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Trader’s Way Review

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Trader’s Way, founded in 2010, is registered in the Commonwealth of Dominica. As an intermarket brokerage services provider, Trader’s Way offers a wide range of underlying assets, a variety of trading platforms, and several accounts types, including Islamic accounts. These elements, along with minimum deposits as low as $10 help to make Trader’s Way a popular choice among modern forex traders in search of optimal trading conditions. In this Trader’s Way review, we’ll explore all of the pros and cons associated with trading FX with this broker.

Account Types

Trader’s Wat offers five different account types, including: MT4.FIX., MT4.VAR., MT4.ECN., MT5.ECN. and CT.ECN. Similar to account types seen offered from other forex brokers, traders will receive access to certain advantages with the higher account tiers. However, there is one distinct difference here, that being that the advantages are specifically trade related. For example, one broker may offer free withdrawals to those with an advanced account type, where Trader’s Way offers access to more advanced trading platforms and additional currencies instead. The variances among the account types are quite distinct, so be sure to read and fully understand what each account type offers.

MT4.FIX.: The Trader’s Way MT4.FIX. account is their standard account type. This account provides the trader with access to the popular MetaTrader 4 trading platform, along with fixed spreads that are shown to you in advance of depositing or trading.

MT4.VAR.: This unique MT4 account combines some of the most popular features of ECN trading with tight spreads (floating) and no commission standard trading.

MT4.ECN.: This is a MetaTrader 4 ECN trading account which offers direct access to the interbank market. At the time of this writing, the minimum deposit for this account type was only $10.

MT5.ECN.: The MT5.ECN. account also provides direct access to the interbank market, but this time through the MetaTrader 5 platform instead of MetaTrader 4.

CT.ECN.: The Trader’s Way CT.ECN. account is a unique account which provides you with direct access to the interbank market through the most innovative, user-friendly cTrader trading platform, designed especially for STP/ECN trading.

Platforms

Trader’s Way provides their clients with a wide variety of platform options and ways to trade. In addition to MetaTrader 4 and MetaTrader 5 (both of which are available in app and web-trader format), they offer cTrader, a user-friendly platform designed specifically for ECN trading. cTrader can be downloaded, but is also offered in application and web-trader formats.

Other platform options are made available, including:

cAlgo: cAlgo delivers fast and reliable automated trading. The easy to use, coding-friendly platform allows trader to develop and test their own robots and customized indicators.

cMirror: This application allows for Mirror (copy) trading signals using Market Orders for entry. Those wishing to become a Signal Provider may also use this tool to offer their very own mirror trading services and charge commissions for those services.

MT on Mac OS: MetaTrader was originally designed solely for Windows OS. However, one can run MetaTrader on Mac OS using various applications. MetaQuotes recommends the free software offered by WineBottler, Trader’s Way provides the proper link for downloading this software.

Leverage

There is a maximum leverage cap of 1:1000 for four of the account types: MT4.FIX., MT4.VAR., MT4.ECN., and MT5.ECN.). The CT.ECN. account type is capped at 1:500. Bear in mind that cTrader is an ECN account with variable spreads and commissions.

Trade Sizes

The minimum trade size for all account types is 0.01 lots or 1000 units. 0.01 is also the order step size. The standard lot size 1 Lot, or 100,000 units. No maximum lot sizes are provided. Should you have questions about limits, we recommend that you contact Trader’s Way customer service using either their live chat function on the website, emailing helpdesk@tradersway.com, or calling 849 9370815. It should also be noted that a 40% stop out level applies at all times, regardless of chosen account type.

Trading Costs

There is no commission charge for the MT4.FIX. and MT4.VAR. accounts. Commission for a turnover of $100,000 is $3 on each of the remaining account types. As for Swap fees, those can be viewed in MetaTrader by clicking on the trade specifics for each individual asset. This can be done using a demo account well in advance of making the decision of whether or not to create and fund a live account. To view swaps in MetaTrader 4 or MetaTrader 5, right-click on any instrument in the ‘Market Watch’ section, and then choose the ‘Specification’ option from the dropdown menu. Swap-free trading is possible on the MT4.FIX. and MT4.VAR. accounts.

