What is TeleTrade?
This broker was created in 1994 in Moscow, and after several years with different offices and regulations, it has a presence in America, Eastern Europe and Cyprus.
For its European accounts, the broker offers the services from the Cypriot subsidiary, while for the accounts in America and Asia it does so from its other subsidiaries.
TeleTrade Mexico and Regulation
TeleTrade is a broker with a strong presence in the Latin American market (see the main brokers in latam).
«It is one of the few CFD and Forex brokers with an office in Mexico»
It also has offices in Ukraine, Belarus, Moldova, Poland, Hungary, Portugal and Italy.
Therefore, its main markets are Latin America, Asia and Eastern and Southern Europe.
The main regulation of this broker is that of the CySEC of Cyprus, which is under the regulatory umbrella of the European Union and the MiFid regulations.
Teletrade account opening and minimum deposit
Opening an account with Teletrade is really easy. The procedure is the same that we have in the vast majority of brokers in the world CFDs sector.
First you have to fill in the data on the web and then we will have to justify our identity and residence data by sending photos or images of our passports, identity documents and any electricity, water or bank statement bill with our address.
The minimum deposit is 100 USD or EUR.
This broker offers promotions in its non-European subsidiaries.
European affiliates from Cyprus and the EU are subject to ESMA regulations and cannot offer bonuses to traders.
In the Mexican subsidiary, it offers the 24% Bonus.
This is a bonus that works on a monthly basis at 2% or annually at 24%. It consists in that for every 1,000 euros of deposit, at least 4 lots must have been traded during the month.
During that month no withdrawals can be made and operations must last at least 2 minutes.
The minimum movement of each operation must be more than 5 pips.
For more information see the conditions on the corresponding page of Teletrade Mexico.
We will have two possibilities depending on whether we are in the European subsidiary in Cyprus or in the Mexico office.
The platforms offered by Teletrade are Metatrader 4 and Metatrader 5.
The main difference with Europe is that the accounts are not differentiated by the platform, being able to have the MT4 or the MT5 for the standard or professional account.
Apart from the bonus that we already discussed, the biggest difference is the leverage that can be used in trading.
Leverage in International Teletrade will be 500:1 maximum.
Leverage in Teletrade European Union will be 30:1 maximum.
Teletrade final valuation
It is a broker with a good trading offer, especially for the Mexican market in which there are hardly any brokers with offices in the country.
Over the years they have lowered their minimum deposit from $200 to $100 as I think they have realized that there are many customers who are willing to open an account with those amounts. Curiously, we found information in the FAQ that the minimum deposit would be 300 USD, something ruled out by the customer service that can be contacted by Chat almost immediately (point in favor). Therefore the minimum deposit is 100 USD.
It is an acceptable figure for those who want to learn trading. But do not think that it will be easy to win in this or in any other broker.
The variety of trading accounts and platforms is pretty good, with nothing special to mention.
An important detail is that the teletrade.eu account in Cyprus no longer offers customer service in Spanish on the web, which makes me think that they have abandoned the Spanish market due to the lack of clients who opened accounts from there.
From what we see, the broker is heavily focused on offering services in the Latin American region, so I think it could be a good option for clients from that country.
However, it is not a broker whose regulation is the highest in the market since it lacks it in places like the United Kingdom or the United States.
- Country: Mexico, Ukraine, Cyprus
- Regulation: CySEC
- Type: Market Maker and NDD
- Markets: Forex and CFDs on stocks, indices, metals, cryptocurrencies and commodities
- Minimum deposit: 100 USD
- Deposit methods: transfer, card, Skrill, Neteller
- Platforms: MetaTrader 4 and 5
- Spread: from 0.8 pips EURUSD
- Commissions: yes
- Scalping: no