional $1,000 of trading volume for the most recent quarter. These trading costs have an impact on the net profitability of a client account and thus a client should take these costs into consideration before trading.
TeleTrade clients have access to trade on platforms that utilise the latest technologies on multiple devices. The copy trading programme “TeleTrade Invest” can be used by all levels of clients to copy trades of other traders. This can be good for those who do not have the time or knowledge to trade by themselves. Of course, results cannot be guaranteed.
I am pleased to say the broker is regulated. I would always prefer to use a regulated brokerage firm as they can give us some protections that an unregulated broker cannot. This means that I can trade with peace of mind knowing that they must operate in an honest and transparent manner at all times to comply with the regulator.
They are registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11. This allows them to offer investment and ancillary services in relation to financial instruments.
The company is regulated by the Investment Services and Activities and Regulated Markets Law 87(I)/2017. They diligently submit all of their financial reports to CySEC and continue to operate in accordance with the strictest of standards, including maintaining sufficient capital adequacy.
TeleTrade-DJ International Consulting Ltd operates in the European market in accordance with the Markets in Financial Instruments Directive (MiFID). MiFID is an EU law which is put in place to harmonise the regulation for financial services across the member states of the European Economic Area.
Client funds are secured in segregated accounts with leading international banks, separate from the company’s funds so that they cannot be used for any other purpose.
TeleTrade provide an advanced risk management system that monitors the clients balance in an attempt to prevent losses greater than the initial investment. Under European Securities and Markets Authority (ESMA) regulation they must apply negative balance protection on a per-account basis.
They are also a member of the Investor Compensation Fund (ICF), which provides eligible clients with potential compensation (depending on many factors) for any claims made due to the inability or failure of the member of the Fund to fulfil its financial obligations.
TeleTrade offers its trading services within EEA states (except Belgium) under the MiFID passporting regime, and subject to applicable legal restriction, to residents of Indonesia, Kenya, Mexico, People’s Republic of China, Russian Federation, Ukraine, and Vietnam. They do not provide services to residents of the USA. If your country is not accepted, please feel free to browse our broker ratings for another option.
TeleTrade give you a choice between the popular and free to download MetaTrader 4 (MT4) & MetaTrader 5 (MT5) trading platforms. MetaTrader is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). I am a huge fan of the MetaTrader platforms and think they are perfect for getting quick and easy access to the markets with minimal fuss. They can do everything I need them to do from market analysis to automated trading and much more.
MetaTrader 4 (MT4)
MT4 remains one of the most widely used trading platforms today. It is well known for its user friendly and intuitive interface. You can access real time market quotes of multiple instruments and trade directly on charts. The platform supports multiple order types, has 9 timeframes to choose from with over 30+ technical indicators and graphical objects built in for conducting chart analysis. There is the MetaEditor which enables users to create their own custom indicators and expert advisors (EAs) in the MQL programming language. The strategy tester allows you to back test EAs over historical data whilst you can find additional EAs and indicators from within the MQL marketplace. You can also set MT4 to alert you on specific events via sounds, pop ups, SMS and email.
MetaTrader 5 (MT5)
Whilst maintain the main functionality and features of MT4, MT5 also has some extras built in including an economic calendar and depth of market. MT5 also offers more order types, more technical indicators and graphical objects, more timeframes, an embedded MQL5 community chat and a strategy tester that allows you to back test multi-currency EAs with multi-threads and real tick data. Whilst MT4 is likely to provide more than enough tools and functions for the average trader, MT5 could be deemed preferable to the more advanced trader. I personally feel that you cannot go wrong with either platform. Both are excellent for trading online in my opinion.
The MetaTrader WebTrader offers most of the same features as MT4 (excluding the strategy tester) and runs directly in most popular web browsers without needing to download or install any additional software. I like how this version of the platform is always up to date and I can access it from any device.
