Explore an unbiased comparison of Trader’s Way vs FXCM. Discover which broker suits your trading style and make an informed decision today!
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Our full comparison covers the 10 most important trading factors to help you make an informed decision between Trader’s Way and FXCM. Here are five key differences:
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]April 2024 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 Trader’s Way.
| Forex Pair | Trader’ s Way Spread | FXCM Spread | Industry Average |
|---|---|---|---|
| EUR/USD | 1.4 | 1.3 | 1.24 |
| USD/JPY | 1.6 | 1.5 | 1.44 |
| GBP/USD | 2.1 | 1.4 | 1.57 |
| AUD/USD | 2.5 | 1.7 | 1.54 |
| USD/CAD | 2.6 | 2.1 | 1.82 |
| EUR/GBP | 2.5 | 2.1 | 1.66 |
| EUR/JPY | 2.6 | 1.7 | 1.95 |
| AUD/JPY | 4.9 | 2.4 | 2.21 |
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.
| Forex Pair | Tradersway Spread | FXCM Spread | Industry Average |
|---|---|---|---|
| EUR/USD | 0.5 | N/A | 0.22 |
| USD/JPY | 0.5 | N/A | 0.41 |
| GBP/USD | 0.5 | N/A | 0.52 |
| AUD/USD | 0.7 | N/A | 0.46 |
| USD/CAD | 0.8 | N/A | 0.66 |
| EUR/GBP | 0.6 | N/A | 0.57 |
| EUR/JPY | 0.8 | N/A | 0.74 |
| AUD/JPY | 1.7 | N/A | 0.87 |
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
| Base Currency | Tradersway Commission | FXCM Commission | Industry Average |
|---|---|---|---|
| USD | $3.00 | N/A | $3.46 |
| AUD | N/A | $3.34 | |
| GBP | N/A | £2.43 | |
| EUR | N/A | €2.87 |
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
FXCM 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.
| Key Fee Differences | Tradersway | FXCM |
|---|---|---|
| Standard Spreads | 2.04 | 1.6 |
| Raw Spreads | 0.6 | N/A |
| Commission Rates | $3.00 | N/A |
| Deposit Fees | $0 | $0 |
| Withdrawal Fees | $0 | $0 |
Traders Way ReviewVisit Traders Way
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.
| Criteria | Tradersway | FXCM |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | Yes | No |
| TradingView | No | Yes |
| Other Platforms | No | Trading Station |
| VPS Services | Yes | Yes |
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.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
Choosing the right account type is essential for a tailored trading experience. Let’s compare the trading accounts and base currencies offered by Trader’s Way 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.
| Account Types & Base Currencies | Trader’s Way | FXCM |
|---|---|---|
| Standard Account | Yes | Yes |
| RAW Account | Yes | No |
| Base Currencies | 4 | 4 |
When it comes to the overall trading experience, both Trader’s Way and FXCM have their merits. Trader’s Way offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, giving traders the flexibility to choose based on their comfort level. On the other hand, FXCM offers MetaTrader 4 and its proprietary platform, Trading Station, which is known for its user-friendly interface.
Verdict: While both brokers offer a good range of features, FXCM edges out with a more user-friendly platform and a broader range of markets, making it the better choice for the best trading experience.
FXCM Trust Score
Tradersway Trust Score
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. Trader’s Way 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.
| Trader's Way | FXCM | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CIRO (CANADA) CYSEC (Cyprus) |
ASIC (Australia) FCA (UK) CYSEC (Cyprus) CIRO (CANADA) BaFin (Germany) |
| Tier 2 Regulation | ADGM (UAE) ISA (Israel) JFSA (Japan) CBI KNF (Poland) |
FSCA (South Africa) ISA (Israel) |
| Tier 3 Regulation | FSC- BVI FSCA (South Africa) |
*Your capital is at risk ‘67% of retail CFD accounts lose money’
Both brokers offer a slim choice of markets, with Trader’s Way 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 Trader’s Way by having 42 forex pairs compared with Trader’s Way’s 41.
| Products | Trader’s Way | FXCM |
|---|---|---|
| Forex CFD | 41 | 42 |
| Shares CFD | No | 219 |
| Cryptos CFD | 9 | 7 |
| Commodities CFD | 2 Metals 2 Energies |
3 Metals 5 Energies 3 Softs |
| Indices CFD | 7 (MT4) | 16 |
| Bonds/Treasuries CFD | No | 1 |
| Spread Betting (UK only) | No | Yes |
| Other Products | No | No |
| Shares (underlying) | No | No |
When it comes to educational resources, both Trader’s Way and FXCM have something to offer, but they cater to different types of traders. Trader’s Way focuses more on providing basic educational content, including articles and tutorials, which are great for beginners. FXCM, on the other hand, offers a more comprehensive educational suite featuring webinars, video tutorials, and market analysis, making it suitable for both beginners and experienced traders.
