TRADER’S WAY REVIEW

Comments Rating 2.5 (3 reviews)

GENERAL INFORMATION

Broker Name:

Trader’s Way

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

Languages:

English, Français, Español, Russian, Indonesian, Arabic, Chinese

Availability:

N/A

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

Trader’s Way Review

Searching through the market for the right broker is quite hard. You have to read many 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.

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You never know what type of broker you’ll stumble upon; if you are lucky enough, you will find the right one. However, this happily-ever-after scenario is usually not the case, as the trading market is full of scammers and fraudulent brokers. That’s why our TradeMarketNews 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 Trader’s Way review, we break down every single aspect of the broker. Well, at least the ones we managed to find.

Trader’s Way: GENERAL INFORMATION

Trader’s Way was founded back in 2008. It offers Forex and CFD trading, social trading, and share dealing. The variety of account types that the broker provides for its clients is exciting and satisfies 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.

Trader’s Way 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 TRADER’S WAY SAFE?

Well, well, what 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.

The research we did on Trader’s Way review, shows that Trader’s Way is considered high-risk. The broker is not publicly traded and does not operate a bank. Zero high trust regulators authorize Trader’s Way, zero average and low trust re Money rules, and minimum capital requirements set in the US, Japan, Australia, UK, and Cyprus. Brokers in these countries are required to report all trades and comply with various procedures. Overall, unregulated.

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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 Trader’s Way website that the broker has a listed stock symbol. This means that Trader’s Way is publically listed, and you can officially buy shares. However, we would advise you to restrain yourself from doing so.

Trader’s Way 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 the lack of regulation. Thus, we would like to see Trader’s Way 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.

Let’s dig into this Trader’s Way review and into each of these notable features.

Trader’s Way Trading Conditions

Minimum Initial Deposit

Trader’s Way has no minimum initial deposit, making 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 USD 10 from traders as a start.

Maximum Leverage

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

Trader’s Way, 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, Trader’s Way 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.

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Trading Platforms

Trader’s Way offers four account types for the MetaTrader 4 platform lovers. The trading platforms vary from fixed spread to variable spread pricing and a crypto account that allows clients to deposit any 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.
  • Trader’s Way offers access to the MT4 ECN account with just USD 10 instead of USD 100.

As we’ve mentioned before, Trader’s Way 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

Trader’s Way 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

TradeMarketNews 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, TradeMarketNews promotes leading brokerage firms that suit clients’ objectives and needs, given that the Company also aims to cater to different types of investors, whether beginners or experienced.

We do hope this Trader’s Way review was helpful, and we wish you good luck trading!

COMMENTS

4 Comments

  1. Avatar Gerard 30.09.2020
  2. Avatar Alberto 30.09.2020
  3. Avatar Taylor 30.09.2020
  4. Avatar Travis 30.03.2021

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Comments Rating 2.5 (3 reviews)

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