MetaTrader 4 MultiTerminal
The MT4 MultiTerminal is an online trading platform that is intended for simultaneous management of multiple trading accounts. This would usually be useful for traders who need to manage investors accounts and for those who operate with many accounts simultaneously. You can get this from other brokers including IronFX.
MetaTrader is also offered for trading on your mobile devices which can be useful for those who need to access their accounts whilst on the go from anywhere in the world with an internet connection. You can check real time price quotes, analyse charts, place/manage orders and set push notifications. MetaTrader mobile is available for download on both Android and iOS from the relevant app stores. I am always using trading apps to check my positions and keep track of what is happening in the markets at all times. I like that I can easily set price alert notifications so that I do not need to stare at charts all day waiting for my price level to be reached.
TeleTrade have some useful trading tools to help with trade planning and market analysis.
They have a selection of trading calculators on their website to help with planning your trades. The calculators are supplied as auxiliary tools serving for informational purposes only.
Trades held overnight are charged a swap fee. This is the interest difference between the traded currencies and is determined depending on the direction of your positions, long or short. Swaps are charged every night and tripled on Wednesday to account for the weekend. With the swap calculator you enter your chosen currency, trade size, account currency and then click the calculate button to see how much the swap fee will be.
The pip calculator helps to calculate the value of positions on the currency that you wish to trade. This can help with planning for potential trades. Simply enter your chosen currency pair, trade size, account currency and then click the calculate button to see the value of each pip.
The margin calculator shows you how much margin is required to open a position. This can help with managing trades according to lot size and leverage. You simply select the currency pair, trade size, leverage, account currency and then click the calculate button to see the required margin.
The profit calculator can show you the potential profit or loss from a position. You can choose different opening and closing prices to see the difference in results. You simply select the currency pair, trade size, position direction, hold period, open/close prices, account currency and then click the calculate button to see the potential profit or loss of the trade.
The currency calculator shows you the conversion value between 2 different currencies. You simply select the base currency and currency you wish to convert to, then click calculate to see the conversion.
The TeleTrade Analytics is available for download on both Android and iOS from the relevant app stores. It is a toolkit for traders and financial analyst. It includes market quotes, news and analysis from the broker.
TeleTrade Analytics Features:
• Real time quotes for all major currencies with the list of displayed symbols and renewal period configuration.
• Economic calendar giving an overview of the events that will occur in the market soon. This can be useful for fundamental analysis. Users can set event notifications.
• Interest rates – these can have a direct influence on currencies.
• News – along with the key macroeconomic news and events you have the opportunity to stay up to date with the latest market situations.
• Reviews of the events taking place in the different markets.
• Analyst opinions – full information about the most important events of the day.
• Technical analysis – daily analysis of different currency pairs
• Overview videos – expert video reviews on the past and projected developments in the international forex market
• Companies – information about companies, financial indicators and features of its shares.
• Home screen widgets (2×1, 2×2).
The TeleTrade copy trade program allows traders to copy the trades of other traders. Clients can choose from a variety of different traders to follow or unfollow at any time. When a trader is followed, their trades are automatically copied into the account of the follower.
Traders who offer their traders as signals can receive a commission for successful trades. It should be noted that past performance is by no means a guarantee of future performance.
The economic calendar displays up and coming economic releases along with the time/date, country impacted, expected level of importance and previous/forecasted/actual results.
TeleTrade have won awards for the various educational resources that they offer to clients.
They offer face to face education in over 35 countries as well as remote learning from the comfort of your own chosen location. There is a basic trading course for beginners that covers the fundamentals of financial markets including technical analysis, trading psychology, money management and more.
TeleTrade’s analysts offer webinars to help increase your trading knowledge and to learn new strategies.
The website has a few videos that cover subjects such as using the trading platforms, market analysis and managing your TeleTrade account.
The broker has a section on their website dedicated to market analysis. There are detailed news articles that are frequently updated and cover different markets with fundamental and technical analysis. Alongside the news you can find the opinions of expert analysts. This helps you keep up to date with the latest market happenings.
