Summary
TeleTrade is an established broker for forex and CFDs that is said to be able to trade many different types of assets. However, in recent years, the broker’s legitimacy has come under suspicion. Although the TeleTrade broker is regulated by CySEC, there are some red flags, including settlements with regulators, feedback from users, and technical issues, that bring up questions concerning the broker’s reliability. Check the broker’s regulatory history and user experience in this TeleTrade review.
About TeleTrade Broker
TeleTrade was set up as a forex & CFD broker to allow for trading in currencies, commodities, indices, and cryptocurrencies. The broker claims to be regulated by the CySEC and conducts business under the name Teletrade-DJ International Consulting Ltd.
However, their own website (https://www.teletrade.eu/) is currently down, which raises concerns for any trader attempting to access their account or view details about the company in general.
Regulation and Controversy
Even though the TeleTrade broker has a CySEC license, its regulatory history is not especially comforting. According to a report on BrokersReview.com, TeleTrade and CySEC reached a settlement agreement over potential violations of the Investment Services and Activities and Regulated Markets Law 2017. The settlement required TeleTrade to pay a fine of €120,000, implying that the broker had some issues with their compliance institutional frameworks and processes.
The investigation took place on December 20, 2018, and suggests that the regulatory body had concerns about the broker’s disclosures, operations, and client money management.
Trading Platforms – MetaTrader 4
TeleTrade provides the MetaTrader 4 (MT4) platform. The TeleTrade MT4 offers many features, such as charts, technical indicators, compatibility across devices, and auto trading. Some users mentioned that slippages, or the time it takes to confirm execution, may affect trades.
TeleTrade Login and Accessibility Issues
Multiple clients mentioned they had trouble with the TeleTrade login, especially when the website was down. Several users mentioned they could not log in to their accounts, get funds out, or access their accounts; questions of access present concerns about the broker’s reliability.
User Experiences
The majority of complaints are associated with:
- Inability to make withdrawals
- Poor customer service
- False representations of profit
- Losing money in a short period of time
FAQs about TeleTrade Broker
1. Is TeleTrade a licensed broker?
Yes, the TeleTrade platform has an active license from the Cyprus Securities and Exchange Commission (CySEC), though it has previously paid a fine of 120,000 euros for violating the regulation, rendering its compliance questionable.
2. Why is the TeleTrade website down?
The https://www.teletrade.eu/ website does not seem to be working. This may mean they are temporarily down (maintenance), or that something worse may be wrong.
3. What are traders saying about TeleTrade?
Multiple users are now discussing on the TeleTrade forum and TrustPilot that several users are having problems with being unable to make withdrawals, having issues with their accounts, and not having sufficient support.
Should You Trust TeleTrade Broker?
Even though TeleTrade is technically regulated by CySEC, the fines issued by the regulator and the negative feedback are enough to take concerns seriously. All traders need to be cautious and verify if the broker is operating (or consider better alternatives) before depositing any money.
If you need further assistance, have questions related to this point, or wish to attempt to recover losses from scammers, we request that you contact our experts in fund recovery.
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