Traders Way is a margin-based forex broker that offers online trading services in forex and CFDs. Along with providing enhanced trading exposure across multiple financial markets, the broker also supports social trading services. The company claims to have easy-to-use trading platforms accompanied by advanced security protocols. A simple signing up process with deposit bonus promotions provides adequate reasons to give the broker at least a try. Today, I’ll have a detailed look at various services and features offered by Traders Way.
Overview
Founded in 2008, Traders Way is an offshore broker that offers trading services in multiple financial derivatives. Headquartered in Dominica, Traders Way accepts clients from nearly all parts of the world. The broker is a non-regulated business entity and does not hold any funds insurance program. Although the broker offers multiple trading platforms and hassle-free signing up process, still it can be a riskier investment opportunity. Besides other factors, one of the main reasons why the broker appears unsafe is the non-regulated status of the broker.
| Pros | Cons |
| Low minimum deposits Accepts US clients Multiple trading platforms A wide range of payment methods Allows copy trading service | No Regulations No funds protection for clients No research tools High CFDs fee Average customer support |
Who Traders Way is for?
Since the broker deals in different financial markets, including forex, indices, metals, cryptocurrencies, and energies, it might suit anyone looking for a wide range of tradable assets. Newbies can use demo accounts to practice their trading skills without losing real funds. Also, the company’s social trading services provide beginners a safe start to go live. The availability of multiple trading platforms and advanced risk management tools offers clients to have customized trading experiences. Amid global pandemic COVID-19, the broker has cut-down half of its commission to facilitate high-volume traders. The broker’s low minimum deposit requirement can help small investors to start trading right away.
Rating: 3.5/5
Sign-up bonus: Traders Way offers a sign-up bonus of up to 100% on the client’s initial deposits.
Is Traders Way Safe?
Traders Way is a non-regulated broker having no license anywhere in the world. The broker also seems to have no funds insurance policy in place. However, the company claims that it keeps clients’ money in segregated tier-1 bank accounts. Apart from adherence to AML guidelines and KYC compliance, the broker does not talk about other safety measures such as web encryption or 2F authentication factors.
Instead of expressing my opinion on the legitimacy and safety concerns that come with this broker, I leave it up to you to decide. However, let me share some key factors that you should know before signing up with the broker.
Regulation of a broker means your funds are in safe custody. Licensed brokers need to have minimum capitalization levels to remain a going concern. On the other hand, the funds’ insurance program offers clients protection against any financial loss caused due to the negligence of a broker. Similarly, two-step authentications and web encryption protocols prevent unauthorized access to the database of a company. Traders Way is neither regulated nor has any funds insurance policy. The absence of a two-step authentication factor and lack of web security protocols raises even more doubts about the authenticity of the broker.
Rating: 2/5
| Year founded: | 2008 |
| Publicly traded: | No |
| Licenses: | Non-Regulated |
| Backlist: | Nil |
Offering of Investments
Traders Way claims to have a wide range of tradable assets available. However, the product portfolio of the company does not seem to have more than a few financial derivatives to offer. Traders can access 44 forex currency pairs along with 09 crypto assets. Besides crude oil being the only energy product available to trade, clients may find gold and silver as their available options under the metals category. Due to geographical restrictions, Traders Way’s product range varies depending upon clients’ residential country and the chosen account type. Therefore, it is better to ask the broker concerning the availability of your desired tradable product before signing up with it.
Rating: 4/5
| Forex: Spot Trading | Yes |
| Currency Pairs (Total Forex pairs) | 40+ |
| Social Trading / Copy-Trading | Yes |
| CFDs instruments | Forex, Metals, Energies, Cryptocurrencies (70+) |
Commissions & Fees
Besides charging fees on deposits, withdrawals, and inactive accounts, Traders Way employs variable spread charges. Clients depositing funds via bank transfers may incur a 1.5 % fee of the transaction amount. Debit/Credit card payments are processed via V-load and may have a 5% fee applicable on withdrawals.
At present, the broker offers four types of accounts, including MT4 ECN, MT4 Standard, MT5 ECN, and cTrader ECN. Irrespective of the account type, clients can get started with Traders Way with a deposit of $10 only.
