Since you are reading this article now, I assume that you are interested in Tradersway broker. In this Tradersway Review 2023, I tried my best to introduce the company to you. So let’s begin with the basics!
Tradersway is based in the Commonwealth of Dominica with the company name TW corp. Notice how this Tradersway broker is headquartered on an off-shore island with a 73K population rather than big countries with sizeable populations.
There are advantages and disadvantages to this, but we will cover the topic under the license & regulation section of this Tradersway review article.
All you need to do is continue reading this updated Tradersway Review 2023 to get all the answers!
Tradersway offers quotations which are some of the most precise and fastest on the market. In addition, very low commissions can be applied in different ways too, as in to be included in the spread rate as is the case in the standard account within the broker account types. High leverage and free demo access are all included within the features offered by the Tradersway broker to their traders.
The other countries that are in the top 5 are the United Kingdom, South Africa, Canada and France. These countries make up an additional 13% of the website’s visitors.
I reviewed Tradersway forex based on the following criteria.
- The abundance of trading platforms
- Good customer service
- Not Regulated
- High spread for the standard account
- Poor trading instruments
Is Tradersway scam or reliable? Which account types are more advantageous? Is Tradersway minimum deposit and spreads low enough? What is the maximum leverage that you can trade with?
Licenses & Regulation
Licenses & Regulation
It’s quite well known how important regulation is for any forex broker since it provides safety to the trader and reliability to the broker. Having investments done in the world’s most liquid market is indeed a great experience yet, that also means the chances for scams and fraud also increase as the market widens.
And so, without regulation, the chances of any broker being a fraud or scam broker increases even if they have a big name. Generally, a big and trusted name of any broker in the forex and CFDs market is gained through having a trusted and reliable regulation to guarantee the safety of the traders’ funds and their accounts.
The reason why there is a big fuss over the regulation is due to the fact that they provide rules and terms for the brokers to follow which these rules include segregation of accounts, a specific capital to hold and compensation schemes to be held in place, all to guarantee the good maintenance of the client’s transactions.
And in that regard, Tradersway is lacking greatly since the lack of any sort of regulation within the broker’s pocket. The broker, however, grants the safety of funds where they promise to pay your money and profits in full and in a timely manner.
As you know, after the new measures of ESMA (European Securities and Markets Authority), the brokers who are registered in the zone of ESMA, can’t offer a leverage rate over 1:30.
So having licenses by the watchdogs who are subject to ESMA, such as FCA, and CySEC doesn’t seem advantageous as before. So Tradersway can be a firm that wants to offer high leverage to traders who likes to take risk rather than being scam broker!
However, that doesn’t change the fact that if Tradersway forex had a license from FCA, your money would be 100% safe.
Because FCA (Financial Conduct Authority) guarantees your money up to £50,000. Do you see? This Tradersway review 2023 provides you with some useful additional information.
Account Types & Spreads
Account Types & Spreads
Tradersway has a wide variety of account types to match all different levels of investments and trading strategies. This section of the Tradersway review is where I’ll talk you through all the available account types as well as the trading conditions of each account to help you make the right choice in opening a suitable account for your trading strategy.
4 different accounts are offered including 2 accounts on MetaTrader 4 trading platforms and 2 accounts on MetaTrader 5 that are:
This is also called the standard account with variable spread, where floating spreads apply and no commission is added to the transactions done with this account and the minimum deposit here is very minimal to reach $10. The spreads applied with the standard account can be as low as 0.7 pips and the minimum trading size is 0.01 standard lot means you can trade with a micro lot with the standard account. The maximum leverage offered is 1:1000. The option to trade with the standard account in a demo view is possible since Tradersway is offering the chance to try out the conditions of the account without any risk and test your strategies and techniques before starting the real trade market. USD, EUR, CAD, and GBP are the deposit currencies that can be used within this account.
