Tradersway vs FXCM

Does Tradersway or FXCM Have Superior Pricing?

When it comes to trading costs, both Tradersway and FXCM have their unique offerings. Let’s break down the pricing into categories to see which broker stands out.

1. Standard Account Spreads

TradersWay and FXCM offer competitive spreads on their standard accounts [1]September 2023 Published And Tested Data with no commissions on trades. FXCM slightly has the edge based on our tests as they had an average spread of 1.6 pips, while TradersWay had 2.04 pips, making it marginally more expensive to trade on TradersWay.

Ross Collins conducted a series of tests to measure the standard spreads on the EURUSD across 20 brokers, and FXCM ranked in the top 5 with an average EURUSD spread of 1.47 pips. These results back up that FXCM outperforms TradersWay in this category.

2. RAW Account Spreads

This category is won automatically by TradersWay as FXCM does not provide RAW accounts, which is a shame. With that said, TradersWay offers tight spreads from 0.5 pips with their ECN accounts. Based on our RAW spread tests[2]Raw account spreads published on each broker's website (updated monthly) plus our own testing , we found that the average spread for TradersWay was 0.6 pips across the top 5 majors, placing it above the industry average.

Our broker analyst, Ross Collins, tested the RAW spreads of Tradersway and compared them in the table below.

3. RAW Account Commission Rates

FXCM doesn’t offer RAW accounts while TradersWay does, and in fact, offers a low commission of $3, which is competitive compared to the industry average.[3]Commission rates taken from broker's website monthly

4. Deposit & Withdrawal Fees

There are no deposit or withdrawal fees with either TradersWay or FXCM.

5. Other Fees To Consider

TradersWay does not charge you if you are inactive, which is a good sign. Unlike FXTM, which will charge you an inactivity fee if you do not place a trade for 365 days (which is quite lenient, in my opinion).

Verdict:

FXTM is an ideal choice if you want a standard account with low trading fees. However, Tradersway had more account choices to offer, no inactivity fee, and tighter spreads on the ECN accounts, making it the overall section winner.

Traders Way ReviewVisit Traders Way

Which Broker Can You Trust More?

Using a broker that is well-regulated and trusted provides peace of mind knowing that your funds are protected and that the broker is accountable should anything happen. Let’s delve into the regulatory aspects of Tradersway and FXCM to determine which broker you can trust more.

1. Tradersway Regulation

The Financial Services Authority of St. Vincent and the Grenadines regulates Tradersway. While this regulation is recognised, it’s not considered a top-tier regulatory body.

2. FXCM Regulation

FXCM, on the other hand, is regulated by several top-tier authorities, including the Financial Conduct Authority (FCA) in the UK, ASIC in Australia, and the FSCA in South Africa.

3. Trust Comparison

Based on the regulatory information, FXCM appears more trustworthy, with regulations from several top-tier authorities. Tradersway’s regulation, although valid, doesn’t match the credibility of FXCM’s.

FXCM ReviewVisit FXCM

*Your capital is at risk ‘67% of retail CFD accounts lose money’

What Broker Offers Better Trading Platforms?

Trading platforms are the gateway to the forex market. Let’s compare the platforms offered by Tradersway and FXCM to see which broker provides a superior trading experience.

1. MetaTrader 4 and MetaTrader 5

Tradersway offers MetaTrader 4 and MetaTrader 5, while FXCM only offers MT4. These platforms are popular for forex trading, and both brokers provide a seamless experience.

2. cTrader and TradingView

Tradersway offers cTrader, while FXCM provides access to TradingView. Both platforms are robust, but TradingView is known for its advanced charting tools.

Note: FXCM offers its own proprietary trading platform called TradeStation, which is available on multiple devices. TradeStation offers a similar set-up to TradingView but also combines the ability to automate your trades like MetaTrader 4, offering the best of both platforms.

