TradersWay Review 2022: Pros & Cons | Safe Or Scam?

Tradersway

$20

Min Deposit

0.0

Min Spread

2021

Foundation

+2

Broker Trusted Points

Tradersway is a brokerage firm that specializes in forex, cryptocurrency, and commodities trading. Tradersway does not allow you to trade stocks or indexes. Any legitimate financial authority has not authorized or regulated the broker. TradersWay is a CFD and Forex broker based in the Commonwealth of Dominica, which was founded in 2008. 

Tradersway offers the world-renowned MetaTrader 5 (MT5) and MetaTrader 4 (MT4) trading platforms. However, you can only trade in a few financial items. This Forex broker uses a top-tier financial institution to store client cash in segregated accounts.

Tradersway offers four account kinds to its clients: MT4 VAR, MT4 ECN, MT5 ECN, and CT. ECN. These account kinds are created based on the trader’s experience, risk appetite, and other considerations. Unfortunately, the broker does not provide any instructional or research resources for newbies.

TradersWay’s mission is to extend limitless and free trading on a worldwide scale by delivering the most diverse financial market changes. This TradersWay review will go over all of the many things that this Forex broker has to offer.

Pros and Cons

Pros

  • Hedging is allowed
  • $10 minimum deposit
  • Expert Advisors (EAs)
  • Variable and ECN account tiers
  • Spreads as low as 0 pips 
  • Leverage up to 1:1000
  • DMA access
  • Bonuses and Promotions
  • MetaTrader 5 (MT5) and cTrader

Cons

  • Not authorized by a legit regulatory authority 
  • Stock and indices are not available
  • Limited CFDs
  • Bad reputation
  • Non-favorable trading environment

Is Tradersway a Scam: Regulations

Tradersway is an offshore forex brokerage firm based in Dominica. It does not have a legitimate regulatory body’s tier-1 license. In the realm of trading, an unlicensed broker is regarded as a significant red signal. Established financial regulators such as CySEC, BaFin, FSC, and others accredit reputable forex brokers like PrimeFin.

Despite the lack of regulation, the broker claims to be responsible for the safety of its clients. However, such assurances are unreliable. To convince consumers that their hard-earned money is safe, the broker must have a license from a reputable forex regulatory authority.

Tradersway delivers the most secure trading platform, MT5, with robust encryption, ensuring data security. You can trade with a range of various trading accounts and a variety of financial markets. Low trading costs and no non-trading fees are offered on the many financial markets available for your trading account with this Forex broker.

Trading account types

Tradersway provides four different types of trading accounts. You can make your decision based on your prior experience and the amount of danger you are willing to take. MT4 VAR, MT4 ECN, MT5 ECN, and cT.ECN are the four trading accounts. Let’s take a closer look at the benefits of each trading account.

Tradersway also offers a free demo account for trading practice. Traders, including novice and experienced ones, frequently use a demo account to familiarise themselves with market conditions, trading platforms, tools, charts, and other features. 

MT4 VAR. trading account

  • No commission
  • $10 Minimum deposit
  • Market order execution
  • Spread as low as 0.7 pips
  • Leverage up to 1:1000
  • Deposit currency: USD, EUR, CAD, GBP 

MT4 ECN. trading account 

  • Commission on withdrawal
  • $10 Minimum deposit
  • Market order execution
  • Spread as low as 0 pips
  • Leverage up to 1:1000
  • Deposit currency: USD, EUR, CAD, GBP 

MT5 ECN. trading account

  • Commission on withdrawals
  • $10 Minimum deposit
  • Market order execution
  • Spread as low as 0 pips
  • Leverage up to 1:1000
  • No swap available
  • Deposit currency: USD and EUR

ECN. trading account

  • Commission on withdrawals
  • $10 Minimum deposit
  • Market order execution
  • Spread as low as 0 pips
  • Leverage up to 1:500
  • Deposit currency: USD 

Account opening

You can open a trading account with the broker by providing the relevant information, such as your name, email, desired account type, birth date, and phone number. Then, for verification, submit the form. Your account will be enabled after the verification procedure is completed. 

Finally, you can embark on your trading journey by funding your trading account with the minimum initial deposit required for the preferred account type. 

Trading platform

MetaTrader 5 (MT5), MetaTrader 4 (MT4), cTrader, and WebTerminal are among the trading platforms available through Tradersway. On a smartphone, you can download the MT5 and MT4 apps.

MetaTrader 5

MT5 is a sophisticated trading platform with a variety of tools to help you take your trading to the next level. MT5 assists you in navigating the modern trading landscape. This platform is compatible with many types of devices, including PCs and mobile phones.  

  • Instant order execution
  • Hedging with multiple positions
  • A wide array of trading functions 
  • Access multiple timeframes at the same time
  • User-friendly interface with EAs
  • Wide range of indicators and analytical tools
  • Economic calendar, news events, and forecasts

MetaTrader 4

MetaTrader 4 is the most extensively used and popular trading platform in the world. This award-winning trading platform’s distinguishing features are well-known. The MT4 software is compatible with all platforms, including Android, iOS, Windows on PC, and Mac OS X.

