Another forex broker, TeleTrade, has applied with the Russian central bank for forex trader license, the broker said on Wednesday. It has filed the required documents to obtain a license, becoming the third company to announce it has done so. Brokerage groups Finam Forex and Forex Club are the other two brokers wishing to be authorized in Russia.
Under the local regulations, the Russian central bank, which is in charge of the forex market regulation in the country, has to take a decision within 60 business days.
TeleTrade expects to obtain a license in the first quarter of 2016 and to start full-scale operations in complieance with the new regulations, its CEO, Andrei Rybin, was quoted as saying in a press release.
Earlier this year, Russia adopted regulatory amendments, which require forex brokers to obtain a license from the relevant authorities in the country in order to continue providing their services to local citizens after 1 January, 2016. In addition, brokers need to join a self-regulatory organization, consisting of at least 10 participants. Otherwise, they have to cease operations in the country as of the beginning of 2016.
The changes aim to increase transparency and to push questionable companies out of the market.
The new law came into force on 1 October, 2015 and has not been accepted positively by existing forex brokers, as they find it restricting and disagree with some of the definitions in it. They have even asked the central bank to rethink the deadline as it is too tight, making it impossible for brokers to meet the requirements under the new Russian forex law. They suggest the deadline should be extended by a year. The central bank has showed willingness to negotiate the regulation implementation, but the Russian finance ministry is more cautious in its stance.
TeleTrade holds a license issued by the Cyprus Securities and Exchange Commission (CySEC) and can provide its services to clients from all EU member states. It is a member of the Russian self-regulatory organization Centre for regulation in OTC Financial Instruments and Technologies (CRFIN).
The TeleTrade group has 200 offices in 30 countries. Its clients can trade forex, as well as contracts for difference (CFDs) on commodities, stocks, futures and currencies. In Russia it is among the leading forex brokers and even was recognized as the leading forex brand in the country for 2015.
Source: TeleTrade
Frank
What an irony that while European regulators like CySEC are giving Teletrade their licenses and permissions, The National Bank of Russia is taking it away from the company. Reminds me of the current scandal in international sports.
Teletrade really used to be one of the three forex brokerages licensed to work in Russia, but the government pulled the license back and did so with other major brokerages. I have no doubt that it has something to do with corruption and unfair competition.
Mitras Suwarnov
That’s really rofl, but I even can explain why Russian Central Bank is doing so. Seems to be struggling against inflation and financial sector limits is the part of that programm. That’s sad that TeleTrade clients suffer from such plans and Russian economy (as the part of global economy) as well. I hope that this won’t affect Teletrade reputation, as broker is really good and, based on my own experience, I can prove that Teletrade is 100% reliable.
Peter
Good to know that the broker is well recognized on the international market. I had several doubts about it and was hesitating between two candidates to be my personal choice of a broker, but I see now that I’ll stick to Teletrade most likely because of its trustworthy regulations.
Willi Metzger
It is by such events that you can evaluate a brokerage company and talk about its prospects, because here you can see the development and desire to move forward. Well, this is very good, so I wish the company success and further development.
Bruce Merdoc
I’m interested in sync-trading. Can someone explain what’s the process of selecting the master and is there any info about masters to be guided by?
Hasheer
Yes, just check Teletrade website, there is full info about masters, you can be guided by profitability level, risk level and you can see info not only for the whole time, but also for particular period. You can also always change your master, so there is no problem with this so..
Luc Neveu
Obtaining the CYSEC license is what really distinguishes a real broker from scam. Glad TeleTrade has done so and moved to the upper league on financial markets arene. I’m not that sure the russian bank license will matter the same. Russia is very unpredictable in legislation. Today it gives the license, tomorrow, takes it away for no reason. Anyway, the company is moving in a correct direction, which is a good no doubt.
Kentros
Russian authorization is needed for russian people. Globally CySEC is the guarantee that brokerage will be reliable. TeleTrade is regulated, that’s why I trust it.
Egon Viklund
Are there any pitfalls in choosing the top-ranked systems for copytrading with TeleTrade?
