TradersWay is an online brokerage firm that offers financial instrument trading to customers. The firm is considered unsafe to trade and has restrained licenses that can’t confirm its authenticity. The broker’s website has a complex design, and novice traders might face grave difficulty understanding all the services and features. There is no research and education section with the broker. The broker offers limited account types and also doesn’t offer a demo service account. The customer service is wrongly deceived as 24/5 everywhere but fails to do so. Deposit and withdrawal methods carry several costs and are longer than usual, taking out payments taking up to ten days.
TradersWay Review: Scam or Safe?
TradersWay doesn’t provide utter clear information on their services. The firm maintains licenses from some financial authorities but not enough to ensure complete safety. Registering a company in the nation where the broker is located is easy and doesn’t require much verification methods. The steps include applying for a license at the nation’s online portal, a publicly open & painless procedure. Pay the low processing fee and get your firm registered.
Further, it is also not stated on the broker’s website if they work under EU, MiFID, or ICF. Investors Compensation Fund (ICF) makes sure that no client is disclosed to any fraud broker or activity and renders up to 20,000 euros insurance to every account holder.
Overall, it cannot assure the safety of TradersWay due to limited regulations. The clients are suggested to do their divergence before opening the account with this broker. We recommend trading with some of the top brokers who are highly regulated and safest brokerage firms for every trader like T1Markets, HFTrading, PrimeFin.
Account Type of TradersWay Review
The broker offers only two account types, namely, ECN and Var. However, detailed information about trading features is not mentioned clearly on the site. Spreads and commissions and would not be affordable for beginners. The cost of trading one round lot is high, which is more than the $1.5 average price per round. Furthermore, the highest leverage offered in both the accounts is 1:20, and the limit is relatively less compared to other brokers in the industry.
The number of base currencies is limited, and the customers can face difficulty in deposits and withdrawals. The clients can also trade via demo account for practising the trading, but demo account fails to provide satisfactory services and a demo period is limited.
The broker offers the widely recognized Meta Trader4 trading platform, the most common portal for all the firms. The platform does not provide many services and would seem frustrating to customers. The UI/UX design is complicated and challenging to follow, and novice traders can not operate smoothly. The signals, indicators, timeframes, charts, and technical analyzers offered are restricted for users, and the effects of the available tools might give mistaken outcomes or foresight.
TraderWay promotes a limited range of financial instruments for trading and limits profit potential. Only forex, metals, energies, and cryptocurrency products in total and no asset from the stock and indices market are available on the site. The site does not give precise information about trading instruments that it offers CFDs and not actual assets possession. It marks the end of trust and transparency on the trading site for all the users. Due to this limited market exposure, the customers can not get expected results in their trading carrier. Several top brokers offer a wide range of instruments in every financial market. Due to this, clients can diversify their portfolios and increase the possibility of their earnings.
Account Opening Process
The account opening process is challenging and complicated and fails to clear the intent for taking information. The customers are asked to write their personal and financial information, which can be uncomfortable for everyone. It includes address proof, IDs, bank statements, account numbers, income proof, and many more. Further, the site doesn’t explain the process anywhere on the website, and the customers need to provide details without knowing the further verification process.
The processing time for verifying an account is longer than other top brokers, and the customers need to wait for several days. It can discourage professional clients and waste beginners’ time, which would have been used for practice and learning.
Commission and Fees
The broker charges high spreads, commissions and seems to have several hidden charges that are not mentioned clearly on the site. There is no detailed specification on the website about spreads and commission, and the brokers have mention irrelevant information in the assets section. Further, the broker mentioned spreads and the actual spread when placing orders are different, thereby mitigating the trader profits. We discovered some of the top hidden charges were inactivity penalty, withdrawal charge, overnight swap fee, and other additional costs, none of which were clearly mentioned.
The leverage offered by the broker is 1:20 for traders, which is much more low compared to other financial service providers in the market. Many top brokers provide much higher leverage. By using leverage, traders can enhance profits by investing less capital.
Deposit and Withdrawal
The firm offers limited payment methods. Further, the website also has several hidden charges for withdrawals. The available payment options are wire transfer, cards, and some e-wallets. The payment processing is lengthy, with deposits taking more than one day and withdrawals taking up to several days. The broker’s service quality is not up to the industry standards, with no option to deposit money through cash. The delay in payments can be boisterous for professionals, and the process is unclear and challenging. There are several limitations for withdrawals on the amount, number of transactions, and more. Customers might get charged if they withdrawal less amount than $100.
The broker doesn’t offer any research material for analysis. The research content is useful for analysing the market and make better trading decisions. The tools improve clients’ skill-based knowledge, and due to its absence, the free demo account for testing site service is also of no use. With the help of the research section, the traders can predict the entry and exit points.
The education section is also absent on the broker’s website. It doesn’t offer any learning resources for trading and using the trading platform. Other top brokers in the industry provide a wide range of educational material that can educate the traders with different profitable trading strategies and dynamics of the financial markets.
The broker’s customer service is pitiful, and the executives fail to clear client doubts. The executives were unable to answer our queries and don’t seem to have the proper knowledge. The firm claims 24/5 customer service everywhere but answers no calls, and the email response took longer than usual. The average response time was longer, which can be frustrating for an average trader. The live chat is promoted by a trading bot that provides inappropriate responses to every question.
Here was the detailed TradersWay review based on different factors and services. The broker is not considered safe for trading due to its regulatory authority, which is not recognized. The broker offers a limited range of trading products with the average account types and trading platform and trading tools. The website of the broker is confusing as it describes information inadequately. Overall we would recommend analyzing the broker properly before opening the account. There several top brokers that are regulated and reliable, like T1Markets, HFTrading, PrimeFin. These brokers hold an excellent track record and are trusted by the thousands of active traders.
Is TradersWay Scam or safe?
We cannot assure the safety of TradersWay due to limited regulations. The clients are suggested to do their divergence before opening the account with this broker.
Does TradersWay offer any Research and Educational Support?
The broker doesn’t offer any educational and research support, which can be a significant drawback for novice traders.
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