- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
Looking for a new forex broker and considering giving TeleTrade a try? TeleTrade is a forex broker founded in 1994 and regulated by CySEC. They claim to offer a great range of available trading assets, as well as education and research. Read our review of TeleTrade and learn more before you make a decision.
TeleTrade, having been founded in 1994, brings a wealth of experience to anyone wishing to get started in forex trading with them. This period of more than 25 years in the industry, has allowed them to grow into being one of the most well-respected brokers in the sector. They are also regulated by one of the top-tier regulatory bodies in the industry, CySEC. This brings with it a very secure, trusted trading environment for all. So, let’s learn more and take a closer look at TeleTrade in this review.
TeleTrade Account Opening
Opening an account with TeleTrade is as simple as collecting the few documents that are required here to get started. This means that as long as you have, proof of identity (passport is best here), and proof of residence (a bank statement or utility bill would be best here), then you should be able to open and verify your account quickly.
TeleTrade also provides a demo account to get you started. The transition from opening a TeleTrade demo account to a live account is also very easy. It requires the same few documents that the broker works to quickly verify your account.
The minimum deposit across all of the TeleTrade account types is $100. This represents excellent value for traders who want to get started in the industry.
Account Availability And Account Types
Among the forex brokers we have reviewed, TeleTrade is one of the longest established we have seen. To this end, as you would expect, they have forged links around the world and are available to traders in the majority of nations, with a strong focus on European traders. TeleTrade does not provide services to US traders.
When it comes to account types, you will find that you have three choices with TeleTrade, each of these featuring a MetaTrader trading platform. You can select from the MT4 Standard Account, where there is no commission on trading. The spreads start from a variable 1.1 pips, the NDD account type which can provide for spreads from 0.8 pips, or the Sharp ECN account type, which features the most competitive trading conditions through MT5, but where a commission starting at $7 per lot traded also applies.
TeleTrade Product Offerings
With TeleTrade, you will also have a great range of choices when it comes to assets available for trading. No matter your account selection, there will be more than 200 CFD assets available in a number of markets, including futures, stocks, indices, commodities, and more than 130 forex currency pairs.
TeleTrade Commissions And Fees
TeleTrade tries to remain very competitive in this regard when it comes to account fees, commissions, and the general cost of trading. If you are going with the MT4 Standard account, then trading will be commission-free. The spread here is variable and starts from 1.1 pips.
Through the NDD account type, the spreads will be lowered to a variable spread starting from 0.8 pips, though a commission is charged, which is from $7 per lot traded. This same commission is charged on trades with an ECN account holder, though the speed of execution is some of the fastest in the market, and the spreads on this account type start from an extremely low 0.2 pips.
The commission on these account types can also vary, from 0.1% on stock CFDs, and starting from 0.007% on the NDD account or ECN account.
TeleTrade Platforms And Tools
TeleTrade is a Metatrader broker. This means that they facilitate trading through the Metatrader trading platform. Both MT4 and MT5 are catered for with this broker. Of the forex platforms we have reviewed, these commonly come out on top as the most comprehensive and well-respected from a trader point of view.
The MT4 trading platform is provided for trading on the Standard Account or the NDD account. This trading platform is perhaps the best known in the industry and provides for a comprehensive selection of charting tools and indicators. More than 50 are available as standard.
Added to this, the platform is very user-friendly and simple to operate. It can run on almost any computer, so it is extremely robust too. All of these factors have worked to keep MT4 as a top choice for traders over many years, and this is a popular choice that many brokers, including TeleTrade, like to harness in providing their service.
The MT5 trading platform is also available through the broker’s ECN account. This trading platform has many of the same features that you find on MT4 and the same intuitive layout and comprehensive range of charting tools and indicators.
Mobile Trading Platform
When it comes to mobile trading, again, this is provided through Metatrader in the form of their mobile app. This app has all of the same features you would expect from a desktop trading platform. In fact, it loses minimal capability in mobile trading.
The mobile trading platform is extremely efficient as well as being analytically powerful in catering for many of the same excellent tools in terms of charting capability. It also remains very easy to use and light on your device. The platform is available on both iOS and Android.
Education And Research
We have reviewed some of the top forex educational services in the industry. When it comes to this, TeleTrade is also very well provided for. They are award-winning in this category, having collected a European accolade in 2014 for the quality of their educational material. Within the education section, you will find a selection of webinars that you can attend, along with various video lessons that can help you develop along your forex trading journey.
When it comes to research, this too, is very well provided for by TeleTrade. They work to provide comprehensive detail here with regularly updated news, technical analysis, and a detailed economic calendar together with more videos.
Some of the key differentiators when it comes to TeleTrade are firstly, the vast amount of experience that the broker brings to the table. This is more than 25 years where they have learned to craft their offering precisely to the needs of the traders.
The fact that they also provide for multiple account types on different trading platforms is a thing that many traders will welcome. Finally, the level of detail that they take in putting together their research section moves to set them apart from similarly minded competitors in the sector.
TeleTrade customer support is available on a 24/5 basis while the markets are open. The methods of contact available include dedicated email and telephone support in multiple European languages.
Here, the broker could work to add a web-based live chat and more language support, but what is on offer is quite sufficient, and our questions were quickly and professionally answered.
Trustworthiness: Is TeleTrade Legit?
One of the most important aspects to consider when you trade forex is trustworthiness. Trust and security are excellent at TeleTrade. They have been in operation for more than 25 years, and so, there is a level of security that you would expect.
This is boosted by the broker being regulated through CySEC, one of the most trusted, top-tier regulators in the financial world. The only area for improvement here may be that they could expand on this trusted position to become further regulated through other bodies globally.
Conclusions For TeleTrade
Taking into account all aspects of our TeleTrade broker review, it is clear to see how they have built such a loyal trader base over the years. The broker provides everything you require to make the very best out of forex trading.
This includes a very trusted trading environment, a wide range of available assets to choose from among multiple account types, trading costs that are competitive with other major brokers, and an opportunity to continue learning.
With all of these elements in place, it is no surprise to see TeleTrade occupying the top broker position it does in the industry.
- TeleTrade has been around for a huge length of time. More than 25 years in the industry, and are very well-trusted.
- They offer quite competitive spreads and a good choice of account types across trading platforms.
- Their regulation through CySEC is some of the most trusted in the financial world.
- There is quite a gap between the spreads on the standard account and that of the ECN account.
- Customer support and service could be more widely available with the broker.