TeleTrade offers Islamic swap-free trading for Muslim traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of a swap. The fee is not an interest and depends on the direction of the order.
TeleTrade At a Glance
| Broker's Name | TeleTrade |
| 🏛️ Headquarters | Limassol, Cyprus |
| 📅 Year Founded | 1994 |
| ⚖️ Regulating Authorities | CySEC |
| 🌐 Countries not accepted for trade | United States |
| 📌 Accounts | Standard account NDD Account Sharp ECN account |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Demo Account | Yes |
| ✴️ Institutional Accounts | Yes |
| 👨🏼💼 Managed Accounts | Yes |
| ⬆️ Maximum Leverage | 1: 500 |
| 👉 Sign Up Bonus | No |
| 💰 Minimum Deposit | $ 100 USD / R 1600 ZAR |
| 💳 Spread | Spread / Variable (From 0.2 Pips) |
| 💳Fees | No Deposit or withdrawal fees |
| 💳 Deposit Options | Credit cards Debit Cards Skrill Neteller UnionPay FasaPay Bank Wire Transfer International Transfer |
| 💳 Withdrawal Options | Credit cards Debit Cards Skrill Neteller UnionPay FasaPay Bank Wire Transfer International Transfer |
| 📊 Platform Types | MetaTrader 4 and MetaTrader 5 |
| 📶 OS Compatibility | PC, Mac, Web, Android, iOS |
| 📈 Tradable assets offered | Forex Metals Indexes Energies Stocks Crypto Commodities |
| 💬 Languages supported on Website | English, Czech, Chinese, Latvian, Lithuanian, Polish and Portuguese |
| 💬 Customer Support Languages | English, Czech, Chinese, Latvian, Lithuanian, Polish and Portuguese |
| ⏲️ Customer Service Hours | 24/5 |
| 🔎 Open an Account | 👉 Click Here |
Min Deposit USD 100 Regulators CySEC Trading Platform MT4, MT5 Crypto Yes Total Pairs 60+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Choose your quick section of our TeleTrade below.
TeleTrade Islamic Account – 11 key point quick overview:
TeleTrade At a Glance- TeleTrade Overview
- What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a TeleTrade Islamic Account?
- What are TeleTrade’s spread costs on an Islamic Account?
- What other features does TeleTrade’s Islamic Account have?
- TeleTrade Customer Reviews
- TeleTrade Pros and Cons
- TeleTrade Conclusion
- Frequently Asked Questions
TeleTrade Overview
TeleTrade is a forex broker that was established in 2008 and has headquarters in Cyprus. The broker is part of the TeleTrade Group of companies, a much larger organization, but as its independent entity, oversees TeleTrade’s European operations.
TeleTrade EU is a multi-award-winning, EU-licensed, and regulated Cyprus Investment Firm with many years of successful market presence. The broker offers high-quality services, innovative technology, fast and reliable platforms, and a high level of support.
The broker operates in the European market following the Markets in Financial Instruments Directive (MiFID) and is licensed by the Cyprus Securities and Exchange Commission (CySEC).
Through these strict regulations, the broker must keep client funds in separate accounts that can only be utilized by the client and not by the broker.
TeleTrade offers forex trading, spread betting, social trading, and share dealing trading. It has more than 80 offices located in more than 30 countries around the world.
Clients can trade in Forex, metals, indexes, energies, stocks, crypto, and commodities on the globally popular and preferred MetaTrader 4 or MetaTrader 5 through a choice of devices.
In addition to offering consultancy services to companies and investors, TeleTrade also has years of experience with banking elites, offering training to traders and financial analysts in cooperation with universities and financial institutions in many countries.
TeleTrade’s overall pricing is not that competitive although The 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.
Customers from the United States are not accepted as clients at TeleTrade.
What exactly is an Islamic Account?
An Islamic Account, as offered by most brokers, is not a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account. In most cases, this is an option offered by Forex brokers.
Islamic Accounts are also provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offers certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.
The other important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
Two key elements of Islamic law relate specifically to trading accounts, these elements are:
- Riba
- Gharar
Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
Which financial activities are restricted and prohibited by Sharia law?
| 💠Financial Activities restricted & prohibited by Sharia law | 📈 TeleTrade |
| Overnight rollovers | incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST |
| Margin deposits and interest | the accrual of interest on funds that are deposited into the trading account |
| Loans | when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms |
| Trading on margin | stocks that are traded on margin result in the trader being liable for paying interest |
| Short sales | affects mostly shares and involves borrowing and subsequent sale of an asset |
| Forward sales | affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract |
What are the steps involved in opening a TeleTrade Islamic Account?
1. Step 1 –Register a live account
Traders must first register for a live trading account on the TeleTrade website. Traders can select the option to register from the homepage, complete the application, verify their identity, and proof of residence, and send a request to the relevant department at TeleTrade.
