There are many brokers for Forex trading in the market, however, the number of those who are actually providing reliable and trustworthy services to their clients. Besides that, the safety of the clients’ funds also needs to be guaranteed by visible and understandable actions, otherwise, the broker for Forex trading might be characterized as unreliable or even a scam. In the market of brokers for Forex trading, many companies are competing in order to get as many clients as possible by providing the best possible brokers and services to those clients. One such attempt is the TeleTrade Forex broker that has been in the market for more than 15 years and in those 15 years it managed to gather a respectable number of clients that have been using this broker for many years. This respectable number of clients indicates that the company is doing good job and that it provides their clients with new and better things every once and a while and in that way it convinces those clients to remain clients of the TeleTrade Forex broker. This, TeleTrade review will be dealing with what this Forex broker can offer to their clients.
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Background and Regulation
TeleTrade D.J. Company was established back in 1994 and during more than 20 years of its existence it has convinced their clients in their trustworthiness and their reliability which is very hard task for any new Forex broker in the world. Today, more than 20 years since breaking into the market, TeleTrade has more than 200 offices all over the world and those offices can be found in Russia, Poland, Moldova, Bulgaria, Serbia, Turkey, Hungary, Hong Kong, Italy, Czech Republic, Belarus, Latvia, United Kingdom, Lithuania and many others. During all these years, TeleTrade D.J. has grown into something much more than just a simple Forex broker company and today it provides their clients with trading opportunities. The TeleTrade Forex broker was regulated by the Cyprus Securities and Exchange Commission and it was licensed by the same Commission under the licence number 158/11. This, TeleTrade Forex broker has its headquarters in Nicosia, Cyprus but as we have already mentioned it operates in many different regions of the world. TeleTrade Forex broker also had to be regulated and licensed by the Financial Conduct Agency from the United Kingdom when they were planning to enter the United Kingdom market.
TeleTrade Forex Broker Platform
TeleTrade broker for Forex trading provides their clients with some of the best trading platforms in the world among which the most prominent are MetaTrader 4 and MetaTrader 5. With all of the advantages that these trading platforms are providing to their clients, TeleTrade is rare example of the Forex broker that uses the latest technological achievement when it comes to the trading platforms. Besides the already mentioned trading platforms, TeleTrade provides their clients with the opportunity to use several other trading platforms among which are:
- Trading platform for iOS run devices such as iPhone, iPad, iPod touch
- Trading platform for the mobile devices operated by the Android operating system
- MetaTrader version for the Mac OS X computers
These trading platform mentioned in the previously enable the clients to use TeleTrade mobile version of this Forex broker at any given time and in any location. It is also important to mention that these trading platforms also support many different languages among which are Serbian, Ukrainian, Latvian, Chinese, English, Spanish, German, Turkish, Arabic, Polish and many others.
TeleTrade Forex Broker Account Types
This part of the TeleTrader review will deal with the types of accounts that this broker is including in their offer. In that regard, the TeleTrade Forex broker provides two VIP accounts and the one demo account. Just like any other demo account provided by the Forex brokers, this one allows users to test what the broker has to offer and to see how the entire system is functioning. Besides the demo account, clients can use either VIP GOLD or VIP PLATINUM account when conducting business through this Forex broker. The VIP GOLD account requires the minimum amount of the deposit to be $50,000. This type of the account enables the client to trade 5 days during the week in a time span fro 9.00 a.m to 9.00 p.m. The second type of the account provided by TeleTrade is the VIP PLATINUM account and this type of the account requires the minimum amount of deposit to be $500,000. TeleTrade Forex broker also provides the clients who use the VIP PLATINUM account with the 28 percent of interest rate per annum.
One of the biggest disadvantages of TeleTrade Forex broker is the fact that it does not provide any kinds of bonuses and promotions to their clients. However, there are very generous interest rates for both types of the accounts (24 percent for VIP GOLD and 28 percent for VIP PLATINUM) that are being characterized as the bonuses for the savings account. Besides this, there is hardly anything else that might be considered to be bonuses or promotions for the clients.
Just like many other brokers for Forex trading are proving many different banking options, TeleTrade is also following the trend and has enabled their clients to use different banking methods to deposit and withdraw money from their accounts. The methods that the client can use for that purpose include Wire Transfer, Yandex.Money, PayOnline, WebMoney, Qiwi, RBKmoney and many different types of Credit and Debit Cards such as Visa, MasterCard, Maestro and many others.
The customer support service of the TeleTrade Forex broker is available for all the clients no matter from what part of the world they are coming. There are several methods that can be used in order to contact the customer support and those methods include, direct phone call to the Nicosia office or the office in country from where you are coming from, e-mail, and fax. Besides the already mentioned methods, TeleTrade Forex broker is also providing their clients with “online-consultant” which is basically an online chat that will connect the client with the customer support service.