Trader’s Way Review 2023
TradersWay is an offshore broker founded in 2011. The company provides online trading services to both retail and institutional investors. With the broker’s easy-to-use trading platforms, clients can trade multiple financial markets seamlessly. Besides employing a competitive pricing structure, the company keeps its minimum deposit requirement pretty low. While traders have a limited choice amongst the explorable market selection, the absence of educational resources makes the company fall in the average category. This piece reviews the broker in detail.
Regulation and Security
Unlike other top-rated brokerage firms, the company doesn’t hold regulations anywhere in the world. However, it takes all necessary precautions to provide clients with a safe trading environment.
For example, the broker employs advanced security protocols such as SSL encryption and two-step authentication to avoid unauthorized access to customers’ confidential information. The company is also fully compliant with all AML directives.
Negative Balance Protection
TradersWay doesn’t offer negative balance protection. Investors could lose more than they initially invested if the market takes a turn for the worst. Not only that, there are no guaranteed-stop losses (GSLs) available. Therefore, clients may experience more slippage problems during times of extreme volatility.
TradersWay maintains enough capital to remain liquid while it keeps clients’ funds in segregated accounts. Therefore, investors can rest easy knowing their funds are always accessible.
Is TradersWay available worldwide?
Based in Dominica, the company operates through several regional offices worldwide. Clients from all parts of the world are welcome on board. However, the company doesn’t solicit investors from the United Kingdom and the United States. Click here to find the complete list.
Though the broker doesn’t offer a proprietary trading platform, it provides access to the industry’s most renowned trading platforms, including MT4, MT5, and cTrader. Clients can access them via the web, desktop, and mobile phones. Let’s quickly go through some features and services available via each terminal. We’ll stick to MT4 for review purposes.
Online trading: Due to the user-friendly interface, the MetaTrader 4 (MT4) has become the most widely used trading platform. Both MT4 and MT5 accounts may be accessed using the MetaTrader Web Terminal, eliminating the need to download and install any additional software. The fully customizable MT4 platform comes with powerful charting options, multiple trading tools, and indicators. In addition to accessing real-time quotes, clients can view underlying financial instruments in 9-time frames, which makes it easy for them to analyze the market trend and make informed trading decisions.
Desktop trading: The MT4 desktop trading terminal boasts powerful analytical features. Clients can view each trading instrument in 9-time time frames for a more in-depth look at the dynamics of price quotes. MT4 desktop trading platform has 50+ built-in technical indicators to help you perform technical analysis effectively. The platform also features multiple trading tools useful for identifying trends and patterns and pinpointing entry and exit levels. Besides using default indicators, it allows traders to develop custom indicators well suited to their trading needs. Trade automation is also an option via Expert Advisors (EAs).
Mobile trading: Since no proprietary trading app is available, the MetaTrader mobile apps continue to provide the same features and technical analysis tools as accessible via web terminal or the desktop. The mobile-based trading platform comes with multiple trading tools and features, such as different order types, history, technical indicators, and interactive charts. No matter what you do or where you go, your positions are always manageable with a single click.
TradersWay provides multiple account types so that traders can find an account that suits their trading preferences, such as MT4.VAR, MT4.ECN, MT5.ECN, and CT.ECN.
MT4.VAR: The MT4.VAR account is a one-of-a-kind that combines the benefits of real-market quotes, tight floating spreads, and no-commission trading with a low minimum deposit requirement. Clients can get started for a minimum deposit of $10.
MT4.ECN: The MT4.ECN account gives you access to the best ECN trade execution. The broker also charges ECN account holders a commission starting at $3 for each 1 lot traded ($3.00 in total for opening and closing a position size of 1 lot). Clients can take advantage of the market’s most equitable trading conditions in this account.
MT5.ECN: Clients can choose between two variants when signing up for MT5.ECN account, i-e, the standard account, and the hedged account. The hedged account allows customers to open offsetting positions and comes for a minimum deposit of $10. The broker charges a commission of up to $3 for each standard lot traded in the MT5.ECN account.
CT.ECN: The account provides cTrader’s most comprehensive set of cutting-edge features, streamlined user experience, and superb design and graphics, all with a promise of no brokerage interference.
Demo Account: TradersWay also offers a virtually funded demo account to help traders learn different trading and risk management strategies without worrying about losing their real investment.
Note: TradersWay also offers a Shariah-compliant Islamic account. If you wish to open a swap-free account, you can always ask for one.
The broker’s account opening process is super fast. After filling in the registration form and completing the KYC requirements, traders can proceed to add funds to their accounts and start placing trades. Here are the steps to show you how it works.