TeleTrade offer trading in contract for differences (CFDs) on over 200+ instruments including 60 major, minor and exotic FX currency pairs, 18+ Cryptocurrencies, Indices (AUS200, EUR50, FRA40, GER30, J225, UK100, US30, US500, USTech100), Energies (crude oil & gas), Stocks (including Facebook, Google & Amazon), ETFs (GREK, PPA, XOP, etc) and Metals (gold, silver, platinum, palladium). I found this to be a reasonable selection but perhaps limited when compared to some brokers such as Freedom24 who have thousands of financial instruments for you to choose from. That being said, if you are primarily trading forex then there are plenty of currency pairs available.
TeleTrade provide a variety of flexible trading accounts to suit the needs of different traders. There is a standard account, no dealing desk account and sharp ECN account. I would personally prefer the ECN account as it has the lowest spreads which is important for my automated scalping systems. However, all of the accounts have decent trading conditions that are inline with what you will find from most competitors. If you want spreads from 0.0 pips, then you could always consider XM Group as an alternative option.
The standard account gives access to trade standard lots with instant execution and no commission charged. Spreads on the standard account are variable and start from 1.1 pips, with a minimum deposit of $100 and leverage of up to 1:500 available.
No Dealing Desk (NDD) Account
The NDD account works through AMTS bridge technology and offers immediate access to the interbank market without the intervention of a dealing desk and no requotes. Spreads on the NDD account are variable starting from 0.8 pips, with a minimum deposit of $100 and leverage of up to 1:500 available. Commission starts from 0.1% on stock CFDS and 0.007% on other symbol types.
Sharp ECN Account
The Sharp ECN account uses AMTS bridge technology and offers live price streaming at the best available prices in the marketplace, with immediate trade confirmations. Spreads on the Sharp ECN account are variable and start from 0.8 pips, with a minimum deposit of $100 and leverage of up to 1:500 available. Commission starts from 0.008%. This account is required if you wish to use the MT5 trading platform.
Islamic swap-free accounts that comply with Sharia law are also available upon request. It is great to see the broker support clients with different religious beliefs.
Demo accounts are available to test the different trading platforms and conditions before opening a real account. I think it is important to test a broker on a demo account to begin with just to make sure they can meet your needs.
Opening an account at TeleTrade is a quick and simple process. You simply complete the short online application form and then verify your email address. Following on from that you will need to upload a form of identification such as a passport or driver’s license and proof of address such as a utility bill. This is a normal part of the KYC procedures and once your account has been confirmed you can make a deposit via a method of your choice and commence trading. There is also the option to submit your details to receive a call back from the broker to discuss the process and different options available before opening an account.
TeleTrade have offices throughout Europe and offer multi-lingual customer support 24 hours a day, 5 days a week. Support is available via online chat, telephone and email. They are happy to assist with technical and general questions. I have always found them to be very quick to respond and helpful.
The broker provides you with a good range of secure and reliable methods for depositing and withdrawing funds. This includes bank transfer, card payments and online payment processors including Skrill and Neteller. Please note that some methods may only be available to specific countries. They do not currently support crypto funding but Hankotrade do if that is something that you are looking for in a broker.
TeleTrade may charge you fees for withdrawal and your deposit may take up to 5 business days to complete. All transfers are processed during normal working hours (GMT). The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. TeleTrade strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your TeleTrade trading account.
Accounts can only be opened in USD, EUR. I think that they could improve by adding support for some more currencies. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Overall, I like how TeleTrade is a well-established online broker that is under strict regulation and is very transparent in its operations through the information it makes readily available to the public domain on its website. They offer a good variety of trading instruments across multiple asset classes. The account types are flexible and they offer the powerful MetaTrader platform, with additional trading tools and educational materials to assist traders. I think they can be a good choice for anyone looking for simple market access in a regulated environment.