Finley Davis
U mean – top-ranked traders? Yeah, they’re and I’ll explain you. Traders’ place in rank depends on the profitability. It’s obvious that scalpers and risk strategy traders have higher profitability, so they’re on the top of ranks. If you want to trade more safely – check traders with lower profitability.
Brock Parikh
I have been selecting a brokerage company for a long time, because for some reason I found the same information, the same services everywhere.
And only then I saw a really beneficial bonus system for the clients, so the choice became obvious.
Conrad Lee
TeleTrade is not just brokerage that will ‘throw’ you on market, brokerage offers complex solutions for traders, that include not only market access, but also many other things, including education and copy-trading. It has really one of the best educational programs that can help you to learn trading – starting from general free education, to advanced 1-to-1 courses with experienced traders.Also, don’t forget about sync-trading, it’s good way to earn if ou don’t know how trade for you own.
Stereric
I agree with you 100%. TeleTrade differs favorably from typical brokers, which only provide access to the market. It has the opposite side, as TeleTrade spreads are slightly higher than offered by other brokers. However, I’m ready to pay such spreads for that kind of service.
Adalbert Reinhardt
A friend of mine advised to try teletrade when I asked for ideas for passive investments. The friend trades here, but does not manage anybody’s funds. So what I want to find out is whether it is really possible to find professional trades here for copy trading. Should I simply choose the top performers or its a bit more complicated then that?
Axel Weise
Look, it’s a really effective way to make a passive income. And then you can really find an experienced trader to help you make money.
A small recommendation – choose traders somewhere in the middle of the list. Because at the top of the rating are usually risky traders with large capital, it can be a little dangerous for you. But in the middle of the list are traders with quiet productive strategies.
Good luck to you.
Suerreak
I’m trading there for a 4 months, but now I don’t have enough time to trade there. I’m looking to try sync-trading but I don’t know how to choose the right master to copy. Can you give some advices?
Marcus Vogt
You need a skilled trader which is making consistent profit on financial markets. So, you should avoid those ones who are in the race for profit. They can be at the top of list. More efficient to scroll the rating and choose a trader which knows how to manage risks and increase capital investments gradually.
Arnoldo Visconti
Everything is clear on the independent work here.
As far as synchronous trading is concerned, it seems to be interesting, but I’m not sure that I can let my money go like this…
Martin Guillaume
You can check masters’ statistics before you choose which one to follow. I suggest to take a look at long-term statistics, so you won’t choose a master with single success. I was afraid of sync-trading as well, but it turn to be better than expected, all you need is to choose the right master. Now I have 70% of my funds in sync-trading and sync-trading profitability is 37% higher than my independent trading profitability.
Helmut Nolte
I really like being a professional trader because it allows me to be a real businessman and at the same time I don’t see any significant limitations, i.e. I can take risks, check, try, observe etc. and all this is possible only here, believe my experience…
Regarding the choice of this company, it was an accident. And I chose it only because it has existed for many years. And in practice it turned out that there are quite a few opportunities to try different strategies – on demo, on MT4 or on MT5. The same is true for the set of assets, because it is thanks to this that I can test any of my strategies, absolutely any…
Augustin
Very competent and fast support team. I could not deal with the verification. But I was explained in as much detail as possible and helped to find a solution to the situation that suited both. I think, this is the basis of every successful company. They are based on the fact that each client is valued.
The only thing that I didn’t ask: what trading conditions are on MT5?
Johann Fuchs
They are the same as on MT4, but there is just a little more variety of indicators and other tools.
Be sure to try this if you haven’t yet.
Boris Krower
What bonuses does TeleTrade offer? Should I use them or better not?
Nitin Iyengar
Oh, that’s a great question! I’ll tell you more about the Bonus Programs at TeletTade. Because I know that traders usually try to avoid them in other companies. It happens for one simple reason – they don’t read the terms and conditions. So then they are disappointed with the result.
What are the Bonus Programs at TeleTrade?
1. Welcome Bonus. 100% on account. You can use it only once but at any time. For example, you can deposit the account today and order a bonus in six months. When you make sure that the company withdraws funds and suits you. A significant advantage of this program is that it can be combined with other offers.