3. Social Trading And Copy Trading

Tradersway offers copy trading through the cTrader platform, while FXCM offers social trading through the TradingView platform.

4. VPS and Other Trading Tools

VPS services are helpful for traders who want to run EAs 24/7 or want to place trades closer to the exchange centre. Both brokers offer VPS services and other trading tools, but FXCM’s tools are more advanced and user-friendly.

Verdict: FXCM takes the lead in offering the best trading platform. With access to TradingView, superior social trading, and advanced tools, FXCM provides a more comprehensive trading experience.

FXCM ReviewVisit FXCM

*Your capital is at risk ‘67% of retail CFD accounts lose money’

Other Trading Factors

Let’s explore other trading factors such as minimum deposit, payment methods, and execution speeds.

Minimum Deposit

Tradersway has a lower minimum deposit requirement of $10, while FXCM has a reasonable minimum deposit of $50. So, both brokers make it accessible to beginner traders.

Traders Way ReviewVisit Traders Way

Payment Methods

Both brokers offer a variety of payment methods, though FXCM has a slight edge with more payment providers. Unless you want to deposit funds with crypto, then Tradersway is the obvious choice.

FXCM ReviewVisit FXCM

*Your capital is at risk ‘67% of retail CFD accounts lose money’

Which Broker Has More Trading Products?

Both brokers offer a slim choice of markets with Tradersway only offering a selection of 100 markets to trade, while FXCM is only marginally better, offering 300 trading products. Both offer below the industry average.

Verdict:

FXCM is the clear winner as it has a broader range of markets to trade, but most comprise of share CFDs. If you want to compare how many forex products are available, FXCM slightly pips Tradersway by having 42 forex pairs compared with Traderway’s 41.

Execution Speeds

We tested the execution speeds of 20+ brokers, and FXCM delivered excellent execution speeds on the MetaTrader 4, which is crucial for active traders and those employing algorithmic trading strategies.

Verdict: FXCM wins the overall trading factors with faster execution speeds and more payment methods. Tradersway’s lower minimum deposit is noteworthy, but FXCM’s comprehensive offerings make it the better choice.

FXCM ReviewVisit FXCM

*Your capital is at risk ‘67% of retail CFD accounts lose money’

What Account Types Are Available?

Choosing the right account type is essential for a tailored trading experience. Let’s compare the trading accounts and base currencies offered by Tradersway and FXCM.

1. Trading Accounts

Tradersway offers three main trading accounts, while FXCM provides only their standard account. Both cater to different trading needs and preferences. If you want to trade with an ECN broker and access commission-based trading with tighter spreads, then Tradersway is an excellent choice.

2. Base Currencies

Both brokers offer multiple base currencies, giving you a choice of how you want to fund your account. FXCM offers the base currencies in USD, EUR, GBP and JPY, while Tradersway offers USD, EUR, GBP and CAD.

Traders Way ReviewVisit Traders Way

Which Broker Has Superior Customer Support

Customer support is one of the most vital services a broker offers because if you have a problem with your account or an open trader, getting it fixed is an urgent issue. Tradersway and FXCM offer multiple channels for customer support. However, both provide limited support over the weekends.

Traders Way ReviewVisit Traders Way

Our Take On Which Broker Is Best

In my analysis, both Tradersway and FXCM have their strengths and weaknesses. Tradersway excels in spreads and accessibility, while FXCM stands out in trustworthiness, platforms, and execution speeds.

Best For Beginner Traders: Tradersway, with its lower minimum deposit, a wider choice of trading platforms, and competitive spreads, is best for beginner traders.

Traders Way ReviewVisit Traders Way

Best For Experienced Traders: FXCM, with its top-tier regulation, excellent trading tools, more comprehensive range of markets, and faster execution, is best for experienced traders.

FXCM ReviewVisit FXCM

*Your capital is at risk ‘67% of retail CFD accounts lose money’

Below is a comparison table summarising the two brokers across essential factors: