Written by ForexBrokers.com
In this head to head comparison of FXCM vs TeleTrade, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FXCM and TeleTrade are both longstanding players in the world of online brokerage, with FXCM established in 1999 and TeleTrade in 1994. FXCM distinguishes itself by being publicly traded, while neither company operates as a bank. In terms of regulatory credentials, FXCM is known for its strong standing, equipped with four Tier-1 licenses and two Tier-2 licenses, showcasing a level of trust that is hard to beat. This trust is reflected in FXCM’s impressive Trust Score of 95 out of 99 on ForexBrokers.com, indicating it is highly trusted among traders.
TeleTrade, on the other hand, although founded earlier, is a privately-held entity with a more modest regulatory portfolio, featuring just one Tier-1 license. This results in a Trust Score of 71, marking it as an average risk choice according to ForexBrokers.com. While TeleTrade has a solid presence in the market, FXCM's stronger regulatory framework and trust credentials may appeal more to those prioritizing security and reliability in their trading adventures.
| Feature |
FXCM
|
TeleTrade
|
|---|---|---|
| Year Founded | 1999 | 1994 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing the commissions and fees of online brokers FXCM and TeleTrade, several factors stand out, particularly for forex trading. With FXCM, the spreads for various accounts can differ significantly based on account types and geographical location. For instance, their standard account spreads for the EUR/USD averaged 0.78 in regions like the EU, U.K., and Australia as of May 2024, although this average jumps to 1.38 in St. Vincent and the Grenadines, which is above the industry average. Alternatively, their commission-based accounts offer competitive spreads averaging 0.28 pips but once commissions are factored in, the effective spread rises to approximately 0.74 pips. FXCM also provides an Active Trader Rebate Program, offering tiered rebates starting at $5 up to $25 per million traded, provided specific trading volume criteria are met.
In contrast, TeleTrade lacks available data on average spreads, making a direct comparison challenging. Both FXCM and TeleTrade have earned the same rating of 4 stars out of 5 for their commissions and fees. However, FXCM ranks higher, positioned at #24 out of 62 brokers reviewed by ForexBrokers.com in the Commissions and Fees category, while TeleTrade is placed further down at #46.
While both brokers have reasonably strong ratings, FXCM's disclosure of data such as average spreads and their comprehensive rebate program add a layer of transparency and potential cost savings for active traders. This information can be crucial for those looking to minimize trading costs through volume discounts, which TeleTrade does not appear to match in their offerings. Considering these aspects, traders might lean towards FXCM for more predictable trading cost avenues, depending on their trading volumes and geographical location.
| Feature |
FXCM
|
TeleTrade
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $100 |
| Average Spread EUR/USD - Standard | 0.78 | N/A |
| All-in Cost EUR/USD - Active | 0.78 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
FXCM and TeleTrade both provide forex trading options, enabling traders to engage in CFDs or spot contracts. FXCM boasts an extensive list of 440 tradeable symbols, with 43 forex pairs available, while TeleTrade offers a slightly larger selection of 500 tradeable symbols, including 61 forex pairs. Neither broker allows clients to invest in exchange-traded securities on U.S. or international markets, so options like purchasing Apple or Vodafone shares directly are not possible. Both platforms feature copy trading and the opportunity to engage with cryptocurrency derivatives rather than actual cryptocurrencies, offering versatile trading experiences without delivering the underlying assets.
When it comes to evaluating these brokers' range of investments, both FXCM and TeleTrade have secured a rating of 3.5 out of 5 stars. According to ForexBrokers.com, FXCM is ranked as the 47th broker in the Range of Investments category, while TeleTrade slightly edges ahead at the 45th position out of 62 brokers analyzed. These ratings reflect their offerings in terms of tradeable instruments and available trading opportunities, guiding potential traders in finding the platform that aligns best with their investment goals.
| Feature |
FXCM
|
TeleTrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 500 |
| Forex Pairs (Total) | 43 | 61 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When choosing a trading platform, both FXCM and TeleTrade have their unique offerings. Starting with simulated trading options, both brokers provide free virtual demo accounts, making it easy for new traders to practice before diving into live trading. While FXCM boasts a proprietary trading platform developed in-house, TeleTrade provides no such solution but supports popular platforms like MetaTrader 4 and MetaTrader 5. FXCM users, on the other hand, can trade with MetaTrader 4 but not MetaTrader 5. Both brokers offer Windows-based desktop platforms and web-based options, ensuring accessibility from various devices.