2. Step 2 – Request conversation
Once the live account is registered, traders can send an email request to TeleTrade customer service and request for the account to be converted to an Islamic account
What are TeleTrade’s spread costs on an Islamic Account?
Traders can expect floating spreads when using the Islamic account. The spreads will depend on the financial instrument, the time of day, and several other factors.
What other features does TeleTrade’s Islamic Account have?
When making use of the TeleTrade Islamic account, traders can expect the following key features:
- Interest is not charged on contracts that are held for more than 24 hours. There is a consistent zero rollover interest.
- There are no additional rollover commissions where contracts are held for longer than 24 hours.
- Accounts are activated with a minimum deposit requirement of $100.
- Direct execution on trades.
- Traders have access to 5-digit spreads.
- Traders have access to Expert Advisors, which allow for automated trading.
Traders should take note that markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET. In addition, there may be some restrictions and limits which apply to the Islamic Account.
TeleTrade Customer Reviews
TeleTrade offers many trading assets.
I have never been interested in finance or, to put it correctly, working in this area. I loved money though! and my love grew along with my growing needs of mine. Then I realized that I needed to change something. I wanted my own business, but there were circumstances that got in the way. I decided to try forex. I knew there were brokers with small minimum deposits and I had a chance to try it.
It so happened that I started to study forex on the website of the broker TeleTrade. Everything is very well done there and I decided to open a demo account there. I liked everything. I was very excited!
When I started trading real money …. honestly …. I was terribly afraid 🙁
I thought that I could not cope with emotions and could lose everything. But everything was fine. TeleTrade offers many trading assets and on a demo account I chose several currency pairs that I felt well .. and of course, I learned how to use indicators.
I want to tell all traders that technical analysis is cool!
At first I was afraid of forex.
At first I was afraid of forex. I always understood that this business could be very profitable, but for a long time, I did not dare to trade even on a demo account, because I read reviews of how people lost their money. Therefore, I thought that everything was complicated and dangerous there. That is why I am grateful to the Teletrade consultant for convincing me to just come to the courses, and then decide for myself whether Forex is right for me or not. It was three years ago. Forex came up. And everything turned out to be not scary. In Teletrade, it is exactly so. On the contrary, it was fun to study. Even in practice, although the first days did not work out very well. It’s good that the teacher was sensitive and attentive. With everyone, he analyzed all the situations, showed mistakes, and explained how to fix them, and prevent them in the future. So at the end of the course, I was ready to face forex trading.
It’s not a scam for sure
I always critically approach any broker no matter what reviews tell about it online. I just don’t want to be victimized by a scam. I know that it may happen at any time. So, I prefer to be on the safe side. I would be better overcautious than careless.
Fortunately, the broker didn’t turn out to be another scam. After two months of trading with this broker, it was obvious to me that it was a genuine company. I didn’t see any signs of a cheater here. It makes me want to continue trading with this company. Reliability is the main thing for me. I don’t care about its features. I think they are mostly similar to all brokers.
TeleTrade Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated | High minimum initial deposit |
| Award-winning broker | Mediocre leverage levels |
| Both MT4 and MT5 offered | No micro trade-able lots |
| Advanced copy trading options | Overall pricing not competitive |
| Part of international group | No referral bonus offered |
| Wide range of financial instruments | No trading bonus for loyal customers |
| NDD environment available | No welcome bonus, deposit bonus, and no other broker bonuses are offered with first time sign up |
| Offers competitive and attractive trading conditions | Clients from the United States not accepted |
| Demo account sign-up fully digital | Fixed spread accounts not offered |
| MetaTrader 4 and MetaTrader 5 offered | |
| The demo account does not expire | |
| Unlimited virtual deposit | |
| Commission-free trading offered on variable spreads | |
| Demo account offered | |
| Islamic Account offered | |
| MetaTrader 4 | |
| MetaTrader 5 | |
| Regulated through CySEC | |
| Segregated client funds used |
TeleTrade Conclusion
Overall, TeleTrade offers Islamic swap-free trading for Muslim traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of a swap. The fee is not an interest and depends on the direction of the order.
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Frequently Asked Questions
Does Teletrade offer an Islamic account for Muslim traders?
Yes, an Islamic account option is available from Teletrade
Are there any additional charges on the Islamic account?
Not that can be seen on TeleTrade’s website. Islamic accounts, however, have spreads that are floating.
Does the TeleTrade Islamic account provide access to Expert Advisors?
Yes, access to EAs is provided on the Islamic account
Which platforms are supported by the Teletrade Islamic account?
The Teletrade Islamic account supports the Metatrader 4 and Metatrader 5 trading platforms.
What are the available deposit methods for the Teletrade Islamic account?
Available deposit methods on this account include Credit and Debit cards, Bank wire transfer, Neteller, Skrill and SafeCharge.
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