Trader’s Way Review
In this Trader’s Way review, we take a close look at the services offered to help you make the most of their platform.
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Trader’s Way is a global online forex broker founded in 2010 in the nation of Dominica. This firm offers traders cTrader suite of platforms, in addition to copy/social trading platforms through MyFXBook and FXStat.
Trader’s Way launched the MT5 platform, and added cryptocurrency CFDs to its MT4 platform, as well as a couple dozen forex pairs.
When trading in the financial markets it can be difficult to find a broker that meets your needs. In this review, we’re going to break down the pros and cons of using Trader’s Way, what it offers, how safe it is, and how much support you will be offered, plus more.
- Regulation: FCA (UK) ASIC (Australia), CySec, (Cyprus), BaFin
- Account Minimum: $5
- Demo Account: Yes
- Asset Coverage: Forex, stocks, cryptocurrencies, commodities, precious metals, energies, and equity indices.
- Best For:Beginners, Professionals, and those looking for low fees
- Commissions & Fees: 8/10
- Investment Selection: 9/10
- Account Options & Features: 5/10
- Usability: 7/10
- Educational Resources: 6/10
- Customer Service: 9/10
- Overall: 7.3/10
Investor Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
Choosing the best broker for your experience, needs and trading style will play a crucial role in your success. In each case, it’s important to fully research and check any broker you are considering signing up with.
- Over 10,000 clients
- Regulated by Unregulated
- Minimum deposit of $10
- No scalping allowed
- Considered high-risk
What is Trader’s Way? 📚
Signing up with Trader’s way will require a minimum deposit of $10. Before doing this, you will have the option to sign up for a demo account to familiarize yourself with the platform and get an idea of the current trading environment using virtual money.
Traders Way are suited to all levels of traders from beginner to advanced.
Is Trader’s Way Regulated? 🛡
When choosing a broker, where it is based and who it is regulated by is highly important to how safe your money will be. Trader’s Way is regulated by no tier-1 regulators, tier-2 regulated, or tier-3 regulators. For this reason, Trader’s Way is considered a high-risk broker.
Trader’s Way states that irregardless of regulation, the only way to know if your money will be truly safe is by researching the company’s business model.
On the broker’s site it lists numerous ways that it works to protect consumers money outside of the laws of regulators. This includes;
- ☑ Traders funds and company money are held in segregated accounts.
- ☑ To do this, Trader’s Way uses Tier-1 banks.
- ☑ Its team is knowledgeable and experienced in forex and CFD markets, and in trading.
- ☑ It has an extensive collection of policies and procedures aimed at ensuring business standards, processes and staff activity stay high.
- ☑ Employs strict KYC and AML policies to protect against money laundering and inappropriate usage of funds.
- ☑ Pays close attention to the security of clients’ funds, data, trading activity and transactions of money.
- ☑ Has highly conservative risk management policy
While doing your own research is highly advised in addition to regulation, it is an important factor to consider, too.
Offering of Investments 📃
- ☑ Forex: Spot Trading
- ☑ Social Trading/Copy Trading
- ☑ Cryptocurrency traded as CFD
Trader’s Way Compared
Average spread EUR/USD standard
All-in cost EUR/USD - active
Minimum initial deposit
Total currency pairs
Social / copy trading?
Trader’s Way Account Types 🗃
- ☑ Demo account
- ☑ Standard account
- ☑ ECN account
- ☑ Islamic account
Traders Way offers clients the choice of 5 account types for the MT4 platform. These range from fixed spread to variable spread pricing, in addition to a crypto account where clients can deposit bitcoin. There’s another account dedicated to MT5. Trader’s Way also offers a CT ECN account that can be used with the cTrader platform.
Micro Account ✔️
The micro account is a basic account suitable for beginners. Traders can use this account to help build confidence and test the waters with new strategies. There is a minimum transaction volume of just 0.1 of a Micro lot. The minimum deposit for this account is a mere $1, and it allows access to a high leverage of up to 1000:1.
FIX Account ✔️
The FIX account is a standard account for the MT4 platform. This account also requires a minimum deposit of just $1 to begin trading. The trade size is 0.01 lots and there is a maximum leverage with this of, again, 1000:1.
VAR Account ✔️
The VAR account is like a combination of an ECN account, with features such as 0 commissions and floating spreads, and the MT4 features. The minimum deposit for this is only $1, too, and this has the highest maximum leverage of 2000:1. The minimum trade size with this account is 0.01 lots.
ECN Account ✔️
This account was created for the MT$ ECN $10 promotion. There is a minimum trade size of 0.01 lots and the account deposit for this is a higher $100. The leverage for this is 1000:1
CTrader ECN ✔️
This has a minimum trade size of 0.01 lots and another higher minimum deposit of $100. The leverage for this is the lowest at 500:1.
cTraders are harder to come by, mostly because this is a newer platform and a lot of traders have yet to come to terms with it, as well as the fact that other ECN platforms have been dominating the market over a longer time.
