TradersWay review

Comments Rating 2 (5 reviews)

general information

Broker name:

TradersWay

Broker Type:
Forex and CFD
Country:
Dominica
Operating since year:
2011
Regulation:
Not regulated
Address:
8 Copthall, Roseau Valley, The Commonwealth of Dominica 00152
Broker status:
Regulated

customer service

Phone:
1 849 9370815
Email:
sales@tradersway.com helpdesk@tradersway.com support@tradersway.com
Languages:
English, Français, Español, Russian, Indonesian, Arabic, Chinese
Availability:

trading

Trading platforms:
MT4, MT5
Trading platform Time zone:
GMT+2
Demo account:
YES
Mobile trading:
YES
Web-based trading:
YES
Bonuses:
YES
Other trading instruments:
YES

account

Minimum deposit ($):
$1
Maximal leverage:
500:1
Spread:
YES
Scalping allowed:
YES

Searching through the market for the right broker is quite hard. You have to read a lot of reviews and information about the brokers, and sometimes the wording can be very confusing. Please remember that having a trustworthy and reliable broker is crucial to anyone’s success in online trading.

TradersWay review - ECN

You never know what type of broker you’ll stumble upon, if you are lucky enough, you will find the right one. However, usually, this happily-ever-after scenario is not the case, as the trading market is full of scammers and fraudulent brokers. That’s why our TheBullMarkets team strives to find this type of broker and make sure your money is safe.

…and again please make sure that your broker is not fake to avoid losing your investment. In our review of TradersWay, we break down every single aspect of the broker. Well, at least the ones we managed to find.

TradersWay: GENERAL INFORMATION

TradersWay was founded back in 2008. It offers forex trading, CFD, social trading, and share dealing. The variety of account types that the broker provides for its clients is exciting and makes sure to satisfy traders of all skill levels and preferences. Also, the are 2 ECN account types available on two different trading platforms, offering tight spreads with small commission fees.

TradersWay review - General

TradersWay is the trading name of a company, registered in the Commonwealth of Dominica, an island country located in the Caribbean Sea. Dominica has a wide range of offshore services, and with the passing of the International Business Companies (IBC) Act in 1996, it has become an attractive location for offshore company formations.

Please note that there are specific international banking regulations to which all companies operating out of Dominica are bound; however, forex businesses are not regulated at this time.

IS TRADERSWAY SAFE?

Well, well, what do we have here? Quite an unregulated broker… To put it simply, if you choose to open an account with an offshore broker, your funds are far from safe.

While it is true that no regulation can protect you from dealing with manipulation, misuse of client money, or company bankruptcy, and no law can guarantee the funds in your pocket or trading account.

TradersWay is considered high-risk. The broker is not publicly traded and does not operate a bank. Zero high trust regulators authorize TradersWay, zero average and low trust re Money rules, and minimum capital requirements are set in the US, Japan, Australia, UK, Cyprus, among others. Brokers in these countries are required to report all trades and to comply with various procedures. Overall, unregulated.

So, if you intend to invest a large amount of money, we would advise you to select among brokers regulated by the respective authorities.

However, you can easily find on the TradersWay website that the broker has a listed stock symbol. This means that TradersWay is publically listed and you can officially buy shares. However, we would advise you to restrain yourself from doing so.

Trading Conditions

Minimum Initial Deposit

TradersWay has no minimum initial deposit, which makes this broker quite attractive and accessible for all kinds of traders. Most offshore brokers do not require a high initial amount, which is reasonable, considering the light-touch regulation, if any. LiteForex, for instance, a popular broker registered on the Marshall Islands, requires just USD10 from traders as a start.

Maximum Leverage

The maximum leverage rates at TradersWay are high; the leverage reaches 1:1000. This is incredibly high compared to other licensed and reliable brokers.

TradersWay, however, should be aware of all the risks associated with trading on margin – higher leverage levels may lead to massive losses, exceeding initial investments. That is why many jurisdictions set limitations on leverage, which are considerably lower, for instance, 1:50 in the USA and 1:25 in Japan.

Commissions and Fees

This broker offers both variable and fixed spreads. Fixed and floating spreads are both averages, as fixed ones are two pips, and the broker quotes as typical variable spreads of 1.4 pips for the EUR/USD pair.

Also, TradersWay ECN accounts’ spreads are quite competitive, averaged 0.5 on EUR/USD; however, a tiny commission applies, ranging from USD2.5 to USD3. This means that the average trading costs amount to around one pip, the commission included.

TradersWay review - About

Trading Platforms

TradersWay offers four account types for the MetaTrader 4 platform lovers. The trading platforms vary from fixed spread to variable spread pricing, as well as a crypto account that allows clients to deposit any type of crypto, but mostly bitcoin.

There’s also an account dedicated to its recently released MetaTrader 5 platform offering. The broker also allows the CT.ECN account for use with the cTrader platform.

Bonuses

Trader’s Way offers a couple of bonuses and promotions, such as:

  • Welcome on deposit bonus of 100%, limited by USD 5 000, which cannot be withdrawn; – which is quite suspicious, to be honest.
  • TradersWay offers access to the MT4 ECN account with just USD 10 instead of USD 100.

As we’ve mentioned before, TradersWay is a none regulated Forex broker and their swap can wipe off your account if you keep your opened positions for a week or longer. So, logically, their bonuses are untrustworthy.

Methods of Payment

TradersWay offers its clients a variety of the following payment methods to choose from: credit cards, bank wire transfers, and the following e-wallets: Skrill, Neteller, Perfect Money, WebMoney, QIWI, MonetaRU, EasyPay, Boletto, cashU, and others.

FINAL THOUGHTS

TheBullMarkets is a media platform that freshly delivers market information through diverse materials that may guide the Client with his/her trading execution. Though the Company does not provide trading services, TheBullMarkets promotes leading brokerage firms that suit the objectives and needs of clients, given that the Company also aims to cater to different types of investors, whether beginners or experienced.

FOREX WHAT EVERY CORPORATION CAN LEARN FROM START-UP

TradersWay is trying to be a reputable offshore broker, offering competitive conditions for trading in various currency pairs and CFDs on the MetaTrader and cTrader platforms.

Its primary disadvantage is lack of regulation. Thus, we would like to see TradersWay acquire a license in an emerging or significant jurisdiction. The broker’s lack of regulatory licenses weighs down on its trust score, as customers are not offered the protection of being licensed in a primary or emerging regulatory hub.

To help win customers’ trust, in addition to its offshore offering from the island nation of Dominica. Until then, the broker remains a poor choice for traders seeking the trustworthiness typically associated with brokers who voluntarily submit to licensing, in addition to those who do so under required mandates.

5 Comments

  1. Zossima Boholyubov October 4, 2021
  2. Callum Lamb October 8, 2021
  3. Susanna Koltsova October 11, 2021
  4. Erin Rudduck October 15, 2021
  5. Tayla O'Conor October 18, 2021

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Comments Rating 2 (5 reviews)
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