Teletrade Review 2024: Is it a scam?

This Trading Platform is available in Ukraine
Based on the collective insights from various authoritative review platforms, Teletrade has received a mixed response from its users. Some traders have praised the broker for its educational resources and customer support, noting that the guidance provided by their consultants was particularly helpful for beginners. However, there are also concerns raised about withdrawal difficulties and unclear fee structures which have left several customers dissatisfied. A few reviews have pointed out issues with account management and responsiveness, suggesting room for improvement in client relations. Overall, while Teletrade offers valuable tools for traders, potential clients should be mindful of the critiques regarding financial transactions and transparency when considering this broker.
* The amount that will be credited to the account in the case of a successful deal
* General Risk Warning: Your capital might be at risk
Trustpilot Real Time Reviews






Online trading has completely revolutionized how traders enter the market – and who those traders are. Now, even without any formal training, anyone can earn money from it. You just need an internet-enabled device like a smartphone and you’re set.
When I heard this, I was so excited to get into the trading scene. It was all about luck, right? Wrong. Like you would guess, my first few trades were terrible, and I lost what little funds I had invested.
I was back to the drawing board, trying to discover what I missed the first time, and that’s when I realized: I didn’t have a brokerage service. In my search for a good forex broker, I came across Teletrade.
Older traders will recognise the longtime industry player Teletrade, and its legendary Teletrade coin auction which was always held in the United States. This MetaTrader platform was the legend of an era, spurring traders in Ukraine, Russia, Belarus, and other countries.
Although Teletrade is iconic, to me, it looked like a relic of a bygone era. If you’re wondering what this platform can offer in today’s fast-paced world, you’re not alone. That is the very reason I decided to bring you up-to-date information in this review.
Pros and Cons of Teletrade
Although Teletrade excels as a forex trading platform, there are areas where I noticed that it falters. Below, I’ve outlined the various advantages and disadvantages I noticed on the trading platform.
Pros
- Education section that is useful to newbies in forex trading.
- A detailed analytical section.
- A demo account is available to aid new traders.
- There are MT4 and MT5 accounts available on the platform.
Cons
- Only a few trading instruments are available on this platform.
- The withdrawal speed of this platform is slow.
- The withdrawal methods accepted by this platform are few.
- No specific Islamic accounts are available on the platform.
What is Teletrade
Teletrade began doing business in 1994, going online in the year 2000. During this period, they provided their clients with access to financial consulting and online trading services.
With more than 28 years of experience under its belt, this platform has been continually improving the quality of its services. Teletrade employs over 3000 qualified employees and has offices in 26 countries around the world.
This broker has a global reach spanning 193 countries, including Australia, Germany, Asia, China, and South Africa. This company is supervised for conduct by two major regulatory bodies:
- The CySEC (Cyprus Securities and Exchange Commission)
- The MiFID (Markets in Financial Instruments Directive)
Characteristics of Teletrade
After spending some hours on the platform, I spotted some positive characteristics that attract traders and keep them satisfied. Some of these characteristics include:
24-hour availability
I noticed that unlike most brokers you see on the market, the Teletrade forex broker is available round the clock. Whether you want to trade at midnight or early in the morning, their services are available 24/7.
Reliability
Teletrade has spent more than 28 years in the forex market, providing high-quality brokerage services. I saw proof of this in the many awards that they proudly display on their website, including:
- Most Reliable Forex Broker for 2017
- Most Reliable Forex Broker for 2016
- Best Service for Managers in 2016 from the KROUFR Awards
24/7 Efficiency
Teletrade provides its analytical services all day and all week. As a newcomer, I was always checking their analytical services most of the time, and it was always available. This allowed me to use the platform’s analytics to make the best trading decisions.
Teletrade Account Types
Are you familiar with some of the words thrown around in the forex trading space? If you are, you’ve probably heard of “MetaTrader 4” or “MetaTrader 5”.
Well, Teletrader accounts are all based on the MetaTrader platforms, so I’ll be telling you all about them.