2. Risk-free investments. It’s also a kind of Bonus Program. The essence is to invest from $500 to $5000 in Apple stocks. The company will buy them at a favorable rate. The order will be open until March. If, in the end, the investor remains in the plus, he has credited his profits. If the investor takes a minus, however, the company will compensate for the loss. The action is short-term. I think it’s worth participating before it ends.
These are the bonuses that I used, but other ones exist in the company. Although I don’t know much about them.
The main thing you should understand is that TeleTrade has conditions on the volume of trade. That is, you won’t get a payout if you trade rare or small lots. That’s understandable because it’s not profitable for the company to give bonuses in such a case.
Stefan Janzcik
I’ve read a lot of positive reviews regarding this company, so I thought I would face no problems trading there. And, I really faced no problems, but with the time I understood that company has some cons. First of all, it’s all about spreads. The tigher spreads – the better and in long-term horizon, tigher spreads may bring you a lot of money. TeleTrade doesn’t offer the lowest spreads compared to other brokers in the industry, so you would overpay with each trade.
That’s can be explained by the services which company offers, including wide network of offices and a lot of educational courses, but for me, as for a trader that never used any of these, the spreads are slight dissadvantage.
Secondly, TeleTrade offers sync-trading and promotes as the way to make more money for those, who aren’t experienced in trading. Can you earn with sync-trading? Yes, you can! But you can earn much more in perspective, if you would invest your time in self-practicing. So you should decide what’s more important – to get some profit now or to go beyond and become a real trader.
Of course, you can combine sync-trading and self-trading as well, but almost all TeleTrade traders I have spoken to use sync-trading only..
Willy Lemke
I don’t see anything bad in sync-trading. Of course, entrusting your capital to somebody you don’t know personally is a risky thing. But when you trade manually you take risks too.
As for spreads that you don’t find tight enough, you may be right if you are used to scalping. On the other hand, you may try long-term trading where it doesn’t matter how tight these spreads are.
Folco Ricci
It is right that this brokerage company has made a strong emphasis on cryptocurrencies, it is more relevant today than ever.
I also appreciated the demo, it’s free and unlimited in time application, and there are about 100 different technical analysis tools and almost all assets from the main trading platform.
I was also pleased with the bonus system. Regardless of the amount in the account you can count on support from the company.
Pierre Turpin
How can an investor in TeleTrade link his account to multiple Traders in the Synchronous Trading service?
Valentin Escobar
You just need to go to the relevant section on the platform. And then you choose traders who suit you with their results, you sign up with them and everything starts working. There’s nothing complicated about it. You can cancel it at any time.
Carsten Conrad
It’s good that the company pays attention to regulation. I also respect the fact that the broker complies with the local laws and takes care of his clients’ rights. It says a lot about the company. Because as far as I know, many brokers decided to just bypass this restriction and continued their activities without submitting any requests to the Central Bank. But TeleTrade did the opposite, once again demonstrating the level of its service.
In general, the support service of this broker is great. This is one of the few companies that respond quickly to user and customer inquiries. And they sincerely want to help, not just give a wrap-up.
Andreas Jansson
I don’t understand why the company promotes its sync-trading so hard. Their manager suggested that I try it. But after I did that, I can say there’s no sense if you know how to trade on your own.
My profitability on sync-trading was 30% lower than on my manual trading, so there’s no point to keep on trading that way.
Maybe that’s a nice feature for beginners, but there is only sense to be master for those who trade even semi-professionally but not participate in sync-trading as an investor.
Andrew Hunter
TeleTrade has been on the market for so long. It is clear that the company offers services of high quality. Otherwise, so many traders would not have chosen it. So I think that reputation and experience are much more critical than some formalities.
Ignasio Poda
Yes, it was a long time ago when Teletrade Group LLC submitted documents and an application to the Central Bank of Russia in December 2016, which became the 4th company that began the process of obtaining a license in Russia.
And only in May 2016 it became known that TeleTrade Group LLC, a representative of the international Teletrade group, received a license to carry out the activities of a forex dealer.