Apart from the standard account, the minimum spread charge starts from 0.0 pips in all account types offered by the broker. The standard account holders need to pay a minimum spread charge of 0.7 pips. However, the broker does not charge any commission or swap fee from standard account holders.
Traders Way processes orders on market execution policy. Clients can trade a minimum of 0.01 lot with available leverage of up to 1:1000. However, for cTrader ECN account holders, the available leverage becomes 1:500. Also, the broker does not offer energies or crypto trading to cTrader ECN account holders. The broker has not specified withdrawal limits.
Rating: 3.5/5
| Minimum Initial Deposit | $10 |
| Average Spread EUR/USD – Standard | 1.1 Pips |
| All-in Cost EUR/USD – Active | 1.1 pips |
| Minimum withdrawal | Not Specified |
Platforms & Tools
Traders Way offers a wide range of trading platforms, including custom-built cTrader and a full suite of MetaTrader platforms – MT4/MT5. Clients can access either of the trading platforms across all supported channels, such as web, desktop, and mobile phones.
cTrader comes with a user-friendly trading interface. The platform has multiple features available to support ECN trading specifically. Traders can annotate through charts and view them in 14- timeframes and 03 layouts. cTrader also supports one-click trading, allowing traders to place orders directly from the chart screen or through the Market Watch. Advanced technical indicators and trading tools enable traders to perform in-depth technical analysis on underlying assets. Clients looking to go for automated trading options can use the Traders Way cAlgo trading platform.
On the other hand, the MetaTrader web terminal provides real-time quotes, supporting all order types (market and pending). Customizable charts and variant analytical tools can help traders to have personalized trading exposure.
The desktop version of the MT4/MT5 trading platforms come with all-in-one trading features. The platforms offer advanced charting tools and analytical objects along with over 50 technical indicators. MT4/MT5 does not only allow traders to analyze underlying financial instruments dynamically but also enables clients to employ algorithmic trading strategies using Expert Advisors.
Rating: 3.5/5
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Charting – Indicators / Studies (Total) | 50+ |
| Charting – Drawing Tools (Total) | 20+ |
| Charting – Trade From Chart | Yes |
| Order Type – Trailing Stop | Yes |
Research
Traders Way does not offer research tools. I would say that’s not surprising at all. Because throughout the review, the broker seemed to have a money-making approach instead of helping clients to become financially viable. I would strongly recommend that the broker should consider adding some research tools to aid profitable trading.
The research tools should include a market analytics section, a forex calculator, risk advisory, and a glossary. Market analytics help traders to gather information concerning the economic conditions that could impact their trading outcomes. Forex calculator or risk advisory section enables clients to gauge the level of risk and return on trading positions. The glossary helps traders to become familiar with different trading terminologies.
Rating: 0/5
Education
Traders Way’s educational section also has a handful of resources available, including an economic calendar, market info, and webinars. The economic calendar helps traders to keep an eye on upcoming economic events. The market info covers weekly technical and fundamental analysis on forex pairs. Both of the features can help clients to make risk-diversified trading decisions. The broker also holds free webinars to educate clients on forex trading through live sessions with the company’s expert professionals.
Rating: 2/5
Mobile Trading
Both cTrader and MT4/MT5 trading platforms support mobile-based trading. Clients only need to download the compatible version of the trading app from the app store. Features accessible through mobile trading platforms remain almost identical as compared to the desktop trading platforms. Some of the prominent features of the MT4/MT5 mobile trading app includes real-time price quotations, interactive charts, and a trading history panel. Clients can also place, edit or cancel orders with one-touch option.
Rating: 3/5
| Mobile devices | Android & Apple |
| Features | Watchlist, charting tools, price alerts |
Final Thoughts
After a detailed review of the broker, I would suggest traders to join Traders Way with caution. Honestly, there is nothing I could appraise except the company’s bonus offer on initial deposits. The broker charges excessive trading fees and does not allow free deposits or withdrawals. Also, the company is non-regulated and does not offer any fund compensation program. The broker however offers good trading platforms as well as acceptance of the US clients. Since US clients don’t have many choices available, a Traders Way can be a good option for them.
Overall rating: 1.5/5
