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Teletrade Account Types

Teletrade Account Types

 

 

Overall Rating

4.7/5

Rated #211 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySEC

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Teletrade provides five different account types e.g., MT4 Standard Account, MT4 NDD Account, Standard MT5  Account, ECN Account, and STP Account. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.

Finding a reputable list about Teletrade account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

Teletrade Overview

Teletrade is a regulated broker which is headquartered in Cyprus. Established in 2008, Teletrade is an award-winning broker which offers traders access to global markets.

TeleTrade has an additional 80 offices situated in more than 30 countries around the world they are a licensed and regulated broker and investment firm by CySEC as well.

Plus they offer consultancy services to companies and investors, TeleTrade has many years of experience with banking leaders providing training to traders and financial analysts in collaboration with universities and financial institutions in a lot of countries.

Although Teletrade’s overall pricing is not that competitive, TeleTrade Group does have one of the largest existences in the financial markets, with its Forex trading section situated significantly in Europe and the Middle East.

This helps to ensure that traders are offered trade execution at the best possible prices at the best possible execution speeds. Teletrade is continuously working to improve its trading solutions and services in order to adapt to evolving needs and objectives of traders.

 

Teletrade Account Types

Teletrade offers their traders the MT4 Standard Account, MT4 NDD Account, and the Standard MT5 Account, ECN, and STP account. Plus they offer their traders the option for an Islamic Account. Traders will find that through this account, Teletrade offers competitive trading conditions along with comprehensive solutions and services.

 

Teletrade Account Features

 

Teletrade Account

The Teletrade accounts do provide traders with a whole array of features including the following:

MT4 standard account: This account has fixed spreads and a large variety of instruments including futures, stocks, and CFDs. This account uses the Metatrader4 trading platform.

MT4 NDD account: This account has narrower floating spreads and there is extra commission per volume. This account also uses the MT4 trading platform.

Standard MT5 account: This account provides fixed spreads and instant execution. There is an exchange kind of system which is utilized for recording trades. This account uses the MT5 trading platform.

 

Islamic Account

Teletrade offers Muslim traders who follow the Sharia law the option of an Islamic Account.

It is unclear whether it is merely an option where traders can convert their live trading account to an Islamic Account, or whether it is a standalone account with a separate application procedure.

The Teletrade Islamic Account offers traders the following features:

  • A minimum deposit requirement of $100 after which the account will be activated.
  • Spreads are floating depending on the financial instrument, time of day, and several other factors.
  • Direct execution of trades through the STP model.
  • Zero interest charged on contracts that are held for longer than 24-hours with a consistent zero-rollover interest.
  • Zero additional rollover commissions when contracts are held for longer than 24-hours.
  • When using Teletrade, traders can open accounts in USD whereas with Teletrade traders can open accounts in USD, EUR, CHF, or GBP.
  • Traders are provided with 5-digit spreads.
  • Traders are offered access to Expert Advisors, or EAs, which allow for automated trading.

 

Teletrade Demo Account

Teletrade offers traders the option of opening a Demo Account which can be utilized in various ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore Teletrades’ trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

Teletrade demo account sign-up is fully digitalized and hassle-free.

It can be done within a few minutes and as soon as the trader is registered, demo trading can commence once the trader has downloaded and installed their trading platform of choice, with MetaTrader 4 or MetaTrader 5, or by using their web browser.

 

Teletrade Islamic Account

The purpose of an Islamic Account is that it caters specifically to Muslim traders who strictly follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Teletrader offers an Islamic Account to Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account such as minimum deposit, spreads, and more.

Traders who are interested in registering for an Islamic account must contact Teletrade’ss customer support to verify the details of the account as conditions may have changed from the time of writing.

These changes are as per the broker’s discretion and/or changes in market conditions.

 

Pros and Cons

✔️ PROS ❌ CONS
Excellent customer service US Clients not accepted
Well-known trading platforms Pricing not competitive
Wide range of financial instruments.

 

You might also like: Teletrade Minimum Deposit

You might also like: Teletrade Demo Account

You might also like: Teletrade Fees and Spreads

You might also like: Teletrade Sign up Bonus

You might also like: Teletrade Islamic Account

 

Teletrade at Glance

Broker’s Name Teletrade
Headquartered Cyprus
Year Founded 2008
Regulating Authorities Teletrade is regulated by the Cyprus Securities and Exchange Commission (CySEC), and EEA authorized to carry out its Forex brokerage activities throughout Europe under the Markets in Financial Instruments Derivatives (MiFID).
Countries not accepted for trade USA
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage 1:500
Minimum Deposit $100
Deposit Options
  • credit/debit cards
  • bank wire transfer
  • Skrill
  • Neteller
  • SafeCharge
Withdrawal Options
  • credit/debit cards
  • bank wire transfer
  • Skrill
  • Neteller
  • SafeCharge
Platform Types Metatrader 4 and Metatrader 5
OS Compatibility Web browsers, Windows, Linux, macOS, Android, iOS
Tradable Assets
  • Commodities
  • Indices
  • Precious Metals
  • Energy
Languages supported on Website Chinese ,Czech ,English,Latvian ,Lithuanian Polish ,Portuguese
Customer Support Languages Chinese ,Czech ,English,Latvian ,Lithuanian Polish ,Portuguese
Customer Service Hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with Teletrade?

You can trade the following financial instruments:

• Commodities

• Indices

• Precious Metals

Energy

 

Which platforms are supported by Teletrade?

Metatrader 4 and Metatrader 5

 

Does Teletrade offer leverage?

Yes, Teletrade offers maximum leverage of 1:500

 

What spreads can I expect with Teletrade?

You can expect floating and fixed spreads depending on the account chosen. The Islamic account, however, features floating spreads depending on the financial instrument and several other factors.

 

Does Teletrade charge commission?

No. Traders can expect no commission charges.

It is unclear whether Islamic account holders are subjected to the same commission charges. Traders must verify this information with the broker as it is not stated on the website.

 

Are there additional charges on the Islamic account?

Not that can be seen from Teletrades’ website. Islamic accounts, however, have spreads that are floating.

 

Is Teletrade regulated?

Yes. Teletrade is regulated by the Cyprus Securities and Exchange Commission (CySEC), and EEA authorized to carry out its Forex brokerage activities throughout Europe under the Markets in Financial Instruments Derivatives (MiFID).

 

Is Teletrade a recommended forex trading broker for experts and beginners?

Yes. Teletrade caters to both beginners and experts.

 

What is the overall rating out of 10 for Teletrade?

8/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

 

Does Teletrade offer a demo account?

Yes, Teletrade offers a demo account

 

For how long is the demo account valid?

There is no expiry date on using their demo account.

 

Does Teletrade offer the option of an Islamic Account?

Teletrade offers an Islamic Account.

 

Which live trading accounts does Teletrade offer?

MT4 Standard Account, MT4 NDD Account, Standard MT5 Account, ECN, and STP account. and the option for an Islamic Account for Muslim Traders.

 

What are the available deposit currencies for a live trading account?

  • EUR, USD

 

Deposits and Withdrawals

 

What is the minimum deposit for Teletrade?

$100

 

How do I make a deposit and withdrawal with Teletrade?

  • credit/debit cards
  • bank wire transfer
  • Skrill
  • Neteller
  • SafeCharge

 

Does Teletrade charge withdrawal fees?

If you request to withdraw your money and you have had no trading activity, then TeleTrade reserves the right to charge you the equivalent amount of any banking fees incurred, or 3 percent of the total withdrawal amount.

 

How long does it take to make a withdrawal?

This will depend on the payment method used. It can take between 30 minutes up to a few working days.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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