  • Highly encrypted platform
  • Over 60 professional trading tools
  • One-click operations
  • Easy navigation
  • Instant updates and news alerts
  • Compatible with iOS and Android

cTrader

ECN trading is the focus of cTrader. cTrader is a powerful tool for traders of all skill levels. You can also trade directly with well-known banks. Other trading platforms and features offered by Tradersway include Web terminal, cAlgo, cMirror, and VPS hosting.

  • cTrader charting
  • Chart shots
  • Level 2 pricing
  • 14 timeframes
  • Multilingual support in 14 languages
  • Custom indicators

Trading instruments

You can trade in a variety of overseas marketplaces with the brokerage service Tradersway. The asset categories accessible include forex currency pairings, cryptocurrencies, and commodities, to name a few.

Forex Trading: Major currency pairs, including majors and exotics, such as USD/EUR and AUD/USD, are available. In addition, tight spreads and adjustable leverage with the broker may be able to aid you in advancing your forex trading.

Cryptocurrency Trading: Tradersway allows you to trade in all major cryptocurrencies.

Commodity Trading: Tradersway allows you to trade derivatives on all commodities, including precious metals such as gold and silver, along with natural gas, crude oil, livestock, and more.

Stocks and indices are not available for trading with this broker. If you wish to trade stocks, however, the PrimeFin brokerage firm offers tight spreads and adjustable leverage as well as favorable trading circumstances.

Commission and spreads

Commission spreads are not available through Tradersway. On average, you will have to pay a commission of more than $10 while trading. Tight spreads are not available in lower account tiers. Standard account spreads have no commission. Tradersway offers extremely wide spreads for currency pairs that are unlikely to yield more significant profits.

Leverage 

In variable and ECN accounts, the highest leverage you can use with Tradersway is 1:1000. Leverage is provided up to 1:500 for cTrader accounts.

For different trading accounts, TradersWay offers two alternative sorts of maximum leverage levels. You can open a large stake with less money in your trading account. However, you should be aware of the severe dangers that come with leveraged trading.

Deposit and withdrawals

Tradersway accepts credit cards, debit cards via bank wire transfer, bank transfer (Abra), cryptocurrencies like Bitcoin and Ethererum, Vload, TrueUSD (TUSD), USD Coin, Tether (USDT), Perfect Money, Skrill, Neteller, and FasaPay as deposit and withdrawal methods.

Except for the MT4 VAR trading account, TradersWay charges a cost of 3 USD per 100,000 USD in turnovers. In addition, depending on the payment method, you will be charged a deposit and withdrawal fee. You will be charged a deposit and withdrawal fee for any deposit and withdrawal you make with TradersWay that is not related to trading. TradersWay, on the other hand, does not levy an inactivity fee.

A minimum initial deposit of $10 is required to start an account. It is possible that the withdrawal process will take up to three days. Withdrawals are subject to a commission, which varies depending on payment methods and trading account types.

Educational and research support

From Tradersway’s educational and research resources, don’t expect much. Other brokers have a proper instructional centre for beginning traders; however, this broker does not. With Tradersway, you can use an economic calendar, market data, and webinars as a research or educational tool.

An economic calendar and a market outlook are the two market research materials available. In addition, the weekly currency prognosis on the major Forex currencies is provided in the market outlook. In terms of the economic calendar, you’ll be able to keep track of various trading events all over the world.

Customer support

Tradersway provides help in 14 different languages. Members of the helpdesk can be reached via live chat, email, and phone. The inquiry procedure can take up to 24 hours to complete. As a result, you may expect your problem to be resolved in less than 24 hours.

TradersWay’s customer service team is friendly and patient, and they respond to all of your queries thoroughly. They can be reached by phone, email, or live chat. Customer support is responsive, and the crew responds to your questions as quickly and accurately as possible.

TradersWay Contact Details

Email: [email protected]ersway.com, [email protected] 

Phone: +1 849 9370815

TradersWay Verdict

The final line is that Tradersway is not a trustworthy broker because a reputable financial institution does not regulate it. If traders are concerned about the safety of their funds, this is a significant red signal. You can trade stocks and indices using the MetaTrader 5 advanced trading platform.

TradersWay’s mission is to extend limitless and free trading on a worldwide scale by delivering the most diverse financial market chances. If you want to trade in a safe and favorable environment, look for a broker that offers detailed learning resources and is well-regulated, such as the reputable brokerage firm PrimeFin.

TradersWay is a Forex trading broker that works with top-tier financial institutions and currently holds customer funds in segregated accounts. This Forex broker also follows the Anti-Money Laundering Policy and the Know-Your-Customer Policy, ensuring that any fraudulent activity is prevented.

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