Trader’s Way is a broker who has earned itself quite a controversial spot on every forum in the trading niche. They are unregulated and are operating for roughly a decade at the time of writing this review. In their initial days, they earned a ton of clients due to their flexible trading conditions, but as time passed, things reversed drastically.
Now a lot of retail clients are losing money to them in the name of trading and the client feedback section is filled with horrifying stories. If you ever land on their platform, the interface might look familiar, but don’t let looks fool you. After all, nowadays you can’t judge anything online based on the appearance alone especially when money is involved, right?
There are certain advantages of choosing this broker, but compared to the risks present, the features certainly aren’t worth it. To understand the nature and motives of this brokerage, read our review till the end and then make an informed decision.
Trader’s Way Regulation and Support Details
The world of online investing and trading is growing exponentially. Unfortunately, the law is not able to catch upto it due to the sheer number of vendors present. So, as retail clients it is our duty to ensure the safety of our capital by only dealing with regulated brokers.
One might argue that indulging with unregulated brokers carries certain unique benefits such as low commissions and high leverage, but at the end of the day let us assure you that it won’t end well. So, do not let anyone convince you to deposit with brokers who are not overseen by any regulatory authority.
Trader’s Way is a broker who is located and incorporated in Dominica. They do not hold the client’s fund in segregated bank accounts and unlike many regulated counterparts, they don’t offer insurance too. In other words, there is no such thing as safety of funds if you give them your hard earned money. On the bright side, this broker seems to have a decent support team which can be contacted via phone and email.
Phone – +1 849 9370815
Email – firstname.lastname@example.org
Trading Platform, Account Types and Leverage
Trader’s Way supports a lot of popular retail trading software such as MT4/5, Ctrader, mobile apps and web based interface. They are an ECN broker which means they don’t take the opposite side of the trades made by their clients thereby reducing conflict of interest.
Integration with the MetaTrader and Ctrader means basically anyone who has ever traded before in their life is going to find everything they need to carry on their activities. Clients can use any custom indicator they want, any charting template they need with the platforms supported and both the experienced and newbie traders will have something to rejoice.
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As far as automated trading goes, they support all kinds of Expert Advisers, copy trading and social trading methods. There are no different account types offered by this broker. Furthermore, note that they don’t allow scalping or any kind of short term trading on their platform. Being an ECN broker, banning scalpers is a vague thing to do and we can’t find out the reason behind the logic.
Moving on to asset class, this firm presents the traders with forex, commodities and CFDs and the leverage offered ranges upto 1:1000 which is huge. Most regulated brokers rarely offer more than 1:100 and they do it to protect their clients from wild moves in the market.
All in all, everything about them sounds good in theory, but the flaws are present in their trading conditions which are vague and irrational to say the least.
From the early 2000’s, most brokers realised that the only way to retain clients is by educating them about the markets as much as possible. After all, education is the key to survival in the markets and the longer the clients remain active, the more the broker earns.
Trader’s Way hosts a lot of webinars on the latest market movements on a frequent basis. You can access the content and tutorials by clicking the Resources tab on their website.
In addition to the educational content, they also feature an economic calendar which tells you about the important events and the kind of impact it has on the markets. It is indeed nice to see a broker going to extreme lengths to educate the masses and it certainly gets our appreciation.
Promotions and Bonus
To retain clients for longer, almost all of the forex brokers used to come up with attractive incentives and promotions. However, things took an ugly turn as most unregulated brokers started misusing the bonus structure to lock the funds of the clients by using hidden terms and conditions or ridiculous trading requirements.
The regulators recognised the problem and understood the significance of the conflict of interest which was present which is why they banned it in most developed countries? This broker offers upto 100% matching bonus which will certainly increase the amount of funds available for the clients.
Nonetheless, remember that you have to reach a certain threshold in terms of volume in order to make a withdrawal of the funds later on. The exact conditions required to satisfy the bonus criteria is not made public and that in our books is a big old red flag. We strongly suggest all our readers to not accept bonuses in any way unless you know exactly what you are doing?
Deposits and Withdrawal
Trader’s Way supports a lot of payment methods such as e-wallets, credit cards and cryptocurrencies. The minimum deposit and withdrawal amount is $10. Depending upon your account base currency and method of withdrawal, there might be fees applicable and it is roughly around 1.5% which needless to say is huge.
They do not allow third party deposits into your trading account and the client has to verify his or her identity before placing a withdrawal request. All of their practices are standard apart from the high transaction fees, there isn’t any questionable aspect about them. Lastly, know that the withdrawals are said to be processed within 48 hours.
How to recover money from Trader’s Way Scam?
After seeing a ton of reviews from frustrated clients, it is clear that this firm has caused a lot of damage to the traders all around the world. Their policies regarding payments and chargebacks are filled with flaws and it strongly discourages people from taking the right steps.
Nonetheless, it doesn’t mean that you should stay quiet especially if you have lost money to them. Let us know the incident in detail and provide us with the relevant transaction or accounting information and we will assist you with the best available recovery options.
Our recovery experts have more than a decade experience and they are well versed with handling cases like the one we are discussing. You can reach them through the contact form provided below this post or by going to our homepage.
As this broker is operational for a long period of time, the number of comments and testimonials online were easy to find. Look at the horrifying things the clients have expressed about this platform on Forex-ratings.com. Ask yourself, is it really worth it to indulge with them in any way?
Ridiculously high spread, my account was doing fine, they raised their 42 spread up to 4124 under 1 minute, also as a trader i have different brokers running, all the brokers XAUUSD spread are fine and running, but tradersway spread still at 223 and the pair appears as closed market, other brokers like hot forex and hugosway price are at 1878, and tradersway price is still closed at 1876. I have pictures of moves I’ve never seen before in any other broker, this broker definitely is a scam, we should let all traders know.
Tradersway is a ripoff, I took a 300 deposit to 17k and withdraw half, I had 3 winning trades opened at 500 profit and 9800 left in my tradersway account. Someone opened up crazy trades with outrageous lot sizes and wiped it down to 900. They say they don’t have access to anyone accounts but its a lie. Im fighting to get my money back but im pretty sure it’s not gone happen. Procced with caution.
Trader’s Way Scam Review Conclusion
Trader’s Way at first glance might seem like the perfect broker out there. The bells and whistles they feature will surely attract a lot of newbies in the sector. However, just like we mentioned before, as end clients we can’t make decisions based on features alone. Our first priority should be safety of our capital and hands down, the best way to ensure it is by choosing a regulated ECN broker.
Moreover, know that they also ban certain trading styles which is unnecessary to say the least. So, avoid them for your own benefit and if you are not able to get your money back from them, then comment below and we will assist you in any way possible.
If you have used Trader’s Way Broker, let us know your opinion in the comment’s section.
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