TeleTrade – what we know and have as facts about it; This is a trade name of TeleTrade-DJ International Consulting Ltd, which is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11. In addition, Teletrade D.J. Limited is registered in Saint Vincent and the Grenadines as an International Business Company with registration number 20599 IBC 2012. These licenses allow it to conduct various financial services, including receiving, transmitting, and executing customer orders.
We have found in the Best Execution Policy document that the company in some cases may act as principal where it will be the execution venue for the execution of the client’s orders. In other cases, the company may act as agent whereby some other financial institutions will be the execution venue. So, the client may trade with the company as a counterparty (whereby the company will be acting as a principal) and therefore TeleTrade is a market maker. In general, dealing with market makers involves a conflict of interest because they do not transmit every customer deal and hope that customers will lose. Every loss of customers is their profit.
We also found that there are some posts in the forums about using fraudulent practices to push clients to deposit more, higher fees on trades and withdrawals and extremely large spreads. Russia’s central bank announced last year that it had revoked TeleTrade’s license for violating the requirements of its own funds and submitting the reports with fake accounting data.
So far, we have not received any complaints from customers of TeleTrade. If you have any criticism to share with us or feel annoyed by TeleTrade, please fill in the form below, detailing your case. Once we have made your case public, we may attempt to mediate between you and TeleTrade if you wish.