Teletrade is an online Forex broker founded in 2007 by Teletrade Group with its main office in Nicosia, Cyprus.
It has received awards throughout the years which include Best Trading Platform Southern Europe 2013 and Best Forex Customer Service Southern Europe 2013. It serves clients in over 30 countries with over 200 offices and more than 3,000 employees making it the largest Forex related device provider in Asia and Europe.
Teletrade offers their clients of products and financial markets which include stocks, currencies, CFD on commodities and futures.
Teletrade provides their clients two trading platforms that they can use when trading, the Meta Trader 4 (MT4) and the Meta Trader 5 (MT5).
The MT4 trading platform is the most used trading platform by traders all over the world because of the features that it has. It is equipped with an advanced charting package, built in MQL4 programming language, automated trading support, Expert Advisors, and a great number of technical indicators. Teletrade has also provided money managers with the MT4 MultiTerminal in order for them to manage several accounts simultaneously.
The MT5 trading platform is known and considered as an updated and upgraded version of the MT4 trading platform.
Both of these platforms are free and are downloadable for Teletrade clients.
If a client wishes to trade wherever he is without the use of a desktop, he can make use of the mobile trading platform that Teletrade offers. The Teletrade mobile trading offers the MT4 trading platform which is suited for most users. The mobile trading platform offered by Teletrade allow their clients to trade either on a real or demo account. Furthermore, it also has the capacity to let clients use the market and pending orders, view their full trading history and directly trade from the charts.
Teletrade provides their clients three account types to choose from.
- MT4 Standard Account – Requires a minimum initial deposit of $100 with no commission and a leverage which is as high as 1:500.
- MT4 NDD Account – Requires a minimum initial deposit of $100 with commission offered and a leverage which is as high as 1:500.
- MT5 NDD Account – Requires a minimum initial deposit of $100 and a leverage which can go as high as 1:500.
Teletrade also has two VIP statuses for clients, the VIP Gold and the VIP Platinum. The VIP Gold status is acquired by clients who deposit $50,000. It has a monthly interest rate of 24% per annum. The VIP platinum status is acquired when a client deposits an amount of $500,000. It has a monthly interest rate of 28% per annum.
If a client wishes to practice trading without risking any of his assets, he can make use of the demo account provided by Teletrade. The demo account provided by Teletrade has exactly the same feature as the real trading account that they have.
If a client wishes to open a Teletrade trading account, he is required to shed out $100 for the initial deposit. This initial deposit is way lower compared to the required initial deposit that other brokers require.
A client can either withdraw or deposit from several portals which include bank wire transfer, VISA, MasterCard, Neteller, Skrill, e-money and so much more.
All the methods mentioned will be processed within 1 to 7 days except for Neteller where withdrawing is instant.
A leverage which is as high as 1:500 is offered to Teletrade clients. This is a high leverage which means the trader should take precautions in order to avoid loading large amount.
Spread and Commission
Generally, the spread offered by Teletrade depends on the account type. Most are it has a variable spread with some of it offering commission and others which does not offer any commission at all.
Regulation and License
Teletrade is under the regulation of CySEC which is known as a prestigious and strict regulatory body. Teletrade under CySEC ensures that clients are safe with their assets and information. The license number of Teletrade is 158/11. Furthermore, Teletrade is also regulated by different regulatory bodies in each of the countries where they operate.
Teletrade offer 24/7 customer service to their clients. They can be reached via fax or email. Clients can also fill up the online form or seek help from an online consultant.
Benefits of Trading with Teletrade
Trading with Teletrade comes with a lot of benefits which include great trading platform, safe and secure trading and a variety of Payment options to choose from.
- Demo account available
- Low initial deposit
- Great trading platforms
- No bonuses.and promotions
- Weak customer support
Teletrade is a great broker but there are also a lot of missing features wherein some of them are very much essential when trading. But despite the things that are missing, they are compensated with the wide array of products and services that they offer in as much as the low initial deposit makes it accessible for every trader wanna-be to open a trading account.