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TeleTrade Broker Review

TeleTrade

TeleTrade is a CySEC regulated forex broker that is operating under the TeleTrade Group. This broker is specialized in offering a variety of financial trading options for traders who are focused on trading currencies. TeleTrade is also working within the MiFID rules along with being regulated by the Cyprus Securities and Exchange Commission under the license number 158/11.

TeleTrade also has offices around the world which is a testament of their focus on expanding their business and improving their traders chances of profit. Anyone who is interested in trading forex will probably come across TeleTrade broker once in their trading career, so we’re giving you the latest review to find out everything you need to know about them.

Account Features

TeleTrade is offering three account types that differ according to features and advantages that are specific for each of the accounts. According to the website, when opening an account, traders should pay attention to various parameters, including the type of platform that is connected to each individual account.

MetaTrader4 Standard

The most appealing aspect of the Standard account is the the execution of trades at the prices that are specified by the trader. This enables an efficient management of the transactions and easier organization. The most important standard conditions of this account type are as follows:

  • Leverage –  of 1:50 and more
  • Floating spreads
  • Level thresholds for pending orders
  • Stop-Out level of 20%
  • Guaranteed execution price
  • Possibility of requotes
  • Execution time can be increased in certain conditions

MetaTrader4 NDD account

According to the information found on the broker’s website, this type of account is the actual speed of trade execution and the low spreads advantage that traders are given. Other features include:

  • Leverage of 1:50 and more
  • Floating spreads
  • Commission of 0.007%, or USD 7 per USD 100 000 traded
  • Stop-Out level of 20%
  • Execution at the best available price (it is not guaranteed)
  • No requotes

Standard MetaTrader5

This specific trading account is being run on the most sophisticated trading platform in the world MetaTrader5, and offers a lot more to the traders than they thought they might be getting:

  • Advanced trading platform MetaTrader 5
  • Leverage 1:100
  • Fixed spreads in periods of high volatility
  • Exchange-type system of recording trades
  • Execution price is guaranteed
  • Requotes
  • Execution time can be longer depending on certain conditions

Promotions for VIP Clients

TeleTrade is special in a way that it traders can get VIP status depending on their deposit amount. There are three possible statuses that traders can get:

Professional Status – deposits above $50,000

  • Personal Manager – During working hours, 5 days a week, From 9.00 to 21.00
  • Savings Reward – accumulation of savings at up to 12% per annum on special concessional terms
  • Reduction of spreads in the form of a per-transaction refund – Return rate 10%
  • Reimbursement of Negative Rollover – compensation of accumulated negative rollover for the transactions closed within the previous month.

VIP GOLD Status – deposits above $100,000

  • Personal Manager – At any time of the day, 7 days a week (excluding specially declared public holidays and bank holidays)
  • Savings Reward – accumulation of savings at up to 13% per annum on special concessional terms
  • Reduction of spreads in the form of a per-transaction refund – Return rate 13%
  • Reimbursement of Negative Rollover – compensation of accumulated negative rollover for the transactions closed within the previous month.
  • Green Line: a specially dedicated service line for the VIP-service transactions
  • Depositing without commissions
  • Advance refill (up to 20% of the deposit)
  • Free admission to all workshops and training programs – including in-depth training and special seminars

VIP PLATINUM Status – deposits above $500,000

  • Personal Manager – At any time of the day, 7 days a week (excluding specially declared public holidays and bank holidays)
  • Savings Reward – accumulation of savings at up to 14% per annum on special concessional terms
  • Reduction of spreads in the form of a per-transaction refund – Return rate 15%
  • Reimbursement of Negative Rollover – compensation of accumulated negative rollover for the transactions closed within the previous month.
  • Green Line: a specially dedicated service line for the VIP-service transactions
  • Depositing without commissions
  • Advance refill (up to 20% of the deposit)
  • Free admission to all workshops and training programs – including in-depth training and special seminars

Another great thing about TeleTrade worth noting is that they offer a Demo account as well. Having the option of opening a demo account is an extremely valuable thing as it allows traders to practice and develop their trading skills in a risk free environment. It is important to highlight that the Demo account executes trades that have an accurate parameters as if they were traded with real money.

Trading Software & Assets

As we already mentioned in this broker review, TeleTrade enables forex traders to trade on one of the most popular trading platforms – MetaTrader. The reasons for the popularity are pretty obvious as MT has an extremely intuitive trading room, a great amazing security measures and is precise and effective.

This software can be either be downloaded to your personal computer or a smartphone, or used as a web platform, depending on your preferences. It is, however, noteworthy that if you own Windows OS you are able to download the MetaTrader4, MetaTrader MultiTerminal (for multiple accounts) or MetaTrader5.

Support Information

Considering the fact that customer support is an extremely important part of every forex broker, we wanted to make sure our readers have the most accurate information concerning this part of the broker service.

TeleTrade customer support can be contacted through the following means:

  • A webform on their website under the Contact Us tab
  • An address: 2122, Limassol Avenue 71
  • A Phone number: +357 (22) 514442
  • An email address: [email protected]
  • Request a callback through a webform

If you already have an open account with this broker you can also take advantage of a much more direct way of contacting the customer support through an Online Assistant. Of course, there is also a Q&A section that you can consult if you have any immediate questions that most traders ask.

Banking & Company Information

Withdrawing and depositing funds to your TeleTrade account is available through the Client Login section and as far as we can see, this broker accepts deposits in all currencies. The steps for a successful deposit are:

  • Login into Client Login
  • Choose: deposit of funds
  • Select a prefered method
  • Enter the amount
  • Enter your bank’s details
  • Save the unique number of your deposit application

Withdrawals on the other hand can only be made to a bank account or transferred to a different TeleTrade account.