Traders first have to understand there are numerous entities involved in TeleTrade Group. The one we are analyzing in this TeleTrade review is TeleTrade D.J. registered in Saint Vincent and the Grenadines.
But also, there are entities registered in Europe, like Teletrade Polska sp. Z.o.o and Top Markets Solutions. Currently, the offshore brand is run on the teletrade.org domain. So, let’s see what to expect from them.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | Teletrade.org; |
| Have Warnings from: | KNF Poland, IOSCO |
| Registered in: | Saint Vincent and the Grenadines |
| Operating since: | 2022 |
| Trading Platforms: | MT4, MT5 |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | $10 |
| Deposit Bonus: | Available |
| Trading Assets: | Cryptocurrencies, forex, indices, stocks, commodities |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | If you are trading with an offshore entity of this trading brand, you can experience potential issues during the withdrawal process. At first glance of irregularity, feel free to reach our refund specialists for detailed advice. |
Legal info: Is TeleTrade Legit?
When it comes to the European entity which has a CySEC license, we can’t say they are not legit. However, there was a settlement in 2021 with that regulator for potentially violating regulations and laws. In any case, in the CySEC register, there’s no indication the teletrade.org domain is one of the authorized ones. It appears they are switching to a new brand earn.eu.
If you check the FSA (SVG) register, where teletrade.org is registered, you will see they are operated by Teletrade D.J LLC. Thus, this entity is not regulated by any other top-tier regulator, such as FCA, BaFIN, CySEC, or ASIC. Consequently, those laws and regulations can’t apply to them. And that’s exactly why we can see warnings from Polish KNF and Spanish IOSCO against them.
Who are TeleTrade’s Clients?
Even though the TeleTrade group has been around for more than 25 years, the offshore brand has been registered in 2022. Since then, they have been mainly offering services to traders from:
- Romania
- Italy
- Lebanon
- Ukraine
To help traders learn more about brokers’ activities, we invite all traders to share their experiences in the comments below. Ultimately, if traders have any potential problems, they can get a free consultation with our refund specialists about the next steps.
Traders Reviews
Generally speaking, TeleTrade reviews are not promising. With only 42 comments on Trustpilot, that certainly doesn’t match the numbers the company presents us with. Apparently, there are more than 10 million customers they have served over the years.
But if that’s the case, there would be much better feedback. In any case, some traders were complaining about the VIP programs the company was offering. So, watch out for small print. If you get into trouble, let us know and we’ll analyze your case and provide you with adequate advice.
Leverage, Commissions, Spreads, Fees and Taxes
Another important detail with TeleTrade broker is the offered leverage. For instance, EU-regulated firms can offer a maximum of up to 1:30. Even with CySEC regulations. However, the offshore entity doesn’t have such limitations and that’s what makes them dangerous. That’s why here traders are offered leverage of up to 1:500.
Overall, trading fees are quite low and that’s what might make the company attractive. Especially with spreads starting from 0.2 pips and commissions for trading execution of 0.008%.
Bonuses
One more thing TeleTrade trading firm uses as an advantage is a welcome bonus. It is accredited automatically upon deposit. But you should be careful of the minimum trading requirement conditions. Otherwise, you won’t be able to withdraw the funds. To learn how to recognize such traps, read our OrbitGTM review.
TeleTrade Trading Features
With TeleTrade MT5 availability, traders can explore all kinds of advanced features, starting with EAs, more than 80 indicators, and fast executions. Also, there’s a Trader Account which involves trading signals under the Synchronous Trading project. Still, without a license, all that is worthless.
Trading Platforms Available
Besides MT5, there’s also a TeleTrade MT4 platform for old-school traders. Even though it has a bit fewer customization options, it’s still a widely popular trading option. At least, traders won’t have to worry about platform manipulation here.
Available Trading Assets
Tradable assets with this firm cover all the most important categories. But to be fair, these can be found with any other top-tier licensed firm. Therefore, security will play a key role in choosing a broker. In any case, the options are:
- Forex – USD/NZD, EUR/SGD
- CFDs – FTSE100, Netflix, gold
- Cryptos – ETH, DOGE
If you are more into crypto, make sure to check our TheBTCPro review to avoid some typical traps.
Account Types
Important to realize is that regardless of the account type, the recommended deposit is $100. This is except for the Cent Account which requires only a $10 deposit. The conditions for each account type are slightly different and you can choose between:
- ECN – 1:500 leverage / spreads from 0.2 pips / 0.008% commission
- Invest – No leverage / no additional fees or charges / 0.3$ total commission / spreads from 0 pips
- NDD – 1:500 leverage / spreads from 0.8 pips / 0.007% commission
- Cent – Not disclosed
Mobile Trading App
Generally, a proprietary TeleTrade app doesn’t exist. However, if you use MT4 or MT5, you can download their respective mobile versions as well.
Demo Account
If you are unsure about the Cent Account as well, you can opt for a demo account with this brokerage. It’s a great way to explore the platform’s possibilities and trading costs. But even that is better to do with tier-1 licensed firms.
Education
Quite surprisingly, the company doesn’t offer any live sessions or webinars as a part of its educational program. If you are an inexperienced trader, this can be a deal breaker.
TeleTrade Withdrawal
To complete the withdrawal, you’ll have to complete the TeleTrade login process and access the client area. Once you request a withdrawal with some of the available methods, you can expect them to be processed within 2 business days.
Depending on the payment method, traders can expect up to 2.5% withdrawal fees which are fairly reasonable.
Customer Support
As can be seen, this offshore entity can be reached via email, web contact form, and a phone line with a UK number. There’s also a mailing address in the Czech Republic, live chat, WhatsApp, and Telegram channels.
Key Information To Consider About TeleTrade?
One of the key details traders have to remember is that this trading brand is operated offshore. There are also European entities with trusted regulations but still not comparable to FCA-licensed firms for example.
In any case, if there are any potential issues in your case, feel free to contact us. Once you know what your refund options are, your worries can easily diminish. Therefore, book your free first consultation right away.
FAQ Section
What is TeleTrade?
TeleTrade is a trading firm present in financial markets for more than 25 years with multiple brands registered in Europe but also offshore.
Is TeleTrade Legit?
After the settlement with the CySEC traders might question the company’s legitimacy. In any case, you have to check what entity you work with.
How to Withdraw Profits From My TeleTrade Account?
Even though the company has some regulations, this entity doesn’t. Therefore, if you can’t withdraw funds regularly, reach our refund team for alternative options.
Source:
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