TeleTrade is a brokerage firm located in Nicosia, Cyprus. It may seem like a typical online brokerage company, but its diverse set of financial markets made it one of the forerunners in the industry. It received its license from the Cyprus Securities Exchange Commission in 2010 after its successful debut in 2007.
TeleTrade’s years of service did the company good as it bagged awards including the Best Trading Platform in Southern Europe and the Best Forex Customer Service Broker. It boasts of over 200 leg offices in 30 countries operated by 3000 employees. Currently, Foreign Exchange, Contract for Difference, Spread Betting, and Share Dealing stand as the company’s flagship services.
Below are the company’s specifications with focus on its usability, security, and overall functionality.
TeleTrade Account Selection
With two account types available in Teletrade, it can be concluded that the selection lags behind the standard of three to five. While two options may appear inadequate, both accounts are heavily loaded with premium features that other brokers have yet to offer.
This account requires a minimum deposit of $50,000. For such amount, clients are given a personal manager available for five days a week. Clients may also utilize the savings deposit bonus that charges 24% per annum on special concessional terms. In addition, there is also an active telephone line that may be used for placing real-time queries. Other features include commission-free deposits and free admission to trainings and trading workshops.
This type of account is more expensive, charging clients an amount of $500,000 for subscription. However, the amount is reasonable as all the features offered in the VIP Gold Account are enhanced in the VIP Platinum. For one, its interest bonus also increased by 4%. The personal manager is available without time restriction, while its customer support adds Skype as another means to place queries. It also offers trainings more thorough and sophisticated than what was offered in the VIP Gold.
TeleTrade prides itself for offering a feature called Synchronous Trading. This is the company’s own version of social trading that enables clients to follow and utilize winning strategies. By using this feature, clients may view winning statistics of the so-called master traders. What came to be an impressive feature about this technology is its risks diversification. Through this, clients may expand their scope and choose the most ideal strategy for their current structure.
Every client may become a master trader using the Master account. This does not require clients to place large investments or engage in taxing trades. What they have to do is generate winning trades that would attract Investment Account holders. Larger number of followers equates to larger commissions. This feature can be accessed through a separate link (sync.teletrade,eu).
Education and Research
This aspect is highly prioritized as Teletrade provides a separate section called “Forex for Beginners”. As the name suggests, it is a page dedicated for newbie traders wanting to understand the fundamentals of Foreign Exchange. This is helpful for traders since the industry projects high level of risks and knowing the basics may save one from trading hassles.
Comprehensive graphic illustrations and analysis are provided to carry out discussions about profitability. There are also lessons about market fundamentals that teach about the effects of various factors on price movements. Other educational and research materials that may be used to one’s advantage are ebooks, lecture notes, CD and DVDs.
One can conclude that TeleTrade is a trader-centered company since it provides easy-access customer support. Clients with queries may contact Cyprus-based customer representatives through its active telephone line. Feedbacks, complaints, and suggestions may be placed through online forms, while an online live consultant is provided for anyone who needs real-time solutions.
Truth be told, TeleTrade has wide global reach. Its leg offices located in 30 countries made its market adhesion tight and secured. While there are laudable features that this brokerage firm offers, the absence of bonuses appear a disadvantage since this aspect ensures client engagement.
The website provides inadequate details about its account selection, leaving traders with little information about the pros and cons of subscribing. The Frequently-Asked-Question section is also missing. This review finds the absence of such disconcerting since the FAQ section has always been helpful for those in need of quick answers. But despite TeleTrade’s fair share of setbacks, it is still a decent and legitimate company that may expand your margin of profitability.