The following is an example of how ECN commissions are calculated:

Deal size – 1 standard lot EURUSD = 100,000 units, EURUSD rate – 1.25, commission fee – 3 USD

Commission = (100,000 EUR Open Size + 100,000 EUR Close Size) * 1.25 EURUSD / 100,000 * 3 USD = 7.5 USD

Assets

Trading is provided in three markets. These include Forex, Metals and Energies. Note that only Forex and Metals are available on CT.ECN. accounts. The number of assets that one has access to varies by account type, so there is no way to provide one set number that everyone will have access to when trading with Trader’s Way. However, the brokerages does provide specific lists for each of the account types and those can be accessed directly from the website. Simply visit the Instruments page to access the links for each account: https://www.tradersway.com/markets/forex/instruments.

Spreads

Spreads are fixed when using the MT4.FIX. account. On all other account types, they will be variable. The minimum spread varies by account type, as shown below.

  • MT4.FIX. – 2 pips
  • MT4.VAR. – 0.7 pips
  • MT4.ECN. – 0.0 pips
  • CT.ECN. – 0.0 pips
  • MT5.ECN. – 0.0 pips

Clearly, the ECN account types offer the best opportunity for trading with ultra-tight spreads. However, the other two account types are still competitive enough to be appealing to most traders. Again, we recommend a demo account for viewing spreads in real-time, as this will provide the most accurate examples of average spreads throughout various market sessions.

Minimum Deposit

There is no minimum deposit amount set for the MT4.FIX. and MT4.VAR. accounts. For the MT4.ECN. and MT5.ECN accounts, there is a $100 USD minimum. On the CT.ECN. account type, the minimum is set at $50. There are no limits as to the maximum amount that one can deposit. As of the the time of this writing, Trader’s Way was running a special discounted minimum on ECN accounts, dropping the minimum from $100 down to only $10. Contact the customer service team to inquire about any current discounts or deals being made available for new account holders.

Bonuses & Promotions

As mentioned above, one of the current promotions being offered at Trader’s Way is a discounted minimum deposit amount on ECN accounts. In addition to this, a 100% deposit bonus is being offered at this time. To receive this, you will need to make a deposit and select the desired bonus amount, after which the chosen amount will be credited to your trading account. The bonus is cashed to your account as you actively trade, based upon a daily trading volume basis. If you prefer not to accept a deposit bonus, there is the option to decline.

Deposit Methods & Costs

Trader’s Way accepts a wide variety of payment methods for depositing, including all of the following:

Credit/Debit Cards via VLoad – FREE

Wire Transfer – FREE. However, correspondent banks may charge some fees.

Bank Transfer (Abra) – FREE. However currency conversion fee may apply.

Bitcoin – FREE

Ether – FREE

Litecoin – FREE

Ripple – 20 XRP for deposits lower than 1000 XRP.

UPayCard – FREE

Skrill/Moneybookers – A commission of 1.9%.

NETELLER – Up to $500 USD – 3.9%, $501-$1000 USD – 2.9%, $1000 and up – 1.9%.

Perfect Money – FREE

FasaPay – A commission of 2.9% for deposits applies.

Prepaid Card – Free. However, any applicable Skrill fees may apply.

For standard accounts with floating spreads and for MT4.ECN. accounts, there are four options: US Dollars, Euros, British Pounds and Canadian Dollars. For standard accounts with fixed spreads and for MT5.ECN. accounts, there are two options: US Dollars and Euros. For CT.ECN. accounts you can choose USD only. The wait time for a deposit to be credited to your account will vary by chosen deposit method. Credit/debit card, cryptocurrency and other online payment methods will be the fastest, with bank wire transfers being the slowest transmission method.

Withdrawal Methods & Costs

The same methods that are accepted for deposits can also be used for withdrawals. Note that in most cases, a withdrawal request will need to be paid out using the same exact method that was used to fund the account. There are fees associated with some withdrawal methods, but there are plenty of free methods that may be selected.

Credit/Debit Cards via VLoad – FREE. However, VLoad charges a 6% Processing Fee.

Wire Transfer – FREE. However, correspondent banks may charge some fees.

Bank Transfer (Abra) – FREE. However currency conversion fee may apply.

