Is TeleTrade Scam or Legit Broker?

TeleTrade cannot be regarded as a reliable broker as it lacks a top-tier license from a prominent regulatory authority. The company is registered in St. Vincent and the Grenadines, a jurisdiction known for its limited regulatory oversight and protection measures and for now operates only via this license. Even so, TeleTrade operates in the market for quite a while long time, there are some concerns on transparency and whether TeleTrade is trustable to invest money or not. 

  • Brokers based in St. Vincent and the Grenadines often offer appealing trading conditions, yet they commonly lack stringent regulatory scrutiny. Consequently, brokers in this jurisdiction have a track record of being involved in financial scams. The highest level of protection and stringent guidelines are typically found under the supervision of top-tier regulatory authorities such as ASIC, CySEC, and FCA.

About TeleTrade
🏢 Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore
🛡️ Is TeleTrade safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is TeleTrade?

TeleTrade offers its clients the chance to engage in Forex, CFDs, Metals, and Futures trading, utilizing either the MetaTrader 4 or MetaTrader 5 platforms. Clients have access to a fully featured demo trading account for practice. Additionally, the broker provides training seminars, educational support, market news, and expert forecasts. Their customer service operates around the clock to assist traders. Trading can be conducted via Windows, iOS (iPad, iPod touch, and iPhone), and Android platforms.

Our research uncovered additional information about the broker and gained insights into various aspects of TeleTrade’s operations. 

  • Lack of serious registration: When it comes to the regulation of TeleTrade, some serious questions arise. The broker is now regulated in an offshore zone - St. Vincent and the Grenadines, which does not provide adequate safety measures for the clients. However, what is more concerning is that the broker was once regulated by CySEC. Yet, the website registered with CySEC now leads to another website - www.earn.eu, which has started operating quite recently. According to the website, Earn operates under the brand name of Top Markets Solutions Ltd, a private limited company registered with the Department of Registrar of Companies and Intellectual Property of the Republic of Cyprus. The company holds registration number HE272810 and is authorized by the Cyprus Securities and Exchange Commission (CySEC). We found that the previous name of Top Market Solutions Ltd operating under the brand name Earn was TeleTrade-DJ International Consulting Ltd operating under the brand name Teletrade Europe before. The information above is, to say the least, troubling and provides a solid reason for traders to reconsider before signing with the broker since company changing names and operates under various Names while main jurisdiction remains offshore.
  • In fact, TeleTrade operates for many years, with its previous focus on mainly Russian Speaking countries like Russia, Ukraine, Georgia etc. However, company operated under the offshore licensing so serious concerns on how operations were provided are in place. 
  • Market manipulation: Overall, the absence of transparency and regulatory oversight can create an environment conducive to market manipulation, posing risks to market integrity and investor trading performance. This may include Broker Platform is not really executing trades to the market but runs only on Brokers servers, therefore Market Data is not accurate, Positioning of orders may be removed or generally failing in a negative direction towards the trader, which may result in loss of investment and accout. Actually this is the very reason why offshore brokers are suspicious and not considered safe, since no one oversee how Platform and Broker operations are running this kind of manipulation may occurs not in favor of trader but the company itself, so it is essential to choose a well-regulated broker that will ensure a safe trading environment. 
  • Client feedback: We cannot say that there is solely negative feedback about the broker, there are positive feedback too. However, we found strong evidence from traders who lost their investments and accounts due to manipulations detected, like removal of stop-loss orders and price spikes which happened to be deeper than in real markets shown. Also, most of the reviews refer to different problems traders faced with the broker, from minor to larger issues. Numerous traders have raised concerns about their inability to withdraw funds from the broker. Additionally, there are reports of the broker unexpectedly closing traders' accounts, leading to the loss of their investments without prior notice.

 

Overall TeleTrade Ranking

After conducting comprehensive research, notable concerns have surfaced regarding the reliability of TeleTrade and its adherence to regulatory standards. Consequently, we are unable to give a positive rating to TeleTrade.

  • TeleTrade Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

Ranking TeleTradeHFMFP Markets
Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneTrading ConditionsTrading Instruments

TeleTrade Alternative Brokers

In light of the reservations surrounding the reliability and security of TeleTrade, we highly recommend traders consider alternative options that offer more robust regulatory oversight and enhanced trading conditions. Below is a list of reputable brokers that provide dependable choices and ensure a secure trading environment for your consideration:

  • HFM – Competitive Spreads
  • FXTM – Good for Beginners and Good Fees
  • FP Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

To fund their accounts, TeleTrades offers its clients a range of funding methods, including Credit and Debit cards, wire transfers, Skrill, Web Money, Perfect Money, Tether, bitcoin, etc. Typically deposits are instant.

  • The processing time for the withdrawal request on TeleTrade may range from two to three business days, depending on the chosen payment method.
  • However, considering the negative feedback regarding the withdrawal process of the broker, and overall, the lack of regulatory oversight, we recommend being careful while making financial investments with the broker

Account Types

TeleTrade offers three distinct account types: MT5 Invest, NDD, and MT5 ECN account, along with Islamic, Swap-Free, and Demo account options. The minimum deposit required to open a TeleTrade live trading account is $100.

  • With the MT5 Invest account, traders can trade starting from 0 pips. with only 0,3% of total commission, have access to 500+ CFDs, etc.
  • MT5 ECN account offers traders high leverage up to 1:500, floating spreads from 0.2 pips, low commission, over 38 technical indicators, etc.
  • NDD account is a No Dealing Desk (NDD) account tailored for advanced traders and, when opened with TeleTrade, provides access to interbank aggregated liquidity. 

TeleTrade Review Conclusion

Based on the information we have gathered about TeleTrade, it is evident that this broker has some appealing advantages with favorable features and trading conditions. However, it is crucial to acknowledge significant concerns regarding the broker’s trustworthiness and credibility. The fact that TeleTrade is registered in an offshore jurisdiction (St. Vincent and the Grenadines) raises substantial concerns.

Besides, there is a high risk of becoming a victim of market manipulations when trading with the broker, especially we found some evidence from real traders complaining about market manipulation detected. Consequently, traders are strongly advised to exercise caution when considering this broker as their choice.

Traders should give preference to brokers that are licensed by reputable authorities such as FCAASIC, or CySEC. Many regulated brokers have both favorable terms and conditions and align with the standards set by top-tier regulations, ensuring a safer trading environment. Some of the options are OANDAHFM, and Interactive Brokers.

  • Overall ranking and experience for TeleTrade is Negative

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