There are a couple distinctions between this platform and other ECN platforms which include:
Changes to the interface. For example, the periodicity of the platform is bigger. Conventional platforms have about 6 to 7 time frames, while the cTrader forex brokers have more around 8 to 12 hour time frames that allow you to see how a currency pair is moving.
Many cTrader forex brokers have a minimum account opening size at $1000. They also offer an ECN-style trading system along with the platform. This can come with commissions on each trade on the buy and sell side. You’ll also be able to access more indicators, although these may be more difficult to remove or attach to charts.
FxSTAT Autotrading Account 🤖
Lastly, the FxSTAT account was created for more passive traders who have automated strategies. This account can be opened through an introducing broker and thus, it attracts an additional 1 pip for this service.
All accounts available can be traded with an Expert Advisor, and hedging is allowed.
Opening an Account 👨💻
Opening an account with Trader’s Way can be done pretty quickly. First you will receive login details by email, then you will need to submit documents to confirm your identity to validate your account, and then, make the minimum deposit. Once this is done simply download the trading app platform that you choose. Trader’s Way have all the information you’ll need on trading platforms on their site.
Demo Account ⏳
Traders do have the option to open a demo account before signing up to help give you a headstart before investing any real money.
Deposits & Withdrawals 💳
Clients can make deposits with Trader’s Way in the following ways:
- ☑ Bank Wires: This is a convenient way to make deposits and withdrawals using a Visa or MasterCard.
- ☑ Electronic payment: These can be made using Ukash, Skrill, Payweb, Payza, Neteller, CashuU, and Perfect Money.
- ☑ Local Transfer: This means using local banks to deposit and withdraw, but it is available to Indonesian citizens only.
Deposit Restrictions 🤚
The minimum deposit required by Trader’s Way depends on the transaction method along with the account type. Generally, the minimum deposit is $1, which you can deposit using the e-payment methods. The accounts that require $100 as a minimum deposit, you will need to use a bank transfer which requires more money to be sent to cover the $45 deposit fee.
The minimum deposit for a credit card is $10, and the maximum is $1,000. A maximum of just 3 deposits per day, $5,000 per month can be made using a credit card. Moneybookers require a maximum deposit of $10,000 and a minimum of $10, and Webmoney and CashU have no limits.
Generally, there are no maximum deposits apart from card methods which specify their deposit limit when an account is opened. This means that deposit limits should be considered depending on the transaction method used.
Generally, there are no deposit restrictions, only on card methods which are specified previous to the account being opened. For this reason, deposit methods should be viewed in the sense of the transaction method used.
Withdrawal Limits 🚧
Card withdrawals require the full amount that was initially deposited via the card method. If not, a waiting day period of 180 days will be applied. No transaction fees will be applied for any e-payment methods.
For more information on funds payments you can check out everything on the Trader’s Way site.
As mentioned, traders will have the option of 4 accounts with Trader’s Way for the MT4 platform. These range between a fixed spread to a variable spread when it comes to how much you’ll pay. There’s also a crypto account for clients who would like to deposit some bitcoin.
The firm’s fixed spread pricing has a 2-pip spread listed, which is high in comparison to other brokers. With that, the MT4 account with variable spreads has an average spread of 1.4 pips for the EUR/USD, and the MT4 ecn account has an average spread of 0.5 pips for the EUR/USD pair.
😕 Do you find pips confusing? This guide should help you understand what pips is and how it works.
Now, let’s look at everything a bit closer. Below is a breakdown of the commissions and spreads as seen on the Trader’sWay site:
|US SPX 500||1971.7||1972.1|
Platforms and Tools 🛠
Trader’s Way offers clients the following platforms to trade on.
Trader’s Way clients can trade forex on an advanced MetaTrader4 terminal. On top of this, there is a web-based version, and a mobile version for Apple, Android, iPad and tablet devices.
Traderway cTrader 🖥
Trader’s way provides clients access to an ECN platform that can be used for non-dealing desk trading. Clients can download it to a number of devices, use the web-based version, or mobile app.
MAM Platform 👥
This MAM platform is a multi-account management platform. This is used as a multi-terminal for account managers taking part in the PAMM program, and those trading with multiple accounts.
Tradeo Social Trading Platform 🌐
The Tradeo Social Trading Platform is a cross-platform, cross-broker social trading network where traders can connect to brokers across the globe.
FxSTAT Platform 💻
This is an advanced account monitoring, copy trading service where traders can follow the movements of other top performing traders.
Using a Trader’s Way Android or iOS App on your tablet or phone will be faster than using the Avatrade Website on the same device.
Trader’s Way Android and IOA is available on your phone and tablet and are speedier than the Avatrade Website on these devices. The mobile device helps you stay connected on the go and execute trades at any time.
Trader’s Way is mostly a MetaTrader broker, offering a full-suite of platforms ranging from MetaQuotes Software Corporation, including both the MT4 and MT5 platforms. While they come pretty standard with some slight variations in functions depending on the broker, it can vary significantly when it comes to commissions, spreads executions, features, and the administrative and spread set up. In addition to this, Trader’s Way launched its cTrader and the suite related to the trading platform from Spotware Systems.