Bitcoin – FREE. However, network fee may apply upon withdrawal from wallet.

Ether – FREE. However, network fee may apply upon withdrawal from wallet.

Litecoin – FREE. However, network fee may apply upon withdrawal from wallet.

Ripple – 20 XRP for transactions lower than 1000 XRP.

UPayCard – A commission of 1% for withdrawals applies.

Skrill/Moneybookers – A commission of 1% for withdrawals applies.

NETELLER – Withdrawal fee is 1% (minimum 1USD).

Perfect Money – 1% fee for withdrawals applies.

FasaPay – FREE

Prepaid Card – FREE. However, any applicable provider fees may apply.

Withdrawal Processing & Wait Time

Withdrawal requests are processed within 48 hours on business days. A withdrawal request can only be made if you do not already have any Pending/Confirmed withdrawal requests, which is standard procedure among forex brokers. The wait time for funds to arrive solely depends on the chosen withdrawal method. The same as with deposits, bank wire transfers take the longest to arrive. Bank wire transfers are quite safe and secure, but do consider a different payment method if a more restricted wait time is what you desire.

Educational & Trading Tools

Trader’s Way does not provide an extensive education area, but does offer basic instructions for both Forex and CFD trading. The optional services listed below are also available and may be utilized by all traders.

VPS Hosting Service – Trader’s Way offers its own VPS hosting service, offering an unlimited 24/7 connection.

MT4 Trading Signals – MT4 provides the ‘Trading Signals’ social trading service. This service can be used to copy the trades of other traders directly in your own trading platform. To do this, you will need to select a Signals Provider and subscribe. After that, all trades will be automatically copied and executed on your account.

FxStat Autotrading – This is an optional account monitoring, social networking and auto-trading (copy trading) service.

FxWire Pro Newsfeed – Offered by IBTimes, FXWire is a professional Forex newsfeed service integrated into the MetaTrader 4 platform. The service provides traders with overview and insight into the global markets in real-time.

Customer Service

There are four options provided for reaching out to Trader’s Way. These include standard mail, email, phone and live chat. The details for each of these options are provided below. It is worth mentioning that this broker does not provide an online contact form and also does not provide the option for requesting a callback. Some may find the omission of these two options to be a drawback.

Company name: TW Corp.
Address: 8 Copthall, Roseau, Dominica
Tel/Fax: +1 849 9370815

New Accounts: sales@tradersway.com
Customer Service: helpdesk@tradersway.com
Technical Support: support@tradersway.com

All clients inquiries are processed within 24-hours, but only on business days. Be prepared to wait until Monday for a response should you choose to reach out to the customer service team on the weekend or on a holiday. Once again, this may be viewed as a negative by those who wish to have constant access to the support team of their chosen brokerage.

Demo Account

Demo accounts are made available to those who wish to create one. $100,000 worth of virtual funds are added to each demo account, which is more than enough to fully test the provided trading platforms. Any account type can be tested in demo format, which is an excellent advantage for those who are not sure which account level to select. The trading conditions of Demo accounts are almost (but not completely) identical to the trading conditions of real accounts and Advisers are enabled. Demo accounts provide the ideal way to learn how to trade and to test strategies and EAs without taking on any financial risk.

 

Countries Accepted

Trader’s Way does operate on a global scale, but makes it known that none of the information on their website is not directed toward soliciting citizens or residents of the United States or United Kingdom. The listed Terms and Conditions and their enforcement are governed by the laws of the Commonwealth of Dominica and therefore any dispute would fall under the jurisdiction of the federal and state courts located within the Commonwealth of Dominica. Contact Trader’s Way customer support to learn more about location exclusions and account rules.

Conclusion

Trader’s Way falls into the category of forex brokerages who have been in operation for an extended period of time. This in itself is considered to be a positive, as many other brokers cannot make the same claim. The available account types are quite distinct and could easily be considered a positive or a negative, depending on the preferences of each trader. We personally consider the provision of multiple account options to be a good thing for traders. The wide variety of banking methods is also a plus, as is the variety of platform options. The company website could use an overhaul, as it is a bit tough to navigate. However, for as long as TW Corporation continues to offer solid trading conditions and user-friendly platforms, they will remain among the top FX brokers in the industry.

 

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