It stands for Electronic Communication Network which means traders can access the interbank market directly without any interference from brokers. This account type is having floating spreads that are reaching 0 pips and a minimum deposit of $10. There is a commission applied here of $30 per $1 million turnover. As well as a maximum leverage of 1:1000 and the availability to trade with a micro lot is also an option. The trading base currencies here are similar to the ones of the Standard account.
With this account, you can trade with the MT5 account using the ECN method which provides access to a range of financial markets, such as Forex, CFD, Futures and Cryptocurrencies. The base currencies used in MT5.ECN in Tradersway forex are USD, and EUR only where you can get very low spreads of 0 pips and the minimum deposit is only $10. The leverage range is 1:1000 as the maximum amount offered and a commission is applied here starting from only 25 USD per $1 million turnovers. The option for a demo account is possible with the MT5 ECN account and the ability to analyze trading instruments with over 80 built-in indicators, regard Market Depth data, build Expert Advisors in a rich environment and test them the visionary Strategy Tester.
With this accounts type, you can get enhanced charting, one-click functionality, a special proprietary algorithmic platform – cAlgo and greatly more than any other user-friendly platform. Spreads are extremely low to reach 0 pips. Minimum deposit of $50 and you can only use USD as the base currency for this account. The CT ECN account functions on the cTrader platform. A minimum commission starts from only $3 per $100,000 turnover.
A demo account is an option that Tradersway forex is offering that is available on all account types where traders, beginners and experts, can test their knowledge and try out new strategies in a risk-free account environment, where the whole trading system that the demo account revolves around is trial and error. A virtual trading method takes place so you can test out your knowledge, in case you were a new trader, or try out new trading techniques, in case you were a professional trader, without having to risk your real money but still check the validity of your information.
The option of swap-free Islamic accounts is also present, where you need to apply a request to open such an account and the broker has the right to accept or deny your request as you’ll need to provide proof of belief as these accounts are quite suitable for Islamic countries and believers.
This section of this Tradersway review is where I’ll break down the different trading tools and their trading conditions offered within Tradersway to allow you the chance to choose the best instrument for your trading strategy.
There are different trading products offered by Tradersway which represent a good option for distributing the risk and providing versatility to the trading portfolios of the traders which is a very important aspect to all different types and levels of traders.
There are 4 different types of trading instruments offered within Tradersway which are:
Forex: with $4 trillion as a daily average volume, the most liquid market in the world is available for trade as you can trade with different currency pairs including, major currency pairs as well as exotic ones. You can choose accounts with a fixed spread or accounts with a floating spread.
Metals: Gold and silver represent the main two most important metals available to trade within the trading instruments provided in the forex market where it’s the safe haven for trades as it provides a way for hedging with great market value. The most adaptable way to trade gold and silver is CFD trading with its high liquidity and tight spreads. Your profit or loss is determined by the change in the value of the metal regardless of the contract size, so you do not need to worry about holding the actual metal.
Energy: Oil and gas are the main energy sources available for trade in the forex market where it represents a part of commodities markets that deal specifically with the trade-in and supply of energy. crude light oil and natural gas CFD trading on the convenient MT4 and MT5 platforms with its user-friendly interface, advanced charts, indicators, Expert Advisors and programming options.
Cryptocurrencies: with the technological evolution we’re living through in recent days, cryptos are now one of the most popular ways of moving money around the world cheaply and efficiently. Bitcoin, Litecoin, Ethereum, Ripple and others are available for trade. With maximum leverage of 1:20 for crypto trading, you can begin trading with only $10 and with a minimum lot size of 0.01 for all. The decentralization of cryptocurrencies shields them from many of the economic and political matters that normally affect traditional or “fiat” currencies.
I will try to tell every platform offered by the broker in this part of the Tradersway review 2023.
MetaTrader 4 & MetaTrader 5
MetaTrader 4 trading terminal is a workplace of the trader and it allows working on the financial markets such as Forex, CFD and Futures. MT5, on the other hand, offers advanced financial trading functions, as well as superior tools for technical and fundamental analysis.