Mobile Trading 📱
Clients can download the Trader’s Way mobile trading application for cTrader and MetaTrader platforms through iTunes and Google Play.
Other Notes 📝
In 2018, Trader’s Way introduced cryptocurrency CFD trading on bitcoin, offering a maximum leverage of 2:1. Traders will also have the option to deposit bitcoin or ripple physically into a margin account.
Educational Material 📙
Trader’s Way helps traders learn and grow their knowledge base by offering a standard selection of material. These include economic calendars, webinars, and a market information section. To be in a good position to trade and minimize risk, it is important to have a base knowledge of Trader’s Way’s tools and its markets.
In this area, the firm offers clients a standard selection of educational resources. Put the time into reading up and educating yourself on the markets and their environments.
Taking an analytical approach to trading with Trader’s Way may be the best way to go. Put in the time to go through the website and teach yourself to think more logically, and strategically, and most importantly, to keep learning.
Trader’s Way offers clients FxWirePro to access real-time forex news on MT4, in addition to an economic calendar accessible through the resources page. The firm also offers a social/copy trading platform but apart from this, research is lacking apart from some basics.
Leverage and CFDs Explained 👨🏫
Let’s take a look at some of the basics of using Trader’s Way leverage. Just like other leading CFD trading platforms, Trader’s Way CFDs are leveraged, which we’ll explain below.
More often than not, traders may have a position that is higher than the value in their account. For example, a broker may offer traders a leverage of 50:1, which allows traders to make a position up to 50 times the value that’s in their account. A leverage of 10:1, will allow a trader with $1,000 in their account to access a $10,000 position.
What effects will this have on your profits and losses? It greatly increases your earnings if you win, but on the other hand, it can also greatly increase your loss beyond your means if you lose.
For example, a trader buys $10,000 worth of General Electric using contracts for difference (CFDs) on a Trader’s Way platform, and perhaps the price rises by 10%. This would mean that it has grown by $1000 in value. Now your position is worth $11,000 in value, as opposed to the previous $10,000.
The leverage offered by Trader’s Way can work both ways. Should the price of General Electric falls 10% then the value of your position will fall 10%, too. If your position was previously worth $10,000, then it will now be worth only $9,000, a loss of $1,000.
Customer Support ☎
Trader’s Way customer support is accessible by phone, email, technical support and live chat. Here are the details of each:
- ☑ Trader’s Way address: 8 Copthall, Roseau Valley, 00152 Dominica
- ☑ Phone: +7 812 4548 812
- ☑ Email: Customer Service: [email protected]
- ☑ Technical Support: [email protected]
- ☑ Live chat support service: Broker’s website
Trader’s Way offers clients support in over 15 languages, including; English, French, German, Italian, Portugese, Polish, Czech, Chinese, Russian, Arabic, Herbrew, Hindu.
The support overall isn’t the quickest to respond and the advisors are not the most helpful. There are also less support features in comparison to other brokers, for example, the live chat and email support are only accessible in a small selection of languages. Phone chat only supports a limited number of languages, too, in comparison with others in the industry.
Live Chat Support 💬
Live Chat support takes on average about 20 minutes to respond and, occasionally, there was no response at all. The issue at hand was also not always resolved.
Email Support ✉
Trader’s Way email support was quick to respond and was overall efficient. The quickest reply was received in 3 hours, while the slowest has been reported by others to be 5 days. Occasionally, with email support there was no response either. This will vary depending on the day and time the email is sent. The email team is knowledgeable and any issues or queries were resolved.
Phone Support 📞
Phone is probably the best way to get some support off Trader’s Way. The phone support team is quick to pick up and generally answers within 5 to 10 minutes. This team was knowledgeable and an effort was made to resolve any issues or queries. Overall, the phone support is standard.
How to Setup Your Account 👷♂️
Anyone looking to open an account with Trader’s Way will need to pass a compliance check first to show that all risks of trading are understood and are eligible to trade. When you go to open an account, you will need to have the following items handy:
- ☑ A copy of some photo identification including a passport, driving licence or national ID card, scanned and in colour.
- ☑ A utility bill or bank statement within the past three months to prove your address
With this, you will also be asked some basic questions to let the firm know how much experience you have trading. Overally, this will take about 10 mins to complete the process in full.
Although you may be able to check out Trader’s Way’s platform immediately, you should note that you will not be able to make any trades until your compliance check is approved.
It can take several days to approve depending on the day it is submitted and your personal situation. To begin the process of opening a Trader’s Way account, simply visit their website and click Open Account.
Final Thoughts 💭
Trader’s Way does offer some popular platform suites however, it may not be the safest broker to choose due to its lack of regulatory licences, unfortunately as clients cannot be guaranteed that their money will be safe and secure in the event of bankruptcy or fraud.
Hopefully Trader’s Way will become registered with a regulator in a popular jurisdiction in the near future which would help it build more customer trust and reputation, to add its offering from Dominica.
For now though, we would suggest checking out our guide to the best forex brokers and platforms to help you find the best broker for you.
Trader’s Way and the Competition
See how Trader’s Way compares to the leading Forex brokers by reading one of the reviews below.