Verdict: Based on the available information and our own testing, FXCM offers a more comprehensive set of educational resources, making it the better choice for traders looking to expand their knowledge.
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. Trader’s Way and FXCM offer multiple channels for customer support. However, both provide limited support over the weekends.
| Customer Support Features | Trader’s Way | FXCM |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Support opening hours | 24/5 | 24/5 |
When it comes to funding options, Trader’s Way and FXCM offer a variety of methods to suit different trader needs. Trader’s Way provides a lower minimum deposit requirement of $10 and offers multiple payment methods, including credit cards, wire transfers, and e-wallets like Skrill and Neteller. FXCM, on the other hand, has a minimum deposit requirement of $50 but also provides a diverse range of funding options, including credit cards, bank transfers, and ACH.
| Funding Option | Credit Card | Debit Card | Bank Transfer | PayPal | Skrill | Neteller | ACH | Bitcoin | UnionPay |
|---|---|---|---|---|---|---|---|---|---|
| Trader’s Way | ✓ | ✓ | ✓ | ✗ | ✓ | ✓ | ✗ | ✓ | ✗ |
| FXCM | ✓ | ✓ | ✓ | ✓ | ✗ | ✗ | ✓ | ✗ | ✓ |
Verdict: While both brokers offer a good range of funding options, FXCM provides a slightly more diverse set, including PayPal and ACH, making it the better choice for traders looking for varied funding options.
When it comes to getting started with trading, the minimum deposit can be a significant factor for many traders. Trader’s Way offers a much lower minimum deposit requirement, starting at just $10 for both its MT4 Var and MT5 ECN accounts. They also provide flexibility with various cryptocurrencies like ETH, XRP, USDC, and USDT. On the other hand, FXCM has a higher entry point with a standard minimum deposit of $300, and each subsequent deposit requires at least $50.
| Broker | Minimum Deposit Requirements |
|---|---|
| Trader’s Way | $10 – $500 (varies by method) |
| FXCM | $300 ($50 per deposit) |
Verdict: Trader’s Way is the clear winner for traders looking for a lower minimum deposit, offering a starting point as low as $10.
FXCM is the winner because it outperforms Trader’s Way in most of the key areas, including spreads, trading platforms, educational resources, and more. The table below summarises the key information leading to this verdict.
| Criteria | FXCM | Trader’s Way |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ✅ | ❌ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ✅ | ❌ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ✅ | ✅ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ❌ | ✅ |
FXCM is the better choice for beginner traders due to its comprehensive educational resources and user-friendly platform.
FXCM also stands out as the better option for experienced traders, offering a wide range of markets and advanced trading features.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
FXCM has lower costs when it comes to spreads and fees. FXCM offers competitive spreads starting as low as 0.7 pips for major currency pairs. Trader’s Way, while affordable, doesn’t match FXCM’s low-cost structure. For more insights on cost-effective trading, you can explore this UK brokers offering the lowest spreads.
Both FXCM and Trader’s Way offer MetaTrader 4, but FXCM provides a more user-friendly experience. Trader’s Way also supports MT4 but lacks some of the advanced features that FXCM offers. For a detailed comparison, you can read this guide to the best MT4 brokers.
Neither FXCM nor Trader’s Way offer social or copy trading as part of their platform features. If you’re interested in social trading, you might want to consider other brokers. For more options, you can check out this list of top copy trading platforms.
FXCM offers spread betting, while Trader’s Way does not. Spread betting with FXCM is available on their proprietary Trading Station platform. If you’re interested in exploring more options for spread betting, you can check out this list of the best spread betting brokers in the UK.
In my opinion, neither FXCM nor Trader’s Way stands out as the superior choice for Australian Forex traders. FXCM is ASIC-regulated but is not founded in Australia, while Trader’s Way is not ASIC-regulated and is also overseas-based. For a more tailored experience, you might want to consider brokers that are specifically geared towards Australian traders.
Personally, I’d say FXCM is the better choice for UK Forex traders. FXCM is FCA-regulated and offers a range of trading platforms and products suitable for UK traders. Trader’s Way, on the other hand, is not FCA-regulated and is based overseas. For more UK-specific options, you can explore this list of the best trading platforms in the UK.
No commission account spread proprietary testing data and published website spread information, centralised on our standard account spread page..
Raw account spreads (no commission) published on each broker's website (updated monthly) plus our proprietary tests by Ross Collins.
https://www.compareforexbrokers.com/our-methodology/forex-fees/tightest-spreads/
Published commission rates taken from each broker's website (updated monthly) for each base currency rate.
https://www.compareforexbrokers.com/our-methodology/forex-fees/commissions/
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