The broker offers a wide range of platforms. Where it includes the Forex industry’s standard software, MetaTrader4 and MetaTrader5 platforms. Both platforms were developed by the mother company, MetaQuotes where they became the most popular platforms in the entire market of forex and CFDs trading.
Moreover, Tradersway has QuickDeal 2.0 tool which adds Market Depth Level 2 pricing and One-click features to MT4.
Another positive feature of the Tradersway broker is that traders can use the MT5 platform. This new multi-lingual platform gives you the ability to analyze trading instruments with over 80 built-in indicators, view Market Depth data, build Expert Advisors in a robust environment and test them with the innovative Strategy Tester.
In recent years, the popularity of ECN trading is increased. So if you think of trading ECN with Tradersway, you can use the cTrader platform as well.
cTrader takes the best advantages available to major institutional traders and puts them into the hands of all types of traders like sub-millisecond execution speeds, Level2 pricing and no conflict of interest due to no dealing desk functionality available.
VPS Hosting Service
Have you ever heard of VPS service? It means Virtual Private Server and it will ensure that trading executions continue 24/7 even if your computer or phone is broken or you have no internet connection.
Bonus & Promotion
Bonus & Promotion
I’ve dedicated this area of the Tradersway review to discuss and explain to you the presented bonus and campaigns that are available when trading with Tradersway. Read along to know the terms and types of the offered promotions.
Tradersway offers a great option for a bonus promotion of a 100% deposit bonus. The bonus seems quite easy to be obtained and the terms and conditions for receiving are also doable.
All you need to do is to fund your account with whatever amount you decide and choose the bonus you want to be added and in this case, it’s the 100% deposit bonus. Then you will be provided with a 100% bonus over the deposit you will be making. The bonus is granted to your account on a daily trading volume basis.
So we are at the final part of the Tradersway review. I really consider the quality of customer service before deciding to trade with a broker.
I find their customer service employees are quite helpful and fast to fill the knowledge I haven’t got about Tradersway forex. You can either e-mail them with your questions or call them directly.
There is one more option that you can contact them, ‘live chat’. But in fact, I am pretty sure that their service isn’t a live chat but another way to send an e-mail to the firm. Because after you send your message, the only thing you see is a ‘tick’ sign which indicates that your message has been sent.
But let’s back to the positive side of their customer service again. The Tradersway broker creates content in 10 languages for their website. These are English, Bahasa Indonesian, Bahasa Malaysian, Hindi, Chinese, Spanish, Polish, Persian, Arabic and finally Russian.
The question of whether is Tradersway regulated seems to be coming across from readers quite frequently and after the information, I’ve reviewed in this Tradersway review we can together conclude that the answer is No, Tradersway broker isn’t regulated by any financial regulatory organization in the forex and CFDs market yet it promises the safety of funds and protection against any financial crises like bankruptcy or scams.
It’s a very popular broker in the USA but having no regulation is one of the very important cons.
This Tradersway Review 2023 broke down the different types of account types offered which include 4 different account types. Along with low spreads and high leverage that can reach up to 1:1000. Different types of platforms are also present to provide maximum options for traders to choose the best fitting platform to their style and technique along with matching to your liking. Generally, MT4 and MT5 are the forex market’s most in-demand and known platforms. Followed by the cTrader platform. In, all are provided by the broker and available on all devices to allow trading anytime, anywhere.
The trading instruments offered by Tradersway seem to be sufficient yet not as variable as other brokers in the market. Which, again, represents another con for the Tradersway broker.
Tradersway has a 100% deposit bonus which is a great start for any broker with a live account. As well as the adequacy of the customer support seems to be having a good reputation.
Via this Tradersway Review 2023, I think it’d be hard to have a final conclusion or a final word. There are pros and cons for Tradersway and it’s hard to decide which side is stronger than the other. Yet for me, a lack of regulation under no circumstance is a major red flag for any forex broker since the possibility of that broker being a scam or applying fraudulent transactions is quite high.
So tell me, did you find this Tradersway review helpful? would you trade with this broker? Have you got any positive or negative experiences with Tradersway? Please share it with us by commenting below!