MetaTrader 4 and its latest version, MetaTrader 5, are both products of MetaQuotes Software Corporation. The MetaQuotes Software Corporation is a software company that started its business in 2000. This company is one of the leading developers of trading software, and one of its products is the MetaTrader Platform.
MetaTrader 4 (MT4) was their first MetaTrader platform, released in 2005. This platform is designed specifically for forex trading, but it can also handle other assets like indices, stocks, and commodities. This platform caters to both amateur and advanced traders alike with its user-friendly and multifunctional interface.
MetaTrader 5 (MT5) was released in 2010 as a multi-asset trading platform. It offers the same capabilities of MetaTrader 4 but with the freedom to trade cryptocurrencies and other instruments. It also offers advanced features like algorithmic trading, trading signals, fundamental analysis, trading robots, and copy trading.
If you’re opening a Teletrade account, you will choose between opening a MetaTrader 4 or MetaTrader 5 account. Even if you don’t decide that during registration, on your profile page, there’s a column to select it.
Like most people, I was tempted to select the MT5 trading account. At a glance, an MT4 account might seem obsolete, but that’s not true as it has its advantages. MT4 is much more beginner-friendly than MT5 while still offering the best forex trading environment.
Sharp ECN Account
The ECN account is the typical MT5 account, so it offers access to everything the MT5 trading platform offers. This account charges commissions and relies on market executions.
It also offers you access to advanced algorithms and interbank liquidity. You’ll also enjoy high transaction speeds and other conveniences.
Features
- The maximum credit leverage of this account is 1:500.
- When you use this account, you gain access to floating spreads from 0.2 pips.
- The trading commission is 0.008%, with CFDs charging 0.1%.
- This account comes with a 20% stop out.
- Hedging and netting are available.
Invest Account
This MT5 account is the go-to for when you’re ready to invest in the financial market. It allows you to create and manage portfolios of the market’s top ETFs and cap stocks. You can do this without any extra fees, hidden charges, or hidden leverage.
The Teletrade Invest account also comes with access stickers for 9 different stock exchanges.
Features
- There’s no leverage
- There are no hidden charges
- You gain access to more than 500 CFDs
- You also gain access to tight spreads from 0 pips
- The total commission in this type of account is 0.3%
- This account comes with hedging and netting risk models
- The stop out is 10%
NDD Account
If you’re tired of being on the receiving end of bad trading deals, then this account is for you. This Teletrade Metatrader 4 account gives you access to the best market prices and financial instruments. It also offers high-speed transaction speeds to take advantage of these features.
Unlike other Teletrade accounts, the NDD (No Dealing Desk) account is meant for advanced traders. Opening this type of account will also give you access to interbank aggregated liquidity.
Features
- No requotes when trading
- High execution speed for transactions
- It includes a 20% stop out
- 0.007% commission for all trades
- You gain access to floating spreads from 0.8 pips
- The maximum leverage is 1:500
NLT Account
This Teletrade MetaTrader 5 account comes with no leverage. It offers access to leading ETFs from exchanges and stocks worldwide. It also provides access to medium and long-term investment opportunities at little cost.
Features
- 1:1 leverage
- No hedged margin
- Lowest spread of 0.2
- Negative balance protection
- Access to spreads from 0.2 pips
- No commissions
- Access to more than 1000 instruments
Standard Account
This MT4 account is one of the best options for many traders as a one-size-fits-all account. It offers standard lots and relies on market executions, meaning there are no requotes.
Features
- Access to spreads from 0.2 pips
- 0.1% commission on stocks, and 0.007% on other symbol types
- Professional leverage of up to 1:100
- Lowest spread of 0.2
CENT Account
Unlike other Teletrade accounts, this trading account is available for both MetaTrader 4 and MetaTrader 5. This account comes with a special feature: it’s denominated in cents, meaning all deposits that you make will be in cents.
The advantage of this is that you’re able to trade more on this account. A deposit of $20 will offer 2000 cents. With this account, you’ll be able to trade stocks, indexes, metals, energies, cryptocurrencies, and forex.
Whether you are a beginner or a professional, you can trade with this Teletrade Coins account. Beginners can use this account for their first foray into the world of forex since there is minimal risk. Advanced users can use this to test out their company’s trading conditions.
