TeleTrade vs FXOpen Comparison
Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare TeleTrade vs FXOpen.
Can I trust TeleTrade?
TeleTrade has a trust score of 67, giving it a "High Risk" trust label.
- "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker
- "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
- "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
- "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
- "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.
Can I trust FXOpen?
FXOpen has a trust score of 80, giving it a "Trusted" trust label. Here's what each trust score label means:
What tier-1 jurisdictions is each broker regulated in?
Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. FXOpen is ASIC Authorised (Australia) and FCA Authorised (U.K.), while TeleTrade is none of these. Both do not have IIROC Authorised (Canada), SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), MAS Authorised (Singapore), FMA Authorised (New Zealand), FINMA Authorised (Switzerland) and CFTC Registered (USA)
What tier-2 jurisdictions is each broker regulated in? What about tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, both TeleTrade and FXOpen are CySEC Authorised (Cyprus). Both do not have CBRC Authorised (China), NSE Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa), SEC Authorised (Thailand) and DFSA / Central Bank Authorised (UAE). When comparing tier-3 licenses unfortunately, neither TeleTrade nor FXOpen are SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu). Both do not have VFSC Authorised (Vanuatu)..
Which broker offers more trading platforms?
Both TeleTrade and FXOpen offer a Desktop Platform (Windows) and ZuluTrade. Both do not have Proprietary Platform, cTrader and DupliTrade
Does TeleTrade offer MetaTrader? Does FXOpen offer MetaTrader?
Both TeleTrade and FXOpen offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.
How do TeleTrade and FXOpen differ in terms of minimum deposit? What about average spreads and funding options?
TeleTrade requires a minimum deposit of $100, while FXOpen requires a minimum deposit of $100. From our testing we found TeleTrade offers spreads of -1, while FXOpen offers spreads of N/A. Both TeleTrade and FXOpen offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw) for deposits. Both do not have PayPal (Deposit/Withdraw).
Which brokers offers more tradeable asset classes, TeleTrade or FXOpen?
FXOpen offers a more diverse selection of investment options than TeleTrade allowing you to trade Forex Trading, Trading - Forex or CFDs, Social Trading / Copy Trading, Metals, Energies, ETF and U.S. Stocks (CFD). Both do not have Spread Betting and Agriculturals Looking at total tradeable symbols, TeleTrade has 500, compared to 87 from FXOpen.
Can I trade cryptocurrency with TeleTrade or FXOpen?
Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither TeleTrade nor FXOpen allow you to trade physical cryptocurrencies.
Who offers more research tools, TeleTrade or FXOpen?
Both TeleTrade and FXOpen offer a complete suite of research, providing traders with these tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. Both do not have Autochartist and Trading Central (Recognia)