Regarding copy trading, both FXCM and TeleTrade support ZuluTrade, while FXCM also provides additional options for copy trading. In terms of charting tools, TeleTrade slightly edges out with 15 drawing tools compared to FXCM's 10. However, FXCM provides more detailed watch lists with 13 columns, whereas TeleTrade offers 7. For those who prefer trading directly from stock charts, both brokers facilitate this feature. With a glowing rating of 5 stars for its Trading Platforms and Tools, FXCM shines, ranking #6 out of 62 brokers, whereas TeleTrade, with a 4-star rating, comes in at #51.
| Feature |
FXCM
|
TeleTrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | Yes |
| Charting - Indicators / Studies (Total) | 115 | 35 |
| Charting - Drawing Tools (Total) | 10 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 13 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FXCM and TeleTrade provide mobile trading apps compatible with iPhone and Android devices, giving users the flexibility to trade on the go. They each support essential features like stock and forex price alerts, allowing traders to stay updated with market movements. Both platforms enable users to draw trendlines and view multiple time frames on their charts, enhancing their technical analysis capabilities. When it comes to creating watchlists with real-time quotes, both FXCM and TeleTrade cover that as well, ensuring traders have an accessible list of their preferred stocks or currency pairs.
However, FXCM offers a slight edge with its mobile app's ability to sync watchlist symbols between the app and the user's online account, something not available with TeleTrade. FXCM also provides a greater number of technical studies, boasting 59 studies compared to TeleTrade's 35. This contributes to FXCM's slightly higher user rating of 4.5 stars, compared to 4 stars for TeleTrade. Additionally, FXCM holds a stronger position at rank #16 in the Mobile Trading Apps category by ForexBrokers.com, compared to TeleTrade's rank of #25. These differences suggest that FXCM may offer more advanced functionalities for traders looking for a comprehensive mobile trading experience.
| Feature |
FXCM
|
TeleTrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 59 | 35 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When evaluating market research offerings, FXCM and TeleTrade both provide daily market commentary alongside forex news from leading sources like Bloomberg and Reuters. However, FXCM distinguishes itself through its use of Trading Central for technical analytics, a feature not available with TeleTrade. Additionally, FXCM offers a sentiment-based trading tool giving insights into long and short positions, as well as market research from TipRanks, which are resources TeleTrade does not provide. Both brokers present economic calendars that list current and future global news events, ensuring broad awareness of market movements.
In terms of ratings and rankings, FXCM has an edge with a 4.5-star research rating compared to TeleTrade's 3.5 stars. This higher rating is aligned with its strong ranking at number 11 out of 62 brokers evaluated by ForexBrokers.com for research capabilities, while TeleTrade holds the 38th position. FXCM's comprehensive suite of research tools and information makes it a notable choice for traders seeking in-depth market analysis.
| Feature |
FXCM
|
TeleTrade
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners in forex or CFDs, FXCM stands out compared to TeleTrade. FXCM provides an impressive array of over 10 educational pieces ranging from articles to videos, helping beginners gain a solid foundation in trading. In contrast, TeleTrade does not offer a similar amount or variety of educational content. FXCM further supports learners with monthly webinars and access to a searchable archive of recorded sessions, whereas TeleTrade does not provide these resources.
For those starting out, FXCM offers a comprehensive collection of beginner-focused videos, alongside advanced educational content for more experienced traders. They even include an investor dictionary with over 50 terms, ensuring comprehensive learning coverage. On the other hand, TeleTrade lacks these resources, providing fewer opportunities for learning enhancement. FXCM's commitment to education is reflected in their 4.5-star rating and #14 ranking out of 62 brokers by ForexBrokers.com, significantly ahead of TeleTrade’s 3.5-star rating and #61 ranking.
| Feature |
FXCM
|
TeleTrade
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that FXCM is better than TeleTrade. FXCM finished with an overall rank of #15, while TeleTrade finished with an overall rank of #50.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at FXCM is just average.
| Feature |
FXCM
|
TeleTrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 71 |
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FXCM and TeleTrade both do not offer the ability to buy actual delivered cryptocurrency, but they do provide options for buying cryptocurrency derivatives.
When comparing online brokers, FXCM stands out with a broader range of deposit and withdrawal options, including ACH, SEPA, and PayPal, whereas TeleTrade offers services like Skrill, Visa, Mastercard, and bank wires but lacks options such as ACH, SEPA, and PayPal that FXCM provides.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | FXCM | TeleTrade | |
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| Trust Score | 95 | 71 | |
| Winner | check_circle | ||
| Review | FXCM Review |
| Broker Screenshots | FXCM | TeleTrade | |
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| Regulation | FXCM | TeleTrade | |
|---|---|---|---|
| Trust Score | 95 | 71 | |
| Year Founded | 1999 | 1994 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 4 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | FXCM | TeleTrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | FXCM | TeleTrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | Yes | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FXCM | TeleTrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 500 | |
| Forex Pairs (Total) | 43 | 61 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | FXCM | TeleTrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.78 | N/A | |
| All-in Cost EUR/USD - Active | 0.78 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FXCM | TeleTrade | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | FXCM | TeleTrade | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | Yes |
| Trading Tools | FXCM | TeleTrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 13 | 7 | |
| Charting - Indicators / Studies (Total) | 115 | 35 | |
| Charting - Drawing Tools (Total) | 10 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FXCM | TeleTrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 59 | 35 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | FXCM | TeleTrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | TeleTrade | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | FXCM | TeleTrade | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | FXCM Review |
| Overall | FXCM | TeleTrade | |
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| Trust Score | 95 | 71 | |
| Winner | check_circle | ||
| Review | FXCM Review |
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