Tradersway Review Of 2024

Trading Fees

To assess Tradersway’s market position in terms of spreads, we conducted an analysis of average spreads data from over 40 brokers.

1. Raw Account Spreads

In the Raw Spread Account, Tradersway’s ECN pricing is not as competitive as one might expect from a true ECN broker. Their raw spreads start from 0.5 pips for major pairs like EUR/USD, which is significantly wider than the spreads offered by top regulated brokers such as Pepperstone and IC Markets, averaging around 0.1 pips.

ECN Forex Spread Comparison	EUR/USDAUD/USDAUD/JPYEUR/GBPEUR/JPY	EUR/USDAUD/USDAUD/JPYEUR/GBPEUR/JPY	EUR/USDAUD/USDAUD/JPYEUR/GBPEUR/JPY	EUR/USDAUD/USDAUD/JPYEUR/GBPEUR/JPY	EUR/USDAUD/USDAUD/JPYEUR/GBPEUR/JPY
	0.50	0.70	1.70	0.60	0.80
	0.02	0.03	0.50	0.27	0.30
	0.06	0.27	0.23	0.49	0.59
	0.10	0.20	0.50	0.30	0.50
	0.10	0.20	0.50	0.20	0.71
	0.20	0.20	0.50	0.40	N/A
	0.30	0.50	0.60	0.50	0.50
	0.30	0.40	N/A	0.50	0.50
	0.44	0.42	0.50	0.40	0.30
	0.17	0.30	N/A	0.54	0.68
	0.20	0.40	0.60	0.50	0.70
	0.10	0.50	1.10	0.60	0.80
	n/a	0.50	0.70	0.60	0.40
	0.44	1.23	1.17	1.13	1.23

Avg. spreads are taken from each broker's website and updated monthly. Last update on 12/01/2024

This discrepancy in spread competitiveness, coupled with Tradersway’s operation as a market maker despite promoting itself as an ECN broker with Straight Through Processing, raises questions about their trading environment’s transparency and fairness. Moreover, compared to the average broker, their spreads are higher in most currency pairs.

2. Raw Account Commission Rate

Tradersway charges a commission of USD 3 per side, per 100k traded for its CT.ECN, MT4.ECN and MT5.ECN accounts.

This rate is around the industry average, comparable to brokers like FP Markets, EightCap, IC Markets, and Pepperstone, who have similar commission structures.

3. Standard Account Fees

For the EUR/USD pair, Tradersway’s no commission spreads average at 1.4 pips, which is considerably higher compared to the market’s best, such as IC Markets, averaging around 0.62 pips.

The gap widens further with the AUD/USD pair, where Tradersway’s average of 2.50 pips is significantly greater, showing a difference of approximately 225% compared to IC Markets’ average of 0.77 pips.

4. Swap-Free Account Fees

Tradersway offers three account types with both no commission and commission pricing:

The MT4.VAR account offered by the broker can be adapted to a swap-free pricing structure, catering to Islamic traders.

This swap-free account aligns with Islamic finance principles, which prohibit earning interest on trades. It ensures that traders adhering to Sharia law can participate in forex markets without compromising their religious beliefs.

5. Other Fees

There are no additional fees when it comes to deposits, withdrawals, and inactive accounts.

Verdict on Tradersway Fees

Tradersway’s higher-than-average spreads and industry-standard commission rates suggest a less competitive cost structure, especially for traders prioritising affordability and transparency.

Trading Platforms

Tradersway offers three popular trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. Each platform caters to different trading styles and preferences.

• MetaTrader 4 (MT4): Ideal for beginners and forex-focused traders, MT4 is user-friendly with a clean interface, offering essential and advanced tools. It’s less resource-intensive and widely trusted.
• MetaTrader 5 (MT5): A more comprehensive platform suitable for trading multiple assets, MT5 is a step up from MT4 with additional features and 64-bit processing for faster execution.
• cTrader: Known for its modern design and advanced order options, cTrader is preferred by traders who prioritise fast order execution and custom trading software development.

MetaTrader 4

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are renowned for their user-friendliness, community support, and compatibility across various devices.

MT4, known for its straightforward approach, is highly effective for forex trading. It offers a range of technical analysis tools, including numerous charting options and indicators, making it a favorite among traders who rely on technical analysis.

Additionally, MT4’s automated trading capabilities, facilitated by Expert Advisors (EAs), allow traders to automate their strategies, enhancing efficiency and precision.

MetaTrader 5

MT5, an advanced iteration of MT4, expands on these features. It includes an increased number of technical indicators and timeframes, providing a more in-depth analysis for a broader range of CFDs. Its enhanced graphical tools and the economic calendar integrate seamlessly into the trading experience.

MT5 also supports automated trading with improved EAs and the ability to backtest strategies over multiple currencies and timeframes.

cTrader

cTrader, on the other hand, is recognised for its intuitive interface, state-of-the-art charting tools, and rapid order execution. It’s particularly suited for traders who prioritize technical analysis and custom trading solutions. cTrader’s charting capabilities are advanced, offering a wide range of technical indicators and drawing tools.

The platform also excels in automated trading with cAlgo, allowing traders to create custom cBots and indicators. This feature is particularly beneficial for algorithmic traders who require a platform that supports complex, customized trading strategies.

Below is a head-to-head comparison of the features of the platform:

Tradersway enhances its trading platforms with a range of trading tools:

• FxStat: A social and auto trading platform providing extensive statistical and financial analysis tools, allowing for in-depth evaluation of trading systems and performance.
• Myfxbook AutoTrade: This system enables direct copying of trades into MetaTrader accounts, featuring a extensive selection of systems and analytical tools. It focuses on filtering out low-performing signals, highlighting only the most successful ones.
• MT4 Trading Signals: Integrated within the MetaTrader platform, this feature allows for easy subscription to a wide range of signal providers, offering a diverse selection of trading styles and strategies within its large community.