Demo Account
Alexander Elder once said, “The goal of a successful trader is to make the best trades. Money is secondary.” If you want to become a good trader, you need to make good trades – even when you lose money. However, not many people are willing to pay that price.
The demo account is the solution to that dilemma, as it allows you to trade without fear of losing funds. Teletrade already added demo funds in the account to help you learn the ropes of trading. You can test trading theories without worrying about losing funds.
The demo account also offers a chance to master all the tools and instruments that are available on the Teletrade platform. An advantage of this account is that it mentally prepares you for the forex scene far better than any book will.
As a new trader to the platform, I couldn’t get enough of the demo account. Whenever I had a new strategy to try, I tested it here first. If I lost my funds, I could just add more virtual dollars to my account and continue trading.
Features
- Unlimited virtual funds for trading
- Access to over 200 trading instruments
- Access to real-time quotes
- This account offers the full functionality of a normal Teletrade account
Instruments Available on the Teletrader Platform
Whether you are starting with an NDD MT4 account or an ECN MT5 account, you get access to a variety of markets. Of course, the instruments available for MT4 and MT5 trading accounts differ.
However, i noticed that the instruments below were common for both MT4 and MT5 accounts:
- US CFD stocks
- EU CFD Stocks
- Bonds
- Forex
- Commodities
- Cryptocurrencies
- Indexes
- Metals
- Energies
Analytical Tools Available on Teletrade
The difference between an amateur and a professional trader depends on many factors. One of these factors includes the types of tools available to each trader and their knowledge of them. Teletrade gives you access to all of these tools as well as instructions on how to use them, including:
- Economic calendar
- Market news
- Real-time quotes
- Holiday calendar
- Interest rates
- Central bank news
- eOption review 2024: should you sign up with this broker?
- Interactive Brokers Review 2024: Is it a discounted broker?
- ExpertOption 2024: Is the broker right for you?
- UNDERSTANDING LEVERAGE TRADING IN 2024: THE PROS AND CONS
- What is Catecoin (CATE)? A Dogecoin & Shiba Inu Rival
- Swissquote review 2024: should you sign up with this broker?
Training
The training resources offered are housed under the Teletrade Forex Education platform. Here, you get the chance to choose between office-based education and remote education.
Office-based education offers face-to-face training from professionals, while remote training will suit those who desire convenience when learning. Either way, these classes are free, and they’re held in the afternoons and evenings. There are introductory classes, practical classes, and demo account training with a virtual capital of $50,000.
The training platform can be accessed from the main Teletrade website. Just click on the menu button at the top left of your screen, and you’ll see it under “Education.”
Security
All my trading mentors always advised me that it’s best to use a brokerage platform with adequate security features.
Trading in forex could lead you to leave large amounts of cash on these brokerage platforms. If they’re not safe, your funds could be lost due to a hack.
Teletrade uses the Investor Compensation Fund, negative balance protection, and segregated client accounts to protect investors. With this, I felt safe whenever I used the services of this trading platform.
Regulation
Teletrade is a forex broker that’s regulated by the Cyber Securities and Exchange Commission (CySEC) under license number 158/11. Platforms such as Hirose are regulated by similar authorities. It’s also registered as a Cyprus investment firm. In the EU, Teletrade operates under the Markets in Financial Instruments Directive (MiFID).
- Smooth Love Potion (SLP) Crypto Review 2024
- FreshForex Review: Is FreshForex Ideal for Forex and CFD Trading?
- What is the Flare Network and What Does it Do?
- Finrally 2024 Review: Your Binary Options Broker Quest
- CMC Markets Review 2024: What you need to know?
- How to Use a Stochastic Oscillator for Beginners?
Discover top binary options brokers tailored to your region. Browse our curated lists by country:
All Brokers | Top Brokers | USA | Canada | UK | Australia | Nigeria | India | New Zealand | Germany | Turkey | Spain | France | Ukraine | China | Indonesia | Pakistan | Bangladesh | Russia | Mexico | Japan | Brazil | Philippines | Vietnam | Iran | South Africa | Italy | South Korea | Argentina