1. Click here to start the application
2. Click on the live account button at the bottom left corner of the web page.
3. Enter your details on the signup form, i-e, name, email ID, mobile number, and select your preferred account type.
4. Use the login details displayed on the screen to access your trading dashboard.
Note: TradersWay needs you to verify your account before you can add funds. You can use a copy of your National ID card, Passport, or Driving license for the same. A copy of your utility bill or bank statement may also be required for address verification.
TradersWay trading has kept its dashboard as simple as possible. Clients will find only a few options available to explore, including Menu, Webinars, Payments, Profile, and History. The menu button takes you to the available trading platforms, while clients can interact with the broker’s expert trading staff using the webinar button. Whether you wish to add funds to your account or initiate a withdrawal request, traders can click the payments tab to select their preferred option. While the profile button allows you to configure your settings and edit login credentials, the history tab lets you view and analyze your transaction details.
Deposit and withdrawals
TradersWay offers flexible payment methods for deposits and withdrawals. Available options include but are not limited to Debit cards, Credit cards, Neteller, Skrill, Wire transfers, Perfect Money, cryptocurrencies, etc. While the minimum deposit required to fund an account with the company is $10, the average time it takes to transfer funds to your account is 24 hours, except for wire transfers. Clients making payments through wire transfers might need to wait a little longer before their funds reach their accounts.
Concerning withdrawals, the broker releases funds to the original payment methods up to the initial deposit amount. However, clients can withdraw profits using their preferred payment method. There is no minimum withdrawal limit, and all withdrawals are processed within 48 hours.
Note: The broker doesn’t accept third-party payments. Therefore, the source of funds should be in your name. For more details, read their FAQs here.
Unlike top-rated brokerage firms, the broker doesn’t provide an extensive product range. Clients can trade any of the four markets supported by the broker, such as Forex, Metal, Energies, and Cryptocurrencies. The availability of financial instruments under each category may also vary depending upon your selected account type. For instance, clients with CT.ECN accounts can only access the forex and metals markets.
Commissions and Fees
TradersWay pricing structure looks competitive compared to the average industry standards. The company charges a commission $3 per each standard lot traded. There are no deposit or withdrawal charges, while the broker doesn’t apply account inactivity fees to dormant accounts. However, clients holding positions overnight need to pay swap charges. A currency conversion fee is also applicable on funds transfers in currencies different from your account’s base currency.
The broker employs floating spreads, and the minimum spread starts at 0.0 pips. The broker hasn’t listed average spreads for underlying financial instruments except for a few tradable assets on its website. The average spread on trading major currency pairs like EURUSD is 0.5 pips at TradersWay.
When discussing foreign exchange (FX) and contracts for difference (CFDs), leverage is a crucial element you can’t overlook. It entails borrowing money from your broker to hold large positions with a small investment. For example, you can potentially trade a position 30 times the size of your initial investment using the leverage of 1:30. TradersWay offers maximum leverage of up to 1:1000.
Please note that leverage carries increased risk exposure, and high leverage can be disastrous for beginners in a volatile market.
Analysis and Education
The broker’s website is disjointedly organized, with different sections dedicated to various aspects of trading that novice traders may find helpful. There isn’t a tonne of video training or trading tips, but the broker does provide weekly market outlooks and webinars that can help you understand the markets better. Essentially, weekly market outlooks can serve as a springboard for creative speculation. On the other hand, daily webinars enable clients to interact with expert professionals and learn from their trading experiences. An economic calendar is also available to help clients keep track of the upcoming major economic events.
We believe the broker could have considered adding more content to its educational resources, such as a technical analysis section, a trading glossary, and video tutorials followed by a progress analysis module to help clients know their standing.
TradersWay offers multilingual customer services, enabling clients to communicate with the broker in their preferred language. Traders can connect with the company via telephone, email, and web chat five days a week. The company also features a dedicated FAQs section to help clients find an immediate resolution to their queries. Moreover, clients can also reach the company on social media platforms, including Facebook, Instagram, Twitter, and Telegram.
Reputation amongst Traders
Despite being a non-regulated brokerage firm, the company seems to be heavily supported by the traders’ community. The broker’s rating of 4.3 out of 5 stars after 344 reviews on Trustpilot indicates a good reputation of the broker amongst clients. More than 64% of traders believe the company offers excellent trading conditions, while 15% of clients marked the broker a great choice for trading forex and CFDs.
Can beginners trade with TradersWay?
Yes! beginners can definitely trade with TradersWay. The company offers for low deposit requirements and keeps its trading costs competitive. Newbies who want to get their feet wet under live market conditions without risking their own money may open a free demo account. Nonetheless, newcomers might not find the broker a perfect choice to start due to the lack of training material.
TradersWay appears to be a competitive choice in terms of pricing structure, trade execution, account types, and selection of trading platforms. However, the broker’s non-regulated status, lack of educational resources, and the absence of a proprietary trading app might prevent some traders from signing up with it.