Mobile Trading Apps

Both MetaTrader and cTrader platforms offer mobile app versions, ensuring traders can manage their accounts and trade on-the-go. These apps maintain the core functionalities of their desktop counterparts, providing convenience and continuous access to the markets.

Trade Experience

Tradersway portrays itself as an ECN broker offering Straight Through Processing (STP), yet their detailed terms reveal that they actually operate as a market maker.

This discrepancy is significant because, as an unregulated broker, Tradersway is not bound by the advertising and operational regulations set by top-tier regulators like ASIC (Australian Securities and Investments Commission) or FCA (Financial Conduct Authority). These regulators mandate a level of transparency in a broker’s pricing and liquidity structure, ensuring fair trading conditions for investors.

Verdict on Tradersway Trading Platforms

Tradersway offers a diverse range of trading platforms including MetaTrader 4, MetaTrader 5, and cTrader, each catering to different trading styles and preferences, with a focus on user-friendliness, technical analysis tools, and automated trading capabilities.

Is Tradersway Safe?

Tradersway is not considered a safe broker and has a low trust score of 26.

Trust Score

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regulation

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reputation

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reviews

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Regulation

Tradersway is not a regulated broker. Many traders would rightfully consider this to be concerning. The best brokers are licensed by tier-1 regulators (i.e. ASIC for Australia, FCA for the UK, BaFIN and CySEC for Europe, or MAS for Singapore).

Trading with an unregulated broker like Tradersway carries significant risks. The lack of regulation means your funds may not be secure, the broker could face insolvency without warning, and there’s no formal process for complaints or transparency in their financial dealings.

With Tradersway’s low trust score and high-risk jurisdiction, it’s prudent to consider regulated brokers with a stronger reputation such as Pepperstone or IC Markets for safety and reliability.

Reputation

Tradersway was established in 2008 and  is headquartered in Dominica, which is considered a high-risk jurisdiction.

The broker would not be considered a popular broker with only 6,600 monthly google searches.

Reviews

The brokers TrustPilot score is 4.2 out of 5, yet there has only been 51 reviews.

Verdict on Tradersway Trustworthiness 

Tradersway’s low trust score, lack of regulation, and high-risk jurisdiction position it as a potentially unsafe broker, making it advisable for traders to seek more regulated and reputable alternatives for enhanced security and reliability.

Deposit and Withdrawal

Tradersway requires a low minimum deposit and provides a range of payment methods for deposits and withdrawals.

What is the Minimum Deposit at Tradersway?

Tradersway requires a small initial minimum deposit of $10 for all trading accounts.

Account Base Currencies

Tradersway offers four base currencies for MT4 and MT5 accounts,  being USD, EUR, CAD, X. If you are using cTrader, you are limited to the USD only.

Deposit/Withdrawal Options and Fees

Tradersway offers 14 payment methods in total including debit/credit cards, e-wallets, and cryptocurrency options.

Verdict on Tradersway Payment Methods

Tradersway facilitates funding and withdrawals with a low minimum deposit of $10, offering a variety of payment methods including debit/credit cards, e-wallets, and cryptocurrencies, across multiple base currencies.

Product Range

Tradersway offers five asset classes to trade, being forex, precious metals, stock indices, energies, and cryptocurrencies.

• Forex: up to 40 currency pairs available on all platforms
• Metals: gold and silver (MT4 and MT5)
• Energies: gas and oil (MT4 and MT5)
• Cryptocurrencies: including popular cryptos like Bitcoin and Ethereum (MT4 and MT5)
• Stock Indices: i.e. ASX 200, Dow Jones, S&P 500 (MT4 only)

Overall Tradersway provides limited market access compared to top brokers like IG or IC Markets.

Verdict on Tradersway CFD Range

Tradersway’s offering of five asset classes including forex, metals, energies, cryptocurrencies, and stock indices is relatively limited when compared to the other top brokers.

Customer Service

Tradersway’s customer support team is available 24 hours a day, 5 days a week, offering assistance through live chat, phone, email, and social media. Enquiries are typically processed within 24 hours on business days.

However, it’s important to note that Tradersway does not have any physical office locations. This lack of a tangible presence can be a point of concern, especially considering that Tradersway is an unregulated broker. The absence of physical offices might add an extra layer of uncertainty for traders seeking more direct or personal customer service interactions.

Verdict on Tradersway Customer Support

Tradersway provides 24/5 customer support through various channels, but the absence of physical offices and its unregulated status may affect the reliability and directness of customer service interactions.

Research and Education

Tradersway offers a rather limited selection of research and educational materials for traders. While they do provide access to webinars and some market analysis, the resources are relatively basic. They also feature an economic calendar, which is a standard tool for traders to keep track of significant financial events.

However, Tradersway lacks more comprehensive educational content, such as in-depth trading guides or extensive courses, which are often crucial for both novice and experienced traders seeking to enhance their trading knowledge and skills.

This limited range of educational resources might not fully meet the needs of traders looking for a thorough understanding of forex trading and advanced strategies.

Verdict on Tradersway Research and Education

Tradersway’s educational offerings, comprising basic webinars, market analysis, and an economic calendar, fall short in providing comprehensive learning resources for traders seeking in-depth knowledge and advanced trading strategies.

Final Verdict On Tradersway

The final verdict on Tradersway highlights its mixed attributes: while offering benefits like high leverage and low minimum deposits, it is hampered by its unregulated status, less competitive spreads, and limited educational resources.

This combination of factors, along with concerns about its operational transparency as a market maker, suggests that Tradersway may not be the ideal choice for traders seeking a secure and transparent trading environment, especially when compared to more regulated and reputable brokers.