Scam broker - TeleTrade International - advice needed!

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1

Hi all,

I’m speaking here on a behalf of my friend who even though I insisted not to open an account, ignored my warnings and opened an account at a broker which seems to me is a form of a bucket shop.

The problem: My friend had around 2000$ on the account at that broker and wanted to trade yesterdays US NFP news on spot GOLD. I will post screenshots from his MT4 terminal where you can see the problematic positions, and will explain here in written what happened as he told me.

Right around 14.26 CET my friend put two pending orders in opposite directions, one buy stop and one sell stop order. At 14.30 CET after the news broke in on his platform he saw active order and saw that he is going negative in profit, he tried to manually close the position but the platform froze and after it unfroze all it left him was a closed position with -1675$.

What is interesting to see is that his two pending orders never got activated, but instead a third order (in the middle on the screenshot) was active which sent him to minus. The third order opening price was exactly the same as his Take Profit price in his sell stop order, and his Stop Loss was also copied from his Sell Stop order. That third order he never opened, never issued a command for its opening. In the broker firm they said that it’s due to the slippage (of over 40 pips) that his order activated at a different price, but i have never seen this. When i experience slippage in my broker they activate my sell or buy stop order but at a different price, they don’t open a new order and leave my pending orders unactivated.

The broker in question is TeleTrade International: TeleTrade | FOREX Trading | FOREX Broker TeleTrade | Currencies, CFDs (their EU site)

Their regulating documents: Legal Documentation | TeleTrade

Seems that they are regulated by CySEC: Cyprus Securities and Exchange Commission

Now my friend never got any receipt for putting his money on the account, because it was done in person. He would bring the money to their manager and hi would credit his account. He also never signed any contract of whatsoever when he went to open an account with them. That same manager opened him account.

What would be a good advice for him? What can he do, I believe that this broker has to be stopped, because they are scamming people. Go to the police, attorney?

Screenshots:

2

As per your description it seems it is scamming people.You should change the thread name as it is hard to guess that you want to know us about a scam broker.
There are some other forums where they rate brokers and maintains a scam broker’s list. You can put this broker there and it will then be decided.
Hope this helps.

3

Ok, thanks for the suggestion I will do that :slight_smile:

Edit: Need more opinions and suggestions. Is this normal procedure to open a new order and to claim slippage on it, without even activating pending order?

4

Hello, i am financial manager at TeleTrade.

Mr. Miliardo you made an incorrect order, you chose wrong Stop Loss and Take Profit. You choose minimal SL and TP. I recommend all my clients when they work with gold to start form $5000. If you want to work with currencies, you can start from $2000. So, minimum SL and TP i recommend is 500 pips. You choose 200 pips.
So, the problem was in your trading, not in TeleTrade.

The transaction could not open without your knowledge, that is, you assign your pending order at a certain price and when the market price has reached the price, your trade opened.

I don’t know what manager you have brought money to put money into your account at TeleTrade, but you should not to do it. You can fund your account with your bank account or debit / credit card. So, you would get a receipt that you transferred money to your account Teletrade.